Last 47 quarters of trend data · Energy · Oil & Gas Exploration & Production
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Canadian Natural Resources Limited's quarterly P/E stands at 3.3x, down 76.7% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has expanded 6.2% YoY to 5.1x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 11.79 | 3.33 | 27.55 | 6.71 | 6.58 | 14.29 | 7.83 | 11.13 | 20.74 | 6.71 | 7.49 | 10.50 | 8.44 |
| — | -76.7% | +251.8% | -39.7% | -68.3% | +112.9% | +4.6% | +6.0% | +145.8% | -33.3% | +62.0% | +137.8% | +44.9% | |
| P/S Ratio | 3.28 | 1.84 | 1.74 | 1.70 | 1.28 | 1.48 | 1.70 | 1.80 | 2.17 | 1.66 | 1.51 | 1.97 | 1.78 |
| — | +24.5% | +2.0% | -5.4% | -41.1% | -10.7% | +12.5% | -8.6% | +21.6% | +3.2% | +44.4% | +73.9% | +18.3% | |
| P/B Ratio | 2.88 | 1.60 | 1.63 | 1.60 | 1.61 | 1.66 | 1.78 | 1.94 | 2.07 | 1.78 | 1.80 | 1.61 | 1.60 |
| — | -3.8% | -8.0% | -17.7% | -22.4% | -6.6% | -1.2% | +20.5% | +29.7% | +9.0% | +30.0% | +1.1% | -16.1% | |
| P/FCF | 15.07 | 7.65 | 9.10 | 13.75 | 5.44 | 7.68 | 10.71 | 7.77 | 11.20 | 4.61 | 7.46 | 17.42 | 233.19 |
| — | -0.4% | -15.0% | +77.0% | -51.5% | +66.6% | +43.7% | -55.4% | -95.2% | -1.9% | +180.9% | +290.4% | +1412.2% | |
| EV / EBITDA | 8.12 | 5.06 | 2.71 | 5.42 | 3.99 | 4.77 | 4.53 | 5.09 | 7.00 | 4.13 | 4.32 | 4.07 | 3.36 |
| — | +6.2% | -40.3% | +6.4% | -43.0% | +15.3% | +4.8% | +25.0% | +108.4% | +26.9% | +58.7% | +39.0% | -14.5% | |
| EV / EBIT | 17.76 | 12.52 | 35.90 | 6.80 | 6.13 | 11.83 | 6.76 | 8.88 | 14.88 | 6.44 | 6.31 | 11.31 | 7.56 |
| — | +5.8% | +430.8% | -23.4% | -58.8% | +83.6% | +7.1% | -21.5% | +96.8% | -60.8% | +51.9% | +183.0% | +47.5% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Canadian Natural Resources Limited's operating margin was 18.7% in Q4 2025, down 27.5 pp QoQ and down 4.7 pp YoY. The trailing four-quarter average of 28.0% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 18.0% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.3% | 21.2% | 48.4% | 23.9% | 28.0% | 25.8% | 28.9% | 26.1% | 24.1% | 28.9% | 34.2% | 42.4% | 47.9% |
| — | -18.0% | +67.7% | -8.4% | +16.1% | -10.6% | -15.6% | -38.6% | -49.7% | -41.4% | -8.4% | +14.0% | +21.6% | |
| Operating Margin | 21.2% | 18.7% | 46.1% | 21.3% | 25.9% | 23.4% | 27.2% | 24.1% | 18.6% | 26.4% | — | 40.1% | 45.9% |
| — | -20.2% | +69.9% | -11.7% | +39.0% | -11.4% | — | -39.8% | -59.5% | -41.2% | — | +9.9% | +36.9% | |
| Net Margin | 27.9% | 55.2% | 6.3% | 25.4% | 19.3% | 10.3% | 21.8% | 16.1% | 10.5% | 24.6% | 19.9% | 18.5% | 20.8% |
| — | +436.6% | -71.1% | +57.4% | +84.6% | -58.2% | +9.3% | -12.9% | -49.7% | +56.8% | -11.0% | -26.9% | -18.4% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.8% | 12.5% | 1.5% | 6.0% | 6.2% | 2.9% | 5.7% | 4.3% | 2.5% | 6.6% | 6.0% | 3.8% | 4.7% |
| — | +335.8% | -74.3% | +38.5% | +147.3% | -56.6% | -4.7% | +14.6% | -46.9% | +66.0% | -17.6% | -57.9% | -43.0% | |
| ROA | 12.2% | 6.0% | 0.7% | 2.9% | 2.9% | 1.4% | 3.0% | 2.3% | 1.3% | 3.5% | 3.1% | 1.9% | 2.4% |
| — | +321.2% | -76.6% | +28.1% | +122.4% | -58.9% | -3.0% | +16.1% | -45.3% | +74.4% | -14.4% | -56.6% | -40.7% | |
| ROIC | 10.0% | 2.2% | 5.7% | 2.7% | 4.2% | 3.6% | 4.3% | 3.9% | 2.6% | 4.1% | — | 4.6% | 5.9% |
| — | -37.7% | +31.3% | -31.7% | +59.0% | -13.6% | — | -15.5% | -55.2% | -36.2% | — | -36.4% | +1.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Canadian Natural Resources Limited's Debt/EBITDA ratio is 4.4x, up from 2.2x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 23.6% YoY to 0.95x, strengthening the short-term liquidity position. Debt/Equity has risen for 3 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.43 | 0.41 | 0.43 | 0.51 | 0.25 | 0.26 | 0.28 | 0.27 | 0.33 | 0.35 | 0.31 |
| — | -13.5% | +69.8% | +60.8% | +54.2% | +89.6% | -24.1% | -27.4% | -10.3% | -20.3% | -2.4% | +10.5% | -13.8% | |
| Debt / EBITDA | 1.10 | 4.45 | 2.24 | 4.47 | 3.38 | 4.52 | 2.27 | 2.41 | 3.36 | 2.21 | 2.70 | 2.94 | 2.20 |
| — | -1.6% | -1.1% | +85.2% | +0.6% | +104.1% | -15.9% | -18.1% | +52.8% | -2.9% | +24.3% | +49.4% | -12.6% | |
| Current Ratio | 0.95 | 0.95 | 0.86 | 0.85 | 0.84 | 0.77 | 0.84 | 0.88 | 0.88 | 0.96 | 0.91 | 0.70 | 0.83 |
| — | +23.6% | +2.4% | -3.3% | -4.7% | -20.2% | -7.3% | +26.6% | +6.2% | +18.2% | +16.2% | -18.4% | +10.8% | |
| Quick Ratio | 0.63 | 0.63 | 0.53 | 0.54 | 0.53 | 0.48 | 0.53 | 0.59 | 0.61 | 0.69 | 0.65 | 0.47 | 0.57 |
| — | +30.6% | +0.4% | -8.2% | -13.4% | -30.6% | -18.3% | +25.8% | +6.2% | +13.9% | +11.1% | -27.9% | +0.0% | |
| Interest Coverage | 9.86 | 7.32 | 6.24 | 12.80 | 13.00 | 8.11 | 19.24 | 15.28 | 11.20 | 26.75 | 17.83 | 9.41 | 15.78 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Canadian Natural Resources Limited's current P/E is 11.8x. The average P/E over the last 4 quarters is 11.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Canadian Natural Resources Limited's current operating margin is 21.2%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Canadian Natural Resources Limited's business trajectory between earnings reports.