CNQ vs. TRP: Canadian Natural Resources vs. TC Energy Stock Comparison

November 11, 2026

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

Company profile comparison for Canadian Natural Resources (CNQ) and TC Energy (TRP)
Profile Item	CNQ	TRP
Name	Canadian Natural Resources Ltd.	TC Energy Corporation
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	Oil & Gas Storage & Transportation
Market Capitalization	98.81 billion USD	64.51 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	July 31, 2000	September 20, 1982
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CNQ

TRP

GSPC

Canadian Natural Resources (CNQ) vs. TC Energy (TRP), 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 TC Energy (TRP). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Canadian Natural Resources (CNQ) and TC Energy (TRP). 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 TC Energy (TRP)
Metric	CNQ	TRP
Total Return (1Y)	56.47%	24.67%
Total Return (3Y, Annualized)	19.27%	26.02%
Total Return (5Y, Annualized)	23.01%	9.85%

Risk Profile

Drawdown History

CNQ

TRP

GSPC

Canadian Natural Resources (CNQ) vs. TC Energy (TRP), 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 TC Energy (TRP). 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 TC Energy (TRP)
Metric	CNQ	TRP
Volatility (1Y, Annualized)	32.07%	19.39%
Beta (5Y)	0.48	0.64
Max Drawdown (5Y)	-35.85%	-38.98%
Avg. Volume (3M)	6.32M	2.56M

Risk-Adjusted Performance

Risk-Return Positioning

CNQ and TRP 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 TC Energy (TRP)
Metric	CNQ	TRP
Sharpe Ratio (1Y)	1.63	1.05
Sortino Ratio (1Y)	2.31	1.61

Profitability

ROE (TTM)

Canadian Natural Resources (CNQ) at 32.39% sits in the top ROE quartile, while TC Energy (TRP) at 12.15% is closer to the peer norm — stronger capital efficiency for CNQ.

CNQ

Energy industry group

32.39%

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

TRP

Energy industry group

12.15%

Max: 53.85%
Q3: 24.79%
Median: 12.85%
TRP: 12.15%
Q1: 2.03%
Min: -29.09%

Canadian Natural Resources (CNQ) vs. TC Energy (TRP): 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 TC Energy (TRP) at 25.05% 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%

TRP

Energy industry group

25.05%

Max: 56.92%
TRP: 25.05%
Q3: 22.92%
Median: 10.10%
Q1: 0.07%
Min: -27.38%

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

Operating Margin (TTM)

TC Energy (TRP) at 41.66% 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%

TRP

Energy industry group

41.66%

Max: 71.31%
TRP: 41.66%
Q3: 33.75%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

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

Profitability Metrics

Profitability metrics for Canadian Natural Resources (CNQ) and TC Energy (TRP)
Metric	CNQ	TRP
ROE (TTM)	32.39%	12.15%
ROA (TTM)	9.97%	3.70%
Net Margin (TTM)	29.51%	25.05%
Operating Margin (TTM)	32.24%	41.66%
Gross Margin (TTM)	52.92%	70.07%

Growth

Revenue Growth

Both Canadian Natural Resources (CNQ) at 6.40% and TC Energy (TRP) at 10.66% 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. TC Energy (TRP): 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 TC Energy (TRP) at -26.19% is closer to the peer norm — faster per-share earnings growth for CNQ.

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

Growth Metrics

Growth metrics for Canadian Natural Resources (CNQ) and TC Energy (TRP)
Metric	CNQ	TRP
Revenue Growth (YoY)	6.40%	10.66%
Revenue Growth (3Y CAGR)	-3.75%	7.38%
EPS Growth (YoY)	81.05%	-26.19%
EPS Growth (3Y CAGR)	2.73%	72.24%

Financial Strength

Current Ratio (MRQ)

Canadian Natural Resources (CNQ) at 0.99 keeps current ratio within its industry’s typical mid-range, while TC Energy (TRP) at 0.57 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for TRP.

CNQ

Energy industry group

0.99

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

TRP

Energy industry group

0.57

Max: 3.64
Q3: 2.21
Median: 1.41
Q1: 0.88
TRP: 0.57
Min: 0.24

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

Debt / Equity (MRQ)

Canadian Natural Resources (CNQ) at 0.42 carries an industry-typical debt-to-equity mix, while TC Energy (TRP) at 1.68 uses more debt funding than most peers.

CNQ

Energy industry group

0.42

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

TRP

Energy industry group

1.68

Max: 1.75
TRP: 1.68
Q3: 0.93
Median: 0.54
Q1: 0.30
Min: 0.00

Canadian Natural Resources (CNQ) vs. TC Energy (TRP): 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 TC Energy (TRP)
Metric	CNQ	TRP
Current Ratio (MRQ)	0.99	0.57
Debt / Equity (MRQ)	0.42	1.68
Net Debt / EBITDA	0.67	6.08

Dividends

Dividend Yield (TTM)

Both Canadian Natural Resources (CNQ) at 5.03% and TC Energy (TRP) at 5.57% 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%

TRP

Energy industry group

5.57%

Max: 8.57%
TRP: 5.57%
Q3: 3.58%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Canadian Natural Resources (CNQ) at 36.37% pays out a band-typical share of earnings, while TC Energy (TRP) at 93.87% distributes more than its industry norm — less retained, thinner cover.

CNQ

Energy industry group

36.37%

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

TRP

Energy industry group

93.87%

Max: 133.24%
TRP: 93.87%
Q3: 53.31%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Canadian Natural Resources (CNQ) and TC Energy (TRP)
Metric	CNQ	TRP
Dividend Yield (TTM)	5.03%	5.57%
Dividend Payout Ratio (TTM)	36.37%	93.87%

Valuation

P/E Ratio (TTM)

Canadian Natural Resources (CNQ) at 9.95 is near its industry’s usual P/E ratio, while TC Energy (TRP) at 23.19 sits in the richer quartile — TRP needs stronger growth or earnings quality to justify the premium.

CNQ

Energy industry group

9.95

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

TRP

Energy industry group

23.19

Max: 39.54
TRP: 23.19
Q3: 21.72
Median: 12.19
Q1: 7.71
Min: 2.99

Canadian Natural Resources (CNQ) vs. TC Energy (TRP): 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 TC Energy (TRP) at 4.03 sits in the pricier quartile — TRP 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

TRP

Energy industry group

4.03

Max: 5.40
TRP: 4.03
Q3: 2.85
Median: 1.69
Q1: 0.88
Min: 0.00

Canadian Natural Resources (CNQ) vs. TC Energy (TRP): 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 TC Energy (TRP) at 3.54 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

TRP

Energy industry group

3.54

Max: 4.21
TRP: 3.54
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

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

Valuation Metrics

Valuation metrics for Canadian Natural Resources (CNQ) and TC Energy (TRP)
Metric	CNQ	TRP
P/E Ratio (TTM)	9.95	23.19
P/S Ratio (TTM)	2.06	4.03
P/B Ratio (MRQ)	2.97	3.54
Free Cash Flow Yield (TTM)	12.33%	0.77%