CANADIAN NATURAL RESOURCES (CNQ) Fundamental Analysis & Valuation

NYSE:CNQ • CA1363851017

46.31 USD
+0.99 (+2.18%)
At close: Mar 6, 2026
46.5598 USD
+0.25 (+0.54%)
After Hours: 3/6/2026, 8:09:19 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This CNQ fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

CNQ gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 207 industry peers in the Oil, Gas & Consumable Fuels industry. CNQ has a medium profitability rating, but doesn't score so well on its financial health evaluation. CNQ does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

6

1. CNQ Profitability Analysis

1.1 Basic Checks

  • CNQ had positive earnings in the past year.
  • In the past year CNQ had a positive cash flow from operations.
  • CNQ had positive earnings in 4 of the past 5 years.
  • Of the past 5 years CNQ 4 years had a positive operating cash flow.
CNQ Yearly Net Income VS EBIT VS OCF VS FCFCNQ Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B

1.2 Ratios

  • CNQ has a Return On Assets of 7.78%. This is amongst the best in the industry. CNQ outperforms 81.64% of its industry peers.
  • Looking at the Return On Equity, with a value of 16.45%, CNQ belongs to the top of the industry, outperforming 81.64% of the companies in the same industry.
  • CNQ has a better Return On Invested Capital (10.43%) than 85.99% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for CNQ is significantly below the industry average of 22.40%.
Industry RankSector Rank
ROA 7.78%
ROE 16.45%
ROIC 10.43%
ROA(3y)10.79%
ROA(5y)8.36%
ROE(3y)21.6%
ROE(5y)16.84%
ROIC(3y)13.06%
ROIC(5y)N/A
CNQ Yearly ROA, ROE, ROICCNQ Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20

1.3 Margins

  • The Profit Margin of CNQ (17.23%) is better than 70.53% of its industry peers.
  • In the last couple of years the Profit Margin of CNQ has declined.
  • CNQ has a Operating Margin of 26.62%. This is in the better half of the industry: CNQ outperforms 68.12% of its industry peers.
  • CNQ's Operating Margin has improved in the last couple of years.
  • CNQ has a Gross Margin (48.85%) which is in line with its industry peers.
  • CNQ's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 26.62%
PM (TTM) 17.23%
GM 48.85%
OM growth 3Y-4.83%
OM growth 5Y2.21%
PM growth 3Y-12.43%
PM growth 5Y-6.28%
GM growth 3Y-3.13%
GM growth 5Y-1.06%
CNQ Yearly Profit, Operating, Gross MarginsCNQ Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. CNQ Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), CNQ is creating some value.
  • CNQ has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
CNQ Yearly Shares OutstandingCNQ Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B
CNQ Yearly Total Debt VS Total AssetsCNQ Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 20B 40B 60B 80B

2.2 Solvency

  • An Altman-Z score of 3.06 indicates that CNQ is not in any danger for bankruptcy at the moment.
  • With a decent Altman-Z score value of 3.06, CNQ is doing good in the industry, outperforming 78.74% of the companies in the same industry.
  • CNQ has a Debt/Equity ratio of 0.44. This is a healthy value indicating a solid balance between debt and equity.
  • The Debt to Equity ratio of CNQ (0.44) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.44
Debt/FCF N/A
Altman-Z 3.06
ROIC/WACC1.43
WACC7.29%
CNQ Yearly LT Debt VS Equity VS FCFCNQ Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B 20B 30B

2.3 Liquidity

  • CNQ has a Current Ratio of 0.86. 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 has a Current ratio of 0.86. This is in the lower half of the industry: CNQ underperforms 63.77% of its industry peers.
  • CNQ has a Quick Ratio of 0.86. This is a bad value and indicates that CNQ is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 0.53, CNQ is doing worse than 78.26% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.86
Quick Ratio 0.53
CNQ Yearly Current Assets VS Current LiabilitesCNQ Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B

More info and screens

WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

2

3. CNQ Growth Analysis

3.1 Past

  • The Earnings Per Share has been growing slightly by 2.02% over the past year.
  • CNQ shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.14% yearly.
EPS 1Y (TTM)2.02%
EPS 3Y-14.14%
EPS 5YN/A
EPS Q2Q%-13.45%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-0.68%

3.2 Future

  • The Earnings Per Share is expected to grow by 0.12% on average over the next years.
  • 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-17.85%
EPS Next 2Y0.21%
EPS Next 3Y23.17%
EPS Next 5Y0.12%
Revenue Next Year-5.58%
Revenue Next 2Y-1.56%
Revenue Next 3Y-0.52%
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.
CNQ Yearly Revenue VS EstimatesCNQ Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 10B 20B 30B 40B
CNQ Yearly EPS VS EstimatesCNQ Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 2 4 6

More info and screens

Find the best growth stocksShow best growing peers

3

4. CNQ Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 17.88, which indicates a rather expensive current valuation of CNQ.
  • Compared to the rest of the industry, the Price/Earnings ratio of CNQ is on the same level as its industry peers.
  • When comparing the Price/Earnings ratio of CNQ to the average of the S&P500 Index (26.29), we can say CNQ is valued slightly cheaper.
  • Based on the Price/Forward Earnings ratio of 21.77, the valuation of CNQ can be described as rather expensive.
  • CNQ's Price/Forward Earnings is on the same level as the industry average.
  • CNQ's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 24.60.
Industry RankSector Rank
PE 17.88
Fwd PE 21.77
CNQ Price Earnings VS Forward Price EarningsCNQ Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • 62.32% of the companies in the same industry are more expensive than CNQ, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 7.9
CNQ Per share dataCNQ EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10

4.3 Compensation for Growth

  • CNQ has a very decent profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as CNQ's earnings are expected to grow with 23.17% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y0.21%
EPS Next 3Y23.17%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. CNQ Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 4.03%, CNQ is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 3.40, CNQ pays a bit more dividend than its industry peers.
  • CNQ's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 4.03%

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.
  • CNQ has decreased its dividend recently.
Dividend Growth(5Y)23.13%
Div Incr Years1
Div Non Decr Years1
CNQ Yearly Dividends per shareCNQ Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2

5.3 Sustainability

  • 71.45% of the earnings are spent on dividend by CNQ. This is not a sustainable payout ratio.
  • CNQ's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP71.45%
EPS Next 2Y0.21%
EPS Next 3Y23.17%
CNQ Yearly Income VS Free CF VS DividendCNQ Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B
CNQ Dividend Payout.CNQ Dividend Payout, showing the Payout Ratio.CNQ Dividend Payout.PayoutRetained Earnings

More info and screens

Find the best dividend stocksShow peers with best dividend

CNQ Fundamentals: All Metrics, Ratios and Statistics

CANADIAN NATURAL RESOURCES

NYSE:CNQ (3/6/2026, 8:09:19 PM)

After market: 46.5598 +0.25 (+0.54%)

46.31

+0.99 (+2.18%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)03-05
Earnings (Next)05-06
Inst Owners75.39%
Inst Owner Change1.35%
Ins Owners2.24%
Ins Owner ChangeN/A
Market Cap96.54B
Revenue(TTM)N/A
Net Income(TTM)6.66B
Analysts73.6
Price Target39.54 (-14.62%)
Short Float %0.84%
Short Ratio1.86
Dividend
Industry RankSector Rank
Dividend Yield 4.03%
Yearly Dividend1.71
Dividend Growth(5Y)23.13%
DP71.45%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)6.33%
Min EPS beat(2)-0.27%
Max EPS beat(2)12.93%
EPS beat(4)2
Avg EPS beat(4)5.29%
Min EPS beat(4)-0.9%
Max EPS beat(4)12.93%
EPS beat(8)5
Avg EPS beat(8)4.49%
EPS beat(12)7
Avg EPS beat(12)3.16%
EPS beat(16)11
Avg EPS beat(16)4.12%
Revenue beat(2)0
Avg Revenue beat(2)-2.62%
Min Revenue beat(2)-2.64%
Max Revenue beat(2)-2.6%
Revenue beat(4)2
Avg Revenue beat(4)0.33%
Min Revenue beat(4)-2.64%
Max Revenue beat(4)4.16%
Revenue beat(8)4
Avg Revenue beat(8)0.16%
Revenue beat(12)8
Avg Revenue beat(12)1.3%
Revenue beat(16)12
Avg Revenue beat(16)5.3%
PT rev (1m)0.85%
PT rev (3m)1.96%
EPS NQ rev (1m)-1.65%
EPS NQ rev (3m)-7.42%
EPS NY rev (1m)0.99%
EPS NY rev (3m)-1.21%
Revenue NQ rev (1m)-0.47%
Revenue NQ rev (3m)-5.45%
Revenue NY rev (1m)-0.5%
Revenue NY rev (3m)0.54%
Valuation
Industry RankSector Rank
PE 17.88
Fwd PE 21.77
P/S 3.41
P/FCF N/A
P/OCF 8.92
P/B 3.26
P/tB 3.26
EV/EBITDA 7.9
EPS(TTM)2.59
EY5.59%
EPS(NY)2.13
Fwd EY4.59%
FCF(TTM)-0.36
FCFYN/A
OCF(TTM)5.19
OCFY11.21%
SpS13.57
BVpS14.22
TBVpS14.22
PEG (NY)N/A
PEG (5Y)N/A
Graham Number28.78
Profitability
Industry RankSector Rank
ROA 7.78%
ROE 16.45%
ROCE 13.3%
ROIC 10.43%
ROICexc 10.44%
ROICexgc 10.44%
OM 26.62%
PM (TTM) 17.23%
GM 48.85%
FCFM N/A
ROA(3y)10.79%
ROA(5y)8.36%
ROE(3y)21.6%
ROE(5y)16.84%
ROIC(3y)13.06%
ROIC(5y)N/A
ROICexc(3y)13.27%
ROICexc(5y)N/A
ROICexgc(3y)13.27%
ROICexgc(5y)N/A
ROCE(3y)16.66%
ROCE(5y)N/A
ROICexgc growth 3Y-2.66%
ROICexgc growth 5Y10.27%
ROICexc growth 3Y-2.66%
ROICexc growth 5Y10.27%
OM growth 3Y-4.83%
OM growth 5Y2.21%
PM growth 3Y-12.43%
PM growth 5Y-6.28%
GM growth 3Y-3.13%
GM growth 5Y-1.06%
F-Score5
Asset Turnover0.45
Health
Industry RankSector Rank
Debt/Equity 0.44
Debt/FCF N/A
Debt/EBITDA 0.93
Cap/Depr 180.69%
Cap/Sales 40.92%
Interest Coverage 12.17
Cash Conversion 77.63%
Profit Quality N/A
Current Ratio 0.86
Quick Ratio 0.53
Altman-Z 3.06
F-Score5
WACC7.29%
ROIC/WACC1.43
Cap/Depr(3y)121.37%
Cap/Depr(5y)96.99%
Cap/Sales(3y)22.2%
Cap/Sales(5y)19.34%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)2.02%
EPS 3Y-14.14%
EPS 5YN/A
EPS Q2Q%-13.45%
EPS Next Y-17.85%
EPS Next 2Y0.21%
EPS Next 3Y23.17%
EPS Next 5Y0.12%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-0.68%
Revenue Next Year-5.58%
Revenue Next 2Y-1.56%
Revenue Next 3Y-0.52%
Revenue Next 5Y0.24%
EBIT growth 1Y3.24%
EBIT growth 3Y0.75%
EBIT growth 5Y11.71%
EBIT Next Year107.85%
EBIT Next 3Y27.99%
EBIT Next 5Y16.86%
FCF growth 1Y-114.97%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y22.25%
OCF growth 3Y-2.58%
OCF growth 5Y8.68%

CANADIAN NATURAL RESOURCES / CNQ FAQ

Can you provide the ChartMill fundamental rating for CANADIAN NATURAL RESOURCES?

ChartMill assigns a fundamental rating of 4 / 10 to CNQ.


Can you provide the valuation status for CANADIAN NATURAL RESOURCES?

ChartMill assigns a valuation rating of 3 / 10 to CANADIAN NATURAL RESOURCES (CNQ). This can be considered as Overvalued.


What is the profitability of CNQ stock?

CANADIAN NATURAL RESOURCES (CNQ) has a profitability rating of 6 / 10.


What are the PE and PB ratios of CANADIAN NATURAL RESOURCES (CNQ) stock?

The Price/Earnings (PE) ratio for CANADIAN NATURAL RESOURCES (CNQ) is 17.88 and the Price/Book (PB) ratio is 3.26.


What is the financial health of CANADIAN NATURAL RESOURCES (CNQ) stock?

The financial health rating of CANADIAN NATURAL RESOURCES (CNQ) is 3 / 10.