30 years of historical data (1995–2024) · Energy · Oil & Gas Exploration & Production
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Canadian Natural Resources Limited trades at 21.0x earnings, 164% above its 5-year average of 8.0x, sitting at the 86th percentile of its historical range. Compared to the Energy sector median P/E of 16.8x, the stock trades at a premium of 25%. On a free-cash-flow basis, the stock trades at 15.4x P/FCF, 84% above the 5-year average of 8.4x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $91.2B | $66.1B | $72.2B | $63.0B | $49.9B | $28.4B | $38.5B | $29.4B | $42.3B | $35.1B | $23.6B |
| Enterprise Value | $105.9B | $86.2B | $82.1B | $75.1B | $65.5B | $46.5B | $56.0B | $49.9B | $64.6B | $51.9B | $40.3B |
| P/E Ratio → | 21.02 | 10.83 | 8.76 | 5.76 | 6.52 | — | 7.13 | 11.39 | 17.51 | — | — |
| P/S Ratio | 3.50 | 1.85 | 1.77 | 1.27 | 1.52 | 1.63 | 1.69 | 1.32 | 2.39 | 3.16 | 1.79 |
| P/B Ratio | 3.25 | 1.67 | 1.81 | 1.65 | 1.35 | 1.12 | 1.43 | 0.92 | 1.33 | 1.34 | 0.86 |
| P/FCF | 15.41 | 8.16 | 9.70 | 4.41 | 6.32 | 13.20 | 7.38 | 5.18 | 16.48 | — | 25.39 |
| P/OCF | 9.32 | 4.94 | 5.85 | 3.25 | 4.36 | 6.03 | 4.37 | 2.91 | 5.82 | 10.16 | 4.18 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Canadian Natural Resources Limited's enterprise value stands at 6.2x EBITDA, 29% above its 5-year average of 4.8x. The Energy sector median is 7.3x, placing the stock at a 14% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.42 | 2.01 | 1.52 | 1.99 | 2.66 | 2.45 | 2.24 | 3.65 | 4.67 | 3.06 |
| EV / EBITDA | 6.21 | 3.69 | 4.87 | 3.40 | 4.30 | 7.74 | 3.28 | 4.90 | 8.59 | 13.94 | 8.50 |
| EV / EBIT | 8.63 | 8.87 | 7.57 | 5.22 | 6.14 | — | 10.10 | 11.56 | 17.93 | — | — |
| EV / FCF | — | 10.65 | 11.03 | 5.26 | 8.29 | 21.57 | 10.73 | 8.79 | 25.18 | — | 43.41 |
Margins and return-on-capital ratios measuring operating efficiency
Canadian Natural Resources Limited earns an operating margin of 47.1%, significantly above the Energy sector average of 13.9%. Operating margins have expanded from 29.8% to 47.1% over the past 3 years, signaling improving operational efficiency. ROE of 15.4% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 23.0% represents excellent returns on invested capital versus a sector median of 6.8%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.3% | 49.3% | 28.8% | 32.8% | 32.2% | 0.4% | 52.0% | 23.4% | 16.7% | -3.9% | -1.7% |
| Operating Margin | 47.1% | 47.1% | 25.6% | 29.8% | 29.0% | — | 49.5% | 21.8% | 13.2% | -11.5% | -5.6% |
| Net Profit Margin | 17.1% | 17.1% | 20.2% | 22.1% | 23.3% | -2.5% | 23.7% | 11.6% | 13.6% | -1.8% | -4.8% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.4% | 15.4% | 21.1% | 29.1% | 24.6% | -1.7% | 18.4% | 8.1% | 8.3% | -0.8% | -2.3% |
| ROA | 7.6% | 7.6% | 10.8% | 14.3% | 11.3% | -0.7% | 8.1% | 3.6% | 3.6% | -0.3% | -1.1% |
| ROIC | 23.0% | 23.0% | 15.7% | 21.6% | 14.9% | — | 17.5% | 6.8% | 3.6% | -2.2% | -1.3% |
| ROCE | 23.3% | 23.3% | 15.4% | 21.6% | 15.3% | — | 18.3% | 7.2% | 3.9% | -2.4% | -1.4% |
Solvency and debt-coverage ratios — lower is generally safer
Canadian Natural Resources Limited carries a Debt/EBITDA ratio of 0.9x, which is very conservative (65% below the sector average of 2.5x). Net debt stands at $20.2B ($20.3B total debt minus $131M cash). Interest coverage of 25.0x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.51 | 0.51 | 0.27 | 0.34 | 0.44 | 0.71 | 0.65 | 0.64 | 0.71 | 0.64 | 0.61 |
| Debt / EBITDA | 0.87 | 0.87 | 0.64 | 0.59 | 1.07 | 3.03 | 1.03 | 2.02 | 2.99 | 4.52 | 3.54 |
| Net Debt / Equity | — | 0.51 | 0.25 | 0.32 | 0.42 | 0.71 | 0.65 | 0.64 | 0.71 | 0.64 | 0.61 |
| Net Debt / EBITDA | 0.86 | 0.86 | 0.59 | 0.55 | 1.02 | 3.00 | 1.02 | 2.01 | 2.97 | 4.51 | 3.53 |
| Debt / FCF | — | 2.49 | 1.33 | 0.84 | 1.97 | 8.37 | 3.35 | 3.61 | 8.71 | — | 18.02 |
| Interest Coverage | 24.96 | 24.96 | 15.14 | 22.03 | 12.80 | — | 12.42 | 6.08 | 3.21 | -2.97 | -1.98 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.77x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.77 | 0.77 | 0.96 | 0.82 | 0.80 | 0.86 | 0.68 | 0.63 | 0.78 | 0.85 | 0.88 |
| Quick Ratio | 0.48 | 0.48 | 0.69 | 0.61 | 0.59 | 0.65 | 0.50 | 0.43 | 0.64 | 0.72 | 0.77 |
| Cash Ratio | 0.01 | 0.01 | 0.19 | 0.16 | 0.14 | 0.10 | 0.09 | 0.13 | 0.16 | 0.18 | 0.23 |
| Asset Turnover | — | 0.42 | 0.54 | 0.65 | 0.43 | 0.30 | 0.37 | 0.31 | 0.24 | 0.19 | 0.22 |
| Inventory Turnover | 6.47 | 6.47 | 14.29 | 18.33 | 14.39 | 20.94 | 12.36 | 17.87 | 16.46 | 16.74 | 25.51 |
| Days Sales Outstanding | — | 42.24 | 28.50 | 26.20 | 34.56 | 40.93 | 30.50 | 18.81 | 56.17 | 75.15 | 54.17 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Canadian Natural Resources Limited returns 5.6% to shareholders annually — split between a 3.5% dividend yield and 2.1% buyback yield. The payout ratio of 72.5% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 4.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.5% | 6.7% | 5.4% | 7.8% | 3.4% | 6.9% | 4.5% | 5.3% | 3.0% | 2.2% | 5.3% |
| Payout Ratio | 72.5% | 72.5% | 47.3% | 45.0% | 22.4% | — | 32.2% | 60.3% | 52.2% | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 9.2% | 11.4% | 17.4% | 15.3% | — | 14.0% | 8.8% | 5.7% | — | — |
| FCF Yield | 6.5% | 12.3% | 10.3% | 22.7% | 15.8% | 7.6% | 13.5% | 19.3% | 6.1% | — | 3.9% |
| Buyback Yield | 2.1% | 4.0% | 4.6% | 8.8% | 2.5% | 1.0% | 2.4% | 4.4% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.6% | 10.7% | 10.0% | 16.7% | 5.9% | 7.8% | 7.0% | 9.7% | 3.0% | 2.2% | 5.3% |
| Shares Outstanding | — | $2.1B | $2.2B | $2.3B | $2.4B | $2.4B | $2.4B | $2.4B | $2.4B | $2.2B | $2.2B |
Compare CNQ with 4 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| CNQYou | $91B | 21.0 | 6.2 | 15.4 | 49.3% | 47.1% | 15.4% | 23.0% | 0.9 |
| BTE | $3B | 17.5 | 2.9 | 6.8 | 24.4% | 18.3% | 5.9% | 9.1% | 1.1 |
| GFR | $745M | 4.8 | 4.0 | 17.8 | 32.6% | 28.7% | 16.0% | 16.5% | 1.0 |
| OBE | $527M | -4.0 | 2.6 | — | 7.4% | -29.8% | -13.3% | -10.3% | 0.8 |
| BRN | $14M | -1.7 | — | — | 11.6% | -39.1% | -68.8% | -61.9% | — |
| Energy Median | — | 16.8 | 7.3 | 11.5 | 35.3% | 13.9% | 8.2% | 6.8% | 2.5 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonCanadian Natural Resources Limited's current P/E ratio is 21.0x. The historical average is 12.5x. This places it at the 86th percentile of its historical range.
Canadian Natural Resources Limited's current EV/EBITDA is 6.2x. 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 15.4%. The historical average is 14.4%.
Based on historical data, Canadian Natural Resources Limited is trading at a P/E of 21.0x. This is at the 86th 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 72.5%.
Canadian Natural Resources Limited has 49.3% gross margin and 47.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Canadian Natural Resources Limited's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.