CANADIAN NATURAL RESOURCES (CNQ) Fundamental Analysis & Valuation

NYSE:CNQ • CA1363851017

Current stock price

49.075 USD
+0.7 (+1.44%)
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.
  • 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.
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

  • The Return On Assets of CNQ (11.78%) is better than 91.39% of its industry peers.
  • CNQ has a better Return On Equity (24.39%) than 89.00% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 9.40%, CNQ belongs to the top of the industry, outperforming 82.30% of the companies in the same industry.
  • CNQ had an Average Return On Invested Capital over the past 3 years of 10.51%. This is significantly below the industry average of 23.05%.
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

  • Looking at the Profit Margin, with a value of 27.91%, CNQ belongs to the top of the industry, outperforming 84.69% of the companies in the same industry.
  • CNQ's Profit Margin has improved in the last couple of years.
  • Looking at the Operating Margin, with a value of 25.81%, CNQ is in the better half of the industry, outperforming 68.42% of the companies in the same industry.
  • In the last couple of years the Operating Margin of CNQ has declined.
  • CNQ's Gross Margin of 48.46% is in line compared to the rest of the industry. CNQ outperforms 58.37% of its industry peers.
  • 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

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), CNQ is creating some value.
  • The number of shares outstanding for CNQ has been reduced compared to 1 year ago.
  • CNQ has less shares outstanding than it did 5 years ago.
  • CNQ has a better debt/assets ratio than last year.
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

  • An Altman-Z score of 3.02 indicates that CNQ is not in any danger for bankruptcy at the moment.
  • The Altman-Z score of CNQ (3.02) is better than 77.99% 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.
  • Looking at the Debt to FCF ratio, with a value of 2.42, CNQ belongs to the top of the industry, outperforming 81.82% of the companies in the same industry.
  • 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 of 0.43. This is comparable to the rest of the industry: CNQ outperforms 55.50% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.43
Debt/FCF 2.42
Altman-Z 3.02
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

  • 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.
  • With a Current ratio value of 0.95, CNQ is not doing good in the industry: 62.20% of the companies in the same industry are doing better.
  • 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 has a worse Quick ratio (0.63) than 71.29% 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.
  • 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.
  • The Revenue is expected to grow by 0.24% on average over the next years.
EPS Next Y-18.2%
EPS Next 2Y0%
EPS Next 3Y23%
EPS Next 5Y0.02%
Revenue Next Year-5.58%
Revenue Next 2Y-1.56%
Revenue Next 3Y-0.52%
Revenue Next 5Y0.24%

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 accelerating.
  • 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 6

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4

4. CNQ Valuation Analysis

4.1 Price/Earnings Ratio

  • CNQ is valuated rather expensively with a Price/Earnings ratio of 18.95.
  • CNQ's Price/Earnings ratio is in line with the industry average.
  • CNQ's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 25.54.
  • Based on the Price/Forward Earnings ratio of 23.17, the valuation of CNQ can be described as rather expensive.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of CNQ is on the same level as its industry peers.
  • When comparing the Price/Forward Earnings ratio of CNQ to the average of the S&P500 Index (22.70), we can say CNQ is valued inline with the index average.
Industry RankSector Rank
PE 18.95
Fwd PE 23.17
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

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of CNQ indicates a somewhat cheap valuation: CNQ is cheaper than 62.68% of the companies listed in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of CNQ indicates a somewhat cheap valuation: CNQ is cheaper than 64.11% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 16.87
EV/EBITDA 8.13
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.
  • 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%

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5

5. CNQ 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 3.30.
  • CNQ's Dividend Yield is rather good when compared to the S&P500 average which is at 1.89.
Industry RankSector 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 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 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 2Y0%
EPS Next 3Y23%
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 (3/24/2026, 2:25:57 PM)

49.075

+0.7 (+1.44%)

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 Change1.5%
Ins Owners2.24%
Ins Owner ChangeN/A
Market Cap102.30B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts73.6
Price Target39.54 (-19.43%)
Short Float %3.08%
Short Ratio6.11
Dividend
Industry RankSector Rank
Dividend Yield 3.6%
Yearly Dividend1.7
Dividend Growth(5Y)23.13%
DP45.02%
Div Incr Years1
Div Non Decr Years1
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)0.85%
PT rev (3m)1.96%
EPS NQ rev (1m)5.28%
EPS NQ rev (3m)-1.49%
EPS NY rev (1m)-3.83%
EPS NY rev (3m)-10.36%
Revenue NQ rev (1m)12.41%
Revenue NQ rev (3m)12.88%
Revenue NY rev (1m)0.14%
Revenue NY rev (3m)-0.7%
Valuation
Industry RankSector Rank
PE 18.95
Fwd PE 23.17
P/S 3.62
P/FCF 16.87
P/OCF 9.28
P/B 3.16
P/tB 3.16
EV/EBITDA 8.13
EPS(TTM)2.59
EY5.28%
EPS(NY)2.12
Fwd EY4.32%
FCF(TTM)2.91
FCFY5.93%
OCF(TTM)5.29
OCFY10.77%
SpS13.56
BVpS15.53
TBVpS15.53
PEG (NY)N/A
PEG (5Y)N/A
Graham Number30.08
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-Score7
Asset Turnover0.42
Health
Industry RankSector 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
WACC7.24%
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-18.2%
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 Year-5.58%
Revenue Next 2Y-1.56%
Revenue Next 3Y-0.52%
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 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.


What is the profitability of CNQ stock?

CANADIAN NATURAL RESOURCES (CNQ) has a profitability rating of 7 / 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 18.95 and the Price/Book (PB) ratio is 3.16.


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

The financial health rating of CANADIAN NATURAL RESOURCES (CNQ) is 5 / 10.