Canadian Natural Resources (CNQ) Stock Analysis

November 11, 2026

This is a peer-relative look at Canadian Natural Resources (CNQ): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Energy peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Canadian Natural Resources (CNQ)
Profile Item	CNQ
Name	Canadian Natural Resources Ltd.
Country/Region	Canada
GICS Sector	Energy
GICS Industry Group	Energy
GICS Industry	Oil, Gas & Consumable Fuels
GICS Sub-Industry	Oil & Gas Exploration & Production
Market Capitalization	98.81 billion USD
Currency	USD
Exchange	NYSE
Listing Date	July 31, 2000
Security Type	Common Stock

Price Performance

Cumulative Growth

CNQ

GSPC

Canadian Natural Resources (CNQ) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Canadian Natural Resources (CNQ) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Canadian Natural Resources (CNQ) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Canadian Natural Resources (CNQ) metric values compared with Energy industry-group medians
Metric	Current stock: CNQ	Industry group median
Total Return (1Y)	56.47%	32.08%
Total Return (3Y, Annualized)	19.27%	14.39%
Total Return (5Y, Annualized)	23.01%	15.43%

Risk Profile

Drawdown History

CNQ

GSPC

Canadian Natural Resources (CNQ) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Canadian Natural Resources (CNQ) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Canadian Natural Resources (CNQ) metric values compared with Energy industry-group medians
Metric	Current stock: CNQ	Industry group median
Volatility (1Y, Annualized)	32.07%	41.29%
Beta (5Y)	0.48	0.66
Max Drawdown (5Y)	-35.85%	-52.09%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. CNQ is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Canadian Natural Resources (CNQ) metric values compared with Energy industry-group medians
Metric	Current stock: CNQ	Industry group median
Sharpe Ratio (1Y)	1.63	0.67
Sortino Ratio (1Y)	2.31	1.01

Profitability

ROE (TTM)

Canadian Natural Resources (CNQ) posts ROE of 32.39%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

CNQ

Energy industry group

32.39%

Group distribution

Max: 53.85%
CNQ: 32.39%
Q3: 24.79%
Median: 12.85%
Q1: 2.03%
Min: -29.09%

Largest peers

CNQ: 32.39%
PBR: 30.27%
TTE: 17.83%
COP: 17.66%
SHEL: 17.43%
XOM: 15.53%
CVX: 13.85%

Where Canadian Natural Resources (CNQ) stands on ROE within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Canadian Natural Resources (CNQ) keeps 29.51% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

CNQ

Energy industry group

29.51%

Group distribution

Max: 56.92%
CNQ: 29.51%
Q3: 22.92%
Median: 10.10%
Q1: 0.07%
Min: -27.38%

Largest peers

CNQ: 29.51%
PBR: 24.32%
COP: 16.76%
CVX: 11.92%
XOM: 10.46%
TTE: 10.46%
SHEL: 10.18%

Where Canadian Natural Resources (CNQ) stands on net margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Canadian Natural Resources (CNQ) turns 32.24% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

CNQ

Energy industry group

32.24%

Group distribution

Max: 71.31%
Q3: 33.75%
CNQ: 32.24%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

Largest peers

PBR: 44.68%
CNQ: 32.24%
COP: 30.05%
TTE: 24.51%
SHEL: 18.76%
CVX: 17.89%
XOM: 16.98%

Where Canadian Natural Resources (CNQ) stands on operating margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Canadian Natural Resources (CNQ) metric values compared with Energy industry-group medians
Metric	Current stock: CNQ	Industry group median
ROE (TTM)	32.39%	12.85%
ROA (TTM)	9.97%	5.49%
Net Margin (TTM)	29.51%	10.10%
Operating Margin (TTM)	32.24%	18.73%
Gross Margin (TTM)	52.92%	44.52%

Growth

Revenue Growth

Canadian Natural Resources (CNQ) grew revenue 6.40%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Canadian Natural Resources (CNQ): Revenue Growth across different time periods, set against Energy industry-group medians.

EPS Growth

Canadian Natural Resources (CNQ) grew earnings per share 81.05%, in the upper peer quartile. Per-share profits are compounding faster than at most industry peers.

Canadian Natural Resources (CNQ): EPS Growth across different time periods, set against Energy industry-group medians.

Growth Metrics

Canadian Natural Resources (CNQ) metric values compared with Energy industry-group medians
Metric	Current stock: CNQ	Industry group median
Revenue Growth (YoY)	6.40%	0.51%
Revenue Growth (3Y CAGR)	-3.75%	0.37%
EPS Growth (YoY)	81.05%	-11.75%
EPS Growth (3Y CAGR)	2.73%	-12.07%

Financial Strength

Current Ratio (MRQ)

Canadian Natural Resources (CNQ) has current ratio of 0.99, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

CNQ

Energy industry group

0.99

Group distribution

Max: 3.64
Q3: 2.21
Median: 1.41
CNQ: 0.99
Q1: 0.88
Min: 0.24

Largest peers

COP: 1.52
SHEL: 1.38
CVX: 1.34
XOM: 1.19
TTE: 1.11
CNQ: 0.99
PBR: 0.85

Where Canadian Natural Resources (CNQ) stands on current ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Canadian Natural Resources (CNQ) has debt-to-equity ratio of 0.42, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

CNQ

Energy industry group

0.42

Group distribution

Max: 1.75
Q3: 0.93
Median: 0.54
CNQ: 0.42
Q1: 0.30
Min: 0.00

Largest peers

PBR: 0.76
TTE: 0.46
CNQ: 0.42
SHEL: 0.38
COP: 0.35
CVX: 0.17
XOM: 0.13

Where Canadian Natural Resources (CNQ) stands on debt-to-equity ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Canadian Natural Resources (CNQ) metric values compared with Energy industry-group medians
Metric	Current stock: CNQ	Industry group median
Current Ratio (MRQ)	0.99	1.41
Debt / Equity (MRQ)	0.42	0.54
Net Debt / EBITDA	0.67	1.13

Dividends

Dividend Yield (TTM)

Canadian Natural Resources (CNQ) has dividend yield of 5.03%, in the upper peer-yield quartile while still inside the industry range. The dividend offers more cash income per dollar of share price than most peers, though payout coverage still matters.

CNQ

Energy industry group

5.03%

Group distribution

Max: 8.57%
CNQ: 5.03%
Q3: 3.58%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Largest peers

PBR: 19.51%
CNQ: 5.03%
TTE: 4.58%
CVX: 3.31%
XOM: 2.49%
COP: 2.48%
SHEL: 1.54%

Where Canadian Natural Resources (CNQ) stands on dividend yield within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Canadian Natural Resources (CNQ) has payout ratio of 36.37%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

CNQ

Energy industry group

36.37%

Group distribution

Max: 133.24%
Q3: 53.31%
CNQ: 36.37%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

Largest peers

CVX: 51.76%
XOM: 42.39%
TTE: 39.93%
CNQ: 36.37%
COP: 35.41%
PBR: 28.93%
SHEL: 26.24%

Where Canadian Natural Resources (CNQ) stands on payout ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Canadian Natural Resources (CNQ) metric values compared with Energy industry-group medians
Metric	Current stock: CNQ	Industry group median
Dividend Yield (TTM)	5.03%	1.71%
Dividend Payout Ratio (TTM)	36.37%	25.24%

Valuation

P/E Ratio (TTM)

Canadian Natural Resources (CNQ) trades at P/E ratio of 9.95, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

CNQ

Energy industry group

9.95

Group distribution

Max: 39.54
Q3: 21.72
Median: 12.19
CNQ: 9.95
Q1: 7.71
Min: 2.99

Largest peers

XOM: 17.06
CVX: 15.61
COP: 14.36
CNQ: 9.95
TTE: 8.76
SHEL: 8.60
PBR: 4.68

Where Canadian Natural Resources (CNQ) stands on P/E ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Canadian Natural Resources (CNQ) trades at 2.06 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

CNQ

Energy industry group

2.06

Group distribution

Max: 5.40
Q3: 2.85
CNQ: 2.06
Median: 1.69
Q1: 0.88
Min: 0.00

Largest peers

COP: 2.34
CNQ: 2.06
CVX: 1.83
XOM: 1.74
TTE: 0.90
SHEL: 0.87
PBR: 0.22

Where Canadian Natural Resources (CNQ) stands on P/S ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Canadian Natural Resources (CNQ) trades at 2.97 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

CNQ

Energy industry group

2.97

Group distribution

Max: 4.21
CNQ: 2.97
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

Largest peers

CNQ: 2.97
XOM: 2.55
COP: 2.44
CVX: 2.13
TTE: 1.46
SHEL: 1.43
PBR: 1.25

Where Canadian Natural Resources (CNQ) stands on P/B ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Canadian Natural Resources (CNQ) metric values compared with Energy industry-group medians
Metric	Current stock: CNQ	Industry group median
P/E Ratio (TTM)	9.95	12.19
P/S Ratio (TTM)	2.06	1.69
P/B Ratio (MRQ)	2.97	1.51
Free Cash Flow Yield (TTM)	12.33%	5.94%