Canadian Natural Resources Limited (CNQ) Financial Ratios
30 years of historical data (1996–2025) · Energy · Oil & Gas Exploration & Production
EV/EBITDA
↑
8.25
↑+94% vs avg
5yr avg: 4.25
30Y Low3.3·High13.9
P/FCF
↑
15.35
↑+107% vs avg
5yr avg: 7.41
30Y Low4.4·High50.2
P/B Ratio
↑
2.93
↑+81% vs avg
5yr avg: 1.62
30Y Low0.9·High3.2
ROE
↑
25.8%
↓+11% vs avg
5yr avg: 23.2%
30Y Low-2%·High31%
Debt/EBITDA
↑
1.10
↑+29% vs avg
5yr avg: 0.85
30Y Low0.6·High4.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CNQ Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Canadian Natural Resources Limited trades at 12.0x earnings, 56% above its 5-year average of 7.7x, sitting at the 61st percentile of its historical range. Compared to the Energy sector median P/E of 16.8x, the stock trades at a discount of 29%. On a free-cash-flow basis, the stock trades at 15.4x P/FCF, 107% above the 5-year average of 7.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $95.2B | $71.0B | $66.1B | $72.2B | $63.0B | $49.9B | $28.4B | $38.5B | $29.4B | $42.3B | $35.1B |
| Enterprise Value | $109.2B | $90.0B | $86.2B | $82.1B | $75.1B | $65.5B | $46.5B | $56.0B | $49.9B | $64.6B | $51.9B |
| P/E Ratio → | 12.02 | 6.56 | 10.83 | 8.76 | 5.76 | 6.52 | — | 7.13 | 11.39 | 17.51 | — |
| P/S Ratio | 3.34 | 1.83 | 1.85 | 1.77 | 1.27 | 1.52 | 1.63 | 1.69 | 1.32 | 2.39 | 3.16 |
| P/B Ratio | 2.93 | 1.60 | 1.67 | 1.81 | 1.65 | 1.35 | 1.12 | 1.43 | 0.92 | 1.33 | 1.34 |
| P/FCF | 15.35 | 8.43 | 8.16 | 9.70 | 4.41 | 6.32 | 13.20 | 7.38 | 5.18 | 16.48 | — |
| P/OCF | 8.57 | 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
CNQ EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Canadian Natural Resources Limited's enterprise value stands at 8.3x EBITDA, 94% above its 5-year average of 4.3x. This is roughly in line with the Energy sector median of 7.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.33 | 2.42 | 2.01 | 1.52 | 1.99 | 2.66 | 2.45 | 2.24 | 3.65 | 4.67 |
| EV / EBITDA | 8.25 | 5.01 | 3.69 | 4.87 | 3.40 | 4.30 | 7.74 | 3.28 | 4.90 | 8.59 | 13.94 |
| EV / EBIT | 18.05 | 10.96 | 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 | — |
CNQ Profitability
Margins and return-on-capital ratios measuring operating efficiency
Canadian Natural Resources Limited earns an operating margin of 21.2%, above the Energy sector average of 14.4%. Operating margins have compressed from 25.6% to 21.2% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 25.8% indicates solid capital efficiency, compared to the sector median of 8.5%. ROIC of 10.0% represents solid returns on invested capital versus a sector median of 6.3%.
Margins
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 | 23.3% | 23.3% | 49.3% | 28.8% | 32.8% | 32.2% | 0.4% | 52.0% | 23.4% | 16.7% | -3.9% |
| Operating Margin | 21.2% | 21.2% | 47.1% | 25.6% | 29.8% | 29.0% | — | 49.5% | 21.8% | 13.2% | -11.5% |
| Net Profit Margin | 27.9% | 27.9% | 17.1% | 20.2% | 22.1% | 23.3% | -2.5% | 23.7% | 11.6% | 13.6% | -1.8% |
Return on Capital
| 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% |
CNQ Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Canadian Natural Resources Limited carries a Debt/EBITDA ratio of 1.1x, which is manageable (54% below the sector average of 2.4x). Net debt stands at $19.0B ($19.7B total debt minus $672M cash). Interest coverage of 9.9x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 | 1.10 | 1.10 | 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 | 1.06 | 1.06 | 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 | 9.86 | 9.86 | 14.44 | 15.71 | 21.45 | 14.34 | -0.05 | 6.08 | 5.41 | 4.95 | -1.48 |
CNQ Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.95x is below 1.0, meaning current liabilities exceed current assets. The quick ratio of 0.63x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory.
| 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 | — | 0.42 | 0.42 | 0.54 | 0.65 | 0.43 | 0.30 | 0.37 | 0.31 | 0.24 | 0.19 |
| Inventory Turnover | 11.35 | 11.35 | 6.47 | 14.29 | 18.33 | 14.39 | 20.94 | 12.36 | 17.87 | 16.46 | 16.74 |
| Days Sales Outstanding | — | 37.66 | 42.24 | 28.50 | 26.20 | 34.56 | 40.93 | 30.50 | 18.81 | 56.17 | 75.15 |
CNQ Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Canadian Natural Resources Limited returns 4.9% to shareholders annually — split between a 3.7% dividend yield and 1.1% buyback yield. A payout ratio of 45.0% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 8.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 3.7% | 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% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.3% | 15.2% | 9.2% | 11.4% | 17.4% | 15.3% | — | 14.0% | 8.8% | 5.7% | — |
| FCF Yield | 6.5% | 11.9% | 12.3% | 10.3% | 22.7% | 15.8% | 7.6% | 13.5% | 19.3% | 6.1% | — |
| Buyback Yield | 1.1% | 2.0% | 4.0% | 4.6% | 8.8% | 2.5% | 1.0% | 2.4% | 4.4% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.9% | 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 |
Peer Comparison
Compare CNQ with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CNQYou | $95B | 12.0 | 8.3 | 15.4 | 23.3% | 21.2% | 25.8% | 10.0% | 1.1 |
 CVE | $55B | 18.3 | 9.0 | 21.8 | 10.5% | 8.8% | 12.8% | 7.9% | 1.7 |
 SU | $77B | 18.0 | 5.2 | 15.0 | 59.1% | 31.7% | 13.2% | 20.1% | 0.8 |
 IMO | $64B | 26.8 | 13.1 | 18.4 | 21.2% | 9.0% | 14.3% | 12.3% | 0.6 |
 MEG | $793M | -157.6 | 13.6 | 8.7 | 34.1% | 1.5% | -0.2% | 1.5% | 1.3 |
 OVV | $15B | 12.5 | 5.5 | 10.1 | 28.6% | 21.6% | 11.5% | 8.0% | 1.8 |
 COP | $145B | 18.7 | 7.0 | 8.6 | 24.6% | 19.6% | 12.4% | 10.4% | 1.0 |
 EOG | $72B | 14.8 | 6.1 | 18.4 | 68.1% | 35.1% | 16.8% | 19.1% | 0.7 |
 DVN | $29B | 11.1 | 4.9 | 9.3 | 24.7% | 22.0% | 17.5% | 12.3% | 1.2 |
 ENB | $118B | 16.8 | 7.4 | 35.9 | — | 16.8% | 17.9% | 6.9% | 0.4 |
 TRP | $68B | 27.2 | 16.2 | 44.6 | 50.0% | 44.2% | 9.3% | 5.2% | 6.4 |
| Energy Median | — | 16.8 | 7.9 | 13.3 | 33.2% | 14.4% | 8.5% | 6.3% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full CNQ Stock Analysis
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Start ComparisonCNQ — Frequently Asked Questions
Quick answers to the most common questions about buying CNQ stock.
What is Canadian Natural Resources Limited's P/E ratio?
Canadian Natural Resources Limited's current P/E ratio is 12.0x. The historical average is 12.3x. This places it at the 61th percentile of its historical range.
What is Canadian Natural Resources Limited's EV/EBITDA?
Canadian Natural Resources Limited's current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.9x.
What is Canadian Natural Resources Limited's ROE?
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%.
Is CNQ stock overvalued?
Based on historical data, Canadian Natural Resources Limited is trading at a P/E of 12.0x. This is at the 61th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Canadian Natural Resources Limited's dividend yield?
Canadian Natural Resources Limited's current dividend yield is 3.74% with a payout ratio of 45.0%.
What are Canadian Natural Resources Limited's profit margins?
Canadian Natural Resources Limited has 23.3% gross margin and 21.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Canadian Natural Resources Limited have?
Canadian Natural Resources Limited's Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.