CANADIAN NATURAL RESOURCES (CNQ) Fundamental Analysis & Valuation

NYSE:CNQ • CA1363851017

Current stock price

48.44 USD
-0.12 (-0.25%)
At close:
48.78 USD
+0.34 (+0.7%)
After Hours:

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

  • CNQ had positive earnings in the past year.
  • CNQ had a positive operating cash flow in the past year.
  • CNQ had positive earnings in each of the past 5 years.
  • Each year in the past 5 years CNQ 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 2025 0 5B 10B 15B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 11.78%, CNQ belongs to the top of the industry, outperforming 91.30% of the companies in the same industry.
  • CNQ has a better Return On Equity (24.39%) than 89.86% of its industry peers.
  • The Return On Invested Capital of CNQ (9.40%) is better than 82.13% of its industry peers.
  • CNQ had an Average Return On Invested Capital over the past 3 years of 10.51%. This is significantly below the industry average of 22.51%.
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 84.54% of the companies in the same industry.
  • In the last couple of years the Profit Margin of CNQ has grown nicely.
  • CNQ has a better Operating Margin (25.81%) than 67.15% of its industry peers.
  • In the last couple of years the Operating Margin of CNQ has declined.
  • The Gross Margin of CNQ (48.46%) is comparable to the rest of the industry.
  • CNQ's Gross Margin has improved in the last couple of years.
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.
  • Compared to 5 years ago, CNQ has less shares outstanding
  • 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

  • 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.
  • CNQ has a Altman-Z score of 3.02. This is in the better half of the industry: CNQ outperforms 78.74% 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.
  • CNQ has a better Debt to FCF ratio (2.42) than 81.16% of its industry peers.
  • A Debt/Equity ratio of 0.43 indicates that CNQ is not too dependend on debt financing.
  • 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 2.42
Altman-Z 3.02
ROIC/WACC1.28
WACC7.34%
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.
  • CNQ has a worse Current ratio (0.95) than 61.84% of its industry peers.
  • A Quick Ratio of 0.63 indicates that CNQ may have some problems paying its short term obligations.
  • With a Quick ratio value of 0.63, CNQ is not doing good in the industry: 71.01% of the companies in the same industry are doing better.
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

  • CNQ shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 2.45%.
  • Measured over the past years, CNQ shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -14.02% on average per year.
  • Looking at the last year, CNQ shows a quite strong growth in Revenue. The Revenue has grown by 8.71% in the last year.
  • 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

  • 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-18.2%
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

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • 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. CNQ Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 18.70, which indicates a rather expensive current valuation of CNQ.
  • CNQ's Price/Earnings is on the same level as the industry average.
  • Compared to an average S&P500 Price/Earnings ratio of 25.70, CNQ is valued a bit cheaper.
  • With a Price/Forward Earnings ratio of 22.86, CNQ is valued on the expensive side.
  • 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 (23.84), we can say CNQ is valued inline with the index average.
Industry RankSector Rank
PE 18.7
Fwd PE 22.86
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

  • Based on the Enterprise Value to EBITDA ratio, CNQ is valued a bit cheaper than 61.35% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, CNQ is valued a bit cheaper than the industry average as 65.70% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 16.64
EV/EBITDA 8.14
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.
  • A more expensive valuation may be justified as CNQ's earnings are expected to grow with 23.00% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y0%
EPS Next 3Y23%

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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 3.78%. 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 3.44.
  • CNQ's Dividend Yield is rather good when compared to the S&P500 average which is at 1.89.
Industry RankSector Rank
Dividend Yield 3.78%

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 (3/13/2026, 8:18:13 PM)

After market: 48.78 +0.34 (+0.7%)

48.44

-0.12 (-0.25%)

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 Cap100.98B
Revenue(TTM)38.76B
Net Income(TTM)10.82B
Analysts73.6
Price Target39.54 (-18.37%)
Short Float %0.84%
Short Ratio1.86
Dividend
Industry RankSector Rank
Dividend Yield 3.78%
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)0.09%
EPS NQ rev (3m)-8.53%
EPS NY rev (1m)-3.83%
EPS NY rev (3m)-10.36%
Revenue NQ rev (1m)4.98%
Revenue NQ rev (3m)5.42%
Revenue NY rev (1m)-3.05%
Revenue NY rev (3m)-0.7%
Valuation
Industry RankSector Rank
PE 18.7
Fwd PE 22.86
P/S 3.57
P/FCF 16.64
P/OCF 9.16
P/B 3.12
P/tB 3.12
EV/EBITDA 8.14
EPS(TTM)2.59
EY5.35%
EPS(NY)2.12
Fwd EY4.37%
FCF(TTM)2.91
FCFY6.01%
OCF(TTM)5.29
OCFY10.92%
SpS13.57
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
WACC7.34%
ROIC/WACC1.28
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 Year108.82%
EBIT Next 3Y34.89%
EBIT Next 5Y23.59%
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 18.7 and the Price/Book (PB) ratio is 3.12.


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

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