Latest Ratios: P/E Ratio 10.9x · EV/EBITDA 8.6x · ROE 25.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $82.1B | $71.0B | $66.1B | $72.2B | $63.0B | $49.9B | $28.4B | $38.5B | $29.4B | $42.3B | $35.1B |
| Enterprise Value | $95.5B | $90.0B | $86.2B | $82.1B | $75.1B | $65.5B | $46.5B | $56.0B | $49.9B | $64.6B | $51.9B |
| P/E Ratio → | 10.85 | 6.56 | 10.83 | 8.76 | 5.76 | 6.52 | — | 7.13 | 11.39 | 17.51 | — |
| P/S Ratio | 2.64 | 1.61 | 1.85 | 1.77 | 1.27 | 1.52 | 1.63 | 1.69 | 1.32 | 2.39 | 3.16 |
| P/B Ratio | 2.65 | 1.60 | 1.67 | 1.81 | 1.65 | 1.35 | 1.12 | 1.43 | 0.92 | 1.33 | 1.34 |
| P/FCF | 13.87 | 8.43 | 8.16 | 9.70 | 4.41 | 6.32 | 13.20 | 7.38 | 5.18 | 16.48 | — |
| P/OCF | 7.74 | 4.70 | 4.94 | 5.85 | 3.25 | 4.36 | 6.03 | 4.37 | 2.91 | 5.82 | 10.16 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.04 | 2.42 | 2.01 | 1.52 | 1.99 | 2.66 | 2.45 | 2.24 | 3.65 | 4.67 |
| EV / EBITDA | 8.58 | 5.69 | 3.69 | 4.87 | 3.40 | 4.30 | 7.74 | 3.28 | 4.90 | 8.59 | 13.94 |
| EV / EBIT | 16.51 | 6.31 | 8.87 | 7.57 | 5.22 | 6.14 | — | 10.10 | 11.56 | 17.93 | — |
| EV / FCF | — | 10.69 | 10.65 | 11.03 | 5.26 | 8.29 | 21.57 | 10.73 | 8.79 | 25.18 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.3% | 21.3% | 49.3% | 28.8% | 32.8% | 32.2% | 0.4% | 52.0% | 23.4% | 16.7% | -3.9% |
| Operating Margin | 18.6% | 18.6% | 47.1% | 25.6% | 29.8% | 29.0% | — | 49.5% | 21.8% | 13.2% | -11.5% |
| Net Profit Margin | 24.5% | 24.5% | 17.1% | 20.2% | 22.1% | 23.3% | -2.5% | 23.7% | 11.6% | 13.6% | -1.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.8% | 25.8% | 15.4% | 21.1% | 29.1% | 24.6% | -1.7% | 18.4% | 8.1% | 8.3% | -0.8% |
| ROA | 12.2% | 12.2% | 7.6% | 10.8% | 14.3% | 11.3% | -0.7% | 8.1% | 3.6% | 3.6% | -0.3% |
| ROIC | 10.0% | 10.0% | 23.0% | 15.7% | 21.6% | 14.9% | — | 17.5% | 6.8% | 3.6% | -2.2% |
| ROCE | 10.3% | 10.3% | 23.3% | 15.4% | 21.6% | 15.3% | — | 18.3% | 7.2% | 3.9% | -2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.51 | 0.27 | 0.34 | 0.44 | 0.71 | 0.65 | 0.64 | 0.71 | 0.64 |
| Debt / EBITDA | 1.24 | 1.24 | 0.87 | 0.64 | 0.59 | 1.07 | 3.03 | 1.03 | 2.02 | 2.99 | 4.52 |
| Net Debt / Equity | — | 0.43 | 0.51 | 0.25 | 0.32 | 0.42 | 0.71 | 0.65 | 0.64 | 0.71 | 0.64 |
| Net Debt / EBITDA | 1.20 | 1.20 | 0.86 | 0.59 | 0.55 | 1.02 | 3.00 | 1.02 | 2.01 | 2.97 | 4.51 |
| Debt / FCF | — | 2.26 | 2.49 | 1.33 | 0.84 | 1.97 | 8.37 | 3.35 | 3.61 | 8.71 | — |
| Interest Coverage | 13.74 | 13.74 | 14.44 | 15.71 | 21.45 | 14.34 | -0.05 | 6.08 | 5.41 | 4.95 | -1.48 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.95 | 0.77 | 0.96 | 0.82 | 0.80 | 0.86 | 0.68 | 0.63 | 0.78 | 0.85 |
| Quick Ratio | 0.63 | 0.63 | 0.48 | 0.69 | 0.61 | 0.59 | 0.65 | 0.50 | 0.43 | 0.64 | 0.72 |
| Cash Ratio | 0.08 | 0.08 | 0.01 | 0.19 | 0.16 | 0.14 | 0.10 | 0.09 | 0.13 | 0.16 | 0.18 |
| Asset Turnover | — | 0.48 | 0.42 | 0.54 | 0.65 | 0.43 | 0.30 | 0.37 | 0.31 | 0.24 | 0.19 |
| Inventory Turnover | 13.28 | 13.28 | 6.47 | 14.29 | 18.33 | 14.39 | 20.94 | 12.36 | 17.87 | 16.46 | 16.74 |
| Days Sales Outstanding | — | 33.02 | 42.24 | 28.50 | 26.20 | 34.56 | 40.93 | 30.50 | 18.81 | 56.17 | 75.15 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.1% | 6.9% | 6.7% | 5.4% | 7.8% | 3.4% | 6.9% | 4.5% | 5.3% | 3.0% | 2.2% |
| Payout Ratio | 45.0% | 45.0% | 72.5% | 47.3% | 45.0% | 22.4% | — | 32.2% | 60.3% | 52.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.2% | 15.2% | 9.2% | 11.4% | 17.4% | 15.3% | — | 14.0% | 8.8% | 5.7% | — |
| FCF Yield | 7.2% | 11.9% | 12.3% | 10.3% | 22.7% | 15.8% | 7.6% | 13.5% | 19.3% | 6.1% | — |
| Buyback Yield | 1.2% | 2.0% | 4.0% | 4.6% | 8.8% | 2.5% | 1.0% | 2.4% | 4.4% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.4% | 8.9% | 10.7% | 10.0% | 16.7% | 5.9% | 7.8% | 7.0% | 9.7% | 3.0% | 2.2% |
| Shares Outstanding | — | $2.1B | $2.1B | $2.2B | $2.3B | $2.4B | $2.4B | $2.4B | $2.4B | $2.4B | $2.2B |
Commodity price and differential volatility
Based on current market data, CNQ trades at a P/E of 10.86, which suggests investors are assigning a reliability premium to its long-life assets compared to the broader E&P sector, despite the inherent cyclicality of its synthetic crude oil and bitumen-heavy production profile.
The forward P/E of 9.27 implies that the market anticipates sustained cash flow generation, likely pricing in the structural benefits of the Trans Mountain Expansion. However, the valuation remains sensitive to the WCS-WTI differential, and investors should monitor whether this premium is justified by consistent operational execution rather than temporary commodity price tailwinds.
According to quarterly financial reports, CNQ's ROIC has fluctuated between 2.2% and 5.7% over the last ten quarters, reflecting the significant capital intensity required to maintain its massive oil sands mining and upgrading infrastructure in a volatile commodity price environment.
The variability in returns suggests that while the company possesses a structural cost advantage, its ability to compound capital is heavily tethered to the realized price of bitumen. Investors should interpret these returns as a function of sustaining capital requirements, which appear to be a persistent drag on overall capital efficiency.
As reported in recent filings, CNQ's cash conversion cycle has remained relatively stable, averaging between 41 and 65 days, which indicates a disciplined approach to managing its inventory of synthetic crude and bitumen despite the logistical complexities of Western Canadian pipeline bottlenecks.
The asset turnover ratio, consistently low at approximately 0.11 to 0.15, underscores the extreme capital intensity of the business model. This low turnover is a structural reality of the oil sands industry, implying that operational efficiency gains are likely to be incremental rather than transformative.
Based on the company's reported figures, the debt-to-equity ratio has remained contained within a 0.25 to 0.51 range, suggesting that management has successfully navigated the capital-intensive nature of its operations while maintaining a healthy balance sheet relative to its integrated energy peers.
The interest coverage ratio, which has seen peaks near 28x, indicates that debt service remains comfortable under current commodity price regimes. However, the reliance on debt to fund large-scale infrastructure projects warrants ongoing monitoring, particularly if the company continues its aggressive shareholder return policy.
The most commonly misapplied metric for CNQ is the standard P/E ratio, which fails to account for the non-depleting nature of its long-life oil sands assets, often leading analysts to undervalue the company's durability compared to traditional, high-decline shale exploration and production firms.
Because CNQ operates more like a resource utility with near-zero decline rates on its core mining assets, the P/E ratio obscures the true quality of its earnings. A more appropriate framework would involve a focus on free cash flow yield or a net asset value (NAV) model that incorporates the long-term production tail.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CNQ stock.
Canadian Natural Resources Limited's current P/E ratio is 10.9x. The historical average is 12.3x. This places it at the 52th percentile of its historical range.
Canadian Natural Resources Limited's current EV/EBITDA is 8.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.9x.
Canadian Natural Resources Limited's return on equity (ROE) is 25.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 14.9%.
Based on historical data, Canadian Natural Resources Limited is trading at a P/E of 10.9x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Canadian Natural Resources Limited's current dividend yield is 4.14% with a payout ratio of 45.0%.
Canadian Natural Resources Limited has 21.3% gross margin and 18.6% operating margin. Operating margin between 10-20% is typical for established companies.
Canadian Natural Resources Limited's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.