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Canadian Natural Resources (CNQ) USD

At a glance: strengths & risks
✓Revenue growing (+7%)✓Profit growing (+74%)✓Low leverage (0.9x EBITDA)✗Margins compressing (65%→45%)✗Pricier than own history (EV/EBITDA 9.3 vs avg 5.5)

Sector: Oil & gas

Geography: Canada, United Kingdom

COMM_CNQ

Price chart

47.01 USDDay 2.62%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
47.01 USD · 2.62%
Market cap
97.9 bn USD

Growth

Δ revenue y/y
-15.9%
Δ EBITDA y/y
-23.7%

Multiples

P/E (LTM)
14.1x
3y avg: 11.8x
P/B (FY)
3.1x
P/E (ann.)
25.6x
EV/EBITDA (LTM)
9.3x
3y avg: 5.5x
EV/EBITDA (ann.)
9.7x

Cash return

Dividend yield
1.9%
FCF yield (LTM)
5.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-20.0%
↓ details

Liquidity

Daily turnover (listing)
298.6 mln USD

Shares: yahoo_fundamentals_timeseries/CNQ

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-03-31Q1 2026 (3M)OK7.7
y/y -15.9%
1.4
y/y -38.4%
1.4
y/y 2.2%
2.8
y/y -23.7%
1.0
y/y -45.7%
2.4-1.566.6
y/y 9.7%
31.6
y/y 9.2%
12.1%11.4Link
2025-12-31Q4 2025 (3M)OK3.8
y/y -34.7%
1.3
y/y -66.3%
1.8
y/y 58.3%
3.1
y/y -37.5%
3.8
y/y 356.8%
2.7-1.065.7
y/y 5.5%
31.8
y/y 10.2%
25.5%11.4Link
2025-09-30Q3 2025 (3M)OK7.9
y/y 4.3%
0.8
y/y -62.4%
2.3
y/y 97.0%
3.1
y/y -4.8%
0.4
y/y -74.0%
2.8-1.561.3
y/y 11.7%
29.0
y/y -0.6%
2.0%12.3Link
2025-06-30Q2 2025 (3M)OK6.9
y/y 4.8%
1.5
y/y -21.1%
1.3
y/y -0.9%
2.7
y/y -12.9%
1.8
y/y 40.5%
2.2-1.461.0
y/y 10.1%
29.6
y/y 2.6%
24.1%12.2Link
2025-03-31Q1 2025 (3M)OK9.1
y/y 51.1%
2.4
y/y -48.0%
1.3
y/y 12.5%
3.7
y/y -35.4%
1.8
y/y 144.1%
3.1-0.960.7
y/y 9.4%
28.9
y/y 0.3%
24.4%12.4Link
2024-12-31Q4 2024 (3M)OK5.8
y/y —
3.8
y/y —
1.1
y/y —
5.0
y/y —
0.8
y/y —
2.5-0.962.3
y/y —
28.8
y/y —
15.4%13.6Link
2024-09-30Q3 2024 (3M)OK7.6
y/y -12.9%
2.1
y/y -21.0%
1.2
y/y 2.4%
3.2
y/y -13.9%
1.7
y/y -4.8%
2.2-1.054.8
y/y -3.1%
29.1
y/y -0.8%
7.6%6.8Link
2024-06-30Q2 2024 (3M)OK6.6
y/y 0.8%
1.9
y/y 50.8%
1.3
y/y 23.1%
3.1
y/y 38.2%
1.3
y/y 15.5%
3.0-1.255.4
y/y -0.5%
28.8
y/y 0.6%
17.4%8.1Link
2024-03-31Q1 2024 (3M)OK6.0
y/y -14.9%
4.5
y/y 149.1%
1.2
y/y 13.2%
5.7
y/y 99.3%
0.7
y/y -45.9%
2.1-0.855.5
y/y -0.5%
28.8
y/y 0.9%
9.9%7.7Link
2023-12-31Q4 2023 (3M)OK7.8
y/y —
2.1
y/y —
1.5
y/y —
3.6
y/y —
1.9
y/y —
3.60.156.3
y/y —
29.5
y/y —
26.4%7.4Link
2023-09-30Q3 2023 (3M)OK8.7
y/y —
2.6
y/y —
1.1
y/y —
3.7
y/y —
1.7
y/y —
2.6-0.856.6
y/y —
29.4
y/y —
8.0%8.5Link
2023-06-30Q2 2023 (3M)OK6.6
y/y —
1.2
y/y —
1.0
y/y —
2.3
y/y —
1.1
y/y —
2.0-1.255.7
y/y —
28.6
y/y —
15.2%8.9Link
2023-03-31Q1 2023 (3M)OK7.1
y/y —
1.8
y/y —
1.1
y/y —
2.9
y/y —
1.3
y/y —
1.0-0.955.8
y/y —
28.6
y/y —
—8.8Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 00010 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-50%0%50%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-6 000-4 000-2 00002 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

05 00010 00015 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
20 750 mln boe
2025
Reserve life (R/P)
36.3 yrs
reserves ÷ annual output
Annual production
571.63 mln boe
2025

Production, mln boe

78.342014310.142015293.322016350.052017392.752018399.822019423.762020449.442021466.372022484.732023496.212024571.632025149.532026

Proved reserves

YearReserves, mln boe
202520 750
202420 110
202318 504
202218 046
202116 950
202015 925
201914 252
201813 382
201711 866

Production

YearProduction, mln boeper day
2026149.53 * (3M)
+3.8%		1 637 541
2025571.63
+15.2%		1 566 112
2024496.21
+2.4%		1 359 471
2023484.73
+3.9%		1 328 014
2022466.37
+3.8%		1 277 726
2021449.44
+6.1%		1 231 329
2020423.76
+6.0%		1 160 989
2019399.82
+1.8%		1 095 403
2018392.75
+12.2%		1 076 024

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 92spot vs LTM +27%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -20.0% ▲ +2.0 pp 1d

Main driver: WTI Crude Oil +27% vs LTM; revenue ×1.23 vs costs ×1.04; EBITDA 11 728→14 736; at 6.4× EV/EBITDA → -20%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+89%91.8472.3176.26+27%+5%
Henry Hub Gas (rev)+8%2.913.373.11-14%-8%
Henry Hub Gas (cost)-1%2.913.373.11-14%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue26 296
LTM EBITDA11 728
LTM cash costs (revenue − EBITDA)14 568
2 · Revenue projection
Revenue multiplier — spot×1.229 (+23%)
= Spot revenue32 318
Revenue multiplier — 3y price×1.042 (+4%)
= 3-year-price revenue27 404
3 · Costs projection
Cost multiplier — spot×1.038 (+4%)
= Spot cash costs15 119
Cost multiplier — 3y price×1.039 (+4%)
= 3-year-price cash costs15 130
4 · EBITDA projection (revenue − costs)
= Spot EBITDA17 199
= 3-year-price EBITDA12 274
Conservative EBITDA = min(spot, avg)14 736
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.4x
Target EV = EV/EBITDA × conservative EBITDA94 165
Net debt11 436
Target market cap = EV − net debt82 729
Current market cap103 466

Upside = target market cap ÷ current − 1 = -20.0%

Life of mine: 36 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q26 5566 986-6.2%2 2741 913+18.9%
2023 Q38 7177 609+14.5%3 7492 887+29.9%
2023 Q47 8457 514+4.4%4 4132 803+57.5%
2024 Q16 0197 342-18.0%5 7123 026+88.8%
2024 Q26 6087 471-11.6%3 1444 147-24.2%
2024 Q37 5946 883+10.3%3 2293 769-14.3%
2024 Q45 8126 552-11.3%4 9583 579+38.5%
2025 Q19 0976 502+39.9%3 6914 183-11.8%
2025 Q26 9246 536+5.9%2 7372 916-6.1%
2025 Q37 9226 831+16.0%3 0743 037+1.2%
2025 Q43 7966 729-43.6%3 1002 801+10.7%
2026 Q17 6537 589+0.8%2 8173 714-24.2%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.1x · target 75th pct (3y) 6.4x · LTM avg 6.6x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-230.442 USDEx-dividend: 0.442 USD per sharePaidYahoo Finance (ex-div)
2026-03-200.455 USDEx-dividend: 0.455 USD per sharePaidYahoo Finance (ex-div)
2025-06-130.432 USDEx-dividend: 0.432 USD per sharePaidYahoo Finance (ex-div)
2025-03-210.41 USDEx-dividend: 0.41 USD per sharePaidYahoo Finance (ex-div)
2024-12-130.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2024-09-130.387 USDEx-dividend: 0.387 USD per sharePaidYahoo Finance (ex-div)
2024-06-170.382 USDEx-dividend: 0.382 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2023-12-070.368 USDEx-dividend: 0.368 USD per sharePaidYahoo Finance (ex-div)
2023-09-140.332 USDEx-dividend: 0.332 USD per sharePaidYahoo Finance (ex-div)
2023-06-150.338 USDEx-dividend: 0.338 USD per sharePaidYahoo Finance (ex-div)
2023-03-160.327 USDEx-dividend: 0.327 USD per sharePaidYahoo Finance (ex-div)
2022-12-150.314 USDEx-dividend: 0.314 USD per sharePaidYahoo Finance (ex-div)
2022-09-150.285 USDEx-dividend: 0.285 USD per sharePaidYahoo Finance (ex-div)
2022-08-220.5775 USDEx-dividend: 0.5775 USD per sharePaidYahoo Finance (ex-div)
2022-06-160.285 USDEx-dividend: 0.285 USD per sharePaidYahoo Finance (ex-div)
2022-03-170.2899 USDEx-dividend: 0.2899 USD per sharePaidYahoo Finance (ex-div)
2021-12-090.2272 USDEx-dividend: 0.2272 USD per sharePaidYahoo Finance (ex-div)
2021-09-160.1822 USDEx-dividend: 0.1822 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Canadian Natural Resources (CNQ) — from primary filings.

Canadian Natural Resources Limited explores for, produces, and sells crude oil, natural gas, and natural gas liquids. It operates in Western Canada, the North Sea, and Offshore Africa, and also owns midstream assets such as pipeline systems.

Frequently asked questions

What is Canadian Natural Resources (CNQ)'s P/E ratio?
Canadian Natural Resources (CNQ) trades at a P/E of 14.1x (price to trailing 12-month earnings).
What is Canadian Natural Resources (CNQ)'s EV/EBITDA?
Canadian Natural Resources (CNQ) trades at 9.3x EV/EBITDA.
What is Canadian Natural Resources (CNQ)'s P/B ratio?
Canadian Natural Resources (CNQ) trades at a P/B of 3.1x.
What is Canadian Natural Resources (CNQ)'s dividend yield?
Canadian Natural Resources (CNQ)'s trailing 12-month dividend yield is 1.9%.
What is Canadian Natural Resources (CNQ)'s return on equity (ROE)?
Canadian Natural Resources (CNQ)'s ROE is 12.1%.
What is Canadian Natural Resources (CNQ)'s market capitalization?
Canadian Natural Resources (CNQ)'s market cap is 97.9 bn USD.