CANADIAN NATURAL RESOURCES (CNQ) Stock Fundamental Analysis

NYSE:CNQ • CA1363851017

42.77 USD
+0.2 (+0.47%)
Last: Feb 26, 2026, 02:14 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

4

CNQ gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 206 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. While showing a medium growth rate, CNQ is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • CNQ had positive earnings in the past year.
  • In the past year CNQ had a positive cash flow from operations.
  • Of the past 5 years CNQ 4 years were profitable.
  • 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

  • CNQ has a better Return On Assets (7.78%) than 81.07% of its industry peers.
  • With an excellent Return On Equity value of 16.45%, CNQ belongs to the best of the industry, outperforming 82.04% of the companies in the same industry.
  • CNQ has a Return On Invested Capital of 10.43%. This is amongst the best in the industry. CNQ outperforms 85.92% of its industry peers.
  • CNQ had an Average Return On Invested Capital over the past 3 years of 13.06%. This is significantly below the industry average of 21.96%.
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 70.39% of its industry peers.
  • CNQ's Profit Margin has declined in the last couple of years.
  • CNQ has a better Operating Margin (26.62%) than 67.96% of its industry peers.
  • CNQ's Operating Margin has improved in the last couple of years.
  • With a Gross Margin value of 48.85%, CNQ perfoms like the industry average, outperforming 58.74% of the companies in the same 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

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

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.
  • CNQ has less shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, CNQ has less shares outstanding
  • CNQ has a worse debt/assets ratio than last year.
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 2.92. 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 2.92, CNQ is in the better half of the industry, outperforming 77.18% 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.
  • CNQ has a Debt to Equity ratio (0.44) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.44
Debt/FCF N/A
Altman-Z 2.92
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

  • 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 63.59% of its industry peers.
  • A Quick Ratio of 0.53 indicates that CNQ may have some problems paying its short term obligations.
  • The Quick ratio of CNQ (0.53) is worse than 79.61% 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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

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.
  • CNQ shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.06%.
  • 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

  • Based on estimates for the next years, CNQ will show a small growth in Earnings Per Share. The EPS will grow by 0.34% on average per year.
  • The Revenue is expected to grow by 1.27% on average over the next years.
EPS Next Y-2.36%
EPS Next 2Y-6.65%
EPS Next 3Y2.84%
EPS Next 5Y0.34%
Revenue Next Year6.36%
Revenue Next 2Y0.14%
Revenue Next 3Y0.96%
Revenue Next 5Y1.27%

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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3

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 16.02, CNQ is valued correctly.
  • CNQ's Price/Earnings is on the same level as the industry average.
  • CNQ's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.05.
  • CNQ is valuated rather expensively with a Price/Forward Earnings ratio of 19.39.
  • CNQ's Price/Forward Earnings ratio is in line with the industry average.
  • When comparing the Price/Forward Earnings ratio of CNQ to the average of the S&P500 Index (28.03), we can say CNQ is valued slightly cheaper.
Industry RankSector Rank
PE 16.02
Fwd PE 19.39
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 65.05% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 7.35
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)0.95
EPS Next 2Y-6.65%
EPS Next 3Y2.84%

More info and screens

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

6

5. Dividend

5.1 Amount

  • CNQ has a Yearly Dividend Yield of 4.04%, which is a nice return.
  • Compared to an average industry Dividend Yield of 3.52, CNQ pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.80, CNQ pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.04%

5.2 History

  • On average, the dividend of CNQ grows each year by 23.37%, which is quite nice.
  • CNQ has been paying a dividend for at least 10 years, so it has a reliable track record.
  • CNQ has decreased its dividend 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

More info and screens

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CANADIAN NATURAL RESOURCES

NYSE:CNQ (2/26/2026, 2:14:08 PM)

42.77

+0.2 (+0.47%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)11-06
Earnings (Next)03-05
Inst Owners75.5%
Inst Owner Change1.42%
Ins Owners2.22%
Ins Owner ChangeN/A
Market Cap89.03B
Revenue(TTM)38.62B
Net Income(TTM)6.66B
Analysts73.6
Price Target39.2 (-8.35%)
Short Float %0.93%
Short Ratio2.09
Dividend
Industry RankSector Rank
Dividend Yield 4.04%
Yearly Dividend1.52
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)0.91%
PT rev (3m)1.24%
EPS NQ rev (1m)-1.03%
EPS NQ rev (3m)-7.97%
EPS NY rev (1m)0%
EPS NY rev (3m)-5.19%
Revenue NQ rev (1m)-0.92%
Revenue NQ rev (3m)-5.45%
Revenue NY rev (1m)-0.5%
Revenue NY rev (3m)0.35%
Valuation
Industry RankSector Rank
PE 16.02
Fwd PE 19.39
P/S 3.16
P/FCF N/A
P/OCF 8.25
P/B 3.01
P/tB 3.01
EV/EBITDA 7.35
EPS(TTM)2.67
EY6.24%
EPS(NY)2.21
Fwd EY5.16%
FCF(TTM)-0.36
FCFYN/A
OCF(TTM)5.18
OCFY12.12%
SpS13.55
BVpS14.2
TBVpS14.2
PEG (NY)N/A
PEG (5Y)0.95
Graham Number29.2
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 2.92
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 5Y0.34%
Revenue 1Y (TTM)8.06%
Revenue growth 3Y5.86%
Revenue growth 5Y9.29%
Sales Q2Q%7.01%
Revenue Next Year6.36%
Revenue Next 2Y0.14%
Revenue Next 3Y0.96%
Revenue Next 5Y1.27%
EBIT growth 1Y3.24%
EBIT growth 3Y0.75%
EBIT growth 5Y11.71%
EBIT Next Year109.23%
EBIT Next 3Y29.54%
EBIT Next 5Y16.67%
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 16.02 and the Price/Book (PB) ratio is 3.01.


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

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