CANADIAN NATURAL RESOURCES (CNQ) Stock Fundamental Analysis

USA • New York Stock Exchange • NYSE:CNQ • CA1363851017

37.48 USD
+0.98 (+2.68%)
At close: Feb 3, 2026
37.76 USD
+0.28 (+0.75%)
After Hours: 2/3/2026, 8:08:11 PM
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to CNQ. CNQ was compared to 207 industry peers in the Oil, Gas & Consumable Fuels industry. While CNQ is still in line with the averages on profitability rating, there are concerns on its financial health. CNQ is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • CNQ had positive earnings in the past year.
  • CNQ had a positive operating cash flow in the past year.
  • CNQ had positive earnings in 4 of the past 5 years.
  • CNQ had a positive operating cash flow in each of the past 5 years.
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

  • The Return On Assets of CNQ (7.78%) is better than 80.19% of its industry peers.
  • CNQ's Return On Equity of 16.45% is amongst the best of the industry. CNQ outperforms 81.16% of its industry peers.
  • CNQ has a Return On Invested Capital of 10.43%. This is amongst the best in the industry. CNQ outperforms 85.51% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for CNQ is significantly below the industry average of 21.94%.
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.
  • With a decent Operating Margin value of 26.62%, CNQ is doing good in the industry, outperforming 67.15% of the companies in the same industry.
  • CNQ's Operating Margin has improved in the last couple of years.
  • CNQ has a Gross Margin (48.85%) which is comparable to the rest of the industry.
  • In the last couple of years the Gross Margin of CNQ has remained more or less at the same level.
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

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3

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), CNQ is creating value.
  • The number of shares outstanding for CNQ has been reduced compared to 1 year ago.
  • Compared to 5 years ago, CNQ has less shares outstanding
  • Compared to 1 year ago, CNQ has a worse debt to assets ratio.
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

  • CNQ has an Altman-Z score of 2.68. This is not the best score and indicates that CNQ is in the grey zone with still only limited risk for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 2.68, CNQ is in the better half of the industry, outperforming 76.33% of the companies in the same industry.
  • A Debt/Equity ratio of 0.44 indicates that CNQ is not too dependend on debt financing.
  • CNQ has a Debt to Equity ratio of 0.44. This is comparable to the rest of the industry: CNQ outperforms 53.62% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.44
Debt/FCF N/A
Altman-Z 2.68
ROIC/WACC1.44
WACC7.23%
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

  • A Current Ratio of 0.86 indicates that CNQ may have some problems paying its short term obligations.
  • CNQ has a worse Current ratio (0.86) than 63.77% of its industry peers.
  • A Quick Ratio of 0.53 indicates that CNQ may have some problems paying its short term obligations.
  • CNQ has a worse Quick ratio (0.53) than 80.19% of its industry peers.
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

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4

3. Growth

3.1 Past

  • CNQ shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -1.21%.
  • Measured over the past years, CNQ shows a quite strong growth in Earnings Per Share. The EPS has been growing by 16.79% on average per year.
  • The Revenue has grown by 8.06% in the past year. This is quite good.
  • CNQ shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 9.29% yearly.
EPS 1Y (TTM)-1.21%
EPS 3Y4.92%
EPS 5Y16.79%
EPS Q2Q%-11.34%
Revenue 1Y (TTM)8.06%
Revenue growth 3Y5.86%
Revenue growth 5Y9.29%
Sales Q2Q%7.01%

3.2 Future

  • CNQ is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 0.19% yearly.
  • The Revenue is expected to grow by 1.12% on average over the next years.
EPS Next Y-2.36%
EPS Next 2Y-6.65%
EPS Next 3Y2.84%
EPS Next 5Y0.19%
Revenue Next Year6.9%
Revenue Next 2Y1.78%
Revenue Next 3Y1.68%
Revenue Next 5Y1.12%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • 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.
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

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4

4. Valuation

4.1 Price/Earnings Ratio

  • CNQ is valuated correctly with a Price/Earnings ratio of 13.99.
  • Based on the Price/Earnings ratio, CNQ is valued a bit cheaper than the industry average as 65.22% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Earnings ratio of 28.18, CNQ is valued rather cheaply.
  • Based on the Price/Forward Earnings ratio of 16.94, the valuation of CNQ can be described as correct.
  • CNQ's Price/Forward Earnings is on the same level as the industry average.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 25.51, CNQ is valued a bit cheaper.
Industry RankSector Rank
PE 13.99
Fwd PE 16.94
CNQ Price Earnings VS Forward Price EarningsCNQ Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, CNQ is valued a bit cheaper than the industry average as 67.63% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 6.43
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.
PEG (NY)N/A
PEG (5Y)0.83
EPS Next 2Y-6.65%
EPS Next 3Y2.84%

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6

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 4.61%, CNQ is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 3.64, CNQ pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.83, CNQ pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.61%

5.2 History

  • The dividend of CNQ is nicely growing with an annual growth rate of 23.37%!
  • CNQ has paid a dividend for at least 10 years, which is a reliable track record.
  • The dividend of CNQ decreased recently.
Dividend Growth(5Y)23.37%
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

  • CNQ pays out 71.45% of its income as dividend. 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 2Y-6.65%
EPS Next 3Y2.84%
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

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CANADIAN NATURAL RESOURCES

NYSE:CNQ (2/3/2026, 8:08:11 PM)

After market: 37.76 +0.28 (+0.75%)

37.48

+0.98 (+2.68%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)11-06
Earnings (Next)02-26
Inst Owners75.5%
Inst Owner Change-0.13%
Ins Owners2.22%
Ins Owner ChangeN/A
Market Cap78.08B
Revenue(TTM)38.62B
Net Income(TTM)6.66B
Analysts73.6
Price Target38.85 (3.66%)
Short Float %0.83%
Short Ratio1.99
Dividend
Industry RankSector Rank
Dividend Yield 4.61%
Yearly Dividend1.54
Dividend Growth(5Y)23.37%
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)-0.7%
PT rev (3m)0.25%
EPS NQ rev (1m)-1.02%
EPS NQ rev (3m)-14.64%
EPS NY rev (1m)-0.72%
EPS NY rev (3m)-1.89%
Revenue NQ rev (1m)0.12%
Revenue NQ rev (3m)-0.55%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.24%
Valuation
Industry RankSector Rank
PE 13.99
Fwd PE 16.94
P/S 2.76
P/FCF N/A
P/OCF 7.21
P/B 2.63
P/tB 2.63
EV/EBITDA 6.43
EPS(TTM)2.68
EY7.15%
EPS(NY)2.21
Fwd EY5.9%
FCF(TTM)-0.36
FCFYN/A
OCF(TTM)5.2
OCFY13.86%
SpS13.59
BVpS14.23
TBVpS14.23
PEG (NY)N/A
PEG (5Y)0.83
Graham Number29.3
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 2.68
F-Score5
WACC7.23%
ROIC/WACC1.44
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)-1.21%
EPS 3Y4.92%
EPS 5Y16.79%
EPS Q2Q%-11.34%
EPS Next Y-2.36%
EPS Next 2Y-6.65%
EPS Next 3Y2.84%
EPS Next 5Y0.19%
Revenue 1Y (TTM)8.06%
Revenue growth 3Y5.86%
Revenue growth 5Y9.29%
Sales Q2Q%7.01%
Revenue Next Year6.9%
Revenue Next 2Y1.78%
Revenue Next 3Y1.68%
Revenue Next 5Y1.12%
EBIT growth 1Y3.24%
EBIT growth 3Y0.75%
EBIT growth 5Y11.71%
EBIT Next Year109.23%
EBIT Next 3Y29.54%
EBIT Next 5Y16.5%
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 4 / 10 to CANADIAN NATURAL RESOURCES (CNQ). This can be considered as Fairly Valued.


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 13.99 and the Price/Book (PB) ratio is 2.63.


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

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