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ValueScreener company report

Canadian Natural Resources Limited (CNQ)

NYSE / Energy / Oil & Gas Exploration & Production

Share price

51.95 USD Market dataClose of Oct 15, 2026

Market capitalisation

107.10B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 26, 2026
Ratios computed
Oct 15, 2026
Filed years
11, FY2015 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

18.4% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

14.05x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Dividend yield

3.2% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 11.43B CADFY2016 Net income: -204.0M CADFY2017 Revenue: 17.34B CADFY2017 Net income: 2.40B CADFY2018 Revenue: 21.03B CADFY2018 Net income: 2.59B CADFY2019 Revenue: 22.87B CADFY2019 Net income: 5.42B CADFY2020 Revenue: 16.89B CADFY2020 Net income: -435.0M CADFY2021 Revenue: 30.06B CADFY2021 Net income: 7.66B CADFY2022 Revenue: 42.30B CADFY2022 Net income: 10.94B CADFY2023 Revenue: 35.97B CADFY2023 Net income: 8.23B CADFY2024 Revenue: 35.66B CADFY2024 Net income: 6.11B CADFY2025 Revenue: 38.76B CADFY2025 Net income: 10.82B CAD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
6 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 14.05x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Oil & Gas Exploration & Production industry (48 companies), 14.05x sits at the 46th percentile; the middle half of that group runs from 10.64x to 25.81x.

Is it good

Return on invested capital was 18.4% in FY2025, in the band labelled "Above the cost of capital" (12.0% to 20.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Energy sector (108 companies), 18.4% sits at the 90th percentile; the middle half of that group runs from 2.6% to 11.9%.

Is it safe

Debt to equity was 0.44 in FY2025, in the band labelled "Conservative" (below 0.50), on lines anchored on Graham's defensive-investor criteria, suggesting a balance sheet that relies little on borrowing.

Today, against the Oil & Gas Exploration & Production industry (34 companies), 0.44 sits at the 57th percentile; the middle half of that group runs from 0.26 to 0.73.

Year by year against peers
Whether Canadian Natural Resources Limited's return on invested capital stayed above the median of the Energy sector, year by year. (FY2020 to FY2025, 6 fiscal years of Canadian Natural Resources Limited with a comparable figure)
The direction
Which way Canadian Natural Resources Limited's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Canadian Natural Resources Limited)
What could explain it
What in Canadian Natural Resources Limited's filed statements could explain the movements. (2 readings drawn from the statement lines Canadian Natural Resources Limited filed)
What to check next
What to check next on Canadian Natural Resources Limited, and where in its filings. (2 questions for Canadian Natural Resources Limited)
In one paragraph
One paragraph on Canadian Natural Resources Limited's returns, cash, balance sheet and price. (7 of sixteen figures read for Canadian Natural Resources Limited)

These are CNQ’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CNQPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 40-F, filed Mar 26, 2026, accession 0001017413-26-000018.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Canadian Natural Resources Limited: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax18.4% ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Return on equity24.4% ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Return on capital employed, pre-tax
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Return on assets11.8% ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Operating margin
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Net margin27.9% ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
CNQ 27.9%
EOG 22.0%DVN 15.4%EQT 23.6%WDS 20.9%COP 13.6%
13.6%27.9%
Net margin: CNQ against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Canadian Natural Resources Limited: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.44 ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Current ratio0.95 ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Quick ratio0.63 ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Net debt19.05B ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Total assets 91.83BTotal liabilities 47.46BShareholders' equity 44.37BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Canadian Natural Resources Limited owned and owed at the end of fiscal 2025, from the balance sheet it filed (40-F, filed Mar 26, 2026, 0001017413-26-000018).

Canadian Natural Resources Limited: balance sheet position
Total assets91.83B FiledFY2025 40-F, filed Mar 26, 2026
Total liabilities47.46B FiledFY2025 40-F, filed Mar 26, 2026
Shareholders' equity44.37B FiledFY2025 40-F, filed Mar 26, 2026
Cash673.0M FiledFY2025 40-F, filed Mar 26, 2026
Total debt19.72B FiledFY2025 40-F, filed Mar 26, 2026
Net debt19.05B
Current ratio0.95
Debt to equity0.44
  • Interest cover: FY2025: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Canadian Natural Resources Limited: what the market charges, each with its source
FigureValue, source and document
Price to earnings14.05x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book3.43x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Price to sales3.92x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Enterprise value to EBIT11.98x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018

We publish no fair value or price target of our own. Value CNQ on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Canadian Natural Resources Limited today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Canadian Natural Resources Limited: valuation
Share price51.95 USD
Market capitalisation107.10B USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Canadian Natural Resources Limited

  1. EOG Resources, Inc. (EOG)Market cap 80.05B USD
  2. Devon Energy Corporation (DVN)Market cap 54.16B USD
  3. EQT Corporation (EQT)Market cap 32.81B USD
  4. Woodside Energy Group Ltd (WDS)Market cap 44.13B USD
  5. ConocoPhillips (COP)Market cap 170.30B USD

Same industry (Oil & Gas Exploration & Production) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Canadian Natural Resources Limited: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Dividend yield3.2% ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Payout ratio45.0% ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
FY2016 Free cash flow: -700.0M CADFY2016 Net income: -204.0M CADFY2017 Free cash flow: 2.69B CADFY2017 Net income: 2.40B CADFY2018 Free cash flow: 5.95B CADFY2018 Net income: 2.59B CADFY2019 Net income: 5.42B CADFY2020 Net income: -435.0M CADFY2021 Net income: 7.66B CADFY2022 Net income: 10.94B CADFY2023 Net income: 8.23B CADFY2024 Net income: 6.11B CADFY2025 Net income: 10.82B CAD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Canadian Natural Resources Limited: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
14.05xFY2025Oct 15, 2026
3.43xFY2025Oct 15, 2026
11.98xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
18.4%FY2025Mar 26, 2026
3.2%FY2025Oct 15, 2026
0.44FY2025Mar 26, 2026
0.95FY2025Mar 26, 2026
3.92xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2025Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.76FY2025Mar 26, 2026
7/9FY2025Mar 26, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 11 filed fiscal years on record, FY2015 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Canadian Natural Resources Limited filed with the SEC. Each year names its filing. Amounts in CAD, as filed.

Canadian Natural Resources Limited: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202538.76B14.28B10.82Bn/an/an/a24.4%40-F, Mar 26, 20260001017413-26-000018
FY202435.66B8.73B6.11Bn/an/an/a15.5%40-F, Mar 26, 20250001017413-25-000024
FY202335.97B10.86B8.23Bn/an/an/a20.7%40-F, Mar 20, 20240001017413-24-000015
FY202242.30B14.37B10.94Bn/an/an/a28.6%40-F, Mar 23, 20230001017413-23-000022
FY202130.06B10.65B7.66Bn/an/an/a20.7%40-F, Mar 23, 20220001017413-22-000028
FY202016.89B-45.0M-435.0Mn/an/an/a-1.3%40-F, Mar 24, 20210001017413-21-000018
FY201922.87B5.87B5.42Bn/an/an/a15.5%40-F, Mar 27, 20200001017413-20-000013
FY201821.03B4.32B2.59Bn/a5.95Bn/a8.1%40-F, Mar 27, 20190001017413-19-000018
FY201717.34B3.60B2.40Bn/a2.69Bn/a7.6%40-F, Mar 22, 20180001017413-18-000017
FY201611.43B-632.0M-204.0Mn/a-700.0Mn/a-0.8%40-F, Mar 22, 20180001017413-18-000017
  • Revenue, compound annual growth FY2016 to FY2025: 14.5%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2018, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Canadian Natural Resources Limited: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.76 ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Piotroski F-score7/9 ComputedFY2025 40-F, filed Mar 26, 2026, 0001017413-26-000018
Named tests met6 of 30 Computed
Beta-0.17 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 6 met, 17 not met, 7 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Earnings yield and ROIC (Joel Greenblatt); High returns and growth; Low beta, profitable; ROIC at or above WACC; Owner earnings yield; Clean books, high ROIC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); Gross margin, turnover (Robert Novy-Marx); Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; P/E times P/B (Benjamin Graham); High returns, low debt; Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(12)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No operating income line is filed for this year.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 12 figures could not be read on this company, among them Positive Earnings Streak, Altman Z-Score, PEG Ratio. Each blank in the table above names the rest, with its reason. 7 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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