CNQ vs. CVE: Canadian Natural Resources vs. Cenovus Energy Stock Comparison

November 11, 2026

How do Canadian Natural Resources (CNQ) and Cenovus Energy (CVE) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Canadian Natural Resources (CNQ) and Cenovus Energy (CVE) both belong to the Oil, Gas & Consumable Fuels industry, though CNQ is classified under Oil & Gas Exploration & Production while CVE falls under Integrated Oil & Gas.

Company profile comparison for Canadian Natural Resources (CNQ) and Cenovus Energy (CVE)
Profile Item	CNQ	CVE
Name	Canadian Natural Resources Ltd.	Cenovus Energy Inc.
Country/Region	Canada	Canada
GICS Sector	Energy	Energy
GICS Industry Group	Energy	Energy
GICS Industry	Oil, Gas & Consumable Fuels	Oil, Gas & Consumable Fuels
GICS Sub-Industry	Oil & Gas Exploration & Production	Integrated Oil & Gas
Market Capitalization	98.81 billion USD	49.61 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	July 31, 2000	November 17, 2009
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CNQ

CVE

GSPC

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE), with S&P 500 (GSPC) for reference: 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 Cenovus Energy (CVE). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Canadian Natural Resources (CNQ) and Cenovus Energy (CVE). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Canadian Natural Resources (CNQ) and Cenovus Energy (CVE)
Metric	CNQ	CVE
Total Return (1Y)	56.47%	60.99%
Total Return (3Y, Annualized)	19.27%	19.41%
Total Return (5Y, Annualized)	23.01%	18.63%

Risk Profile

Drawdown History

CNQ

CVE

GSPC

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE), with S&P 500 (GSPC) for reference: 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 Cenovus Energy (CVE). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Canadian Natural Resources (CNQ) and Cenovus Energy (CVE)
Metric	CNQ	CVE
Volatility (1Y, Annualized)	32.07%	37.47%
Beta (5Y)	0.48	0.43
Max Drawdown (5Y)	-35.85%	-53.51%
Avg. Volume (3M)	6.32M	6.90M

Risk-Adjusted Performance

Risk-Return Positioning

CNQ and CVE are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Canadian Natural Resources (CNQ) and Cenovus Energy (CVE)
Metric	CNQ	CVE
Sharpe Ratio (1Y)	1.63	1.51
Sortino Ratio (1Y)	2.31	2.20

Profitability

ROE (TTM)

Both Canadian Natural Resources (CNQ) at 32.39% and Cenovus Energy (CVE) at 27.44% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

CNQ

Energy industry group

32.39%

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

CVE

Energy industry group

27.44%

Max: 53.85%
CVE: 27.44%
Q3: 24.79%
Median: 12.85%
Q1: 2.03%
Min: -29.09%

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their ROE against the Energy industry group benchmark.

Net Margin (TTM)

Canadian Natural Resources (CNQ) at 29.51% retains a top-quartile share of revenue as profit, ahead of Cenovus Energy (CVE) at 15.42%, which keeps about the industry-typical share.

CNQ

Energy industry group

29.51%

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

CVE

Energy industry group

15.42%

Max: 56.92%
Q3: 22.92%
CVE: 15.42%
Median: 10.10%
Q1: 0.07%
Min: -27.38%

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their net margin against the Energy industry group benchmark.

Operating Margin (TTM)

Both Canadian Natural Resources (CNQ) at 32.24% and Cenovus Energy (CVE) at 26.58% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

CNQ

Energy industry group

32.24%

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

CVE

Energy industry group

26.58%

Max: 71.31%
Q3: 33.75%
CVE: 26.58%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their operating margin against the Energy industry group benchmark.

Profitability Metrics

Profitability metrics for Canadian Natural Resources (CNQ) and Cenovus Energy (CVE)
Metric	CNQ	CVE
ROE (TTM)	32.39%	27.44%
ROA (TTM)	9.97%	12.05%
Net Margin (TTM)	29.51%	15.42%
Operating Margin (TTM)	32.24%	26.58%
Gross Margin (TTM)	52.92%	33.92%

Growth

Revenue Growth

Canadian Natural Resources (CNQ) at 6.40% is around its peer norm for revenue growth, while Cenovus Energy (CVE) at -8.62% drops into the bottom quartile, signaling weaker demand or pricing momentum.

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Canadian Natural Resources (CNQ) at 81.05% and Cenovus Energy (CVE) at 28.74% sit in the top peer quartile for EPS growth, so each is compounding per-share earnings faster than typical industry peers.

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Canadian Natural Resources (CNQ) and Cenovus Energy (CVE)
Metric	CNQ	CVE
Revenue Growth (YoY)	6.40%	-8.62%
Revenue Growth (3Y CAGR)	-3.75%	-9.75%
EPS Growth (YoY)	81.05%	28.74%
EPS Growth (3Y CAGR)	2.73%	-12.42%

Financial Strength

Current Ratio (MRQ)

Both Canadian Natural Resources (CNQ) at 0.99 and Cenovus Energy (CVE) at 1.64 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

CNQ

Energy industry group

0.99

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

CVE

Energy industry group

1.64

Max: 3.64
Q3: 2.21
CVE: 1.64
Median: 1.41
Q1: 0.88
Min: 0.24

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their current ratio against the Energy industry group benchmark.

Debt / Equity (MRQ)

Both Canadian Natural Resources (CNQ) at 0.42 and Cenovus Energy (CVE) at 0.33 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

CNQ

Energy industry group

0.42

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

CVE

Energy industry group

0.33

Max: 1.75
Q3: 0.93
Median: 0.54
CVE: 0.33
Q1: 0.30
Min: 0.00

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their debt-to-equity ratio against the Energy industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Canadian Natural Resources (CNQ) and Cenovus Energy (CVE)
Metric	CNQ	CVE
Current Ratio (MRQ)	0.99	1.64
Debt / Equity (MRQ)	0.42	0.33
Net Debt / EBITDA	0.67	0.35

Dividends

Dividend Yield (TTM)

Canadian Natural Resources (CNQ) at 5.03% delivers top-quartile income for its industry, while Cenovus Energy (CVE) at 3.04% pays a more typical yield — both are credible income propositions, CNQ the richer one.

CNQ

Energy industry group

5.03%

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

CVE

Energy industry group

3.04%

Max: 8.57%
Q3: 3.58%
CVE: 3.04%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their dividend yield against the Energy industry group benchmark.

Dividend Payout Ratio (TTM)

Both Canadian Natural Resources (CNQ) at 36.37% and Cenovus Energy (CVE) at 22.84% keep payout ratio within their industries’ typical mid-ranges — dividend policies that share earnings without consuming too much of them.

CNQ

Energy industry group

36.37%

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

CVE

Energy industry group

22.84%

Max: 133.24%
Q3: 53.31%
Median: 25.24%
CVE: 22.84%
Q1: 0.00%
Min: 0.00%

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their payout ratio against the Energy industry group benchmark.

Dividend Metrics

Dividend metrics for Canadian Natural Resources (CNQ) and Cenovus Energy (CVE)
Metric	CNQ	CVE
Dividend Yield (TTM)	5.03%	3.04%
Dividend Payout Ratio (TTM)	36.37%	22.84%

Valuation

P/E Ratio (TTM)

Both Canadian Natural Resources (CNQ) at 9.95 and Cenovus Energy (CVE) at 10.56 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

CNQ

Energy industry group

9.95

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

CVE

Energy industry group

10.56

Max: 39.54
Q3: 21.72
Median: 12.19
CVE: 10.56
Q1: 7.71
Min: 2.99

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their P/E ratio against the Energy industry group benchmark.

P/S Ratio (TTM)

Cenovus Energy (CVE) at 0.88 sits in the cheaper P/S ratio quartile while Canadian Natural Resources (CNQ) at 2.06 prices around its industry’s middle — CVE costs less per dollar of sales, though read it alongside growth and margins.

CNQ

Energy industry group

2.06

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

CVE

Energy industry group

0.88

Max: 5.40
Q3: 2.85
Median: 1.69
Q1: 0.88
CVE: 0.88
Min: 0.00

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their P/S ratio against the Energy industry group benchmark.

P/B Ratio (MRQ)

Cenovus Energy (CVE) at 1.98 is valued about in line with its industry on P/B ratio, while Canadian Natural Resources (CNQ) at 2.97 carries an above-peer premium to book — CNQ is pricier on assets.

CNQ

Energy industry group

2.97

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

CVE

Energy industry group

1.98

Max: 4.21
Q3: 2.38
CVE: 1.98
Median: 1.51
Q1: 1.08
Min: 0.01

Canadian Natural Resources (CNQ) vs. Cenovus Energy (CVE): A comparison of their P/B ratio against the Energy industry group benchmark.

Valuation Metrics

Valuation metrics for Canadian Natural Resources (CNQ) and Cenovus Energy (CVE)
Metric	CNQ	CVE
P/E Ratio (TTM)	9.95	10.56
P/S Ratio (TTM)	2.06	0.88
P/B Ratio (MRQ)	2.97	1.98
Free Cash Flow Yield (TTM)	12.33%	20.71%