Comprehensive Stock Comparison
Compare Canadian Natural Resources Limited (CNQ) vs California Resources Corporation (CRC) vs Infinity Natural Resources, Inc. (INR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | INR | 60.2% revenue growth vs CNQ's -12.7% |
| Value | INR | Lower P/E (6.1x vs 45.3x) |
| Quality / Margins | CNQ | 15.5% net margin vs INR's -0.6% |
| Stability / Safety | CNQ | Beta 0.79 vs CRC's 1.26 |
| Dividends | CNQ | 3.5% yield, 1-year raise streak, vs CRC's 2.4% |
| Momentum (1Y) | CNQ | +60.8% vs INR's -7.7% |
| Efficiency (ROA) | CNQ | 7.8% ROA vs INR's -0.2%, ROIC 23.0% vs 10.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Canadian Natural Resources is a major integrated oil and gas producer with operations across Western Canada, the North Sea, and Offshore Africa. It generates revenue primarily from crude oil production—including synthetic crude oil, light/medium crude, and bitumen—with natural gas and natural gas liquids as secondary streams. The company's competitive advantage lies in its massive, long-life reserves—particularly its oil sands assets—which provide decades of low-decline production and operational scale.
California Resources Corporation is an independent oil and natural gas exploration and production company focused exclusively on California. It generates revenue primarily from crude oil sales (~60%), natural gas and natural gas liquids (~25%), and electricity generation from its cogeneration facilities (~15%). The company's key advantage is its extensive mineral acreage position—approximately 1.9 million net acres—in a mature, high-barrier-to-entry California market with established infrastructure.
Infinity Natural Resources is an independent oil and gas exploration and production company focused on developing shale resources in the Appalachian Basin. It generates revenue primarily from selling crude oil, natural gas, and natural gas liquids extracted from its Utica and Marcellus shale acreage in Ohio and Pennsylvania. The company's competitive advantage lies in its concentrated acreage position in prolific shale plays — particularly its approximately 63,000 net acres in the Utica Shale — which provides operational scale and resource density.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 3 stocks. BestLagging
Financial Scorecard
CNQ leads in 4 of 6 categories — strongest in Financial Metrics and Profitability & Efficiency. 2 categories are tied.
Financial Metrics (TTM)
CNQ is the larger business by revenue, generating $43.0B annually — 139.3x INR's $308M. CNQ is the more profitable business, keeping 15.5% of every revenue dollar as net income compared to INR's -0.6%. On growth, INR holds the edge at +15.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CNQCanadian Natural … | CRCCalifornia Resour… | INRInfinity Natural … |
|---|---|---|---|
| RevenueTrailing 12 months | $43.0B | $3.5B | $308M |
| EBITDAEarnings before interest/tax | $21.2B | $1.4B | $76M |
| Net IncomeAfter-tax profit | $6.7B | $384M | -$2M |
| Free Cash FlowCash after capex | $8.1B | $545M | -$124M |
| Gross MarginGross profit ÷ Revenue | +31.0% | +37.9% | +53.0% |
| Operating MarginEBIT ÷ Revenue | +28.7% | +21.2% | -4.6% |
| Net MarginNet income ÷ Revenue | +15.5% | +10.9% | -0.6% |
| FCF MarginFCF ÷ Revenue | +18.9% | +15.4% | -40.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | -8.5% | -11.9% | +15.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -72.6% | -79.9% | -80.8% |
Valuation Metrics
At 4.5x trailing earnings, INR trades at a 79% valuation discount to CNQ's 21.0x P/E. On an enterprise value basis, CNQ's 6.2x EV/EBITDA is more attractive than CRC's 4761.3x.
| Metric | CNQCanadian Natural … | CRCCalifornia Resour… | INRInfinity Natural … |
|---|---|---|---|
| Market CapShares × price | $91.2B | $5.36T | $751.1B |
| Enterprise ValueMkt cap + debt − cash | $105.9B | $5.36T | $751.4B |
| Trailing P/EPrice ÷ TTM EPS | 21.02x | 12.74x | 4.46x |
| Forward P/EPrice ÷ next-FY EPS est. | 15.33x | 45.26x | 6.08x |
| PEG RatioP/E ÷ EPS growth rate | 4.51x | — | — |
| EV / EBITDAEnterprise value multiple | 6.21x | 4761.27x | 4486.84x |
| Price / SalesMarket cap ÷ Revenue | 3.50x | 1812.76x | 2899.82x |
| Price / BookPrice ÷ Book value/share | 3.25x | 1.35x | 0.43x |
| Price / FCFMarket cap ÷ FCF | 15.41x | 9999.00x | — |
Profitability & Efficiency
CNQ delivers a 16.4% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $-0 for INR. CRC carries lower financial leverage with a 0.35x debt-to-equity ratio, signaling a more conservative balance sheet compared to CNQ's 0.51x. On the Piotroski fundamental quality scale (0–9), INR scores 6/9 vs CRC's 3/9, reflecting solid financial health.
| Metric | CNQCanadian Natural … | CRCCalifornia Resour… | INRInfinity Natural … |
|---|---|---|---|
| ROE (TTM)Return on equity | +16.4% | +11.2% | -0.2% |
| ROA (TTM)Return on assets | +7.8% | +5.7% | -0.2% |
| ROICReturn on invested capital | +23.0% | +14.5% | +10.1% |
| ROCEReturn on capital employed | +23.3% | +13.7% | +13.3% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 3 | 6 |
| Debt / EquityFinancial leverage | 0.51x | 0.35x | 0.51x |
| Net DebtTotal debt minus cash | $20.2B | $851M | $259M |
| Cash & Equiv.Liquid assets | $131M | $372M | $2M |
| Total DebtShort + long-term debt | $20.3B | $1.2B | $261M |
| Interest CoverageEBIT ÷ Interest expense | 10.83x | 5.95x | -0.49x |
Total Returns (with DRIP)
A $10,000 investment in CNQ five years ago would be worth $35,679 today (with dividends reinvested), compared to $24,361 for CRC. Over the past 12 months, CNQ leads with a +60.8% total return vs INR's -7.7%. The 3-year compound annual growth rate (CAGR) favors CNQ at 19.6% vs CRC's 14.3% — a key indicator of consistent wealth creation.
| Metric | CNQCanadian Natural … | CRCCalifornia Resour… | INRInfinity Natural … |
|---|---|---|---|
| YTD ReturnYear-to-date | +27.5% | +26.8% | +12.8% |
| 1-Year ReturnPast 12 months | +60.8% | +35.4% | -7.7% |
| 3-Year ReturnCumulative with dividends | +71.2% | +49.2% | — |
| 5-Year ReturnCumulative with dividends | +256.8% | +143.6% | — |
| 10-Year ReturnCumulative with dividends | +420.6% | +1037.4% | — |
| CAGR (3Y)Annualised 3-year return | +19.6% | +14.3% | — |
Risk & Volatility
CNQ is the less volatile stock with a 0.79 beta — it tends to amplify market swings less than CRC's 1.26 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CNQ currently trades 99.4% from its 52-week high vs INR's 83.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CNQCanadian Natural … | CRCCalifornia Resour… | INRInfinity Natural … |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.79x | 1.26x | 1.05x |
| 52-Week HighHighest price in past year | $44.02 | $60.03 | $19.90 |
| 52-Week LowLowest price in past year | $24.65 | $30.97 | $11.13 |
| % of 52W HighCurrent price vs 52-week peak | +99.4% | +98.0% | +83.4% |
| RSI (14)Momentum oscillator 0–100 | 76.4 | 61.0 | 50.6 |
| Avg Volume (50D)Average daily shares traded | 7.8M | 696K | 153K |
Analyst Outlook
Analyst consensus: CNQ as "Buy", CRC as "Buy", INR as "Buy". Consensus price targets imply 20.5% upside for INR (target: $20) vs -20.0% for CNQ (target: $35). For income investors, CNQ offers the higher dividend yield at 3.45% vs CRC's 2.36%.
| Metric | CNQCanadian Natural … | CRCCalifornia Resour… | INRInfinity Natural … |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | $35.00 | $65.71 | $20.00 |
| # AnalystsCovering analysts | 37 | 23 | 6 |
| Dividend YieldAnnual dividend ÷ price | +3.5% | +2.4% | — |
| Dividend StreakConsecutive years of raises | 1 | 3 | — |
| Dividend / ShareAnnual DPS | $2.07 | $1.39 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +2.1% | +0.0% | 0.0% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 25 | Feb 26 | Change |
|---|---|---|---|
| Canadian Natural Re… (CNQ) | 100 | 121.59 | +21.6% |
| California Resource… (CRC) | 100 | 108.92 | +8.9% |
| Infinity Natural Re… (INR) | ∞ | ∞ | NaN% |
Infinity Natural Re… (INR) returned +InfinityK% over 5 years vs California Resource… (CRC)'s +144%. A $10,000 investment in INR 5 years ago would be worth $∞ today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Canadian Natural Re… (CNQ) | $13.2B | $35.7B | +170.8% |
| California Resource… (CRC) | $2.4B | $3.0B | +25.8% |
| Infinity Natural Re… (INR) | $143M | $259M | +80.9% |
Canadian Natural Resources Limited's revenue grew from $13.2B (2015) to $35.7B (2024) — a 11.7% CAGR. California Resources Corporation's revenue grew from $2.4B (2015) to $3.0B (2024) — a 2.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Canadian Natural Re… (CNQ) | -4.8% | 17.1% | +454.0% |
| California Resource… (CRC) | -151.2% | 12.7% | +108.4% |
| Infinity Natural Re… (INR) | 47.6% | 19.0% | -60.0% |
Canadian Natural Resources Limited's net margin went from -5% (2015) to 17% (2024). California Resources Corporation's net margin went from -151% (2015) to 13% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Canadian Natural Re… (CNQ) | 17.5 | 10.8 | -38.3% |
| California Resource… (CRC) | 2.5 | 11.2 | +348.0% |
Canadian Natural Resources Limited has traded in a 6x–18x P/E range over 7 years; current trailing P/E is ~21x. California Resources Corporation has traded in a 1x–11x P/E range over 6 years; current trailing P/E is ~13x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Canadian Natural Re… (CNQ) | -0.29 | 2.85 | +1082.8% |
| California Resource… (CRC) | -92.79 | 4.62 | +105.0% |
| Infinity Natural Re… (INR) | 1.16 | 3.72 | +220.7% |
Canadian Natural Resources Limited's EPS grew from $-0.29 (2015) to $2.85 (2024). California Resources Corporation's EPS grew from $-92.79 (2015) to $4.62 (2024).
Chart 6Free Cash Flow — 5 Years
Canadian Natural Resources Limited generated $8B FCF in 2024 (+3% vs 2021). California Resources Corporation generated $350M FCF in 2024 (-25% vs 2021).
CNQ vs CRC vs INR: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is CNQ or CRC or INR a better buy right now?
Infinity Natural Resources, Inc. (INR) offers the better valuation at 4.5x trailing P/E (6.1x forward), making it the more compelling value choice. Analysts rate Canadian Natural Resources Limited (CNQ) a "Buy" — based on 37 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CNQ or CRC or INR?
On trailing P/E, Infinity Natural Resources, Inc. (INR) is the cheapest at 4.5x versus Canadian Natural Resources Limited at 21.0x. On forward P/E, Infinity Natural Resources, Inc. is actually cheaper at 6.1x.
03Which is the better long-term investment — CNQ or CRC or INR?
Over the past 5 years, Canadian Natural Resources Limited (CNQ) delivered a total return of +256.8%, compared to +143.6% for California Resources Corporation (CRC). A $10,000 investment in CNQ five years ago would be worth approximately $36K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CRC returned +1037% versus CNQ's +420.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CNQ or CRC or INR?
By beta (market sensitivity over 5 years), Canadian Natural Resources Limited (CNQ) is the lower-risk stock at 0.79β versus California Resources Corporation's 1.26β — meaning CRC is approximately 59% more volatile than CNQ relative to the S&P 500. On balance sheet safety, California Resources Corporation (CRC) carries a lower debt/equity ratio of 35% versus 51% for Canadian Natural Resources Limited — giving it more financial flexibility in a downturn.
05Which has better profit margins — CNQ or CRC or INR?
Infinity Natural Resources, Inc. (INR) is the more profitable company, earning 19.0% net margin versus 12.7% for California Resources Corporation — meaning it keeps 19.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CNQ leads at 47.1% versus 22.0% for CRC. At the gross margin level — before operating expenses — INR leads at 52.1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is CNQ or CRC or INR more undervalued right now?
On forward earnings alone, Infinity Natural Resources, Inc. (INR) trades at 6.1x forward P/E versus 45.3x for California Resources Corporation — 39.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for INR: 20.5% to $20.00.
07Which pays a better dividend — CNQ or CRC or INR?
In this comparison, CNQ (3.5% yield), CRC (2.4% yield) pay a dividend. INR does not pay a meaningful dividend and should not be held primarily for income.
08Is CNQ or CRC or INR better for a retirement portfolio?
For long-horizon retirement investors, Canadian Natural Resources Limited (CNQ) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.79), 3.5% yield, +420.6% 10Y return). Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between CNQ and CRC and INR?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: CNQ is a mid-cap income-oriented stock; CRC is a mega-cap deep-value stock; INR is a large-cap deep-value stock. CNQ, CRC pay a dividend while INR does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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