Canadian Natural Resources Limited (CNQ) 10-Year Financial Performance & Capital Metrics

CNQ • • Industrial / General

EnergyOil & Gas E&PConventional Onshore E&PMulti-Basin Diversified Operators

AboutCanadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil, and Pelican Lake heavy crude oil. Its midstream and refining assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose. As of December 31, 2020, the company had total proved crude oil, bitumen, and NGLs reserves were 10,528 million barrels (MMbbl); total proved plus probable crude oil, bitumen, and NGLs reserves were 13,271 MMbbl; proved SCO reserves were 6,998 MMbbl; total proved plus probable SCO reserves were 7,535 MMbbl; proved natural gas reserves were 12,168 billion cubic feet (Bcf); and total proved plus probable natural gas reserves were 20,249 Bcf. It operates primarily in Western Canada; the United Kingdom portion of the North Sea; and Offshore Africa. The company was formerly known as AEX Minerals Corporation and changed its name to Canadian Natural Resources Limited in December 1975. Canadian Natural Resources Limited was incorporated in 1973 and is headquartered in Calgary, Canada.Show more

Revenue $35.66B -12.7%
EBITDA $23.34B +38.3%
Net Income $6.11B -25.8%
EPS (Diluted) 2.85 -23.8%
Gross Margin 49.3% +71.0%
EBITDA Margin 65.47% +58.4%
Operating Margin 47.11% +83.8%
Net Margin 17.12% -15.1%
ROE 15.4% -27.0%
ROIC 23.04% +46.8%
Debt/Equity 0.51 +89.6%
Interest Coverage 24.96 +64.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 21.9%
✓FCF machine: 22.7% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 2.9% through buybacks
✓Healthy 5Y average net margin of 16.0%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.29%

5Y9.29%

3Y2.77%

TTM4.48%

Profit (Net Income) CAGR

10Y4.51%

5Y2.43%

3Y-7.3%

TTM-12.38%

EPS CAGR

10Y4.7%

5Y4.66%

3Y-4.19%

TTM-10.45%

ROCE

10Y Avg11.24%

5Y Avg18.89%

3Y Avg20.09%

Latest23.29%

Peer Comparison

Multi-Basin Diversified Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CTRACoterra Energy Inc.	19.59B	25.73	17.04	-3.92%	23.47%	11.18%	5.23%	0.29
AMPYAmplify Energy Corp.	194.28M	4.80	15.48	-4.2%	-10.1%	-7.09%		0.32
CNQCanadian Natural Resources Limited	71.03B	34.10	11.96	-12.68%	15.49%	16.45%	11.4%	0.51
BTEBaytex Energy Corp.	2.6B	3.38	11.27	24.43%	5.6%	5.12%	22.87%	0.55
OVVOvintiv Inc.	10.12B	39.95	9.49	-15.91%	2.65%	2.31%	14.02%	0.61
DVNDevon Energy Corporation	22.78B	36.32	7.95	2.82%	16.11%	17.71%		0.63
CRGYCrescent Energy Company	2.76B	8.39	-9.53	23.01%	0.66%	0.53%		0.72

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	13.17B	11.1B	17.67B	22.28B	22.87B	17.49B	32.85B	49.53B	40.84B	35.66B
Revenue Growth %	-0.38%	-0.16%	0.59%	0.26%	0.03%	-0.24%	0.88%	0.51%	-0.18%	-0.13%
Cost of Goods Sold+	13.39B	11.54B	14.72B	17.07B	10.98B	17.42B	22.28B	33.27B	29.06B	18.08B
COGS % of Revenue	1.02%	1.04%	0.83%	0.77%	0.48%	1%	0.68%	0.67%	0.71%	0.51%
Gross Profit+	-225M	-437M	2.95B	5.21B	11.89B	69M	10.58B	16.26B	11.77B	17.58B
Gross Margin %	-0.02%	-0.04%	0.17%	0.23%	0.52%	0%	0.32%	0.33%	0.29%	0.49%
Gross Profit Growth %	-1.04%	-0.94%	7.76%	0.77%	1.28%	-0.99%	152.29%	0.54%	-0.28%	0.49%
Operating Expenses+	517M	842M	2.95B	5.21B	567M	69M	1.06B	1.5B	1.31B	782M
OpEx % of Revenue	0.04%	0.08%	0.17%	0.23%	0.02%	0%	0.03%	0.03%	0.03%	0.02%
Selling, General & Admin	344M	700M	453M	179M	567M	309M	880M	1.22B	943M	782M
SG&A % of Revenue	0.03%	0.06%	0.03%	0.01%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	173M	142M	0	186M	0	-240M	185M	281M	366M	0
Operating Income+	-742M	-1.28B	2.33B	4.85B	11.33B	0	9.51B	14.76B	10.46B	16.8B
Operating Margin %	-0.06%	-0.12%	0.13%	0.22%	0.5%	-	0.29%	0.3%	0.26%	0.47%
Operating Income Growth %	-1.15%	-0.72%	2.83%	1.08%	1.34%	-1%	-	0.55%	-0.29%	0.61%
EBITDA+	4.74B	3.72B	7.52B	10.2B	17.06B	6B	15.24B	22.11B	16.88B	23.34B
EBITDA Margin %	0.36%	0.34%	0.43%	0.46%	0.75%	0.34%	0.46%	0.45%	0.41%	0.65%
EBITDA Growth %	-0.51%	-0.22%	1.02%	0.36%	0.67%	-0.65%	1.54%	0.45%	-0.24%	0.38%
D&A (Non-Cash Add-back)	5.48B	5B	5.19B	5.35B	5.74B	6.05B	5.72B	7.35B	6.41B	6.55B
EBIT	-293M	-639M	3.6B	4.32B	5.54B	-45M	10.65B	14.37B	10.86B	9.72B
Net Interest Income+	-322M	-383M	-631M	-739M	-836M	-756M	-711M	-549M	-636M	-592M
Interest Income	52M	48M	97M	59M	76M	72M	32M	121M	55M	81M
Interest Expense	374M	431M	728M	798M	912M	828M	743M	670M	691M	673M
Other Income/Expense	75M	216M	538M	-1.33B	-5.45B	-873M	399M	-1.06B	-299M	-8.74B
Pretax Income+	-667M	-1.06B	2.87B	3.52B	5.88B	-873M	9.91B	13.7B	10.16B	8.06B
Pretax Margin %	-0.05%	-0.1%	0.16%	0.16%	0.26%	-0.05%	0.3%	0.28%	0.25%	0.23%
Income Tax+	-30M	-859M	476M	931M	460M	-438M	2.25B	2.77B	1.93B	1.95B
Effective Tax Rate %	0.96%	0.19%	0.83%	0.74%	0.92%	0.5%	0.77%	0.8%	0.81%	0.76%
Net Income+	-637M	-204M	2.4B	2.59B	5.42B	-435M	7.66B	10.94B	8.23B	6.11B
Net Margin %	-0.05%	-0.02%	0.14%	0.12%	0.24%	-0.02%	0.23%	0.22%	0.2%	0.17%
Net Income Growth %	-1.16%	0.68%	12.75%	0.08%	1.09%	-1.08%	18.62%	0.43%	-0.25%	-0.26%
Net Income (Continuing)	-637M	-204M	2.4B	2.59B	5.42B	-435M	7.66B	10.94B	8.23B	6.11B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.29	-0.10	1.02	1.06	2.27	-0.18	3.24	4.82	3.74	2.85
EPS Growth %	-1.16%	0.67%	11.74%	0.04%	1.14%	-1.08%	19%	0.49%	-0.22%	-0.24%
EPS (Basic)	-0.29	-0.10	1.02	1.06	2.27	-0.18	3.24	4.82	3.74	2.87
Diluted Shares Outstanding	2.19B	2.2B	2.37B	2.44B	2.38B	2.36B	2.36B	2.27B	2.2B	2.14B
Basic Shares Outstanding	2.19B	2.15B	2.36B	2.44B	2.38B	2.35B	2.36B	2.27B	2.18B	2.14B
Dividend Payout Ratio	-	-	0.52%	0.6%	0.32%	-	0.22%	0.45%	0.47%	0.73%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	4.06B	4.34B	4.9B	3.02B	3.46B	3.42B	5.94B	7.06B	7.17B	7.41B
Cash & Short-Term Investments	1.04B	930M	1.03B	625M	485.06M	383.83M	1.05B	1.41B	1.4B	131M
Cash Only	69M	17M	137M	101M	107.19M	144.43M	744M	920M	877M	131M
Short-Term Investments	974M	913M	893M	524M	377.87M	239.4M	309M	491M	525M	0
Accounts Receivable	1.95B	2.29B	2.72B	1.15B	1.91B	1.96B	3.11B	3.56B	3.19B	4.13B
Days Sales Outstanding	54.17	75.15	56.17	18.81	30.5	40.93	34.56	26.2	28.5	42.24
Inventory	525M	689M	894M	955M	888.37M	832.03M	1.55B	1.81B	2.03B	2.79B
Days Inventory Outstanding	14.31	21.8	22.17	20.42	29.54	17.43	25.36	19.91	25.55	56.39
Other Current Assets	375M	283M	79M	116M	175.82M	245.68M	35M	276M	542M	355M
Total Non-Current Assets+	55.22B	54.31B	68.97B	68.54B	58.83B	55.66B	70.72B	69.08B	68.79B	77.95B
Property, Plant & Equipment	54.06B	53.29B	67.8B	67.2B	53.85B	52.9B	70.16B	68.53B	68.25B	77.33B
Fixed Asset Turnover	0.24x	0.21x	0.26x	0.33x	0.42x	0.33x	0.47x	0.72x	0.60x	0.46x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	292M	287M	217.47M	102.83M	0	0	0	0
Other Non-Current Assets	1.16B	1.02B	876M	1.06B	2.71B	2.66B	565M	553M	541M	620M
Total Assets+	59.27B	58.65B	73.87B	71.56B	62.29B	59.09B	76.67B	76.14B	75.95B	85.36B
Asset Turnover	0.22x	0.19x	0.24x	0.31x	0.37x	0.30x	0.43x	0.65x	0.54x	0.42x
Asset Growth %	-0.02%	-0.01%	0.26%	-0.03%	-0.13%	-0.05%	0.3%	-0.01%	-0%	0.12%
Total Current Liabilities+	4.59B	5.09B	6.26B	4.76B	5.12B	3.99B	7.42B	8.65B	7.43B	9.63B
Accounts Payable	571M	595M	775M	779M	629.27M	523.55M	803M	1.34B	1.42B	1.08B
Days Payables Outstanding	15.56	18.83	19.22	16.66	20.93	10.97	13.16	14.71	17.81	21.79
Short-Term Debt	1.73B	1.81B	1.88B	1.14B	2.02B	1.2B	1B	404M	980M	2.4B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	206M	463M	1.01B	394M	2.29B	2.17B	2.04B	1.13B	1.5B	909M
Current Ratio	0.88x	0.85x	0.78x	0.63x	0.68x	0.86x	0.80x	0.82x	0.96x	0.77x
Quick Ratio	0.77x	0.72x	0.64x	0.43x	0.50x	0.65x	0.59x	0.61x	0.69x	0.48x
Cash Conversion Cycle	52.91	78.13	59.12	22.57	39.11	47.4	46.77	31.4	36.24	76.84
Total Non-Current Liabilities+	27.3B	27.29B	35.95B	34.82B	30.19B	29.68B	32.3B	29.32B	28.69B	36.26B
Long-Term Debt	15.06B	14.99B	20.58B	19.48B	14.34B	15.78B	13.69B	11.04B	9.82B	16.42B
Capital Lease Obligations	0	0	0	0	1.22B	1.18B	1.4B	1.3B	0	1.21B
Deferred Tax Liabilities	9.34B	9.07B	10.97B	11.45B	10.17B	7.96B	10.22B	10.11B	10.18B	10.54B
Other Non-Current Liabilities	2.89B	3.22B	4.4B	3.89B	4.46B	4.76B	6.99B	6.87B	8.69B	8.09B
Total Liabilities	31.89B	32.38B	42.21B	39.59B	35.31B	33.67B	39.72B	37.97B	36.12B	45.89B
Total Debt+	16.79B	16.8B	22.46B	20.62B	17.58B	18.17B	16.28B	12.98B	10.8B	20.28B
Net Debt	16.73B	16.79B	22.32B	20.52B	17.47B	18.02B	15.53B	12.06B	9.92B	20.15B
Debt / Equity	0.61x	0.64x	0.71x	0.64x	0.65x	0.71x	0.44x	0.34x	0.27x	0.51x
Debt / EBITDA	3.54x	4.52x	2.99x	2.02x	1.03x	3.03x	1.07x	0.59x	0.64x	0.87x
Net Debt / EBITDA	3.53x	4.51x	2.97x	2.01x	1.02x	3.00x	1.02x	0.55x	0.59x	0.86x
Interest Coverage	-1.98x	-2.97x	3.21x	6.08x	12.42x	-	12.80x	22.03x	15.14x	24.96x
Total Equity+	27.38B	26.27B	31.65B	31.97B	26.98B	25.42B	36.95B	38.17B	39.83B	39.47B
Equity Growth %	-0.05%	-0.04%	0.21%	0.01%	-0.16%	-0.06%	0.45%	0.03%	0.04%	-0.01%
Book Value per Share	12.52	11.93	13.38	13.12	11.33	10.75	15.64	16.82	18.07	18.44
Total Shareholders' Equity	27.38B	26.27B	31.65B	31.97B	26.98B	25.42B	36.95B	38.17B	39.83B	39.47B
Common Stock	4.54B	4.67B	9.11B	9.32B	7.35B	7.54B	10.17B	10.29B	10.71B	11.06B
Retained Earnings	22.77B	21.53B	22.61B	22.53B	19.61B	17.87B	26.78B	27.67B	28.95B	28.1B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	75M	70M	-68M	122M	26.22M	6.28M	-1M	209M	172M	301M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.63B	3.45B	7.26B	10.12B	8.83B	4.71B	11.45B	19.39B	12.35B	13.39B
Operating CF Margin %	0.43%	0.31%	0.41%	0.45%	0.39%	0.27%	0.35%	0.39%	0.3%	0.38%
Operating CF Growth %	-0.33%	-0.39%	1.1%	0.39%	-0.13%	-0.47%	1.43%	0.69%	-0.36%	0.08%
Net Income	-637M	-204M	2.4B	2.59B	5.42B	-435M	6.06B	10.94B	8.23B	6.11B
Depreciation & Amortization	6.03B	4.24B	4.01B	5.9B	5.74B	6.25B	4.67B	7.35B	6.78B	6.91B
Stock-Based Compensation	-46M	355M	134M	-146M	223M	-82M	0	804M	491M	279M
Deferred Taxes	231M	-241M	640M	557M	0	0	315.45M	-139M	53M	422M
Other Non-Cash Items	-186M	-157M	-220M	-127M	-1.51B	-854M	-362.09M	357M	-786M	412M
Working Capital Changes	239M	-542M	299M	1.35B	-1.03B	-166M	762.14M	79M	-2.42B	-743M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-5.46B	-3.81B	-13.1B	-4.81B	-7.25B	-2.82B	-2.93B	-4.99B	-4.86B	-14.1B
Capital Expenditures	-4.7B	-3.8B	-4.57B	-4.17B	-3.61B	-2.56B	-3.55B	-5.1B	-4.91B	-5.38B
CapEx % of Revenue	0.36%	0.34%	0.26%	0.19%	0.16%	0.15%	0.11%	0.1%	0.12%	0.15%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-761M	-8M	102M	-639M	-235M	-259M	523.38M	116M	51M	451M
Cash from Financing+	-123M	307M	5.96B	-5.34B	-1.54B	-1.85B	-8.08B	-14.23B	-7.54B	-37M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.25B	-758M	-1.25B	-1.56B	-1.74B	-1.95B	-1.72B	-4.93B	-3.89B	-4.43B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	51M	559M	466M	332M	360M	274M	-165.24M	511M	372M	280M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	928M	-351M	2.56B	5.68B	5.22B	2.15B	7.89B	14.29B	7.44B	8.1B
FCF Margin %	0.07%	-0.03%	0.15%	0.25%	0.23%	0.12%	0.24%	0.29%	0.18%	0.23%
FCF Growth %	1.32%	-1.38%	8.3%	1.22%	-0.08%	-0.59%	2.67%	0.81%	-0.48%	0.09%
FCF per Share	0.42	-0.16	1.08	2.33	2.19	0.91	3.34	6.29	3.38	3.78
FCF Conversion (FCF/Net Income)	-8.84x	-16.92x	3.03x	3.91x	1.63x	-10.84x	1.49x	1.77x	1.50x	2.19x
Interest Paid	541M	0	0	911M	0	0	0	613M	602M	586M
Taxes Paid	42M	0	0	225M	0	0	0	3.06B	3.32B	1.14B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2.26%	-0.76%	8.28%	8.14%	18.37%	-1.66%	24.58%	29.12%	21.11%	15.4%
Return on Invested Capital (ROIC)	-1.28%	-2.2%	3.61%	6.83%	17.53%	-	14.88%	21.55%	15.7%	23.04%
Gross Margin	-1.71%	-3.94%	16.71%	23.4%	52.01%	0.39%	32.19%	32.83%	28.83%	49.3%
Net Margin	-4.84%	-1.84%	13.57%	11.63%	23.68%	-2.49%	23.33%	22.08%	20.16%	17.12%
Debt / Equity	0.61x	0.64x	0.71x	0.64x	0.65x	0.71x	0.44x	0.34x	0.27x	0.51x
Interest Coverage	-1.98x	-2.97x	3.21x	6.08x	12.42x	-	12.80x	22.03x	15.14x	24.96x
FCF Conversion	-8.84x	-16.92x	3.03x	3.91x	1.63x	-10.84x	1.49x	1.77x	1.50x	2.19x
Revenue Growth	-38.19%	-15.71%	59.21%	26.11%	2.64%	-23.52%	87.83%	50.76%	-17.55%	-12.68%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Oil And Gas1	-	17.6B	18.94B	13.31B	24.16B	33.02B	27.8B	27.44B
Oil And Gas1 Growth	-	-	7.62%	-29.76%	81.57%	36.67%	-15.82%	-1.29%

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
North Sea	54M	17M	1M	31M	34M	42M	58M	-
North Sea Growth	-	-68.52%	-94.12%	3000.00%	9.68%	23.53%	38.10%	-

Frequently Asked Questions

Valuation & Price

Canadian Natural Resources Limited (CNQ) has a price-to-earnings (P/E) ratio of 12.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Canadian Natural Resources Limited (CNQ) reported $42.97B in revenue for fiscal year 2024. This represents a 177% increase from $15.51B in 2011.

Canadian Natural Resources Limited (CNQ) saw revenue decline by 12.7% over the past year.

Yes, Canadian Natural Resources Limited (CNQ) is profitable, generating $6.66B in net income for fiscal year 2024 (17.1% net margin).

Dividend & Returns

Yes, Canadian Natural Resources Limited (CNQ) pays a dividend with a yield of 6.07%. This makes it attractive for income-focused investors.

Canadian Natural Resources Limited (CNQ) has a return on equity (ROE) of 15.4%. This is reasonable for most industries.

Canadian Natural Resources Limited (CNQ) generated $8.13B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...