CNQ vs. EQNR: Canadian Natural Resources vs. Equinor Stock Comparison

November 11, 2026

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

Canadian Natural Resources (CNQ) trades as ordinary local shares, while Equinor (EQNR) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for Canadian Natural Resources (CNQ) and Equinor (EQNR)
Profile Item	CNQ	EQNR
Name	Canadian Natural Resources Ltd.	Equinor ASA Sponsored ADR
Country/Region	Canada	Norway
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	99.39 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	July 31, 2000	June 18, 2001
Security Type	Common Stock	ADR

Price Performance

Cumulative Growth

CNQ

EQNR

GSPC

Canadian Natural Resources (CNQ) vs. Equinor (EQNR), 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 Equinor (EQNR). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Canadian Natural Resources (CNQ) and Equinor (EQNR). 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 Equinor (EQNR)
Metric	CNQ	EQNR
Total Return (1Y)	56.47%	78.03%
Total Return (3Y, Annualized)	19.27%	17.56%
Total Return (5Y, Annualized)	23.01%	17.66%

Risk Profile

Drawdown History

CNQ

EQNR

GSPC

Canadian Natural Resources (CNQ) vs. Equinor (EQNR), 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 Equinor (EQNR). 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 Equinor (EQNR)
Metric	CNQ	EQNR
Volatility (1Y, Annualized)	32.07%	40.50%
Beta (5Y)	0.48	0.18
Max Drawdown (5Y)	-35.85%	-34.57%
Avg. Volume (3M)	6.32M	3.77M

Risk-Adjusted Performance

Risk-Return Positioning

CNQ and EQNR 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 Equinor (EQNR)
Metric	CNQ	EQNR
Sharpe Ratio (1Y)	1.63	1.82
Sortino Ratio (1Y)	2.31	2.76

Profitability

ROE (TTM)

Both Canadian Natural Resources (CNQ) at 32.39% and Equinor (EQNR) at 27.57% 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%

EQNR

Energy industry group

27.57%

Max: 53.85%
EQNR: 27.57%
Q3: 24.79%
Median: 12.85%
Q1: 2.03%
Min: -29.09%

Canadian Natural Resources (CNQ) vs. Equinor (EQNR): 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 Equinor (EQNR) at 9.79%, 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%

EQNR

Energy industry group

9.79%

Max: 56.92%
Q3: 22.92%
Median: 10.10%
EQNR: 9.79%
Q1: 0.07%
Min: -27.38%

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

Operating Margin (TTM)

Equinor (EQNR) at 37.00% operates in the top operating margin quartile, ahead of Canadian Natural Resources (CNQ) at 32.24%, which runs around its industry’s norm.

CNQ

Energy industry group

32.24%

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

EQNR

Energy industry group

37.00%

Max: 71.31%
EQNR: 37.00%
Q3: 33.75%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

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

Profitability Metrics

Profitability metrics for Canadian Natural Resources (CNQ) and Equinor (EQNR)
Metric	CNQ	EQNR
ROE (TTM)	32.39%	27.57%
ROA (TTM)	9.97%	17.10%
Net Margin (TTM)	29.51%	9.79%
Operating Margin (TTM)	32.24%	37.00%
Gross Margin (TTM)	52.92%	43.18%

Growth

Revenue Growth

Both Canadian Natural Resources (CNQ) at 6.40% and Equinor (EQNR) at 3.24% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Canadian Natural Resources (CNQ) vs. Equinor (EQNR): A comparison of their Revenue Growth across different time periods.

EPS Growth

Canadian Natural Resources (CNQ) at 81.05% sits in the top EPS growth quartile, while Equinor (EQNR) at -37.62% is closer to the peer norm — faster per-share earnings growth for CNQ.

Canadian Natural Resources (CNQ) vs. Equinor (EQNR): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Canadian Natural Resources (CNQ) and Equinor (EQNR)
Metric	CNQ	EQNR
Revenue Growth (YoY)	6.40%	3.24%
Revenue Growth (3Y CAGR)	-3.75%	-10.78%
EPS Growth (YoY)	81.05%	-37.62%
EPS Growth (3Y CAGR)	2.73%	-40.11%

Financial Strength

Current Ratio (MRQ)

Both Canadian Natural Resources (CNQ) at 0.99 and Equinor (EQNR) at 1.18 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

EQNR

Energy industry group

1.18

Max: 3.64
Q3: 2.21
Median: 1.41
EQNR: 1.18
Q1: 0.88
Min: 0.24

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

Debt / Equity (MRQ)

Both Canadian Natural Resources (CNQ) at 0.42 and Equinor (EQNR) at 0.66 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

EQNR

Energy industry group

0.66

Max: 1.75
Q3: 0.93
EQNR: 0.66
Median: 0.54
Q1: 0.30
Min: 0.00

Canadian Natural Resources (CNQ) vs. Equinor (EQNR): 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 Equinor (EQNR)
Metric	CNQ	EQNR
Current Ratio (MRQ)	0.99	1.18
Debt / Equity (MRQ)	0.42	0.66
Net Debt / EBITDA	0.67	0.12

Dividends

Dividend Yield (TTM)

Both Canadian Natural Resources (CNQ) at 5.03% and Equinor (EQNR) at 3.67% offer top-quartile dividend income relative to share price within their industries.

CNQ

Energy industry group

5.03%

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

EQNR

Energy industry group

3.67%

Max: 8.57%
EQNR: 3.67%
Q3: 3.58%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Canadian Natural Resources (CNQ) vs. Equinor (EQNR): 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 Equinor (EQNR) at 31.54% 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%

EQNR

Energy industry group

31.54%

Max: 133.24%
Q3: 53.31%
EQNR: 31.54%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Canadian Natural Resources (CNQ) and Equinor (EQNR)
Metric	CNQ	EQNR
Dividend Yield (TTM)	5.03%	3.67%
Dividend Payout Ratio (TTM)	36.37%	31.54%

Valuation

P/E Ratio (TTM)

Both Canadian Natural Resources (CNQ) at 9.95 and Equinor (EQNR) at 8.71 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

EQNR

Energy industry group

8.71

Max: 39.54
Q3: 21.72
Median: 12.19
EQNR: 8.71
Q1: 7.71
Min: 2.99

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

P/S Ratio (TTM)

Equinor (EQNR) at 0.82 sits in the cheaper P/S ratio quartile while Canadian Natural Resources (CNQ) at 2.06 prices around its industry’s middle — EQNR 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

EQNR

Energy industry group

0.82

Max: 5.40
Q3: 2.85
Median: 1.69
Q1: 0.88
EQNR: 0.82
Min: 0.00

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

P/B Ratio (MRQ)

Both look rich against book: Canadian Natural Resources (CNQ) at 2.97 sits in the upper P/B ratio quartile, and Equinor (EQNR) at 4.44 prices even higher, above its industry range.

CNQ

Energy industry group

2.97

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

EQNR

Energy industry group

4.44

EQNR: 4.44
Max: 4.21
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

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

Valuation Metrics

Valuation metrics for Canadian Natural Resources (CNQ) and Equinor (EQNR)
Metric	CNQ	EQNR
P/E Ratio (TTM)	9.95	8.71
P/S Ratio (TTM)	2.06	0.82
P/B Ratio (MRQ)	2.97	4.44
Free Cash Flow Yield (TTM)	12.33%	32.55%