CANADIAN NATURAL RESOURCES (CNQ.CA) Fundamental Analysis & Valuation
TSX:CNQ • CA1363851017
Current stock price
67.23 CAD
+1.08 (+1.63%)
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
- In the past year CNQ was profitable.
- CNQ had a positive operating cash flow in the past year.
- In the past 5 years CNQ has always been profitable.
- Each year in the past 5 years CNQ had a positive operating cash flow.
1.2 Ratios
- CNQ's Return On Assets of 11.78% is amongst the best of the industry. CNQ outperforms 96.19% of its industry peers.
- CNQ has a better Return On Equity (24.39%) than 98.10% of its industry peers.
- The Return On Invested Capital of CNQ (9.40%) is better than 93.33% of its industry peers.
- The Average Return On Invested Capital over the past 3 years 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
- CNQ has a better Profit Margin (27.91%) than 94.29% of its industry peers.
- CNQ's Profit Margin has improved in the last couple of years.
- CNQ has a better Operating Margin (25.81%) than 81.90% of its industry peers.
- CNQ's Operating Margin has declined in the last couple of years.
- With a decent Gross Margin value of 48.46%, CNQ is doing good in the industry, outperforming 74.29% of the companies in the same industry.
- 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
- CNQ has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
- CNQ has less shares outstanding than it did 1 year ago.
- 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
- CNQ has an Altman-Z score of 3.02. This indicates that CNQ is financially healthy and has little risk of bankruptcy at the moment.
- With a decent Altman-Z score value of 3.02, CNQ is doing good in the industry, outperforming 79.05% of the companies in the same industry.
- 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.
- Looking at the Debt to FCF ratio, with a value of 2.42, CNQ belongs to the top of the industry, outperforming 88.57% of the companies in the same industry.
- A Debt/Equity ratio of 0.43 indicates that CNQ is not too dependend on debt financing.
- The Debt to Equity ratio of CNQ (0.43) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.43 | ||
| Debt/FCF | 2.42 | ||
| Altman-Z | 3.02 |
ROIC/WACC1.27
WACC7.4%
2.3 Liquidity
- A Current Ratio of 0.95 indicates that CNQ may have some problems paying its short term obligations.
- CNQ has a better Current ratio (0.95) than 60.95% of its industry peers.
- A Quick Ratio of 0.63 indicates that CNQ may have some problems paying its short term obligations.
- CNQ has a Quick ratio (0.63) which is in line with its industry peers.
- CNQ does not score too well on the current and quick ratio evaluation. However, as it has excellent solvency and profitability, these ratios do not necessarly indicate liquidity issues and need to be evaluated against the specifics of the business.
| 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%.
- Measured over the past years, CNQ shows a quite strong growth in Revenue. The Revenue has been growing by 18.07% on average per year.
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.
- The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. CNQ.CA Valuation Analysis
4.1 Price/Earnings Ratio
- The Price/Earnings ratio is 18.94, which indicates a rather expensive current valuation of CNQ.
- Compared to the rest of the industry, the Price/Earnings ratio of CNQ indicates a somewhat cheap valuation: CNQ is cheaper than 70.00% of the companies listed in the same industry.
- CNQ's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 26.21.
- With a Price/Forward Earnings ratio of 23.15, CNQ is valued on the expensive side.
- Based on the Price/Forward Earnings ratio, CNQ is valued a bit cheaper than 68.10% of the companies in the same industry.
- CNQ is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 23.13, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.94 | ||
| Fwd PE | 23.15 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, CNQ is valued a bit cheaper than the industry average as 75.24% of the companies are valued more expensively.
- CNQ's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. CNQ is cheaper than 72.86% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 16.85 | ||
| EV/EBITDA | 8.11 |
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%.
- Compared to an average industry Dividend Yield of 4.07, CNQ pays a bit more dividend than its industry peers.
- Compared to an average S&P500 Dividend Yield of 1.89, CNQ pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.6% |
5.2 History
- On average, the dividend of CNQ grows each year by 23.13%, which is quite nice.
- CNQ has been paying a dividend for at least 10 years, so it has 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
- CNQ pays out 45.02% of its income as dividend. 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 (4/6/2026, 7:00:00 PM)
67.23
+1.08 (+1.63%)
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 Cap140.15B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts70.83
Price Target60.97 (-9.31%)
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 | 18.94 | ||
| Fwd PE | 23.15 | ||
| P/S | 3.62 | ||
| P/FCF | 16.85 | ||
| P/OCF | 9.28 | ||
| P/B | 3.16 | ||
| P/tB | 3.16 | ||
| EV/EBITDA | 8.11 |
EPS(TTM)3.55
EY5.28%
EPS(NY)2.9
Fwd EY4.32%
FCF(TTM)3.99
FCFY5.93%
OCF(TTM)7.25
OCFY10.78%
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 | 3.02 |
F-Score7
WACC7.4%
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%.