Stocktoria

Canadian Natural Resources Limited CNQ.TO

CA · Toronto Stock Exchange · XTSE · stock · Energy · website

Canadian Natural Resources Limited statistics & valuation

Market capC$136.8B
P / E12.6×
P / S3.1×
P / B3.1×
P / FCF16.4×
Dividend yield3.56%
Net margin24.5%
Return on equity24.4%
FCF margin18.8%
Net debtC$15.9B
Enterprise value USD$109.8B
Earnings yield EBIT/EV5.4%
Return on capital9.8%
Graham number -24.7%C$49.99

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (C$49.99); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
22.10% 20.20% 14.70% 24.50% 2022202320242025
Gross margin (%)
32.80% 28.80% 26.30% 21.30% 2022202320242025
Operating margin (%)
29.80% 25.60% 23.40% 18.60% 2022202320242025
Return on equity (%)
28.60% 20.70% 15.50% 24.40% 2022202320242025
Shares outstanding
2.06B 2.06B 2.06B 2.06B 2022202320242025
Net debt (C$)
C$10.53B C$9.92B C$18.69B C$15.94B 2022202320242025
Share buybacks (C$)
C$5.57B C$3.32B C$2.66B C$1.45B 2022202320242025
Return on assets (%)
14.40% 10.80% 7.20% 11.80% 2022202320242025
Free cash flow margin (%)
28.80% 18.20% 19.30% 18.80% 2022202320242025
Debt / equity (×)
0.30× 0.27× 0.48× 0.37× 2022202320242025
EPS (C$)
C$4.76 C$3.73 C$2.85 C$5.16 2022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Canadian Natural Resources Limited trades at about 12.9× earnings — below its 10-year norm (10-year range 9.8×–23×, median 17.2×).

9.8× 23×

Shaded band = 10-year range (9.8×–23×); dot = today's 12.9×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022
Gross margin21.3%26.3%28.8%32.8%
Operating margin18.6%23.4%25.6%29.8%
Net margin24.5%14.7%20.2%22.1%
FCF margin18.8%19.3%18.2%28.8%
Return on assets11.8%7.2%10.8%14.4%
Return on equity24.4%15.5%20.7%28.6%
Debt / equity0.36×0.42×0.25×0.29×
Current ratio0.950.770.960.82

Computed from company filings · CA · as of 2025-12-31. Figures in CAD. Facts plus Stocktoria's own computed scores — not investment advice.