CNQ vs. FRO: Canadian Natural Resources vs. Frontline Stock Comparison

November 11, 2026

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

Company profile comparison for Canadian Natural Resources (CNQ) and Frontline (FRO)
Profile Item	CNQ	FRO
Name	Canadian Natural Resources Ltd.	Frontline plc Ordinary Shares
Country/Region	Canada	Cyprus
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	Oil & Gas Storage & Transportation
Market Capitalization	98.81 billion USD	10.11 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	July 31, 2000	August 6, 2001
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CNQ

FRO

GSPC

Canadian Natural Resources (CNQ) vs. Frontline (FRO), 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 Frontline (FRO). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Canadian Natural Resources (CNQ) and Frontline (FRO). 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 Frontline (FRO)
Metric	CNQ	FRO
Total Return (1Y)	56.47%	119.28%
Total Return (3Y, Annualized)	19.27%	40.57%
Total Return (5Y, Annualized)	23.01%	52.54%

Risk Profile

Drawdown History

CNQ

FRO

GSPC

Canadian Natural Resources (CNQ) vs. Frontline (FRO), 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 Frontline (FRO). 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 Frontline (FRO)
Metric	CNQ	FRO
Volatility (1Y, Annualized)	32.07%	46.26%
Beta (5Y)	0.48	0.22
Max Drawdown (5Y)	-35.85%	-52.04%
Avg. Volume (3M)	6.32M	3.68M

Risk-Adjusted Performance

Risk-Return Positioning

CNQ and FRO 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 Frontline (FRO)
Metric	CNQ	FRO
Sharpe Ratio (1Y)	1.63	2.49
Sortino Ratio (1Y)	2.31	3.74

Profitability

ROE (TTM)

Both Canadian Natural Resources (CNQ) at 32.39% and Frontline (FRO) at 53.85% 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%

FRO

Energy industry group

53.85%

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

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

Net Margin (TTM)

For every dollar of sales, both Canadian Natural Resources (CNQ) at 29.51% and Frontline (FRO) at 54.76% retain more as net profit than most peers, landing in the top net margin quartile of their industries.

CNQ

Energy industry group

29.51%

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

FRO

Energy industry group

54.76%

Max: 56.92%
FRO: 54.76%
Q3: 22.92%
Median: 10.10%
Q1: 0.07%
Min: -27.38%

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

Operating Margin (TTM)

Frontline (FRO) at 65.83% 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%

FRO

Energy industry group

65.83%

Max: 71.31%
FRO: 65.83%
Q3: 33.75%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

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

Profitability Metrics

Profitability metrics for Canadian Natural Resources (CNQ) and Frontline (FRO)
Metric	CNQ	FRO
ROE (TTM)	32.39%	53.85%
ROA (TTM)	9.97%	14.25%
Net Margin (TTM)	29.51%	54.76%
Operating Margin (TTM)	32.24%	65.83%
Gross Margin (TTM)	52.92%	63.03%

Growth

Revenue Growth

Both Canadian Natural Resources (CNQ) at 6.40% and Frontline (FRO) at -4.16% 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. Frontline (FRO): 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 Frontline (FRO) at -23.77% is closer to the peer norm — faster per-share earnings growth for CNQ.

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

Growth Metrics

Growth metrics for Canadian Natural Resources (CNQ) and Frontline (FRO)
Metric	CNQ	FRO
Revenue Growth (YoY)	6.40%	-4.16%
Revenue Growth (3Y CAGR)	-3.75%	11.17%
EPS Growth (YoY)	81.05%	-23.77%
EPS Growth (3Y CAGR)	2.73%	-8.37%

Financial Strength

Current Ratio (MRQ)

Both Canadian Natural Resources (CNQ) at 0.99 and Frontline (FRO) at 1.87 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

FRO

Energy industry group

1.87

Max: 3.64
Q3: 2.21
FRO: 1.87
Median: 1.41
Q1: 0.88
Min: 0.24

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

Debt / Equity (MRQ)

Both Canadian Natural Resources (CNQ) at 0.42 and Frontline (FRO) at 0.77 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

FRO

Energy industry group

0.77

Max: 1.75
Q3: 0.93
FRO: 0.77
Median: 0.54
Q1: 0.30
Min: 0.00

Canadian Natural Resources (CNQ) vs. Frontline (FRO): 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 Frontline (FRO)
Metric	CNQ	FRO
Current Ratio (MRQ)	0.99	1.87
Debt / Equity (MRQ)	0.42	0.77
Net Debt / EBITDA	0.67	1.28

Dividends

Dividend Yield (TTM)

Canadian Natural Resources (CNQ) at 5.03% earns its spot in the top quartile of its industry’s yields; Frontline (FRO) at 12.04% is past the top of its own peer range — territory where a dividend-safety check matters more than the headline number.

CNQ

Energy industry group

5.03%

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

FRO

Energy industry group

12.04%

FRO: 12.04%
Max: 8.57%
Q3: 3.58%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Canadian Natural Resources (CNQ) vs. Frontline (FRO): 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 Frontline (FRO) at 46.93% 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%

FRO

Energy industry group

46.93%

Max: 133.24%
Q3: 53.31%
FRO: 46.93%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Canadian Natural Resources (CNQ) and Frontline (FRO)
Metric	CNQ	FRO
Dividend Yield (TTM)	5.03%	12.04%
Dividend Payout Ratio (TTM)	36.37%	46.93%

Valuation

P/E Ratio (TTM)

Frontline (FRO) at 6.81 sits in the cheaper P/E ratio quartile, while Canadian Natural Resources (CNQ) at 9.95 is closer to its industry’s usual earnings multiple — a discount for FRO, though growth and earnings durability still matter.

CNQ

Energy industry group

9.95

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

FRO

Energy industry group

6.81

Max: 39.54
Q3: 21.72
Median: 12.19
Q1: 7.71
FRO: 6.81
Min: 2.99

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

P/S Ratio (TTM)

Canadian Natural Resources (CNQ) at 2.06 is priced about in line with its industry on P/S ratio, while Frontline (FRO) at 3.72 sits in the pricier quartile — FRO costs more per dollar of sales.

CNQ

Energy industry group

2.06

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

FRO

Energy industry group

3.72

Max: 5.40
FRO: 3.72
Q3: 2.85
Median: 1.69
Q1: 0.88
Min: 0.00

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

P/B Ratio (MRQ)

Both Canadian Natural Resources (CNQ) at 2.97 and Frontline (FRO) at 3.20 carry a premium to book value versus peers, sitting in the upper P/B ratio quartile of their industries.

CNQ

Energy industry group

2.97

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

FRO

Energy industry group

3.20

Max: 4.21
FRO: 3.20
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

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

Valuation Metrics

Valuation metrics for Canadian Natural Resources (CNQ) and Frontline (FRO)
Metric	CNQ	FRO
P/E Ratio (TTM)	9.95	6.81
P/S Ratio (TTM)	2.06	3.72
P/B Ratio (MRQ)	2.97	3.20
Free Cash Flow Yield (TTM)	12.33%	2.81%