Latest Ratios: P/E Ratio 13.0x · EV/EBITDA 10.1x · ROE 25.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $99.4B | $71.0B | $66.1B | $72.2B | $63.0B | $49.9B | $28.4B | $38.5B | $29.4B | $42.3B | $35.1B |
| Enterprise Value | $112.9B | $90.0B | $86.2B | $82.1B | $75.1B | $65.5B | $46.5B | $56.0B | $49.9B | $64.6B | $51.9B |
| P/E Ratio → | 13.03 | 6.56 | 10.83 | 8.76 | 5.76 | 6.52 | — | 7.13 | 11.39 | 17.51 | — |
| P/S Ratio | 3.17 | 1.61 | 1.85 | 1.77 | 1.27 | 1.52 | 1.63 | 1.69 | 1.32 | 2.39 | 3.16 |
| P/B Ratio | 3.18 | 1.60 | 1.67 | 1.81 | 1.65 | 1.35 | 1.12 | 1.43 | 0.92 | 1.33 | 1.34 |
| P/FCF | 16.65 | 8.43 | 8.16 | 9.70 | 4.41 | 6.32 | 13.20 | 7.38 | 5.18 | 16.48 | — |
| P/OCF | 9.29 | 4.70 | 4.94 | 5.85 | 3.25 | 4.36 | 6.03 | 4.37 | 2.91 | 5.82 | 10.16 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.04 | 2.42 | 2.01 | 1.52 | 1.99 | 2.66 | 2.45 | 2.24 | 3.65 | 4.67 |
| EV / EBITDA | 10.06 | 5.69 | 3.69 | 4.87 | 3.40 | 4.30 | 7.74 | 3.28 | 4.90 | 8.59 | 13.94 |
| EV / EBIT | 19.36 | 6.31 | 8.87 | 7.57 | 5.22 | 6.14 | — | 10.10 | 11.56 | 17.93 | — |
| EV / FCF | — | 10.69 | 10.65 | 11.03 | 5.26 | 8.29 | 21.57 | 10.73 | 8.79 | 25.18 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.3% | 21.3% | 49.3% | 28.8% | 32.8% | 32.2% | 0.4% | 52.0% | 23.4% | 16.7% | -3.9% |
| Operating Margin | 18.6% | 18.6% | 47.1% | 25.6% | 29.8% | 29.0% | — | 49.5% | 21.8% | 13.2% | -11.5% |
| Net Profit Margin | 24.5% | 24.5% | 17.1% | 20.2% | 22.1% | 23.3% | -2.5% | 23.7% | 11.6% | 13.6% | -1.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.8% | 25.8% | 15.4% | 21.1% | 29.1% | 24.6% | -1.7% | 18.4% | 8.1% | 8.3% | -0.8% |
| ROA | 12.2% | 12.2% | 7.6% | 10.8% | 14.3% | 11.3% | -0.7% | 8.1% | 3.6% | 3.6% | -0.3% |
| ROIC | 10.0% | 10.0% | 23.0% | 15.7% | 21.6% | 14.9% | — | 17.5% | 6.8% | 3.6% | -2.2% |
| ROCE | 10.3% | 10.3% | 23.3% | 15.4% | 21.6% | 15.3% | — | 18.3% | 7.2% | 3.9% | -2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.51 | 0.27 | 0.34 | 0.44 | 0.71 | 0.65 | 0.64 | 0.71 | 0.64 |
| Debt / EBITDA | 1.24 | 1.24 | 0.87 | 0.64 | 0.59 | 1.07 | 3.03 | 1.03 | 2.02 | 2.99 | 4.52 |
| Net Debt / Equity | — | 0.43 | 0.51 | 0.25 | 0.32 | 0.42 | 0.71 | 0.65 | 0.64 | 0.71 | 0.64 |
| Net Debt / EBITDA | 1.20 | 1.20 | 0.86 | 0.59 | 0.55 | 1.02 | 3.00 | 1.02 | 2.01 | 2.97 | 4.51 |
| Debt / FCF | — | 2.26 | 2.49 | 1.33 | 0.84 | 1.97 | 8.37 | 3.35 | 3.61 | 8.71 | — |
| Interest Coverage | 13.74 | 13.74 | 14.44 | 15.71 | 21.45 | 14.34 | -0.05 | 6.08 | 5.41 | 4.95 | -1.48 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.95 | 0.77 | 0.96 | 0.82 | 0.80 | 0.86 | 0.68 | 0.63 | 0.78 | 0.85 |
| Quick Ratio | 0.63 | 0.63 | 0.48 | 0.69 | 0.61 | 0.59 | 0.65 | 0.50 | 0.43 | 0.64 | 0.72 |
| Cash Ratio | 0.08 | 0.08 | 0.01 | 0.19 | 0.16 | 0.14 | 0.10 | 0.09 | 0.13 | 0.16 | 0.18 |
| Asset Turnover | — | 0.48 | 0.42 | 0.54 | 0.65 | 0.43 | 0.30 | 0.37 | 0.31 | 0.24 | 0.19 |
| Inventory Turnover | 13.28 | 13.28 | 6.47 | 14.29 | 18.33 | 14.39 | 20.94 | 12.36 | 17.87 | 16.46 | 16.74 |
| Days Sales Outstanding | — | 33.02 | 42.24 | 28.50 | 26.20 | 34.56 | 40.93 | 30.50 | 18.81 | 56.17 | 75.15 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.5% | 6.9% | 6.7% | 5.4% | 7.8% | 3.4% | 6.9% | 4.5% | 5.3% | 3.0% | 2.2% |
| Payout Ratio | 45.0% | 45.0% | 72.5% | 47.3% | 45.0% | 22.4% | — | 32.2% | 60.3% | 52.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 15.2% | 9.2% | 11.4% | 17.4% | 15.3% | — | 14.0% | 8.8% | 5.7% | — |
| FCF Yield | 6.0% | 11.9% | 12.3% | 10.3% | 22.7% | 15.8% | 7.6% | 13.5% | 19.3% | 6.1% | — |
| Buyback Yield | 1.0% | 2.0% | 4.0% | 4.6% | 8.8% | 2.5% | 1.0% | 2.4% | 4.4% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 8.9% | 10.7% | 10.0% | 16.7% | 5.9% | 7.8% | 7.0% | 9.7% | 3.0% | 2.2% |
| Shares Outstanding | — | $2.1B | $2.1B | $2.2B | $2.3B | $2.4B | $2.4B | $2.4B | $2.4B | $2.4B | $2.2B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CNQ stock.
Canadian Natural Resources Limited's current P/E ratio is 13.0x. The historical average is 12.3x. This places it at the 65th percentile of its historical range.
Canadian Natural Resources Limited's current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.9x.
Canadian Natural Resources Limited's return on equity (ROE) is 25.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 14.9%.
Based on historical data, Canadian Natural Resources Limited is trading at a P/E of 13.0x. This is at the 65th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Canadian Natural Resources Limited's current dividend yield is 3.45% with a payout ratio of 45.0%.
Canadian Natural Resources Limited has 21.3% gross margin and 18.6% operating margin. Operating margin between 10-20% is typical for established companies.
Canadian Natural Resources Limited's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
SCO price volatility and emissions cap
Margin Volatility Masks Underlying Strength
Gross margin swung from 20.0% in 2025Q4 to 37.2% in 2026Q2, per financial statements, reflecting commodity price swings rather than structural change. Net margin of 49.5% in 2025Q4 likely includes non-operating gains, warranting caution.
The wide quarterly swings in gross margin—from 20.0% to 48.4% over the past ten quarters—indicate that profitability is highly sensitive to realized commodity prices and cost inflation, not a stable trend. The net margin of 49.5% in 2025Q4 far exceeding the operating margin of 16.8% suggests one-time tax benefits or unrealized gains, which investors should exclude when assessing sustainable earning power. Based on reported figures, the core operating margin of 36.9% in 2026Q2 appears more representative of the company's ability to convert revenue into profit, but its volatility implies that margin expansion is not yet durable.
Return on Capital Shows Cyclicality
ROIC ranged from 2.2% in 2025Q4 to 8.9% in 2026Q2, per company filings, indicating high sensitivity to commodity prices. The 10-quarter average of 4.2% suggests returns are cyclical, not compounding, reflecting the capital-intensive nature of oil sands.
ROIC has been volatile, with a low of 2.2% in 2025Q4 and a high of 8.9% in 2026Q2, per reported data, demonstrating that capital efficiency is heavily dependent on the price environment. The average ROIC of approximately 4.2% over the last ten quarters is modest, but it understates the potential of the low-decline assets, which can generate higher returns when prices normalize. Investors should monitor whether the recent improvement in ROIC to 8.9% is sustainable, as it may indicate that the company is entering a phase of better capital productivity, but the cyclicality suggests caution.
Working Capital Efficiency Improves
Cash conversion cycle improved to 33 days in 2026Q2 from 65 days in 2025Q3, per financial statements, driven by faster collection and lower inventory days. This suggests better working capital management, though DPO remains low at 11 days.
The cash conversion cycle has shortened significantly, from 65 days in 2025Q3 to 33 days in 2026Q2, as reported in financial statements, indicating improved efficiency in converting production into cash. The reduction in DSO from 37 to 24 days and DIO from 51 to 21 days over the same period suggests tighter control over receivables and inventory, which is positive for cash flow. However, DPO of 11 days is low, implying that CNQ pays suppliers quickly, which may reflect its strong bargaining position but also means it is not leveraging supplier credit to fund operations.
Leverage Rebound After Debt Reduction
Debt-to-equity rose to 0.37 in 2026Q2 from 0.25 in 2024Q3, per balance sheet data, as total debt increased to $17.1B. Interest coverage remains strong at 25.74x, indicating comfortable debt service despite re-leveraging.
The increase in debt-to-equity from 0.25 in 2024Q3 to 0.37 in 2026Q2, as per financial statements, suggests a strategic re-leveraging, possibly to fund growth or shareholder returns. Despite the higher leverage, interest coverage of 25.74x in 2026Q2 is robust, indicating that the company can comfortably service its debt even if commodity prices weaken. The D/EBITDA ratio of 2.08 in 2026Q2 is moderate, but investors should monitor whether the company continues to increase debt, as this could strain the balance sheet if cash flows decline.
Liquidity Tightens Despite Cash Build
Current ratio improved to 1.00 in 2026Q2 from 0.77 in 2024Q4, per company filings, but quick ratio of 0.75 indicates reliance on inventory. Cash of $2.6B remains modest relative to total debt of $17.1B.
The current ratio has improved to 1.00 in 2026Q2, as reported in financial statements, from 0.77 in 2024Q4, indicating better short-term liquidity, but the quick ratio of 0.75 suggests that inventory is a significant component of current assets. This reliance on inventory could be a concern in a downturn, as inventory values may decline with commodity prices. Cash of $2.6B is modest relative to total debt of $17.1B, but the strong operating cash flow and access to credit markets likely mitigate liquidity risk, though investors should monitor the cash position under stress scenarios.
P/E Misapplied to Cyclical Earnings
The P/E ratio of 12.90, based on trailing earnings, is misleading for CNQ because earnings are highly cyclical and influenced by non-operating items. A more appropriate metric is EV/EBITDA, which at 9.97 better reflects the company's cash-generating ability.
The trailing P/E of 12.90 is distorted by volatile net income, which in 2025Q4 included a net margin of 49.5% likely due to one-time gains, as per financial statements. This makes the P/E ratio unreliable for valuation, as it does not reflect the company's normalized earning power. EV/EBITDA of 9.97 is a more stable metric, as EBITDA is less affected by non-cash items and financing decisions, and it better captures the cash-generating potential of the low-decline oil sands assets. Investors should focus on EV/EBITDA and forward multiples, which at 6.95 suggest a more reasonable valuation relative to peers.