CNQ Energy

Canadian Natural Resources Limited

$53.60-0.07%

Price as of close on Nov 3, 2026 · Financials updated Nov 2, 2026

Basics

Sector: Energy
Industry: Oil & Gas E&P
Country: Canada
Market cap: 110.5B USD
Enterprise value: 123.3B USD
Full-time employees: 10,750

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.91 vs a peer median of 0.57), though less than the overall market and less short-term liquidity (current ratio 0.95 vs a peer median of 1.37)higher risk: bigger price swings (beta 0.91 vs peers 0.57) and less liquidity (current ratio 0.95 vs peers 1.37)
About average: valuation

Ranks #111 of 363 energy companies (top 31%)

See how it ranks against its peers

Worth knowing

Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.
Profit is backed by cash. Free cash flow is 92% of reported profit.
Canadian Natural Resources's free cash flow is 92% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

61/ 100▼ 1 since Oct 27 close

Oct 5 62 → Nov 4 61 (-1)

Valuation

Is the price right?

50/100

Moderate▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 52 → 50

Share price -0.9%+1
Company's reported figures updated+1
Peer companies moved-4

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield6.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rateReported value30% base weight · Z-score 0.47Sector median: 0.0522 · MAD: 0.0351

EBITDA yield11.1%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · CAD→USD convertedReported value50% base weight · Z-score -0.19Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield6.4%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · CAD→USD converted · operating cash flow − capital spendingReported value20% base weight · Z-score 0.03Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield28.2%

SEC filings (IFRS mapped) · latest balance sheet · CAD→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

73/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 8.7%

Why

Stronger than most peers on:

▲ EPS growth
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth79.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.27Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth-2.9%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score -0.19Sector median: -0.0135 · MAD: 0.0807

Revenue growth8.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.75Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

90/100

Strong▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Net margin rose 10.8 points to 27.9%

Why it changed since the Oct 27, 2026 close: Score 89 → 90

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin18.6%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score 0.74Sector median: 0.1169 · MAD: 0.0936

Return on assets11.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.43Sector median: 0.0444 · MAD: 0.0302

Return on invested capital30.0%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 3.19Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin51.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity24.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.91

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.40Sector median: 0.5680 · MAD: 0.2415

Current ratio0.95×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.83Sector median: 1.3710 · MAD: 0.5060

Debt / equity0.37×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.29Sector median: 0.4659 · MAD: 0.3175

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Canadian Natural Resources

Is Canadian Natural Resources getting weaker?: Its latest SEC filing (Mar 26, 2026) got stronger: net margin rose 10.8 points to 27.9%. Its overall score is 61/100, down 1 since Oct 28, 2026.
How is Canadian Natural Resources valued vs its peers?: Priced about in line with its peers. Valuation scores 50/100 against 404 energy peers. Earnings yield 6.9% vs a peer median of 5.2% (stronger than 64% of peers).Earnings yield 6.9% vs peers 5.2% (stronger than 64% of peers).
Is Canadian Natural Resources growing?: Yes, faster than most of its peers. Growth scores 73/100 against 404 energy peers. Earnings per share growth 79.0% vs a peer median of 1.1% (stronger than 83% of peers).Earnings per share growth 79.0% vs peers 1.1% (stronger than 83% of peers).
How profitable is Canadian Natural Resources?: More profitable than most of its peers. Profitability scores 90/100 against 404 energy peers. Return on assets 11.8% vs a peer median of 4.4% (stronger than 92% of peers).Return on assets 11.8% vs peers 4.4% (stronger than 92% of peers).
How risky is Canadian Natural Resources?: Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 0.37× vs a peer median of 0.47× (stronger than 61% of peers).Debt / equity 0.37× vs peers 0.47× (stronger than 61% of peers). Beta 0.91 vs a peer median of 0.57 (weaker than 79% of peers).Beta 0.91 vs peers 0.57 (weaker than 79% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Mar 26, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Net margin rose 10.8 points to 27.9%

	Previous year	Latest year	Change
Revenue (12 months)	35.7B CAD	38.8B CAD	+8.7%
Net income (12 months)	6.1B CAD	10.8B CAD	+77.2%
Debt	18.8B CAD	16.6B CAD	−11.7%
Cash	131.0M CAD	673.0M CAD	+413.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CAD, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	25.5%	25.9%	22.9%	17.1%	27.9%	▲ 11 pts
Return on assets (ROA)	10.0%	14.4%	10.8%	7.2%	11.8%	▲ 4.6 pts
Return on equity (ROE)	20.7%	28.6%	20.7%	15.5%	24.4%	▲ 8.9 pts
Current ratio	0.80×	0.82×	0.96×	0.77×	0.95×	▲ 24%
Quick ratio	0.59×	0.61×	0.69×	0.48×	0.63×	▲ 31%
Debt to equity	0.40×	0.30×	0.27×	0.48×	0.37×	▼ 21%

CNQ price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.91 vs a peer median of 0.57), though less than the overall market and less short-term liquidity (current ratio 0.95 vs a peer median of 1.37)higher risk: bigger price swings (beta 0.91 vs peers 0.57) and less liquidity (current ratio 0.95 vs peers 1.37)

About average: valuation

Ranks #111 of 363 energy companies (top 31%)

See how it ranks against its peers

Worth knowing

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Profit is backed by cash. Free cash flow is 92% of reported profit.

Canadian Natural Resources's free cash flow is 92% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Canadian Natural Resources

Is Canadian Natural Resources getting weaker?

Its latest SEC filing (Mar 26, 2026) got stronger: net margin rose 10.8 points to 27.9%. Its overall score is 61/100, down 1 since Oct 28, 2026.

How is Canadian Natural Resources valued vs its peers?

Priced about in line with its peers. Valuation scores 50/100 against 404 energy peers. Earnings yield 6.9% vs a peer median of 5.2% (stronger than 64% of peers).Earnings yield 6.9% vs peers 5.2% (stronger than 64% of peers).

Is Canadian Natural Resources growing?

Yes, faster than most of its peers. Growth scores 73/100 against 404 energy peers. Earnings per share growth 79.0% vs a peer median of 1.1% (stronger than 83% of peers).Earnings per share growth 79.0% vs peers 1.1% (stronger than 83% of peers).

How profitable is Canadian Natural Resources?

More profitable than most of its peers. Profitability scores 90/100 against 404 energy peers. Return on assets 11.8% vs a peer median of 4.4% (stronger than 92% of peers).Return on assets 11.8% vs peers 4.4% (stronger than 92% of peers).

How risky is Canadian Natural Resources?

Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 0.37× vs a peer median of 0.47× (stronger than 61% of peers).Debt / equity 0.37× vs peers 0.47× (stronger than 61% of peers). Beta 0.91 vs a peer median of 0.57 (weaker than 79% of peers).Beta 0.91 vs peers 0.57 (weaker than 79% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

35.7B CAD

38.8B CAD

+8.7%

Net income (12 months)

6.1B CAD

10.8B CAD

+77.2%

Debt

18.8B CAD

16.6B CAD

−11.7%

Cash

131.0M CAD

673.0M CAD

+413.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

25.5%

25.9%

22.9%

17.1%

27.9%

▲ 11 pts

Return on assets (ROA)

10.0%

14.4%

10.8%

7.2%

11.8%

▲ 4.6 pts

Return on equity (ROE)

20.7%

28.6%

20.7%

15.5%

24.4%

▲ 8.9 pts

Current ratio

0.80×

0.82×

0.96×

0.77×

0.95×

▲ 24%

Quick ratio

0.59×

0.61×

0.69×

0.48×

0.63×

▲ 31%

Debt to equity

0.40×

0.30×

0.27×

0.48×

0.37×

▼ 21%