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.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.38 | 4.59 | 19.04 | 3.33 | 27.55 | 6.71 | 6.58 | 14.29 | 7.83 | 11.13 | 20.74 | 6.71 | 7.49 | 10.50 | 8.44 | 10.06 | 4.62 | 4.41 | 5.83 | 4.89 | 4.91 |
| — | -31.5% | +189.2% | -76.7% | +251.8% | -39.7% | -68.3% | +112.9% | +4.6% | +6.0% | +145.8% | -33.3% | +62.0% | +137.8% | +44.9% | +105.7% | -5.9% | -36.7% | -12.5% | -48.0% | -58.3% | |
| P/S Ratio | 3.26 | 1.20 | 2.36 | 1.65 | 1.74 | 1.70 | 1.28 | 1.48 | 1.70 | 1.80 | 2.17 | 1.66 | 1.51 | 1.97 | 1.78 | 1.60 | 1.05 | 1.13 | 1.51 | 1.23 | 1.40 |
| — | -29.6% | +84.4% | +11.6% | +2.0% | -5.4% | -41.1% | -10.7% | +12.5% | -8.6% | +21.6% | +3.2% | +44.4% | +73.9% | +18.3% | +30.6% | -25.0% | -31.2% | +8.8% | -9.9% | +38.1% | |
| P/B Ratio | 3.27 | 1.76 | 3.18 | 1.60 | 1.63 | 1.60 | 1.61 | 1.66 | 1.78 | 1.94 | 2.07 | 1.78 | 1.80 | 1.61 | 1.60 | 1.63 | 1.38 | 1.59 | 1.90 | 1.36 | 1.21 |
| — | +10.5% | +98.2% | -3.8% | -8.0% | -17.7% | -22.4% | -6.6% | -1.2% | +20.5% | +29.7% | +9.0% | +30.0% | +1.1% | -16.1% | +20.2% | +13.9% | +26.6% | +72.5% | +21.0% | +106.3% | |
| P/FCF | 17.09 | 4.67 | 29.85 | 7.65 | 9.10 | 13.75 | 5.44 | 7.68 | 10.71 | 7.77 | 11.20 | 4.61 | 7.46 | 17.42 | 233.19 | 4.70 | 2.65 | 4.46 | 15.42 | 5.02 | 4.10 |
| — | -66.0% | +449.0% | -0.4% | -15.0% | +77.0% | -51.5% | +66.6% | +43.7% | -55.4% | -95.2% | -1.9% | +180.9% | +290.4% | +1412.2% | -6.5% | -35.2% | -29.6% | +202.4% | -61.5% | +17.4% | |
| EV / EBITDA | 10.29 | 2.94 | 6.22 | 5.18 | 2.71 | 5.42 | 3.99 | 4.77 | 4.53 | 5.09 | 7.00 | 4.13 | 4.32 | 4.07 | 3.36 | 3.26 | 2.72 | 2.93 | 3.93 | 3.29 | 2.55 |
| — | -45.7% | +56.0% | +8.7% | -40.3% | +6.4% | -43.0% | +15.3% | +4.8% | +25.0% | +108.4% | +26.9% | +58.7% | +39.0% | -14.5% | -0.9% | +6.7% | -14.1% | +27.0% | -49.4% | -54.1% | |
| EV / EBIT | 19.81 | 3.96 | 14.12 | 3.16 | 35.90 | 6.80 | 6.13 | 11.83 | 6.76 | 8.88 | 14.88 | 6.44 | 6.31 | 11.31 | 7.56 | 16.44 | 4.16 | 4.00 | 5.13 | 4.54 | 5.22 |
| — | -41.8% | +130.2% | -73.3% | +430.8% | -23.4% | -58.8% | +83.6% | +7.1% | -21.5% | +96.8% | -60.8% | +51.9% | +183.0% | +47.5% | +262.2% | -20.4% | -58.3% | -41.6% | -60.6% | -69.6% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.3% | 37.2% | 32.1% | 20.0% | 48.4% | 23.9% | 28.0% | 25.8% | 28.9% | 26.1% | 24.1% | 28.9% | 34.2% | 42.4% | 47.9% | 49.3% | 37.3% | 37.2% | 39.4% | 37.4% | 57.5% |
| — | +56.1% | +14.7% | -22.6% | +67.7% | -8.4% | +16.1% | -10.6% | -15.6% | -38.6% | -49.7% | -41.4% | -8.4% | +14.0% | +21.6% | +32.1% | -35.1% | -25.7% | -21.6% | +329.4% | +443.1% | |
| Operating Margin | 18.6% | 36.9% | 24.7% | 16.8% | 46.1% | 21.3% | 25.9% | 23.4% | 27.2% | 24.1% | 18.6% | 26.4% | — | 40.1% | 45.9% | 44.9% | 35.9% | 36.4% | 33.5% | 34.1% | 55.6% |
| — | +73.3% | -4.5% | -28.4% | +69.9% | -11.7% | +39.0% | -11.4% | — | -39.8% | -59.5% | -41.2% | — | +9.9% | +36.9% | +31.8% | -35.4% | -21.9% | -28.4% | +927.9% | +620.5% | |
| Net Margin | 24.5% | 26.2% | 12.5% | 49.5% | 6.3% | 25.4% | 19.3% | 10.3% | 21.8% | 16.1% | 10.5% | 24.6% | 19.9% | 18.5% | 20.8% | 15.7% | 22.4% | 25.4% | 25.6% | 24.9% | 28.6% |
| — | +2.9% | -35.5% | +381.4% | -71.1% | +57.4% | +84.6% | -58.2% | +9.3% | -12.9% | -49.7% | +56.8% | -11.0% | -26.9% | -18.4% | -36.9% | -21.6% | +6.7% | +22.7% | +73.3% | +227.3% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.8% | 11.4% | 3.5% | 12.5% | 1.5% | 6.0% | 6.2% | 2.9% | 5.7% | 4.3% | 2.5% | 6.6% | 6.0% | 3.8% | 4.7% | 4.0% | 7.3% | 9.0% | 8.2% | 7.0% | 6.3% |
| — | +89.8% | -42.5% | +336.2% | -74.3% | +38.5% | +147.3% | -56.6% | -4.7% | +14.6% | -46.9% | +66.0% | -17.6% | -57.9% | -43.0% | -43.0% | +15.0% | +95.6% | +75.1% | +168.8% | +399.2% | |
| ROA | 12.2% | 5.5% | 1.7% | 6.0% | 0.7% | 2.9% | 2.9% | 1.4% | 3.0% | 2.3% | 1.3% | 3.5% | 3.1% | 1.9% | 2.4% | 2.0% | 3.6% | 4.5% | 4.0% | 3.3% | 2.9% |
| — | +89.7% | -41.3% | +321.6% | -76.6% | +28.1% | +122.4% | -58.9% | -3.0% | +16.1% | -45.3% | +74.4% | -14.4% | -56.6% | -40.7% | -40.7% | +23.4% | +117.1% | +95.4% | +195.7% | +433.1% | |
| ROIC | 10.0% | 8.9% | 3.7% | 2.2% | 5.7% | 2.7% | 4.2% | 3.6% | 4.3% | 3.9% | 2.6% | 4.1% | — | 4.6% | 5.9% | 6.5% | 6.6% | 7.3% | 5.8% | 5.0% | 6.2% |
| — | +233.7% | -12.5% | -37.7% | +31.3% | -31.7% | +59.0% | -13.6% | — | -15.5% | -55.2% | -36.2% | — | -36.4% | +1.3% | +29.2% | +7.0% | +67.6% | +21.0% | +1779.7% | +1147.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.37 | 0.45 | 0.44 | 0.43 | 0.41 | 0.43 | 0.51 | 0.25 | 0.26 | 0.28 | 0.27 | 0.33 | 0.35 | 0.31 | 0.34 | 0.34 | 0.32 | 0.36 | 0.44 | 0.47 |
| — | -11.4% | +4.1% | -13.5% | +69.8% | +60.8% | +54.2% | +89.6% | -24.1% | -27.4% | -10.3% | -20.3% | -2.4% | +10.5% | -13.8% | -22.8% | -28.1% | -40.2% | -40.0% | -38.4% | -30.6% | |
| Debt / EBITDA | 1.24 | 2.08 | 3.09 | 4.55 | 2.24 | 4.47 | 3.38 | 4.52 | 2.27 | 2.41 | 3.36 | 2.21 | 2.70 | 2.94 | 2.20 | 2.28 | 2.17 | 1.97 | 2.51 | 3.26 | 2.90 |
| — | -53.5% | -8.6% | +0.7% | -1.1% | +85.2% | +0.6% | +104.1% | -15.9% | -18.1% | +52.8% | -2.9% | +24.3% | +49.4% | -12.6% | -30.1% | -25.3% | -51.8% | -42.7% | -67.9% | -75.8% | |
| Current Ratio | 0.95 | 1.00 | 0.98 | 0.95 | 0.86 | 0.85 | 0.84 | 0.77 | 0.84 | 0.88 | 0.88 | 0.96 | 0.91 | 0.70 | 0.83 | 0.82 | 0.78 | 0.85 | 0.75 | 0.80 | 0.91 |
| — | +17.6% | +17.6% | +23.6% | +2.4% | -3.3% | -4.7% | -20.2% | -7.3% | +26.6% | +6.2% | +18.2% | +16.2% | -18.4% | +10.8% | +1.9% | -14.1% | +9.6% | -7.8% | -6.8% | -6.1% | |
| Quick Ratio | 0.63 | 0.75 | 0.68 | 0.63 | 0.53 | 0.54 | 0.53 | 0.48 | 0.53 | 0.59 | 0.61 | 0.69 | 0.65 | 0.47 | 0.57 | 0.61 | 0.58 | 0.65 | 0.57 | 0.59 | 0.72 |
| — | +40.2% | +28.9% | +30.6% | +0.4% | -8.2% | -13.4% | -30.6% | -18.3% | +25.8% | +6.2% | +13.9% | +11.1% | -27.9% | +0.0% | +2.4% | -19.4% | +6.8% | -9.1% | -8.9% | +1.7% | |
| Interest Coverage | 13.74 | 25.74 | 6.44 | 28.95 | 6.24 | 12.80 | 13.00 | 8.11 | 19.24 | 15.28 | 11.20 | 26.75 | 17.83 | 9.41 | 15.78 | 14.86 | 26.10 | 29.32 | 26.01 | 21.13 | 15.86 |
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Includes 30+ ratios · 47 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 is 13.4x. The average P/E over the last 4 quarters is 13.6x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Canadian Natural Resources Limited's current operating margin is 18.6%. 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.