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Canada's largest oil and gas producer, operating oil-sands mining, thermal in-situ, conventional oil and natural-gas assets.
Canada's largest oil and gas producer, operating oil-sands mining, thermal in-situ, conventional oil and natural-gas assets.
Sells synthetic crude, produced and upgraded at its own oil-sands mines, and heavy crude, mostly to North American refiners. Oil sands decline slowly, so less spending is needed to keep output flat, which supports dividends and buybacks. It bought Shell's stake in the Athabasca oil sands and Marathon's Canadian assets in 2017.
In one line: Canada's ConocoPhillips (oil-sands-heavy).
Moat: narrow (scale, installed base, cost advantage). Large, long-life, low-decline oil-sands reserve base gives cost and scale advantages versus peers.
Headquarters: Calgary, Alberta, Canada · Employees: 10,750
Size Canadian Natural Resources (CNQ.TO) is a Canada Energy company (Integrated Oil) with a market value of $101B, the 9th largest of 420 Canada companies the cockpit tracks. Shares closed at C$68.50 on 6 Nov 2026.
Performance Over six months the shares gained 12.4%, against +2.6% for the median peer and +5.2% for the Canada market (cap-weighted) — 6th highest of 19 in its peer set.
Growth Revenue grew 17.6% over the last twelve months (peer median +13.5%); the operating margin is 26.6% (peer median 22.8%).
Valuation It trades at 10.3× forward earnings against a peer median of 7.5× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.9 points above its cost of capital (7.7% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$44.7B | C$38.8B | C$35.7B | C$36.0B | C$42.3B |
| Revenue growth | — | +9% | -1% | -15% | — |
| Gross profit | C$13.1B | C$9.02B | C$10.5B | C$11.4B | C$16.0B |
| EBITDA | C$21.8B | C$18.0B | C$16.8B | C$17.2B | C$22.4B |
| Net income | C$11.8B | C$10.8B | C$6.11B | C$8.23B | C$10.9B |
| Free cash flow | C$9.83B | C$8.43B | C$8.10B | C$7.49B | C$14.3B |
| Capital expenditure | C$8.16B | C$6.79B | C$5.38B | C$4.91B | C$5.14B |
| Total debt | C$20.2B | C$19.7B | C$20.3B | C$12.4B | C$13.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Canadian Natural Resources CNQ.TO | $101B | +12% | +18% | 27% | 10.3× | 2.8% |
| Suncor Energy SU.TO | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% |
| Cenovus Energy CVE.TO | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% |
| Imperial Oil IMO.TO | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% |
| ConocoPhillips COP | $164B | +21% | +9% | 22% | 11.5× | -6.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CNQ.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.0% | -4.1% | 5th highest of 19 |
| 6-month return | +12.4% | +2.6% | 6th highest of 19 |
| Distance from 52-week high | -12.8% | -14.7% | 8th highest of 19 |
| Revenue growth (TTM) | +17.6% | +13.5% | 8th highest of 19 |
| Operating margin | 26.6% | 22.8% | 7th highest of 19 |
| Forward P/E | 10.3× | 7.5× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 2.8% | -13.1% | most demanding of 19 |
| Growth delivered (Del g) | +18.1% | +15.4% | 7th highest of 19 |
| Hurdle (Req g minus delivered) | -15.3 pp | -27.8 pp | 3rd most demanding of 19 |
| ROIC minus cost of capital | +5.9 pp | +10.7 pp | 8th lowest of 19 |
| EV / EBITDA | 7.3× | 4.6× | 2nd most expensive of 19 |
| Net debt / EBITDA | 0.8× | 0.5× | 7th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Canadian Natural Resources CNQ.TO | Canada | $101B | +12% | +18% | 27% | 10.3× | 2.8% | +18.1% |
| Equinor EQNR.OL | Norway | $102B | +12% | +2% | 33% | 7.2× | -15.4% | +20.7% |
| Bp PLC BP..L | United Kingdom | $116B | +2% | +23% | 13% | 5.4× | -16.3% | +11.7% |
| Petroleo Brasileiro SA Sponsored ADR PBR | United States | $118B | -9% | +21% | 35% | 3.7× | -19.8% | +11.0% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| EOG Resources EOG | United States | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% | +17.9% |
| CNOOC 600938.SS | China | $141B | -22% | +7% | 46% | 9.0× | -21.8% | +20.6% |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
| TotalEnergies TTE.PA | France | $200B | +2% | +11% | 17% | 7.0× | -15.6% | +9.0% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |
| Shell SHEL.L | United Kingdom | $284B | +18% | +15% | 16% | 7.7× | -10.9% | +8.1% |
| Ecopetrol SA Sponsored ADR EC | United States | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% | +15.9% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
| PetroChina 601857.SS | China | $336B | +4% | -3% | 9% | 12.1× | -5.1% | +8.6% |
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |