Oil & Gas Exploration & Production
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5 / 10Stock Comparison
CNQ vs CVE vs SU vs IMO vs MEG
Revenue, margins, valuation, and 5-year total return — side by side.
Oil & Gas Integrated
Oil & Gas Integrated
Oil & Gas Integrated
Waste Management
CNQ vs CVE vs SU vs IMO vs MEG — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | |||||
|---|---|---|---|---|---|
| Industry | Oil & Gas Exploration & Production | Oil & Gas Integrated | Oil & Gas Integrated | Oil & Gas Integrated | Waste Management |
| Market Cap | $93.39B | $53.60B | $75.67B | $62.57B | $798M |
| Revenue (TTM) | $41.50B | $49.40B | $52.01B | $47.04B | $821M |
| Net Income (TTM) | $10.82B | $4.64B | $6.33B | $3.27B | $6M |
| Gross Margin | 30.1% | 19.6% | 55.5% | 21.2% | 39.0% |
| Operating Margin | 27.8% | 14.0% | 27.4% | 9.0% | 2.0% |
| Forward P/E | 8.0x | 7.5x | 7.7x | 15.0x | 172.3x |
| Total Debt | $19.71B | $17.00B | $18.37B | $4.23B | $359M |
| Cash & Equiv. | $672M | $2.74B | $3.65B | $1.14B | $11M |
CNQ vs CVE vs SU vs IMO vs MEG — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
| Stock | Jul 20 | May 26 | Return |
|---|---|---|---|
| Canadian Natural Re… (CNQ) | 100 | 507.0 | +407.0% |
| Cenovus Energy Inc. (CVE) | 100 | 638.1 | +538.1% |
| Suncor Energy Inc. (SU) | 100 | 404.5 | +304.5% |
| Imperial Oil Limited (IMO) | 100 | 805.1 | +705.1% |
| Montrose Environmen… (MEG) | 100 | 96.8 | -3.2% |
Price return only. Dividends and distributions are not included.
Quick Verdict: CNQ vs CVE vs SU vs IMO vs MEG
Each card shows where this stock fits in a portfolio — not just who wins on paper.
CNQ carries the broadest edge in this set and is the clearest fit for quality and dividends.
- 26.1% margin vs MEG's 0.7%
- 3.8% yield, 2-year raise streak, vs IMO's 1.6%
- 12.5% ROA vs MEG's 0.6%, ROIC 10.0% vs 1.3%
CVE is the #2 pick in this set and the best alternative if income & stability and sleep-well-at-night is your priority.
- Dividend streak 0 yrs, beta 0.22, yield 2.0%
- Lower volatility, beta 0.22, Low D/E 53.8%, current ratio 1.57x
- Beta 0.22, yield 2.0%, current ratio 1.57x
- Lower P/E (7.5x vs 15.0x)
SU lags the leaders in this set but could rank higher in a more targeted comparison.
IMO is the clearest fit if your priority is long-term compounding.
- 337.2% 10Y total return vs CNQ's 302.8%
MEG ranks third and is worth considering specifically for growth exposure.
- Rev growth 19.3%, EPS growth 93.7%, 3Y rev CAGR 15.1%
- 19.3% revenue growth vs CVE's -14.0%
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | 19.3% revenue growth vs CVE's -14.0% | |
| Value | Lower P/E (7.5x vs 15.0x) | |
| Quality / Margins | 26.1% margin vs MEG's 0.7% | |
| Stability / Safety | Beta 0.22 vs MEG's 1.82, lower leverage | |
| Dividends | 3.8% yield, 2-year raise streak, vs IMO's 1.6% | |
| Momentum (1Y) | +147.0% vs MEG's +46.6% | |
| Efficiency (ROA) | 12.5% ROA vs MEG's 0.6%, ROIC 10.0% vs 1.3% |
CNQ vs CVE vs SU vs IMO vs MEG — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
CNQ vs CVE vs SU vs IMO vs MEG — Financial Metrics
Side-by-side numbers across 5 stocks — who leads on profitability, valuation, growth, and risk.
Who Leads Where
CNQ leads in 2 of 6 categories
MEG leads 1 • IMO leads 1 • CVE leads 0 • SU leads 0 • 2 tied
Explore the data ↓Income & Cash Flow (Last 12 Months)
CNQ leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
SU is the larger business by revenue, generating $52.0B annually — 63.3x MEG's $821M. CNQ is the more profitable business, keeping 26.1% of every revenue dollar as net income compared to MEG's 0.7%. On growth, SU holds the edge at +25.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | |||||
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $41.5B | $49.4B | $52.0B | $47.0B | $821M |
| EBITDAEarnings before interest/tax | $21.1B | $12.4B | $21.7B | $6.8B | $67M |
| Net IncomeAfter-tax profit | $10.8B | $4.6B | $6.3B | $3.3B | $6M |
| Free Cash FlowCash after capex | $8.3B | $4.4B | $7.2B | $4.7B | $72M |
| Gross MarginGross profit ÷ Revenue | +30.1% | +19.6% | +55.5% | +21.2% | +39.0% |
| Operating MarginEBIT ÷ Revenue | +27.8% | +14.0% | +27.4% | +9.0% | +2.0% |
| Net MarginNet income ÷ Revenue | +26.1% | +9.4% | +12.2% | +6.9% | +0.7% |
| FCF MarginFCF ÷ Revenue | +20.0% | +8.8% | +13.9% | +10.0% | +8.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | -13.2% | -12.8% | +25.1% | +6.7% | -5.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +3.7% | +78.7% | +30.1% | -57.8% | +45.3% |
Valuation Metrics
MEG leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
At 11.8x trailing earnings, CNQ trades at a 55% valuation discount to IMO's 26.5x P/E. On an enterprise value basis, SU's 5.1x EV/EBITDA is more attractive than MEG's 18.0x.
| Metric | |||||
|---|---|---|---|---|---|
| Market CapShares × price | $93.4B | $53.6B | $75.7B | $62.6B | $798M |
| Enterprise ValueMkt cap + debt − cash | $107.3B | $64.1B | $86.5B | $64.8B | $1.1B |
| Trailing P/EPrice ÷ TTM EPS | 11.84x | 18.06x | 17.93x | 26.50x | -157.64x |
| Forward P/EPrice ÷ next-FY EPS est. | 8.01x | 7.47x | 7.73x | 14.96x | 172.29x |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 8.15x | 8.91x | 5.13x | 12.96x | 18.04x |
| Price / SalesMarket cap ÷ Revenue | 3.29x | 1.47x | 2.11x | 1.81x | 0.96x |
| Price / BookPrice ÷ Book value/share | 2.89x | 2.24x | 2.35x | 3.89x | 1.72x |
| Price / FCFMarket cap ÷ FCF | 15.13x | 21.48x | 14.92x | 18.17x | 8.76x |
Profitability & Efficiency
CNQ leads this category, winning 3 of 9 comparable metrics.
Profitability & Efficiency
CNQ delivers a 26.0% return on equity — every $100 of shareholder capital generates $26 in annual profit, vs $1 for MEG. IMO carries lower financial leverage with a 0.19x debt-to-equity ratio, signaling a more conservative balance sheet compared to MEG's 0.80x. On the Piotroski fundamental quality scale (0–9), CNQ scores 8/9 vs MEG's 4/9, reflecting strong financial health.
| Metric | |||||
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +26.0% | +15.2% | +14.0% | +14.7% | +1.3% |
| ROA (TTM)Return on assets | +12.5% | +7.8% | +7.0% | +8.1% | +0.6% |
| ROICReturn on invested capital | +10.0% | +7.9% | +20.1% | +12.3% | +1.3% |
| ROCEReturn on capital employed | +10.3% | +8.2% | +19.5% | +11.9% | +1.5% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 6 | 6 | 5 | 4 |
| Debt / EquityFinancial leverage | 0.44x | 0.54x | 0.41x | 0.19x | 0.80x |
| Net DebtTotal debt minus cash | $19.0B | $14.3B | $14.7B | $3.1B | $348M |
| Cash & Equiv.Liquid assets | $672M | $2.7B | $3.6B | $1.1B | $11M |
| Total DebtShort + long-term debt | $19.7B | $17.0B | $18.4B | $4.2B | $359M |
| Interest CoverageEBIT ÷ Interest expense | 10.52x | 11.80x | 11.68x | — | 4.67x |
Total Returns (Dividends Reinvested)
IMO leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in IMO five years ago would be worth $42,567 today (with dividends reinvested), compared to $3,853 for MEG. Over the past 12 months, CVE leads with a +147.0% total return vs MEG's +46.6%. The 3-year compound annual growth rate (CAGR) favors IMO at 41.1% vs MEG's -10.1% — a key indicator of consistent wealth creation.
| Metric | |||||
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +31.8% | +63.2% | +40.8% | +42.0% | -11.3% |
| 1-Year ReturnPast 12 months | +61.7% | +147.0% | +92.7% | +87.1% | +46.6% |
| 3-Year ReturnCumulative with dividends | +73.2% | +85.3% | +128.8% | +180.9% | -27.2% |
| 5-Year ReturnCumulative with dividends | +203.8% | +286.8% | +201.0% | +325.7% | -61.5% |
| 10-Year ReturnCumulative with dividends | +302.8% | +118.2% | +197.4% | +337.2% | -1.4% |
| CAGR (3Y)Annualised 3-year return | +20.1% | +22.8% | +31.8% | +41.1% | -10.1% |
Risk & Volatility
Evenly matched — SU and IMO each lead in 1 of 2 comparable metrics.
Risk & Volatility
SU is the less volatile stock with a -0.03 beta — it tends to amplify market swings less than MEG's 1.82 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. IMO currently trades 93.7% from its 52-week high vs MEG's 69.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | |||||
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | -0.02x | 0.22x | -0.03x | 0.25x | 1.82x |
| 52-Week HighHighest price in past year | $51.34 | $30.84 | $70.29 | $134.32 | $32.00 |
| 52-Week LowLowest price in past year | $28.27 | $11.60 | $33.50 | $67.50 | $14.92 |
| % of 52W HighCurrent price vs 52-week peak | +87.2% | +92.3% | +90.7% | +93.7% | +69.0% |
| RSI (14)Momentum oscillator 0–100 | 47.4 | 63.0 | 48.7 | 50.7 | 46.8 |
| Avg Volume (50D)Average daily shares traded | 11.4M | 13.1M | 4.6M | 663K | 332K |
Analyst Outlook
Evenly matched — CNQ and IMO each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: CNQ as "Buy", CVE as "Hold", SU as "Buy", IMO as "Hold", MEG as "Buy". Consensus price targets imply 123.5% upside for MEG (target: $49) vs -64.2% for IMO (target: $45). For income investors, CNQ offers the higher dividend yield at 3.80% vs MEG's 0.54%.
| Metric | |||||
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Buy | Hold | Buy |
| Price TargetConsensus 12-month target | $35.00 | $27.67 | $62.00 | $44.99 | $49.33 |
| # AnalystsCovering analysts | 37 | 27 | 31 | 20 | 12 |
| Dividend YieldAnnual dividend ÷ price | +3.8% | +2.0% | +2.6% | +1.6% | +0.5% |
| Dividend StreakConsecutive years of raises | 2 | 0 | 4 | 27 | 0 |
| Dividend / ShareAnnual DPS | $2.32 | $0.78 | $2.30 | $2.78 | $0.12 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.1% | +3.4% | +3.0% | +3.8% | +15.3% |
CNQ leads in 2 of 6 categories (Income & Cash Flow, Profitability & Efficiency). MEG leads in 1 (Valuation Metrics). 2 tied.
CNQ vs CVE vs SU vs IMO vs MEG: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is CNQ or CVE or SU or IMO or MEG a better buy right now?
For growth investors, Montrose Environmental Group, Inc.
(MEG) is the stronger pick with 19. 3% revenue growth year-over-year, versus -14. 0% for Cenovus Energy Inc. (CVE). Canadian Natural Resources Limited (CNQ) offers the better valuation at 11. 8x trailing P/E (8. 0x 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 CVE or SU or IMO or MEG?
On trailing P/E, Canadian Natural Resources Limited (CNQ) is the cheapest at 11.
8x versus Imperial Oil Limited at 26. 5x. On forward P/E, Cenovus Energy Inc. is actually cheaper at 7. 5x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — CNQ or CVE or SU or IMO or MEG?
Over the past 5 years, Imperial Oil Limited (IMO) delivered a total return of +325.
7%, compared to -61. 5% for Montrose Environmental Group, Inc. (MEG). Over 10 years, the gap is even starker: IMO returned +337. 2% versus MEG's -1. 4%. 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 CVE or SU or IMO or MEG?
By beta (market sensitivity over 5 years), Suncor Energy Inc.
(SU) is the lower-risk stock at -0. 03β versus Montrose Environmental Group, Inc. 's 1. 82β — meaning MEG is approximately -5855% more volatile than SU relative to the S&P 500. On balance sheet safety, Imperial Oil Limited (IMO) carries a lower debt/equity ratio of 19% versus 80% for Montrose Environmental Group, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — CNQ or CVE or SU or IMO or MEG?
By revenue growth (latest reported year), Montrose Environmental Group, Inc.
(MEG) is pulling ahead at 19. 3% versus -14. 0% for Cenovus Energy Inc. (CVE). On earnings-per-share growth, the picture is similar: Montrose Environmental Group, Inc. grew EPS 93. 7% year-over-year, compared to -28. 2% for Imperial Oil Limited. Over a 3-year CAGR, MEG leads at 15. 1% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — CNQ or CVE or SU or IMO or MEG?
Canadian Natural Resources Limited (CNQ) is the more profitable company, earning 27.
9% net margin versus -0. 1% for Montrose Environmental Group, Inc. — meaning it keeps 27. 9% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: SU leads at 31. 7% versus 1. 5% for MEG. At the gross margin level — before operating expenses — SU leads at 59. 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.
07Is CNQ or CVE or SU or IMO or MEG more undervalued right now?
On forward earnings alone, Cenovus Energy Inc.
(CVE) trades at 7. 5x forward P/E versus 172. 3x for Montrose Environmental Group, Inc. — 164. 8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MEG: 123. 5% to $49. 33.
08Which pays a better dividend — CNQ or CVE or SU or IMO or MEG?
All stocks in this comparison pay dividends.
Canadian Natural Resources Limited (CNQ) offers the highest yield at 3. 8%, versus 0. 5% for Montrose Environmental Group, Inc. (MEG).
09Is CNQ or CVE or SU or IMO or MEG 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.
02), 3. 8% yield, +302. 8% 10Y return). Montrose Environmental Group, Inc. (MEG) carries a higher beta of 1. 82 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (CNQ: +302. 8%, MEG: -1. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between CNQ and CVE and SU and IMO and MEG?
These companies operate in different sectors (CNQ (Energy) and CVE (Energy) and SU (Energy) and IMO (Energy) and MEG (Industrials)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.
In terms of investment character: CNQ is a mid-cap deep-value stock; CVE is a mid-cap quality compounder stock; SU is a mid-cap deep-value stock; IMO is a mid-cap quality compounder stock; MEG is a small-cap high-growth stock. 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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