Canadian Natural Resources Limited (CNQ) P/E Ratio History
Historical price-to-earnings valuation from 2000 to 2025
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CNQ Valuation Context
How does the current P/E compare to historical and market benchmarks?
P/E Ratio Analysis
As of May 8, 2026, Canadian Natural Resources Limited (CNQ) trades at a price-to-earnings ratio of 11.8x, with a stock price of $44.77 and trailing twelve-month earnings per share of $5.18.
The current P/E is 38% above its 5-year average of 8.6x. Over the past five years, CNQ's P/E has ranged from a low of 4.5x to a high of 16.4x, 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 29% discount to its sector peers. The sector includes 173 companies with P/E ratios ranging from 3.2x to 186.1x.
Relative to the broader market, CNQ trades at a notable discount to the S&P 500 median P/E of 25.1x. 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.
CNQ P/E vs Peers
P/E ratio compared to closely matched public peers
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $54B | 18.1 | - | +29% | |
| $76B | 17.9 | - | +3% | |
| $63B | 26.5 | - | -28% | |
| $15B | 12.2 | - | +14% | |
| $140B | 18.1 | - | -19% | |
| $70B | 14.4 | - | -19% | |
| $28B | 10.8Lowest | - | -8% | |
| $118B | 16.8 | 1.00Best | +38%Best | |
| $68B | 27.2 | - | -26% |
Peers sorted by market capitalization. P/E below peers may indicate undervaluation or lower growth expectations. Consider PEG ratio for growth-adjusted comparison.
CNQ Historical P/E Data (2000–2025)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Date | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2025 Q4 | Wed Dec 31 2025 00:00:00 GM | $33.85 | $5.17 | 6.5x | -75% |
| 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 | -58% | |
| 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 | -61% |
| 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 | -68% |
| FY2023 Q1 | Fri Mar 31 2023 00:00:00 GM | $27.68 | $4.29 | 6.5x | -75% |
Average P/E for displayed period: 25.9x
Full CNQ Stock Analysis
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Start ComparisonCNQ — Frequently Asked Questions
Quick answers to the most common questions about buying CNQ stock.
Is CNQ stock overvalued or undervalued?
CNQ trades at 11.8x P/E, above its 5-year average of 8.6x. The 95th percentile ranking indicates a premium to historical valuation.
How does CNQ's valuation compare to peers?
Canadian Natural Resources Limited P/E of 11.8x compares to sector median of 16.8x. The discount suggests lower growth expectations or higher risk.
What is CNQ's PEG ratio?
CNQ PEG ratio is N/A. Above 2.0 indicates premium valuation relative to growth rate. Historical P/E data spans 2000-2025.