CNQ vs. TS: Canadian Natural Resources vs. Tenaris Stock Comparison

November 11, 2026

How do Canadian Natural Resources (CNQ) and Tenaris (TS) 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 Tenaris (TS) both fall under the Energy industry group, but CNQ is classified in Oil, Gas & Consumable Fuels while TS is classified in Energy Equipment & Services.

Canadian Natural Resources (CNQ) trades as ordinary local shares, while Tenaris (TS) 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 Tenaris (TS)
Profile Item	CNQ	TS
Name	Canadian Natural Resources Ltd.	Tenaris S.A. American Depositary Shares
Country/Region	Canada	Luxembourg
GICS Sector	Energy	Energy
GICS Industry Group	Energy	Energy
GICS Industry	Oil, Gas & Consumable Fuels	Energy Equipment & Services
GICS Sub-Industry	Oil & Gas Exploration & Production	Oil & Gas Equipment & Services
Market Capitalization	98.81 billion USD	29.71 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	July 31, 2000	December 16, 2002
Security Type	Common Stock	ADR

Price Performance

Cumulative Growth

CNQ

GSPC

Canadian Natural Resources (CNQ) vs. Tenaris (TS), 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 Tenaris (TS). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Canadian Natural Resources (CNQ) and Tenaris (TS). 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 Tenaris (TS)
Metric	CNQ	TS
Total Return (1Y)	56.47%	49.29%
Total Return (3Y, Annualized)	19.27%	24.84%
Total Return (5Y, Annualized)	23.01%	22.48%

Risk Profile

Drawdown History

CNQ

GSPC

Canadian Natural Resources (CNQ) vs. Tenaris (TS), 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 Tenaris (TS). 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 Tenaris (TS)
Metric	CNQ	TS
Volatility (1Y, Annualized)	32.07%	29.07%
Beta (5Y)	0.48	0.88
Max Drawdown (5Y)	-35.85%	-33.71%
Avg. Volume (3M)	6.32M	1.24M

Risk-Adjusted Performance

Risk-Return Positioning

CNQ and TS 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 Tenaris (TS)
Metric	CNQ	TS
Sharpe Ratio (1Y)	1.63	1.55
Sortino Ratio (1Y)	2.31	2.30

Profitability

ROE (TTM)

Canadian Natural Resources (CNQ) at 32.39% sits in the top ROE quartile, while Tenaris (TS) at 11.86% 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%

TS

Energy industry group

11.86%

Max: 53.85%
Q3: 24.79%
Median: 12.85%
TS: 11.86%
Q1: 2.03%
Min: -29.09%

Canadian Natural Resources (CNQ) vs. Tenaris (TS): 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 Tenaris (TS) at 16.24%, 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%

TS

Energy industry group

16.24%

Max: 56.92%
Q3: 22.92%
TS: 16.24%
Median: 10.10%
Q1: 0.07%
Min: -27.38%

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

Operating Margin (TTM)

Both Canadian Natural Resources (CNQ) at 32.24% and Tenaris (TS) at 19.26% 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%

TS

Energy industry group

19.26%

Max: 71.31%
Q3: 33.75%
TS: 19.26%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

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

Profitability Metrics

Profitability metrics for Canadian Natural Resources (CNQ) and Tenaris (TS)
Metric	CNQ	TS
ROE (TTM)	32.39%	11.86%
ROA (TTM)	9.97%	6.69%
Net Margin (TTM)	29.51%	16.24%
Operating Margin (TTM)	32.24%	19.26%
Gross Margin (TTM)	52.92%	38.54%

Growth

Revenue Growth

Both Canadian Natural Resources (CNQ) at 6.40% and Tenaris (TS) at -4.33% 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. Tenaris (TS): 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 Tenaris (TS) at 1.11% is closer to the peer norm — faster per-share earnings growth for CNQ.

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

Growth Metrics

Growth metrics for Canadian Natural Resources (CNQ) and Tenaris (TS)
Metric	CNQ	TS
Revenue Growth (YoY)	6.40%	-4.33%
Revenue Growth (3Y CAGR)	-3.75%	0.62%
EPS Growth (YoY)	81.05%	1.11%
EPS Growth (3Y CAGR)	2.73%	-5.38%

Financial Strength

Current Ratio (MRQ)

Canadian Natural Resources (CNQ) at 0.99 keeps current ratio within its industry’s typical mid-range, while Tenaris (TS) at 3.25 sits above its industry’s typical mid-range — comfortable liquidity, though possibly with more idle current assets 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

TS

Energy industry group

3.25

Max: 3.64
TS: 3.25
Q3: 2.21
Median: 1.41
Q1: 0.88
Min: 0.24

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

Debt / Equity (MRQ)

Tenaris (TS) at 0.03 keeps leverage in the lower industry quartile, while Canadian Natural Resources (CNQ) at 0.42 runs a more typical debt-to-equity mix.

CNQ

Energy industry group

0.42

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

TS

Energy industry group

0.03

Max: 1.75
Q3: 0.93
Median: 0.54
Q1: 0.30
TS: 0.03
Min: 0.00

Canadian Natural Resources (CNQ) vs. Tenaris (TS): 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 Tenaris (TS)
Metric	CNQ	TS
Current Ratio (MRQ)	0.99	3.25
Debt / Equity (MRQ)	0.42	0.03
Net Debt / EBITDA	0.67	-0.90

Dividends

Dividend Yield (TTM)

Canadian Natural Resources (CNQ) at 5.03% delivers top-quartile income for its industry, while Tenaris (TS) at 2.11% 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%

TS

Energy industry group

2.11%

Max: 8.57%
Q3: 3.58%
TS: 2.11%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Canadian Natural Resources (CNQ) vs. Tenaris (TS): 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 Tenaris (TS) at 45.64% 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%

TS

Energy industry group

45.64%

Max: 133.24%
Q3: 53.31%
TS: 45.64%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Canadian Natural Resources (CNQ) and Tenaris (TS)
Metric	CNQ	TS
Dividend Yield (TTM)	5.03%	2.11%
Dividend Payout Ratio (TTM)	36.37%	45.64%

Valuation

P/E Ratio (TTM)

Both Canadian Natural Resources (CNQ) at 9.95 and Tenaris (TS) at 15.09 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

TS

Energy industry group

15.09

Max: 39.54
Q3: 21.72
TS: 15.09
Median: 12.19
Q1: 7.71
Min: 2.99

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

P/S Ratio (TTM)

On P/S ratio, both Canadian Natural Resources (CNQ) at 2.06 and Tenaris (TS) at 2.44 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

CNQ

Energy industry group

2.06

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

TS

Energy industry group

2.44

Max: 5.40
Q3: 2.85
TS: 2.44
Median: 1.69
Q1: 0.88
Min: 0.00

Canadian Natural Resources (CNQ) vs. Tenaris (TS): 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 Tenaris (TS) at 3.53 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

TS

Energy industry group

3.53

Max: 4.21
TS: 3.53
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

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

Valuation Metrics

Valuation metrics for Canadian Natural Resources (CNQ) and Tenaris (TS)
Metric	CNQ	TS
P/E Ratio (TTM)	9.95	15.09
P/S Ratio (TTM)	2.06	2.44
P/B Ratio (MRQ)	2.97	3.53
Free Cash Flow Yield (TTM)	12.33%	6.50%