CANADIAN NATURAL RESOURCES (CNQ.CA) Fundamental Analysis & Valuation
TSX:CNQ • CA1363851017
Current stock price
64.12 CAD
-4.11 (-6.02%)
Last:
This CNQ.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
1. CNQ.CA Profitability Analysis
1.1 Basic Checks
- CNQ had positive earnings in the past year.
- CNQ had a positive operating cash flow in the past year.
- In the past 5 years CNQ has always been profitable.
- In the past 5 years CNQ always reported a positive cash flow from operatings.
1.2 Ratios
- CNQ has a better Return On Assets (11.78%) than 96.19% of its industry peers.
- CNQ has a Return On Equity of 24.39%. This is amongst the best in the industry. CNQ outperforms 98.10% of its industry peers.
- CNQ has a Return On Invested Capital of 9.40%. This is amongst the best in the industry. CNQ outperforms 93.33% of its industry peers.
- Measured over the past 3 years, the Average Return On Invested Capital for CNQ is above the industry average of 6.90%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 11.78% | ||
| ROE | 24.39% | ||
| ROIC | 9.4% |
ROA(3y)9.93%
ROA(5y)10.83%
ROE(3y)20.18%
ROE(5y)21.98%
ROIC(3y)10.51%
ROIC(5y)11.92%
1.3 Margins
- Looking at the Profit Margin, with a value of 27.91%, CNQ belongs to the top of the industry, outperforming 94.29% of the companies in the same industry.
- In the last couple of years the Profit Margin of CNQ has grown nicely.
- With an excellent Operating Margin value of 25.81%, CNQ belongs to the best of the industry, outperforming 81.90% of the companies in the same industry.
- CNQ's Operating Margin has declined in the last couple of years.
- The Gross Margin of CNQ (48.46%) is better than 74.29% of its industry peers.
- In the last couple of years the Gross Margin of CNQ has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 25.81% | ||
| PM (TTM) | 27.91% | ||
| GM | 48.46% |
OM growth 3Y-9.57%
OM growth 5YN/A
PM growth 3Y2.58%
PM growth 5YN/A
GM growth 3Y-4.61%
GM growth 5Y6.01%
2. CNQ.CA Health Analysis
2.1 Basic Checks
- The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so CNQ is still creating some value.
- Compared to 1 year ago, CNQ has less shares outstanding
- CNQ has less shares outstanding than it did 5 years ago.
- Compared to 1 year ago, CNQ has an improved debt to assets ratio.
2.2 Solvency
- An Altman-Z score of 2.96 indicates that CNQ is not a great score, but indicates only limited risk for bankruptcy at the moment.
- The Altman-Z score of CNQ (2.96) is better than 78.10% of its industry peers.
- The Debt to FCF ratio of CNQ is 2.42, which is a good value as it means it would take CNQ, 2.42 years of fcf income to pay off all of its debts.
- CNQ has a Debt to FCF ratio of 2.42. This is amongst the best in the industry. CNQ outperforms 88.57% of its industry peers.
- CNQ has a Debt/Equity ratio of 0.43. This is a healthy value indicating a solid balance between debt and equity.
- Looking at the Debt to Equity ratio, with a value of 0.43, CNQ is in line with its industry, outperforming 54.29% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.43 | ||
| Debt/FCF | 2.42 | ||
| Altman-Z | 2.96 |
ROIC/WACC1.27
WACC7.39%
2.3 Liquidity
- CNQ has a Current Ratio of 0.95. This is a bad value and indicates that CNQ is not financially healthy enough and could expect problems in meeting its short term obligations.
- CNQ's Current ratio of 0.95 is fine compared to the rest of the industry. CNQ outperforms 60.95% of its industry peers.
- A Quick Ratio of 0.63 indicates that CNQ may have some problems paying its short term obligations.
- The Quick ratio of CNQ (0.63) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.95 | ||
| Quick Ratio | 0.63 |
3. CNQ.CA Growth Analysis
3.1 Past
- CNQ shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 2.45%.
- CNQ shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.02% yearly.
- CNQ shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.71%.
- CNQ shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 18.07% yearly.
EPS 1Y (TTM)2.45%
EPS 3Y-14.02%
EPS 5YN/A
EPS Q2Q%-11.83%
Revenue 1Y (TTM)8.71%
Revenue growth 3Y-2.87%
Revenue growth 5Y18.07%
Sales Q2Q%1.49%
3.2 Future
- CNQ is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 0.02% yearly.
- Based on estimates for the next years, CNQ will show a small growth in Revenue. The Revenue will grow by 0.24% on average per year.
EPS Next Y-18.2%
EPS Next 2Y0%
EPS Next 3Y23%
EPS Next 5Y0.02%
Revenue Next Year0.71%
Revenue Next 2Y1.21%
Revenue Next 3Y1.19%
Revenue Next 5Y0.24%
3.3 Evolution
- The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
- When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. CNQ.CA Valuation Analysis
4.1 Price/Earnings Ratio
- With a Price/Earnings ratio of 18.06, CNQ is valued on the expensive side.
- Based on the Price/Earnings ratio, CNQ is valued a bit cheaper than the industry average as 70.00% of the companies are valued more expensively.
- CNQ's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 26.91.
- With a Price/Forward Earnings ratio of 22.08, CNQ is valued on the expensive side.
- Compared to the rest of the industry, the Price/Forward Earnings ratio of CNQ indicates a somewhat cheap valuation: CNQ is cheaper than 68.57% of the companies listed in the same industry.
- CNQ's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 23.69.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.06 | ||
| Fwd PE | 22.08 |
4.2 Price Multiples
- CNQ's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. CNQ is cheaper than 77.14% of the companies in the same industry.
- Based on the Price/Free Cash Flow ratio, CNQ is valued a bit cheaper than 77.14% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 16.08 | ||
| EV/EBITDA | 7.9 |
4.3 Compensation for Growth
- CNQ has an outstanding profitability rating, which may justify a higher PE ratio.
- CNQ's earnings are expected to grow with 23.00% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y0%
EPS Next 3Y23%
5. CNQ.CA Dividend Analysis
5.1 Amount
- CNQ has a Yearly Dividend Yield of 3.60%.
- CNQ's Dividend Yield is a higher than the industry average which is at 4.07.
- CNQ's Dividend Yield is rather good when compared to the S&P500 average which is at 1.89.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.6% |
5.2 History
- The dividend of CNQ is nicely growing with an annual growth rate of 23.13%!
- CNQ has paid a dividend for at least 10 years, which is a reliable track record.
- The dividend of CNQ decreased in the last 3 years.
Dividend Growth(5Y)23.13%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
- 45.02% of the earnings are spent on dividend by CNQ. This is a bit on the high side, but may be sustainable.
- CNQ's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP45.02%
EPS Next 2Y0%
EPS Next 3Y23%
CNQ.CA Fundamentals: All Metrics, Ratios and Statistics
TSX:CNQ (4/8/2026, 7:00:00 PM)
64.12
-4.11 (-6.02%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)03-05 2026-03-05/dmh
Earnings (Next)05-06 2026-05-06
Inst Owners75.39%
Inst Owner ChangeN/A
Ins Owners2.24%
Ins Owner ChangeN/A
Market Cap133.67B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts70.83
Price Target60.97 (-4.91%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.6% |
Yearly Dividend2.33
Dividend Growth(5Y)23.13%
DP45.02%
Div Incr Years2
Div Non Decr Years2
Ex-Date03-20 2026-03-20 (0.625)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)8.59%
Min EPS beat(2)-0.27%
Max EPS beat(2)17.45%
EPS beat(4)3
Avg EPS beat(4)9.87%
Min EPS beat(4)-0.27%
Max EPS beat(4)17.45%
EPS beat(8)5
Avg EPS beat(8)5.69%
EPS beat(12)8
Avg EPS beat(12)5.63%
EPS beat(16)11
Avg EPS beat(16)5.08%
Revenue beat(2)0
Avg Revenue beat(2)-1.42%
Min Revenue beat(2)-2.64%
Max Revenue beat(2)-0.21%
Revenue beat(4)1
Avg Revenue beat(4)-0.32%
Min Revenue beat(4)-2.64%
Max Revenue beat(4)4.16%
Revenue beat(8)3
Avg Revenue beat(8)-0.11%
Revenue beat(12)7
Avg Revenue beat(12)1.24%
Revenue beat(16)11
Avg Revenue beat(16)3.61%
PT rev (1m)12.54%
PT rev (3m)13.01%
EPS NQ rev (1m)11.45%
EPS NQ rev (3m)4.64%
EPS NY rev (1m)0%
EPS NY rev (3m)-8.19%
Revenue NQ rev (1m)18.81%
Revenue NQ rev (3m)16.95%
Revenue NY rev (1m)6.67%
Revenue NY rev (3m)3.42%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.06 | ||
| Fwd PE | 22.08 | ||
| P/S | 3.45 | ||
| P/FCF | 16.08 | ||
| P/OCF | 8.85 | ||
| P/B | 3.01 | ||
| P/tB | 3.01 | ||
| EV/EBITDA | 7.9 |
EPS(TTM)3.55
EY5.54%
EPS(NY)2.9
Fwd EY4.53%
FCF(TTM)3.99
FCFY6.22%
OCF(TTM)7.25
OCFY11.3%
SpS18.59
BVpS21.28
TBVpS21.28
PEG (NY)N/A
PEG (5Y)N/A
Graham Number41.23
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 11.78% | ||
| ROE | 24.39% | ||
| ROCE | 11.94% | ||
| ROIC | 9.4% | ||
| ROICexc | 9.48% | ||
| ROICexgc | 9.48% | ||
| OM | 25.81% | ||
| PM (TTM) | 27.91% | ||
| GM | 48.46% | ||
| FCFM | 21.45% |
ROA(3y)9.93%
ROA(5y)10.83%
ROE(3y)20.18%
ROE(5y)21.98%
ROIC(3y)10.51%
ROIC(5y)11.92%
ROICexc(3y)10.63%
ROICexc(5y)12.09%
ROICexgc(3y)10.63%
ROICexgc(5y)12.09%
ROCE(3y)13.35%
ROCE(5y)15.13%
ROICexgc growth 3Y-18.62%
ROICexgc growth 5YN/A
ROICexc growth 3Y-18.62%
ROICexc growth 5YN/A
OM growth 3Y-9.57%
OM growth 5YN/A
PM growth 3Y2.58%
PM growth 5YN/A
GM growth 3Y-4.61%
GM growth 5Y6.01%
F-Score7
Asset Turnover0.42
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.43 | ||
| Debt/FCF | 2.42 | ||
| Debt/EBITDA | 0.99 | ||
| Cap/Depr | 72.37% | ||
| Cap/Sales | 17.52% | ||
| Interest Coverage | 10.23 | ||
| Cash Conversion | 77.92% | ||
| Profit Quality | 76.85% | ||
| Current Ratio | 0.95 | ||
| Quick Ratio | 0.63 | ||
| Altman-Z | 2.96 |
F-Score7
WACC7.39%
ROIC/WACC1.27
Cap/Depr(3y)122.21%
Cap/Depr(5y)103%
Cap/Sales(3y)23.99%
Cap/Sales(5y)19.81%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)2.45%
EPS 3Y-14.02%
EPS 5YN/A
EPS Q2Q%-11.83%
EPS Next Y-18.2%
EPS Next 2Y0%
EPS Next 3Y23%
EPS Next 5Y0.02%
Revenue 1Y (TTM)8.71%
Revenue growth 3Y-2.87%
Revenue growth 5Y18.07%
Sales Q2Q%1.49%
Revenue Next Year0.71%
Revenue Next 2Y1.21%
Revenue Next 3Y1.19%
Revenue Next 5Y0.24%
EBIT growth 1Y2.84%
EBIT growth 3Y-12.16%
EBIT growth 5YN/A
EBIT Next Year105.56%
EBIT Next 3Y34.18%
EBIT Next 5Y23.1%
FCF growth 1Y816.81%
FCF growth 3Y-16.45%
FCF growth 5Y31.02%
OCF growth 1Y12.85%
OCF growth 3Y-7.99%
OCF growth 5Y26.23%
CANADIAN NATURAL RESOURCES / CNQ.CA Fundamental Analysis FAQ
Can you provide the ChartMill fundamental rating for CANADIAN NATURAL RESOURCES?
ChartMill assigns a fundamental rating of 6 / 10 to CNQ.CA.
Can you provide the valuation status for CANADIAN NATURAL RESOURCES?
ChartMill assigns a valuation rating of 5 / 10 to CANADIAN NATURAL RESOURCES (CNQ.CA). This can be considered as Fairly Valued.
How profitable is CANADIAN NATURAL RESOURCES (CNQ.CA) stock?
CANADIAN NATURAL RESOURCES (CNQ.CA) has a profitability rating of 8 / 10.
Can you provide the expected EPS growth for CNQ stock?
The Earnings per Share (EPS) of CANADIAN NATURAL RESOURCES (CNQ.CA) is expected to decline by -18.2% in the next year.
How sustainable is the dividend of CANADIAN NATURAL RESOURCES (CNQ.CA) stock?
The dividend rating of CANADIAN NATURAL RESOURCES (CNQ.CA) is 5 / 10 and the dividend payout ratio is 45.02%.