# Canadian Natural Resources Limited (CNQ.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Energy / Oil, Gas & Consumable Fuels. Price C$69.78, market value C$143.9 billion.

## Valuation
- **P/E (trailing): 12.4×** (5-yr avg 9.3×, 3-yr avg 11.2×). Canadian Natural Resources Limited trades at 12.4× trailing earnings, well above its own five-year average of 9.3×: investors are paying up relative to the company's past. The Energy median in the September 2026 study was 16.8×. Forward P/E is 13.0×, higher than trailing, so analysts expect earnings to fall.
- **PEG: 0.16**. A PEG of 0.16 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 3.1×**. Each dollar of revenue is priced at 3.1×.
- **Price / book: 3.1×**. The shares trade at 3.1× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 6.3×**. Enterprise value is 6.3× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 6.8%** (5-yr avg 13.3%). Free cash flow equals 6.8% of the market value, below its five-year average of 13.3%, so the shares are pricier on cash than usual. Above 5% is generally attractive.
- **Earnings yield: 8.1%**. The inverse of the P/E: 8.1% of the price is earned each year.

## Profitability
- **Gross margin: 35.0%**. Canadian Natural Resources Limited keeps 35.0% of revenue after the direct cost of what it sells.
- **Operating margin: 32.3%**. 32.3% of revenue is left after running the business, an exceptional level.
- **Net margin: 27.9%**. 27.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 24.4%**. 24.4% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 18.8%**. Return on all capital, debt included, is 18.8%: comfortably above what that capital costs.
- **Return on assets: 12.8%**. Each dollar of assets produces 12.8% of profit.

## Growth
- **Revenue growth (1 yr): -6.6%** (3-yr -7.8%/yr, 5-yr 18.1%/yr). Revenue fell 6.6% over the last year, against 18.1% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 81.1%** (3-yr 2.3%/yr). Earnings per share rose 81.1%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -16.1%/yr**. Free cash flow has compounded at -16.1% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 0.44**. Debt is 0.44 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 0.7×**. It would take 0.7 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 17.0×**. Operating profit covers interest 17.0× over, a safe margin.
- **Current ratio: 0.95** (quick 0.63). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 3.21**. A Z-score of 3.21 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 3.58%** (C$2.42 per share, trailing). Canadian Natural Resources Limited yields 3.58%, an income-level yield.
- **Payout ratio: 45%** (51% of free cash flow). 45% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 2**. 2 straight years of increases.
- **Dividend growth (5 yr): 23.1%/yr** (1-yr 10.0%). The dividend has compounded at 23.1% a year over five years, doubling roughly every 3 years at that pace.
- **Shareholder yield: 5.0%**. Dividends plus net buybacks return 5.0% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (21 analysts). 21 analysts cover Canadian Natural Resources Limited; the consensus is buy, with an average price target of C$71.95 (+3% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 68.4%** (YTD 53.1%, 3-mo 10.6%). The shares are up 68.4% over twelve months including dividends.
- **From 52-week high: -3.5%** (67.5% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 57**. An RSI of 57 is neutral.
- **Beta (1 yr): -0.15** (volatility 31%). Beta of -0.15 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=CNQ.TO · Page: https://foliofundamentals.com/stocks/cnq.to

Not investment advice.