Canadian Natural Resources Limited (CNQ) P/E Ratio History
Historical price-to-earnings valuation from 2000 to 2025
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Valuation Context
How does the current P/E compare to historical and market benchmarks?
P/E Ratio Analysis
As of February 28, 2026, Canadian Natural Resources Limited (CNQ) trades at a price-to-earnings ratio of 21.0x, with a stock price of $43.77 and trailing twelve-month earnings per share of $3.22.
The current P/E is 59% below its 5-year average of 51.9x. Over the past five years, CNQ's P/E has ranged from a low of 4.5x to a high of 872.0x, placing the current valuation at the 95th percentile of its historical range.
Compared to the Energy sector median P/E of 16.8x, CNQ trades at a 25% premium to its sector peers. The sector includes 180 companies with P/E ratios ranging from 1.9x to 146.4x.
The PEG ratio of 4.51 (P/E divided by -24% EPS growth) suggests the stock may be expensive relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, CNQ trades roughly in line with the S&P 500 median P/E of 26.2x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our CNQ DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
Peer Comparison
P/E metrics vs. Canadian oil sands and heavy oil producers peers
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
CNQCanadian Natural Resources Limited | $91B | 21.0 | 4.51Best | -24% |
BTEBaytex Energy Corp. | $3B | 17.5 | - | +191%Best |
GFRGreenfire Resources Ltd. | $745M | 4.8Lowest | - | +168% |
Peers sorted by market capitalization. P/E below peers may indicate undervaluation or lower growth expectations. Consider PEG ratio for growth-adjusted comparison.
Historical P/E Data
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Date | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2025 Q3 | $31.96 | $3.17 | 10.1x | -61% | |
| FY2025 Q2 | Mon Jun 30 2025 00:00:00 GM | $31.40 | $3.94 | 8.0x | -69% |
| FY2025 Q1 | Mon Mar 31 2025 00:00:00 GM | $30.80 | $3.57 | 8.6x | -67% |
| FY2024 Q4 | $30.87 | $2.86 | 10.8x | -59% | |
| FY2024 Q3 | Mon Sep 30 2024 00:00:00 GM | $33.21 | $3.54 | 9.4x | -64% |
| FY2024 Q2 | Sun Jun 30 2024 00:00:00 GM | $35.60 | $3.56 | 10.0x | -62% |
| FY2024 Q1 | Sun Mar 31 2024 00:00:00 GM | $38.16 | $3.43 | 11.1x | -57% |
| FY2023 Q4 | Sun Dec 31 2023 00:00:00 GM | $32.76 | $3.79 | 8.6x | -67% |
| FY2023 Q3 | Sat Sep 30 2023 00:00:00 GM | $32.34 | $3.26 | 9.9x | -62% |
| FY2023 Q2 | Fri Jun 30 2023 00:00:00 GM | $28.13 | $3.44 | 8.2x | -69% |
| FY2023 Q1 | Fri Mar 31 2023 00:00:00 GM | $27.68 | $4.29 | 6.5x | -75% |
| FY2022 Q4 | Sat Dec 31 2022 00:00:00 GM | $27.77 | $4.80 | 5.8x | -78% |
Average P/E for displayed period: 26.1x
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See how CNQ stacks up against sector leader California Resources Corporation.
Start ComparisonFrequently Asked Questions
Is CNQ stock overvalued or undervalued?
CNQ trades at 21.0x P/E, below its 5-year average of 51.9x. At the 95th percentile of historical range, the stock is priced at a discount to its own history.
How does CNQ's valuation compare to peers?
Canadian Natural Resources Limited P/E of 21.0x compares to sector median of 16.8x. The premium reflects expected growth above peers.
What is CNQ's PEG ratio?
CNQ PEG ratio is 4.51. Above 2.0 indicates premium valuation relative to growth rate. Historical P/E data spans 2000-2025.