CANADIAN NATURAL RESOURCES (CNQ) Fundamental Analysis & Valuation

NYSE:CNQ • CA1363851017

Current stock price

46.01 USD
-0.84 (-1.79%)
Last:

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

7

1. CNQ Profitability Analysis

1.1 Basic Checks

  • In the past year CNQ was profitable.
  • In the past year CNQ had a positive cash flow from operations.
  • Each year in the past 5 years CNQ has been profitable.
  • In the past 5 years CNQ always reported a positive cash flow from operatings.
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 2025 0 5B 10B 15B

1.2 Ratios

  • CNQ has a better Return On Assets (11.78%) than 91.39% of its industry peers.
  • CNQ has a better Return On Equity (24.39%) than 88.52% of its industry peers.
  • With an excellent Return On Invested Capital value of 9.40%, CNQ belongs to the best of the industry, outperforming 82.30% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for CNQ is significantly below the industry average of 22.60%.
Industry RankSector 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%
CNQ Yearly ROA, ROE, ROICCNQ Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20

1.3 Margins

  • With an excellent Profit Margin value of 27.91%, CNQ belongs to the best of the industry, outperforming 85.17% of the companies in the same industry.
  • In the last couple of years the Profit Margin of CNQ has grown nicely.
  • Looking at the Operating Margin, with a value of 25.81%, CNQ is in the better half of the industry, outperforming 67.94% of the companies in the same industry.
  • CNQ's Operating Margin has declined in the last couple of years.
  • With a Gross Margin value of 48.46%, CNQ perfoms like the industry average, outperforming 57.42% of the companies in the same industry.
  • In the last couple of years the Gross Margin of CNQ has grown nicely.
Industry RankSector 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%
CNQ Yearly Profit, Operating, Gross MarginsCNQ Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40

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5

2. CNQ 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.
  • The number of shares outstanding for CNQ has been reduced compared to 1 year ago.
  • The number of shares outstanding for CNQ has been reduced compared to 5 years ago.
  • The debt/assets ratio for CNQ has been reduced compared to a year ago.
CNQ Yearly Shares OutstandingCNQ Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 20B 40B 60B 80B

2.2 Solvency

  • CNQ has an Altman-Z score of 2.99. 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.
  • With a decent Altman-Z score value of 2.99, CNQ is doing good in the industry, outperforming 78.47% of the companies in the same industry.
  • CNQ has a debt to FCF ratio of 2.37. This is a good value and a sign of high solvency as CNQ would need 2.37 years to pay back of all of its debts.
  • CNQ's Debt to FCF ratio of 2.37 is amongst the best of the industry. CNQ outperforms 82.30% 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.
  • CNQ has a Debt to Equity ratio (0.43) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF 2.37
Altman-Z 2.99
ROIC/WACC1.3
WACC7.24%
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 2025 0 10B 20B 30B 40B

2.3 Liquidity

  • A Current Ratio of 0.95 indicates that CNQ may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.95, CNQ is doing worse than 61.24% of the companies in the same industry.
  • CNQ has a Quick 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 Quick ratio of 0.63 is on the low side compared to the rest of the industry. CNQ is outperformed by 70.81% of its industry peers.
Industry RankSector Rank
Current Ratio 0.95
Quick Ratio 0.63
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 2025 2B 4B 6B 8B

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4

3. CNQ Growth Analysis

3.1 Past

  • The Earnings Per Share has been growing slightly by 2.45% over the past year.
  • The earnings per share for CNQ have been decreasing by -14.02% on average. This is quite bad
  • Looking at the last year, CNQ shows a quite strong growth in Revenue. The Revenue has grown by 8.71% in the last year.
  • The Revenue has been growing by 18.07% on average over the past years. This is quite good.
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

  • Based on estimates for the next years, CNQ will show a small growth in Earnings Per Share. The EPS will grow by 0.02% on average per year.
  • The Revenue is expected to grow by 0.24% on average over the next years.
EPS Next Y-18.51%
EPS Next 2Y-0.55%
EPS Next 3Y2.29%
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.
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

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4

4. CNQ Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 17.97 indicates a rather expensive valuation of CNQ.
  • CNQ's Price/Earnings is on the same level as the industry average.
  • The average S&P500 Price/Earnings ratio is at 27.18. CNQ is valued slightly cheaper when compared to this.
  • With a Price/Forward Earnings ratio of 22.02, CNQ is valued on the expensive side.
  • CNQ's Price/Forward Earnings ratio is in line with the industry average.
  • The average S&P500 Price/Forward Earnings ratio is at 37.96. CNQ is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 17.97
Fwd PE 22.02
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

  • 62.20% of the companies in the same industry are more expensive than CNQ, based on the Enterprise Value to EBITDA ratio.
  • Based on the Price/Free Cash Flow ratio, CNQ is valued a bit cheaper than 66.03% of the companies in the same industry.
Industry RankSector Rank
P/FCF 15.98
EV/EBITDA 7.96
CNQ Per share dataCNQ EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

  • The decent profitability rating of CNQ may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-0.55%
EPS Next 3Y2.29%

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

5

5. CNQ Dividend Analysis

5.1 Amount

  • CNQ has a Yearly Dividend Yield of 3.96%. Purely for dividend investing, there may be better candidates out there.
  • CNQ's Dividend Yield is a higher than the industry average which is at 3.23.
  • Compared to an average S&P500 Dividend Yield of 1.82, CNQ pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.96%

5.2 History

  • On average, the dividend of CNQ grows each year by 23.13%, which is quite nice.
  • 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
CNQ Yearly Dividends per shareCNQ Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5 2

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 2Y-0.55%
EPS Next 3Y2.29%
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 2025 0 5B 10B
CNQ Dividend Payout.CNQ Dividend Payout, showing the Payout Ratio.CNQ Dividend Payout.PayoutRetained Earnings

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CNQ Fundamentals: All Metrics, Ratios and Statistics

CANADIAN NATURAL RESOURCES

NYSE:CNQ (4/14/2026, 9:42:08 AM)

46.01

-0.84 (-1.79%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)03-05
Earnings (Next)05-07
Inst Owners75.31%
Inst Owner Change-0.01%
Ins Owners2.17%
Ins Owner ChangeN/A
Market Cap95.98B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts70.83
Price Target45.95 (-0.13%)
Short Float %4.93%
Short Ratio8.69
Dividend
Industry RankSector Rank
Dividend Yield 3.96%
Yearly Dividend1.68
Dividend Growth(5Y)23.13%
DP45.02%
Div Incr Years2
Div Non Decr Years2
Ex-Date03-20
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)16.22%
PT rev (3m)17.45%
EPS NQ rev (1m)4.55%
EPS NQ rev (3m)4.64%
EPS NY rev (1m)-0.37%
EPS NY rev (3m)-8.53%
Revenue NQ rev (1m)10.93%
Revenue NQ rev (3m)16.95%
Revenue NY rev (1m)6.67%
Revenue NY rev (3m)3.42%
Valuation
Industry RankSector Rank
PE 17.97
Fwd PE 22.02
P/S 3.43
P/FCF 15.98
P/OCF 8.8
P/B 3
P/tB 3
EV/EBITDA 7.96
EPS(TTM)2.56
EY5.56%
EPS(NY)2.09
Fwd EY4.54%
FCF(TTM)2.88
FCFY6.26%
OCF(TTM)5.23
OCFY11.37%
SpS13.42
BVpS15.36
TBVpS15.36
PEG (NY)N/A
PEG (5Y)N/A
Graham Number29.75
Profitability
Industry RankSector 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-Score8
Asset Turnover0.42
Health
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF 2.37
Debt/EBITDA 0.98
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 2.99
F-Score8
WACC7.24%
ROIC/WACC1.3
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-18.51%
EPS Next 2Y-0.55%
EPS Next 3Y2.29%
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 Year132.17%
EBIT Next 3Y30.56%
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 Fundamental Analysis FAQ

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

ChartMill assigns a fundamental rating of 5 / 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.


How profitable is CANADIAN NATURAL RESOURCES (CNQ) stock?

CANADIAN NATURAL RESOURCES (CNQ) has a profitability rating of 7 / 10.


Can you provide the expected EPS growth for CNQ stock?

The Earnings per Share (EPS) of CANADIAN NATURAL RESOURCES (CNQ) is expected to decline by -18.51% in the next year.


How sustainable is the dividend of CANADIAN NATURAL RESOURCES (CNQ) stock?

The dividend rating of CANADIAN NATURAL RESOURCES (CNQ) is 5 / 10 and the dividend payout ratio is 45.02%.