🇬🇧 English 🇷🇴 Română 🇪🇸 Español soon 🇫🇷 Français soon 🇩🇪 Deutsch soon
Log in Register
e
Back

Canadian Natural Resources Ltd (CNQ.US) - analysis, score and valuation

Invest now AD

Full analysis of Canadian Natural Resources Ltd stock

Canadian Natural Resources Ltd (CNQ) stock analysis

$54.15 +55.21% over 12 months Updated daily · last update: June 10, 2026

Canadian Natural Resources Ltd (CNQ) is a company in the Oil & Gas E&P industry, listed on NYSE, with a market capitalisation of 113 billion USD. The stock trades at 54.15 USD, close to its 52-week high.

Against trailing twelve-month earnings, the price asks 11.5 times profit, versus 14.6 times for the industry median. Return on equity stands at 23.2%, against an industry median of 8.6%. Revenue has grown 20.4% a year over the past five years.

Over the past twelve months the stock returned +55.2%, against +24.8% for SPY over the same period. The analysis below covers valuation, profitability, growth, the balance sheet and price behaviour, with data updated daily.

Canadian Natural Resources Ltd (CNQ) stock: key data

Price, earnings and risk at a glance. Tap any figure to see what it means.

Canadian Natural Resources share price today

The stock is close to its one-year high and above its 50- and 200-day averages.

  • Open$53.51The price at which Canadian Natural Resources Ltd shares first traded in the latest session.
  • Close$54.15↑ 12.1%The price of the last Canadian Natural Resources Ltd trade in the session that closed.
  • Day range$53.39 - $54.37The lowest and highest price Canadian Natural Resources Ltd shares reached in that session.
  • Volume4.01M↓ 40.4%How many Canadian Natural Resources Ltd shares changed hands in the latest session.
  • 52-week range$28.30 - $50.98The lowest and highest price of Canadian Natural Resources Ltd shares over the past year.
  • Position in the 52-week range100%Where the current price of Canadian Natural Resources Ltd shares sits between the low and the high of the past year. 100% means right at the high.
  • 50-day average$46.88The average price of Canadian Natural Resources Ltd shares over the last 50 sessions. Shows the short-term trend.
  • 200-day average$37.39The average price of Canadian Natural Resources Ltd shares over the last 200 sessions. Shows the long-term trend.
  • Market cap$112.93BThe market value of all Canadian Natural Resources Ltd shares combined.

Canadian Natural Resources earnings and valuation

Earnings per share fell 45.3% versus the same quarter last year. At today's price, you pay 14 times annual earnings.

  • Earnings per share$3.97↓ 45.3%How much net profit belongs to a single Canadian Natural Resources Ltd share over the last twelve months.
  • Estimated earnings, current year$6.05↑ 52.3%The earnings per share analysts expect from Canadian Natural Resources Ltd for the current financial year.
  • Estimated earnings, next year$5.12↓ 15.4%The earnings per share expected from Canadian Natural Resources Ltd for the following financial year.
  • Revenue per share$18.51How much of the annual sales of Canadian Natural Resources Ltd belongs to a single share.
  • Book value per share$15.50How much Canadian Natural Resources Ltd equity belongs to one share, once debt is subtracted from assets.
  • Revenue, last 12 months$38.63B↑ 23.9%Total Canadian Natural Resources Ltd sales across the last four reported quarters.
  • Price / earnings13.64xHow many years of current profit a Canadian Natural Resources Ltd share costs at today price.
  • Forward price / earnings11.83xThe same ratio, but against the profit Canadian Natural Resources Ltd is expected to make next year.
  • PEG3.42xThe price/earnings ratio of Canadian Natural Resources Ltd divided by its growth rate. Below 1 is considered cheap relative to how fast it grows.
  • Enterprise value / EBITDA6.54xThe price of the whole Canadian Natural Resources Ltd business, debt included, against operating profit before depreciation.

Canadian Natural Resources risk and dividends

The stock moves roughly in line with the market, and few investors are betting on a fall.

  • Net margin23.84%↑ 2.4 ppHow much net profit Canadian Natural Resources Ltd keeps out of every unit of sales.
  • Return on equity23.18%How much net profit Canadian Natural Resources Ltd produces from shareholder money.
  • Dividend yield3.90%How much Canadian Natural Resources Ltd pays out in dividends each year, relative to the share price.
  • Dividend per share$1.83↑ 4.2%The estimated annual amount received for each Canadian Natural Resources Ltd share held.
  • Payout ratio50.91%What share of Canadian Natural Resources Ltd profit goes back to shareholders as dividends. The rest stays in the company.
  • Beta0.82How strongly Canadian Natural Resources Ltd shares move against the market. 1 means the same, above 1 means wider swings.
  • Debt / equity0.44How much debt Canadian Natural Resources Ltd carries for every unit of equity.
  • Short interest as % of float0.97%What share of freely tradable Canadian Natural Resources Ltd stock is sold short, as a bet on a decline.
  • Days to cover short positions0.78How many normal trading days it would take to close every short position on Canadian Natural Resources Ltd.

Some values update after the trading session opens, others are recalculated after it closes.

Is Canadian Natural Resources stock worth buying? The analysis in brief

The nine things an investor checks before buying, each with its own sign.

9 signs for Canadian Natural Resources

  • Business quality
  • Price risk
  • What large investors do

and 6 more signs

See them free with an account

Plus 3 full analyses a month, with the verdict and fair value.

Create an account and see the signs

30 seconds, no card. Already have an account? Sign in

Indicators for Canadian Natural Resources Ltd (CNQ) stock

How good the business is, how expensive the price is, and what the chart is doing for CNQ stock.

Scores for Canadian Natural Resources

  • Fundamentals
  • Valuation
  • Technicals

Each score brings several indicators together into one rating, easy to compare across companies.

Unlock them free with an account

Each score’s rating, the indicators behind it and the full calculation.

Continue with email

30 seconds, no card. Already have an account? Sign in

Canadian Natural Resources Ltd (CNQ) stock: arguments for and against

What supports and what weakens the investment case for CNQ stock

17 for and 6 against

The count is not the verdict. Some arguments carry more weight than others, and the verdict weighs them all.

For17

  • Passes 8 of the nine financial health checks.

    The Piotroski score counts nine simple things: whether the firm is profitable, whether it generates cash, whether debt is falling, whether margins are improving. Here 8 pass.

  • Out of every 100 units sold, 23.8% is left as profit.

    After all costs, taxes and interest, 23.8% of sales remains. Companies in the Energy sector retain 8.2%.

  • Shareholders' money earns 23.2% a year.

    For every unit of capital put in by shareholders, the company makes 23.2% of profit in a year. Companies in the Energy sector produce 9.9%.

See all 17 arguments Free with an account

Against6

  • Canadian Natural Resources Ltd (CNQ) shares pay 3.2% a year, below the sector.

    The dividend yields 3.2% a year on the share price, so anyone looking for dividend income will find more elsewhere. Companies in the Energy sector pay 4.2%.

  • Revenue at Canadian Natural Resources Ltd fell in each of the last four quarters, by 8.8% on average.

    Four quarters in a row below the year earlier level point to a trend rather than a one off. The year over year comparison rules out a seasonal explanation.

  • In the latest reported quarter, revenue was 14.7% below the same quarter a year earlier.

    The decline shows up in the most recent filing, measured against the equivalent period last year. One quarter is not a trend, but it sets the starting point for the next one.

See all 6 arguments Free with an account

Our verdict on Canadian Natural Resources Ltd stock

The Canadian Natural Resources Ltd score from 0 to 100, built from over 400 financial indicators. Not investment advice.

Today's verdict for Canadian Natural Resources

Which of the five tiers Canadian Natural Resources sits on, with its score and the reasoning behind it.

  • The score from 0 to 100 and its tier
  • The reasoning: what pushes the score up and what pulls it down
  • Fair value and projections, in the same analysis
Create an account and see the verdict

A free account gets you 3 full analyses a month. 30 seconds, no card. Already have an account? Sign in

How often we were right

63%of “Very attractive” verdicts proved right over 2 years: the stock beat the typical company.

Picking at random, you would be right 50% of the time, because half of all stocks beat the typical company. “Very attractive” stocks returned a median +47.7% over 2 years, against +27.6% for the typical company.

  • Very attractivemedian return +47.7%63%
  • Attractivemedian return +37.7%55%
  • Neutralmedian return +27.6%predicts no direction
  • Unattractivemedian return +21.3%55%
  • Very unattractivemedian return +14.3%58%

Measured on 21,538 assessments that called a direction, not on a few hand-picked examples: 57% were right. The more cases there are, the harder it is to stay above 50%, because luck cancels out. For the negative tiers, a verdict is right when the stock stays below the typical company.

We publish and keep the full history of the verdicts we have given for every company. For transparency and honesty.

Analysis produced automatically by einvestitii.ro, on data as of October 3, 2026. It is not investment advice. Who produces it, what it rests on and what conflicts of interest exist: see the full disclosure.

What it is really worth

Value & Valuation

The market price is what buyers are asking today. Here we work out what the share should cost based on the company’s own figures: using the valuation models professional investors rely on, the growth the current price assumes, and the target set by the analysts who follow the company.

Analyst rating and price target for Canadian Natural Resources

What the 22 analysts covering Canadian Natural Resources think and where they see the price in 12 months. These are their estimates, not ours.

Good sign

What do analysts recommend for Canadian Natural Resources stock?

Buy

Of the 22 analysts, 11 rate it a buy, 9 a hold and 2 a sell. The average is 3.73 out of 5.

  • Strong buy732%
  • Buy418%
  • Hold941%
  • Sell29%
  • Strong sell00%

How analysts compare with our score Unlock for free

Warning sign

What is the price target for Canadian Natural Resources stock?

$45.85, 15.3% below today's price.

The stock is 91% above its one-year low and close to its high.

1-year low
$28.30
Price target
$45.85
Today's price
$54.15
1-year high
$50.98

Good sign

How are analysts revising their estimates for Canadian Natural Resources?

7 raised · 3 lowered

Revisions over the past 30 days.

Warning sign

How much do analysts expect Canadian Natural Resources's earnings to grow?

-15.36%

The average earnings growth analysts expect.

Good sign

How many analysts cover Canadian Natural Resources stock?

22

The more analysts cover a company, the sturdier their average estimate.

All analyst data 8
Average rating3.73 out of 5
Price target$45.85
Price today$54.15
Rise from the low of the past year+91.36%
Fall from the high of the past year+6.21%
Revisions, last 30 days7 / 3
Expected earnings growth−15.36%
Analysts covering22

Analyst estimates, third-party source. These are not our verdict.

Transparency · MAR

Canadian Natural Resources Ltd (CNQ) stock fair value

What Canadian Natural Resources Ltd shares should cost, judged by the cash the business generates, by its growth and margins, and by what the market pays for similar companies.

What is one Canadian Natural Resources share really worth?

Fair value
Today's price
$54.15

What one Canadian Natural Resources share should cost based on the company’s numbers, and how far today’s price is from that value.

See the answer with a free account

  • How far today’s price is above or below fair value
  • How much you can rely on the estimate and how far the models disagree
Create an account and see the fair value

A free account gets you 3 full analyses a month. 30 seconds, no card. Already have an account? Sign in

These are estimates, not price targets. Tested on large US companies from 2018 to 2025, fair value did not anticipate 12-month returns: it is a price reference, not a buy signal.

Transparency · MAR

Canadian Natural Resources stock price projections

These are not forecasts. The range shows where the price ended up in 8 cases out of 10 for stocks with the same volatility. It carries no view on the company.

Projections for Canadian Natural Resources

  • 6 months
  • 12 months
  • 3 years
  • 5 years

For each horizon, the range the price reached for stocks with the same volatility as Canadian Natural Resources.

  • The exact prices: low end, midpoint and high end
  • Where today’s price sits in the range and how far each end is
Create an account and see the projections

A free account gets you 3 full analyses a month. 30 seconds, no card. Already have an account? Sign in

How often the ranges were right

79%of cases, over 6 months, the actual price landed inside the range.

Measured on 29,357 cases, large US stocks, from January 2023 to December 2025: the range calculated at the time, compared with the final price.

Model target: 80%

  • 6 months79%
  • 12 months79%
  • 3 years87%
  • 5 years85%

These are the model’s rates, checked against real past prices, not picked for Canadian Natural Resources.

Calculated on June 11, 2026.

The ranges are computed automatically by our own statistical model from historical prices.

This information is general in nature and is not investment advice. In line with Regulation (EU) 596/2014 on market abuse and Regulation (EU) 2024/1689 on artificial intelligence. Past performance does not guarantee future results. Full methodology

Transparency · MAR

How the business is actually doing

The Business & Its Results

Fundamental analysis of Canadian Natural Resources Ltd (CNQ) stock: profitability, growth rate and capital efficiency, measured on reported figures. The fundamental score is 52.9 out of 100, held up by growth and pulled down by value.

Canadian Natural Resources profitability, growth and earnings quality

Four questions about the Canadian Natural Resources business, each scored from 0 to 100 against companies in the Energy sector.

Good sign

How profitable is Canadian Natural Resources?

75 out of 100

Canadian Natural Resources earns 19.1% a year on the capital invested in the business.

The Energy sector median is 7.8%. Canadian Natural Resources does better than 89% of companies in its sector.

  • Return on invested capital (ROIC)Profit generated from all capital employed, equity and debt alike. Above the cost of capital (WACC) means value is created. Above 15% is very good.
  • Return on equity (ROE)How much net profit the company generates from shareholders' money. Above ~15% is very good; consistency matters as much as the level.
  • Net profit marginThe margin component of the DuPont breakdown of returns. Higher means the firm keeps more of every unit sold.
  • Return on assets (ROA)How much profit the company draws from the assets it owns. Above ~5% is solid, though it varies widely by industry.
  • Free cash flow marginHow much of sales is left as free cash after investment. Above ~15% is very healthy.
  • Gross profitabilityGross profit against assets, the quality measure proposed by Novy-Marx. High readings point to a durable competitive advantage.
  • Cash operating profitabilityProfitability measured on cash actually collected, not on accounting profit. High readings mean reported profit is backed by real money.
  • ROIC above the cost of capitalThe gap between the return on capital and what that capital costs. Positive means invested capital adds value. Negative means it destroys value.

Good sign

How fast is Canadian Natural Resources growing?

73 out of 100

Over the past five years, revenue rose by an average of 20.4% a year.

On revenue, Canadian Natural Resources is above the sector median of 13.6%.

  • Revenue growthAverage yearly revenue growth over the past five years. Above ~10% is solid growth for a mature company.
  • Free cash flow growthAverage yearly growth in free cash flow. Keeping pace with profit means growth is backed by real money.
  • Rule of 40Revenue growth added to the profitability margin. Above 40 means a good balance between growth and profitability.

Worth watching

Are Canadian Natural Resources's earnings backed by real cash?

60 out of 100

The classic tests find warning signs in the numbers reported by Canadian Natural Resources.

The Piotroski score is 8 out of 9. The Beneish score, -0.28, is above the -1.78 threshold at which earnings manipulation is suspected.

  • Piotroski F-scoreNine financial health checks; each one passed adds a point. 7 or more means improving fundamentals.
  • Beneish M-scoreModel that detects patterns of aggressive accounting. Below −1.78 means no signals of aggressive reporting. A statistical test, not an accusation.
  • Montier C-scoreSix warning signals about the quality of accounting. 0-1 is clean; 4 or above calls for caution.
  • Accruals ratio (Sloan)How much of reported profit is accounting only, rather than cash collected. Low or negative means profit is backed by real money.
  • Dilution from stock-based payHow much of shareholders' stake is diluted by shares granted to employees. Below 2% a year is bearable dilution.

Bad sign

How efficiently does Canadian Natural Resources use its capital?

37 out of 100

At Canadian Natural Resources, 51 days pass between paying suppliers and collecting cash from customers.

Canadian Natural Resources does better than 23% of companies in its sector.

  • Cash conversion cycleHow many days pass between paying suppliers and collecting from customers. Low or negative means the company funds operations with its partners' money.
  • Cash conversion cycle, 5-year averageThe five-year average of the conversion cycle, it shows consistency, not just this year. Stable and low means durable operational discipline.
  • Cash conversion of earningsHow much of accounting profit actually turns into cash. Above 100% means profit is more than covered by real money.
  • ROIC above the cost of capital, 5 yearsThe same gap between the return on capital and its cost, but computed on the five-year average return rather than the current year. Positive and stable means growth worth financing.

The scores compare Canadian Natural Resources with companies in the same sector; they are not absolute grades. A low score means the sector does better, not necessarily that the numbers are poor.

Canadian Natural Resources financial statements: revenue, profit, balance sheet and cash

The income statement, balance sheet and cash flows of Canadian Natural Resources Ltd. Totals and main components are shown by default; the rest open from “all rows”.

Canadian Natural Resources financial results: what the numbers say

The fiscal year ended December 31, 2025, explained in plain language.

Very strong results

Strengths: revenue is growing and profit margins are high.

  • RevenueVery strong
    44.17 bn CAD+23.9% vs 2024

    Revenue grew 23.9% from 2024. Over 4 years, it is up 34% in total.

  • Net incomeVery strong
    10.82 bn CAD+77.2% vs 2024

    24.5% of revenue was left as net profit, compared with 17.1% in 2024. Net income rose 77.2%.

  • Free cash flowStrong
    8.42 bn CAD+4.1% vs 2024

    After investment, 8.42 bn CAD was left as free cash, or 78% of net income. That is 4.1% more than the year before.

  • DebtVery strong
    19.35 bn CAD0.86x EBITDA

    Financial debt of 19.35 bn CAD equals 0.86 times annual operating profit (EBITDA). Over 4 years, debt is up 20%.

  • Returned to shareholdersVery strong
    6.31 bn CAD75% of free cash flow

    The company returned 6.31 bn CAD to shareholders: 1.45 bn CAD in share buybacks and 4.87 bn CAD in dividends. The share count is down 12% over 4 years, so each share now owns a larger slice of the profits.

Latest quarterBeat estimates

In the quarter ended March 31, 2026, revenue came in at 10.84 bn CAD and net income at 1.35 bn CAD. Earnings per share of 1.17 beat the analyst estimate (1.06) by 10.4%. That makes 2 beats in a row.

Compared with its sector

How the company's margins and returns compare with the rest of its sector.

Sector comparison Free with an account

Figures come from the company's annual and quarterly reports, and the explanations are generated automatically from the same figures. For education only, not investment advice.

revenue44.17 bn+23.9%20162025201611.10 bn201717.67 bn201822.28 bn201922.87 bn202017.49 bn202132.85 bn202249.53 bn202340.84 bn202435.66 bn202544.17 bn
operating income8.23 bn−51.0%201620252016−1.28 bn20172.34 bn20184.85 bn201911.33 bn2020−445.0 m20219.51 bn202214.76 bn202310.46 bn202416.80 bn20258.23 bn
net income10.82 bn+77.2%201620252016−204.0 m20172.40 bn20182.59 bn20195.42 bn2020−435.0 m20217.66 bn202210.94 bn20238.23 bn20246.11 bn202510.82 bn
Income statement, annual, 6 periods
 2025Δ 202420242023202220212020
44.17 bn100%+23.9%35.66 bn100%40.84 bn100%49.53 bn100%32.85 bn100%17.49 bn100%

Everything the company collected from sales, before any expense. At Canadian Natural Resources Ltd, in 2025: 44.17 bn · Δ +23.9% (2024).

34.77 bn78.7%+92.3%18.08 bn50.7%29.06 bn71.2%33.27 bn67.2%22.28 bn67.8%17.42 bn99.6%

What it cost to produce what was sold: materials, labour, the factory. At Canadian Natural Resources Ltd, in 2025: 34.77 bn · Δ +92.3% (2024).

9.40 bn21.3%−46.5%17.58 bn49.3%11.77 bn28.8%16.26 bn32.8%10.58 bn32.2%69.0 m0.4%

What is left from sales after the direct cost of the product, before admin salaries and research. At Canadian Natural Resources Ltd, in 2025: 9.40 bn · Δ −46.5% (2024).

gross margin21.3%21.3%49.3%49.3%28.8%28.8%32.8%32.8%32.2%32.2%0.4%0.4%
795.0 m1.8%+58.1%503.0 m1.4%943.0 m2.3%1.22 bn2.5%880.0 m2.7%309.0 m1.8%

Sales and admin salaries, marketing, rent, everything that keeps the company running. At Canadian Natural Resources Ltd, in 2025: 795.0 m · Δ +58.1% (2024).

of which: selling and marketing--279.0 m0.8%491.0 m1.2%804.0 m1.6%----
35.94 bn81.4%+90.6%18.86 bn52.9%30.37 bn74.4%34.77 bn70.2%23.34 bn71.0%17.49 bn100%

The sum of all costs: cost of product plus operating expenses. At Canadian Natural Resources Ltd, in 2025: 35.94 bn · Δ +90.6% (2024).

1.18 bn2.7%+50.3%782.0 m2.2%1.31 bn3.2%1.50 bn3.0%1.07 bn3.2%69.0 m0.4%

The sum of expenses that do not go directly into the product. At Canadian Natural Resources Ltd, in 2025: 1.18 bn · Δ +50.3% (2024).

8.23 bn18.6%−51.0%16.80 bn47.1%10.46 bn25.6%14.76 bn29.8%9.51 bn29.0%−445.0 m-2.5%

Profit from the core business, before interest and tax. At Canadian Natural Resources Ltd, in 2025: 8.23 bn · Δ −51.0% (2024).

operating margin18.6%18.6%47.1%47.1%25.6%25.6%29.8%29.8%29.0%29.0%-2.5%-2.5%
21.89 bn49.6%+34.6%16.27 bn45.6%17.27 bn42.3%21.73 bn43.9%16.38 bn49.9%6.00 bn34.3%

Profit before interest, tax and depreciation. Close to the cash the business produces. At Canadian Natural Resources Ltd, in 2025: 21.89 bn · Δ +34.6% (2024).

14.28 bn32.3%+46.9%9.72 bn27.3%10.86 bn26.6%14.37 bn29.0%10.65 bn32.4%−45.0 m-0.3%

Profit before interest and tax. At Canadian Natural Resources Ltd, in 2025: 14.28 bn · Δ +46.9% (2024).

Depreciation and amortisation7.61 bn17.2%+16.2%6.55 bn18.4%6.41 bn15.7%7.35 bn14.8%5.72 bn17.4%6.05 bn34.6%
Reconciled depreciation9.38 bn21.2%+40.5%6.68 bn18.7%7.48 bn18.3%7.35 bn14.8%5.72 bn17.4%6.05 bn34.6%
Interest income205.0 m0.5%+153%81.0 m0.2%55.0 m0.1%1.06 bn2.1%479.0 m1.5%645.0 m3.7%
Interest expense1.04 bn2.4%+54.4%673.0 m1.9%691.0 m1.7%670.0 m1.4%743.0 m2.3%828.0 m4.7%
Net interest income−834.0 m-1.9%−40.9%−592.0 m-1.7%−595.0 m-1.5%−549.0 m-1.1%−711.0 m-2.2%−756.0 m-4.3%
5.02 bn11.4%+157%−8.74 bn-24.5%−299.0 m-0.7%−1.06 bn-2.1%399.0 m1.2%−873.0 m-5.0%

The balance of all non-operating income and expense. At Canadian Natural Resources Ltd, in 2025: 5.02 bn · Δ +157% (2024).

13.24 bn30.0%+64.3%8.06 bn22.6%10.17 bn24.9%13.70 bn27.7%9.91 bn30.2%−873.0 m-5.0%

Profit left after interest, but before the state takes its share. At Canadian Natural Resources Ltd, in 2025: 13.24 bn · Δ +64.3% (2024).

2.42 bn5.5%+24.0%1.95 bn5.5%1.93 bn4.7%2.77 bn5.6%2.25 bn6.8%−438.0 m-2.5%

Income tax owed for the period. At Canadian Natural Resources Ltd, in 2025: 2.42 bn · Δ +24.0% (2024).

Tax provision2.42 bn5.5%+24.0%1.95 bn5.5%1.41 bn3.5%2.77 bn5.6%2.25 bn6.8%−438.0 m-2.5%
10.82 bn24.5%+77.2%6.11 bn17.1%7.13 bn17.5%10.94 bn22.1%7.66 bn23.3%−435.0 m-2.5%

Profit from the businesses the company will still have next year. At Canadian Natural Resources Ltd, in 2025: 10.82 bn · Δ +77.2% (2024).

10.82 bn24.5%+77.2%6.11 bn17.1%8.23 bn20.2%10.94 bn22.1%7.66 bn23.3%−435.0 m-2.5%

The profit left for shareholders after absolutely every expense. At Canadian Natural Resources Ltd, in 2025: 10.82 bn · Δ +77.2% (2024).

net margin24.5%24.5%17.1%17.1%20.2%20.2%22.1%22.1%23.3%23.3%-2.5%-2.5%
10.82 bn24.5%+77.2%6.11 bn17.1%8.23 bn20.2%10.94 bn22.1%7.66 bn23.3%−435.0 m-2.5%

The share of profit that belongs to ordinary shares. At Canadian Natural Resources Ltd, in 2025: 10.82 bn · Δ +77.2% (2024).

revenue10.84 bn−14.7%Q2 24Q1 26Q2 2410.62 bnQ3 2410.40 bnQ4 2411.06 bnQ1 2512.71 bnQ2 259.68 bnQ3 259.52 bnQ4 2510.71 bnQ1 2610.84 bn
operating income2.68 bn−18.6%Q2 24Q1 26Q2 242.56 bnQ3 242.82 bnQ4 242.59 bnQ1 253.29 bnQ2 252.06 bnQ3 254.39 bnQ4 251.79 bnQ1 262.68 bn
net income1.35 bn−45.0%Q2 24Q1 26Q2 241.72 bnQ3 242.27 bnQ4 241.14 bnQ1 252.46 bnQ2 252.46 bnQ3 25600.0 mQ4 255.30 bnQ1 261.35 bn
Income statement, quarterly, 6 periods
 Q1 26Δ Q1 25Q4 25Q3 25Q2 25Q1 25Q4 24
10.84 bn100%−14.7%10.71 bn100%9.52 bn100%9.68 bn100%12.71 bn100%11.06 bn100%

Everything the company collected from sales, before any expense. At Canadian Natural Resources Ltd, in Q1 26: 10.84 bn · Δ −14.7% (Q1 25).

7.36 bn67.9%−19.6%8.57 bn80.0%4.91 bn51.6%7.37 bn76.1%9.16 bn72.0%8.21 bn74.2%

What it cost to produce what was sold: materials, labour, the factory. At Canadian Natural Resources Ltd, in Q1 26: 7.36 bn · Δ −19.6% (Q1 25).

3.48 bn32.1%−2.2%2.14 bn20.0%4.61 bn48.4%2.31 bn23.9%3.56 bn28.0%2.86 bn25.8%

What is left from sales after the direct cost of the product, before admin salaries and research. At Canadian Natural Resources Ltd, in Q1 26: 3.48 bn · Δ −2.2% (Q1 25).

gross margin32.1%32.1%20.0%20.0%48.4%48.4%23.9%23.9%28.0%28.0%25.8%25.8%
--243.0 m2.3%152.0 m1.6%151.0 m1.6%178.0 m1.4%127.0 m1.1%

Sales and admin salaries, marketing, rent, everything that keeps the company running.

of which: selling and marketing----63.0 m0.7%8.0 m0.1%26.0 m0.2%44.0 m0.4%
8.16 bn75.3%−13.4%8.92 bn83.2%5.13 bn53.9%7.62 bn78.7%9.42 bn74.1%8.47 bn76.6%

The sum of all costs: cost of product plus operating expenses. At Canadian Natural Resources Ltd, in Q1 26: 8.16 bn · Δ −13.4% (Q1 25).

800.1 m7.4%+197%347.0 m3.2%215.0 m2.3%249.0 m2.6%269.0 m2.1%269.0 m2.4%

The sum of expenses that do not go directly into the product. At Canadian Natural Resources Ltd, in Q1 26: 800.1 m · Δ +197% (Q1 25).

2.68 bn24.7%−18.6%1.79 bn16.8%4.39 bn46.1%2.06 bn21.3%3.29 bn25.9%2.59 bn23.4%

Profit from the core business, before interest and tax. At Canadian Natural Resources Ltd, in Q1 26: 2.68 bn · Δ −18.6% (Q1 25).

operating margin24.7%24.7%16.8%16.8%46.1%46.1%21.3%21.3%25.9%25.9%23.4%23.4%
4.66 bn43.0%−10.9%9.63 bn89.9%3.89 bn40.8%4.81 bn49.7%5.23 bn41.1%3.71 bn33.5%

Profit before interest, tax and depreciation. Close to the cash the business produces. At Canadian Natural Resources Ltd, in Q1 26: 4.66 bn · Δ −10.9% (Q1 25).

2.68 bn24.7%−20.2%7.09 bn66.2%580.0 m6.1%3.05 bn31.5%3.36 bn26.4%1.81 bn16.4%

Profit before interest and tax. At Canadian Natural Resources Ltd, in Q1 26: 2.68 bn · Δ −20.2% (Q1 25).

Depreciation and amortisation1.98 bn18.3%+5.9%2.54 bn23.7%3.31 bn34.7%1.77 bn18.2%1.87 bn14.7%1.90 bn17.2%
Reconciled depreciation1.88 bn17.3%+0.4%2.54 bn23.7%3.21 bn33.7%1.77 bn18.2%1.87 bn14.7%1.90 bn17.2%
Interest income--65.0 m0.6%597.0 m6.3%669.0 m6.9%191.0 m1.5%1.00 bn9.1%
Interest expense318.8 m2.9%+23.6%245.0 m2.3%93.0 m1.0%238.0 m2.5%258.0 m2.0%223.0 m2.0%
Net interest income--−245.0 m-2.3%−93.0 m-1.0%−238.0 m-2.5%−258.0 m-2.0%−142.0 m-1.3%
−943.4 m-8.7%−394%5.05 bn47.2%−3.90 bn-41.0%749.0 m7.7%−191.0 m-1.5%−1.00 bn-9.1%

The balance of all non-operating income and expense. At Canadian Natural Resources Ltd, in Q1 26: −943.4 m · Δ −394% (Q1 25).

1.73 bn16.0%−44.0%6.85 bn63.9%487.0 m5.1%2.81 bn29.0%3.10 bn24.4%1.59 bn14.3%

Profit left after interest, but before the state takes its share. At Canadian Natural Resources Ltd, in Q1 26: 1.73 bn · Δ −44.0% (Q1 25).

383.0 m3.5%−40.1%1.55 bn14.4%−113.0 m-1.2%350.0 m3.6%639.0 m5.0%448.0 m4.0%

Income tax owed for the period. At Canadian Natural Resources Ltd, in Q1 26: 383.0 m · Δ −40.1% (Q1 25).

Tax provision--1.55 bn14.4%−113.0 m-1.2%350.0 m3.6%639.0 m5.0%448.0 m4.0%
--5.30 bn49.5%600.0 m6.3%2.46 bn25.4%2.46 bn19.3%1.14 bn10.3%

Profit from the businesses the company will still have next year.

1.35 bn12.5%−45.0%5.30 bn49.5%600.0 m6.3%2.46 bn25.4%2.46 bn19.3%1.14 bn10.3%

The profit left for shareholders after absolutely every expense. At Canadian Natural Resources Ltd, in Q1 26: 1.35 bn · Δ −45.0% (Q1 25).

net margin12.5%12.5%49.5%49.5%6.3%6.3%25.4%25.4%19.3%19.3%10.3%10.3%
--5.30 bn49.5%600.0 m6.3%2.46 bn25.4%2.46 bn19.3%1.14 bn10.3%

The share of profit that belongs to ordinary shares.

total assets91.76 bn+7.5%20162025201658.65 bn201773.87 bn201871.56 bn201978.12 bn202075.28 bn202176.67 bn202276.14 bn202375.96 bn202485.36 bn202591.76 bn
total liabilities47.43 bn+3.3%20162025201632.38 bn201742.21 bn201839.59 bn201943.13 bn202042.90 bn202139.72 bn202237.97 bn202336.12 bn202445.89 bn202547.43 bn
shareholders equity44.33 bn+12.3%20162025201626.27 bn201731.65 bn201831.97 bn201934.99 bn202032.38 bn202136.95 bn202238.18 bn202339.83 bn202439.47 bn202544.33 bn
Balance sheet, annual, 6 periods
 2025Δ 202420242023202220212020
91.76 bn100%+7.5%85.36 bn100%75.96 bn100%76.14 bn100%76.67 bn100%75.28 bn100%

Everything the company owns: factories, inventory, cash, receivables. At Canadian Natural Resources Ltd, in 2025: 91.76 bn · Δ +7.5% (2024).

7.66 bn8.3%+3.4%7.41 bn8.7%7.17 bn9.4%7.06 bn9.3%5.94 bn7.8%4.36 bn5.8%

What turns into money in less than a year. At Canadian Natural Resources Ltd, in 2025: 7.66 bn · Δ +3.4% (2024).

Cash672.5 m0.7%+413%131.0 m0.2%877.0 m1.2%920.0 m1.2%744.0 m1.0%184.0 m0.2%
Cash and equivalents673.0 m0.7%+414%131.0 m0.2%877.0 m1.2%920.0 m1.2%744.0 m1.0%184.0 m0.2%
Short-term investments--00.0%525.0 m0.7%491.0 m0.6%309.0 m0.4%305.0 m0.4%
Cash and short-term investments672.5 m0.7%+413%131.0 m0.2%1.40 bn1.8%1.41 bn1.9%1.05 bn1.4%489.0 m0.6%
Net receivables4.00 bn4.4%−3.2%4.13 bn4.8%3.19 bn4.2%3.56 bn4.7%3.11 bn4.1%2.50 bn3.3%
Inventory2.62 bn2.9%−6.2%2.79 bn3.3%2.03 bn2.7%1.82 bn2.4%1.55 bn2.0%1.06 bn1.4%
Other current assets370.7 m0.4%+4.4%355.0 m0.4%542.0 m0.7%61.0 m0.1%35.0 m0.0%82.0 m0.1%
84.10 bn91.7%+7.9%77.95 bn91.3%68.79 bn90.6%69.09 bn90.7%70.72 bn92.2%70.92 bn94.2%

What stays in the company for years: buildings, machinery, licences. At Canadian Natural Resources Ltd, in 2025: 84.10 bn · Δ +7.9% (2024).

Property, plant and equipment83.30 bn90.8%+7.7%77.33 bn90.6%68.25 bn89.9%68.53 bn90.0%70.16 bn91.5%69.83 bn92.8%
PP&E, net80.58 bn87.8%+4.2%77.33 bn90.6%66.04 bn86.9%68.53 bn90.0%70.16 bn91.5%69.83 bn92.8%
174.91 bn191%+5.3%166.09 bn195%150.59 bn198%146.08 bn192%140.84 bn184%69.83 bn92.8%

The purchase value of buildings and machinery, before accumulated depreciation. That is why it exceeds the net value. At Canadian Natural Resources Ltd, in 2025: 174.91 bn · Δ +5.3% (2024).

Other non-current assets3.52 bn3.8%+467%620.0 m0.7%2.75 bn3.6%547.0 m0.7%430.0 m0.6%951.0 m1.3%
Other assets869.0 m0.9%+40.2%620.0 m0.7%3.58 bn4.7%553.0 m0.7%565.0 m0.7%1.08 bn1.4%
47.43 bn51.7%+3.3%45.89 bn53.8%36.12 bn47.6%37.97 bn49.9%39.72 bn51.8%42.90 bn57.0%

Everything the company owes, to banks and suppliers alike. At Canadian Natural Resources Ltd, in 2025: 47.43 bn · Δ +3.3% (2024).

8.06 bn8.8%−16.3%9.63 bn11.3%7.44 bn9.8%8.65 bn11.4%7.42 bn9.7%5.08 bn6.7%

Debts due in less than a year. At Canadian Natural Resources Ltd, in 2025: 8.06 bn · Δ −16.3% (2024).

Accounts payable1.10 bn1.2%+2.3%1.08 bn1.3%1.42 bn1.9%1.34 bn1.8%803.0 m1.0%667.0 m0.9%
Short-term debt813.3 m0.9%−69.4%2.66 bn3.1%1.28 bn1.7%404.0 m0.5%1.00 bn1.3%1.34 bn1.8%
Current portion of long-term debt441.0 m0.5%−81.6%2.40 bn2.8%980.0 m1.3%404.0 m0.5%1.00 bn1.3%1.34 bn1.8%
Deferred revenue--−718.0 m-0.8%3.24 bn4.3%--4.67 bn6.1%2.35 bn3.1%
Other current liabilities6.14 bn6.7%+5.8%5.81 bn6.8%4.74 bn6.2%6.91 bn9.1%948.0 m1.2%722.0 m1.0%
39.37 bn42.9%+8.6%36.26 bn42.5%28.69 bn37.8%29.32 bn38.5%32.30 bn42.1%37.82 bn50.2%

Debts due beyond one year. At Canadian Natural Resources Ltd, in 2025: 39.37 bn · Δ +8.6% (2024).

Long-term debt16.18 bn17.6%−1.5%16.42 bn19.2%9.82 bn12.9%11.04 bn14.5%13.69 bn17.9%20.11 bn26.7%
Total long-term debt18.91 bn20.6%+7.3%17.63 bn20.7%11.08 bn14.6%12.34 bn16.2%15.09 bn19.7%21.61 bn28.7%
Capital lease obligations------1.54 bn2.0%1.58 bn2.1%1.88 bn2.5%
Other non-current liabilities11.94 bn13.0%+28.3%9.30 bn10.9%8.69 bn11.4%8.16 bn10.7%6.99 bn9.1%5.87 bn7.8%
Other liabilities------16.98 bn22.3%17.21 bn22.4%16.21 bn21.5%
44.33 bn48.3%+12.3%39.47 bn46.2%39.83 bn52.4%38.18 bn50.1%36.95 bn48.2%32.38 bn43.0%

What would be left for shareholders if everything were sold and every debt paid. At Canadian Natural Resources Ltd, in 2025: 44.33 bn · Δ +12.3% (2024).

11.41 bn12.4%+3.1%11.06 bn13.0%10.71 bn14.1%10.29 bn13.5%10.17 bn13.3%9.61 bn12.8%

Money put in by shareholders at founding and at capital raises. At Canadian Natural Resources Ltd, in 2025: 11.41 bn · Δ +3.1% (2024).

11.42 bn12.4%+3.2%11.06 bn13.0%10.71 bn14.1%10.29 bn13.5%10.17 bn13.3%9.61 bn12.8%

Capital subscribed by shareholders. At Canadian Natural Resources Ltd, in 2025: 11.42 bn · Δ +3.2% (2024).

32.70 bn35.6%+16.4%28.10 bn32.9%28.95 bn38.1%27.67 bn36.3%26.78 bn34.9%22.77 bn30.2%

Past years’ profits the company kept instead of distributing. At Canadian Natural Resources Ltd, in 2025: 32.70 bn · Δ +16.4% (2024).

Accumulated other comprehensive income218.8 m0.2%−27.3%301.0 m0.4%172.0 m0.2%209.0 m0.3%−1.0 m0.0%8.0 m0.0%
Other equity items219.0 m0.2%−27.2%301.0 m0.4%172.0 m0.2%209.0 m0.3%−1.0 m0.0%8.0 m0.0%
Common stock, total----------9.61 bn12.8%
91.76 bn100%+7.5%85.36 bn100%75.96 bn100%76.14 bn100%76.67 bn100%75.28 bn100%

Liabilities plus equity. Must equal total assets. At Canadian Natural Resources Ltd, in 2025: 91.76 bn · Δ +7.5% (2024).

19.03 bn20.7%−5.5%20.15 bn23.6%11.48 bn15.1%10.53 bn13.8%13.95 bn18.2%21.27 bn28.3%

Debt left after subtracting cash in the bank. Negative means more money than debt. At Canadian Natural Resources Ltd, in 2025: 19.03 bn · Δ −5.5% (2024).

19.71 bn21.5%−2.8%20.28 bn23.8%12.35 bn16.3%12.74 bn16.7%16.09 bn21.0%22.95 bn30.5%

All borrowings, short and long term. At Canadian Natural Resources Ltd, in 2025: 19.71 bn · Δ −2.8% (2024).

−399.0 m-0.4%+82.1%−2.23 bn-2.6%−268.0 m-0.4%−1.59 bn-2.1%−1.48 bn-1.9%−717.0 m-1.0%

The difference between what it collects and what it pays in the short term. At Canadian Natural Resources Ltd, in 2025: −399.0 m · Δ +82.1% (2024).

------38.18 bn50.1%36.95 bn48.2%32.38 bn43.0%

Assets without goodwill and licences, that is only what can be touched.

60.98 bn66.5%+4.6%58.29 bn68.3%50.63 bn66.7%49.62 bn65.2%51.64 bn67.4%53.83 bn71.5%

The capital the business actually has at work. At Canadian Natural Resources Ltd, in 2025: 60.98 bn · Δ +4.6% (2024).

2.10 bn-−2.0%2.14 bn-2.20 bn-2.30 bn-2.37 bn-2.36 bn-

How many shares exist. If the number rises, each shareholder’s slice shrinks. At Canadian Natural Resources Ltd, in 2025: 2.10 bn · Δ −2.0% (2024).

total assets67.61 bn−20.3%Q2 24Q1 26Q2 2475.94 bnQ3 2475.08 bnQ4 2485.36 bnQ1 2584.81 bnQ2 2585.27 bnQ3 2585.59 bnQ4 2591.76 bnQ1 2667.61 bn
total liabilities35.52 bn−19.9%Q2 24Q1 26Q2 2436.48 bnQ3 2435.18 bnQ4 2445.89 bnQ1 2544.37 bnQ2 2543.97 bnQ3 2545.13 bnQ4 2547.43 bnQ1 2635.52 bn
shareholders equity32.09 bn−20.7%Q2 24Q1 26Q2 2439.47 bnQ3 2439.90 bnQ4 2439.47 bnQ1 2540.45 bnQ2 2541.30 bnQ3 2540.46 bnQ4 2544.33 bnQ1 2632.09 bn
Balance sheet, quarterly, 6 periods
 Q1 26Δ Q1 25Q4 25Q3 25Q2 25Q1 25Q4 24
67.61 bn100%−20.3%91.76 bn100%85.59 bn100%85.27 bn100%84.81 bn100%85.36 bn100%

Everything the company owns: factories, inventory, cash, receivables. At Canadian Natural Resources Ltd, in Q1 26: 67.61 bn · Δ −20.3% (Q1 25).

6.73 bn10.0%−6.9%7.66 bn8.3%7.18 bn8.4%7.25 bn8.5%7.23 bn8.5%7.41 bn8.7%

What turns into money in less than a year. At Canadian Natural Resources Ltd, in Q1 26: 6.73 bn · Δ −6.9% (Q1 25).

Cash580.9 m0.9%+525%672.5 m0.7%113.0 m0.1%102.0 m0.1%93.0 m0.1%131.0 m0.2%
Cash and equivalents--673.0 m0.7%113.0 m0.1%102.0 m0.1%93.0 m0.1%131.0 m0.2%
Short-term investments----------00.0%
Cash and short-term investments580.9 m0.9%+525%672.5 m0.7%113.0 m0.1%102.0 m0.1%93.0 m0.1%131.0 m0.2%
Net receivables3.77 bn5.6%−2.3%4.00 bn4.4%3.75 bn4.4%3.90 bn4.6%3.86 bn4.6%4.13 bn4.8%
Inventory2.10 bn3.1%−22.0%2.62 bn2.9%2.77 bn3.2%2.67 bn3.1%2.69 bn3.2%2.79 bn3.3%
Other current assets280.4 m0.4%−52.4%370.7 m0.4%554.0 m0.6%578.0 m0.7%589.0 m0.7%355.0 m0.4%
60.88 bn90.0%−21.5%84.10 bn91.7%78.41 bn91.6%78.02 bn91.5%77.58 bn91.5%77.95 bn91.3%

What stays in the company for years: buildings, machinery, licences. At Canadian Natural Resources Ltd, in Q1 26: 60.88 bn · Δ −21.5% (Q1 25).

Property, plant and equipment--83.30 bn90.8%77.46 bn90.5%77.30 bn90.7%76.84 bn90.6%77.33 bn90.6%
PP&E, net58.27 bn86.2%−24.2%80.58 bn87.8%77.46 bn90.5%77.30 bn90.7%76.84 bn90.6%77.33 bn90.6%
--174.91 bn191%171.29 bn200%168.17 bn197%167.11 bn197%166.09 bn195%

The purchase value of buildings and machinery, before accumulated depreciation. That is why it exceeds the net value.

Other non-current assets2.60 bn3.9%+249%3.52 bn3.8%948.0 m1.1%724.0 m0.8%745.0 m0.9%620.0 m0.7%
Other assets--869.0 m0.9%948.0 m1.1%724.0 m0.8%745.0 m0.9%620.0 m0.7%
35.52 bn52.5%−19.9%47.43 bn51.7%45.13 bn52.7%43.97 bn51.6%44.37 bn52.3%45.89 bn53.8%

Everything the company owes, to banks and suppliers alike. At Canadian Natural Resources Ltd, in Q1 26: 35.52 bn · Δ −19.9% (Q1 25).

6.84 bn10.1%−20.8%8.06 bn8.8%8.31 bn9.7%8.51 bn10.0%8.64 bn10.2%9.63 bn11.3%

Debts due in less than a year. At Canadian Natural Resources Ltd, in Q1 26: 6.84 bn · Δ −20.8% (Q1 25).

Accounts payable1.14 bn1.7%−4.2%1.10 bn1.2%1.33 bn1.5%1.16 bn1.4%1.19 bn1.4%1.08 bn1.3%
Short-term debt579.5 m0.9%−59.5%813.3 m0.9%829.0 m1.0%1.37 bn1.6%1.43 bn1.7%2.66 bn3.1%
Current portion of long-term debt--441.0 m0.5%829.0 m1.0%1.37 bn1.6%1.43 bn1.7%2.40 bn2.8%
Other current liabilities5.13 bn7.6%−13.1%6.14 bn6.7%6.16 bn7.2%5.55 bn6.5%5.90 bn7.0%5.81 bn6.8%
28.68 bn42.4%−19.7%39.37 bn42.9%36.82 bn43.0%35.46 bn41.6%35.73 bn42.1%36.26 bn42.5%

Debts due beyond one year. At Canadian Natural Resources Ltd, in Q1 26: 28.68 bn · Δ −19.7% (Q1 25).

Long-term debt--16.18 bn17.6%16.44 bn19.2%15.71 bn18.4%16.00 bn18.9%16.42 bn19.2%
Total long-term debt--18.91 bn20.6%17.67 bn20.6%16.85 bn19.8%17.15 bn20.2%17.63 bn20.7%
Other non-current liabilities--11.94 bn13.0%10.38 bn12.1%9.20 bn10.8%9.06 bn10.7%9.30 bn10.9%
32.09 bn47.5%−20.7%44.33 bn48.3%40.46 bn47.3%41.30 bn48.4%40.45 bn47.7%39.47 bn46.2%

What would be left for shareholders if everything were sold and every debt paid. At Canadian Natural Resources Ltd, in Q1 26: 32.09 bn · Δ −20.7% (Q1 25).

8.56 bn12.7%−23.9%11.41 bn12.4%11.32 bn13.2%11.28 bn13.2%11.25 bn13.3%11.06 bn13.0%

Money put in by shareholders at founding and at capital raises. At Canadian Natural Resources Ltd, in Q1 26: 8.56 bn · Δ −23.9% (Q1 25).

--11.42 bn12.4%11.32 bn13.2%11.28 bn13.2%11.25 bn13.3%11.06 bn13.0%

Capital subscribed by shareholders.

23.36 bn34.5%−19.2%32.70 bn35.6%28.91 bn33.8%29.81 bn35.0%28.90 bn34.1%28.10 bn32.9%

Past years’ profits the company kept instead of distributing. At Canadian Natural Resources Ltd, in Q1 26: 23.36 bn · Δ −19.2% (Q1 25).

Accumulated other comprehensive income172.5 m0.3%−41.9%218.8 m0.2%235.0 m0.3%205.0 m0.2%297.0 m0.4%301.0 m0.4%
Other equity items--219.0 m0.2%235.0 m0.3%205.0 m0.2%297.0 m0.4%301.0 m0.4%
67.61 bn100%−20.3%91.76 bn100%85.59 bn100%85.27 bn100%84.81 bn100%85.36 bn100%

Liabilities plus equity. Must equal total assets. At Canadian Natural Resources Ltd, in Q1 26: 67.61 bn · Δ −20.3% (Q1 25).

13.81 bn20.4%−20.3%19.03 bn20.7%17.16 bn20.0%16.98 bn19.9%17.34 bn20.4%20.15 bn23.6%

Debt left after subtracting cash in the bank. Negative means more money than debt. At Canadian Natural Resources Ltd, in Q1 26: 13.81 bn · Δ −20.3% (Q1 25).

14.39 bn21.3%−17.4%19.71 bn21.5%17.27 bn20.2%17.08 bn20.0%17.43 bn20.5%20.28 bn23.8%

All borrowings, short and long term. At Canadian Natural Resources Ltd, in Q1 26: 14.39 bn · Δ −17.4% (Q1 25).

--−399.0 m-0.4%−1.13 bn-1.3%−1.27 bn-1.5%−1.41 bn-1.7%−2.23 bn-2.6%

The difference between what it collects and what it pays in the short term.

--60.98 bn66.5%57.73 bn67.4%58.38 bn68.5%57.87 bn68.2%58.29 bn68.3%

The capital the business actually has at work.

2.10 bn-−0.6%2.09 bn-2.07 bn-2.10 bn-2.11 bn-2.12 bn-

How many shares exist. If the number rises, each shareholder’s slice shrinks. At Canadian Natural Resources Ltd, in Q1 26: 2.10 bn · Δ −0.6% (Q1 25).

from operations15.09 bn+12.8%2016202520163.45 bn20177.26 bn201810.12 bn20198.83 bn20204.71 bn202114.48 bn202219.39 bn202312.35 bn202413.39 bn202515.09 bn
from investing−6.68 bn+52.6%201620252016−3.81 bn2017−13.10 bn2018−4.81 bn2019−7.26 bn2020−2.82 bn2021−3.70 bn2022−4.99 bn2023−4.86 bn2024−14.10 bn2025−6.68 bn
from financing−7.87 bn−21,172%201620252016307.0 m20175.96 bn2018−5.34 bn2019−1.54 bn2020−1.85 bn2021−10.22 bn2022−14.23 bn2023−7.54 bn2024−37.0 m2025−7.87 bn
Cash flows, annual, 6 periods
 2025Δ 202420242023202220212020
10.81 bn-+77.1%6.11 bn-8.23 bn-10.94 bn-7.66 bn-−435.0 m-

The profit left for shareholders after absolutely every expense. At Canadian Natural Resources Ltd, in 2025: 10.81 bn · Δ +77.1% (2024).

9.76 bn-+41.2%6.91 bn-6.78 bn-7.35 bn-5.41 bn-5.91 bn-

The accounting wear on buildings and machinery. It lowers profit but takes no cash out. At Canadian Natural Resources Ltd, in 2025: 9.76 bn · Δ +41.2% (2024).

180.0 m-−35.5%279.0 m-491.0 m-804.0 m-514.0 m-−82.0 m-

Shares given to employees instead of money. No cash cost, but it dilutes shareholders. At Canadian Natural Resources Ltd, in 2025: 180.0 m · Δ −35.5% (2024).

--------−59.0 m-−936.0 m-

Adjustments that bring accounting profit closer to money collected.

671.5 m-+190%−743.0 m-−2.42 bn-79.0 m-964.0 m-−166.0 m-

Money tied up in or released from inventory, receivables and payables. At Canadian Natural Resources Ltd, in 2025: 671.5 m · Δ +190% (2024).

of which: liabilities------0-0-0-
of which: other changes------79.0 m-964.0 m-−166.0 m-
Other non-cash items−6.65 bn-−1,715%412.0 m-−786.0 m-357.0 m-−469.0 m-−332.0 m-
15.09 bn-+12.8%13.39 bn-12.35 bn-19.39 bn-14.48 bn-4.71 bn-

The money the business actually produced, before investment. At Canadian Natural Resources Ltd, in 2025: 15.09 bn · Δ +12.8% (2024).

6.67 bn-+26.1%5.29 bn-4.91 bn-5.10 bn-4.49 bn-2.56 bn-

Money put into factories, machinery and equipment. At Canadian Natural Resources Ltd, in 2025: 6.67 bn · Δ +26.1% (2024).

0-+100%−14.10 bn-−5.17 bn-−4.99 bn-128.0 m-−2.82 bn-

Purchases and sales of financial holdings. At Canadian Natural Resources Ltd, in 2025: 0 · Δ +100% (2024).

Other investing flows103.9 m-−77.0%451.0 m-51.0 m-149.0 m-662.0 m-−259.0 m-
−6.68 bn-+52.6%−14.10 bn-−4.86 bn-−4.99 bn-−3.70 bn-−2.82 bn-

The balance of investing cash. Negative means the company is building. At Canadian Natural Resources Ltd, in 2025: −6.68 bn · Δ +52.6% (2024).

−1.45 bn-+45.6%−2.66 bn-−3.32 bn-−5.57 bn-−1.58 bn-−271.0 m-

Shares bought back from the market or issued. At Canadian Natural Resources Ltd, in 2025: −1.45 bn · Δ +45.6% (2024).

−4.87 bn-−9.9%−4.43 bn-−3.89 bn-4.93 bn-2.17 bn-1.95 bn-

Money given to shareholders as dividends. At Canadian Natural Resources Ltd, in 2025: −4.87 bn · Δ −9.9% (2024).

−1.82 bn-−127%6.77 bn-−701.0 m-−4.24 bn-−7.17 bn-97.0 m-

Loans taken minus loans repaid. At Canadian Natural Resources Ltd, in 2025: −1.82 bn · Δ −127% (2024).

Other financing flows−360.7 m-−229%280.0 m-372.0 m-511.0 m-−5.44 bn-166.0 m-
−7.87 bn-−21,172%−37.0 m-−7.54 bn-−14.23 bn-−10.22 bn-−1.85 bn-

The balance of financing cash: loans, dividends, buybacks. At Canadian Natural Resources Ltd, in 2025: −7.87 bn · Δ −21,172% (2024).

547.5 m-+173%−746.0 m-−43.0 m-176.0 m-560.0 m-45.0 m-

How much the cash in the bank rose or fell. At Canadian Natural Resources Ltd, in 2025: 547.5 m · Δ +173% (2024).

124.9 m-−85.8%877.0 m-920.0 m-744.0 m-184.0 m-139.0 m-

Cash in the bank at the start of the period. At Canadian Natural Resources Ltd, in 2025: 124.9 m · Δ −85.8% (2024).

672.5 m-+413%131.0 m-877.0 m-920.0 m-744.0 m-184.0 m-

Cash in the bank at the end of the period. At Canadian Natural Resources Ltd, in 2025: 672.5 m · Δ +413% (2024).

8.42 bn-+4.1%8.10 bn-7.44 bn-14.29 bn-9.99 bn-2.16 bn-

The money left after the business paid for its investments. Dividends and debt repayment come from here. At Canadian Natural Resources Ltd, in 2025: 8.42 bn · Δ +4.1% (2024).

from operations2.36 bn−44.9%Q2 24Q1 26Q2 244.08 bnQ3 243.00 bnQ4 243.43 bnQ1 254.28 bnQ2 253.11 bnQ3 253.94 bnQ4 253.76 bnQ1 262.36 bn
from investing−1.40 bn−6.8%Q2 24Q1 26Q2 24−1.02 bnQ3 24−1.27 bnQ4 24−10.41 bnQ1 25−1.31 bnQ2 25−1.94 bnQ3 25−2.23 bnQ4 25−1.20 bnQ1 26−1.40 bn
from financing−892.9 m+70.3%Q2 24Q1 26Q2 24−2.92 bnQ3 24−1.92 bnQ4 246.39 bnQ1 25−3.01 bnQ2 25−1.16 bnQ3 25−1.70 bnQ4 25−2.01 bnQ1 26−892.9 m
Cash flows, quarterly, 6 periods
 Q1 26Δ Q1 25Q4 25Q3 25Q2 25Q1 25Q4 24
969.1 m-−60.6%5.30 bn-600.0 m-2.46 bn-2.46 bn-1.14 bn-

The profit left for shareholders after absolutely every expense. At Canadian Natural Resources Ltd, in Q1 26: 969.1 m · Δ −60.6% (Q1 25).

1.42 bn-−24.1%2.64 bn-3.31 bn-1.77 bn-1.87 bn-1.90 bn-

The accounting wear on buildings and machinery. It lowers profit but takes no cash out. At Canadian Natural Resources Ltd, in Q1 26: 1.42 bn · Δ −24.1% (Q1 25).

644.0 m-+2,377%83.0 m-63.0 m-8.0 m-26.0 m-44.0 m-

Shares given to employees instead of money. No cash cost, but it dilutes shareholders. At Canadian Natural Resources Ltd, in Q1 26: 644.0 m · Δ +2,377% (Q1 25).

−588.1 m-−817%133.9 m-432.0 m-24.0 m-82.0 m-−563.0 m-

Money tied up in or released from inventory, receivables and payables. At Canadian Natural Resources Ltd, in Q1 26: −588.1 m · Δ −817% (Q1 25).

Other non-cash items683.0 m-−57.0%−5.31 bn-−461.0 m-−1.05 bn-1.59 bn-685.0 m-
2.36 bn-−44.9%3.76 bn-3.94 bn-3.11 bn-4.28 bn-3.43 bn-

The money the business actually produced, before investment. At Canadian Natural Resources Ltd, in Q1 26: 2.36 bn · Δ −44.9% (Q1 25).

1.50 bn-+16.0%1.45 bn-2.12 bn-1.92 bn-1.30 bn-1.30 bn-

Money put into factories, machinery and equipment. At Canadian Natural Resources Ltd, in Q1 26: 1.50 bn · Δ +16.0% (Q1 25).

150.0 m-+111%0-−2.23 bn-−1.94 bn-−1.31 bn-−10.41 bn-

Purchases and sales of financial holdings. At Canadian Natural Resources Ltd, in Q1 26: 150.0 m · Δ +111% (Q1 25).

Other investing flows164.6 m-+1,198%248.8 m-−110.0 m-−26.0 m-−15.0 m-49.0 m-
−1.40 bn-−6.8%−1.20 bn-−2.23 bn-−1.94 bn-−1.31 bn-−10.41 bn-

The balance of investing cash. Negative means the company is building. At Canadian Natural Resources Ltd, in Q1 26: −1.40 bn · Δ −6.8% (Q1 25).

−223.6 m-+54.1%−293.8 m-−309.0 m-−359.0 m-−487.0 m-−551.0 m-

Shares bought back from the market or issued. At Canadian Natural Resources Ltd, in Q1 26: −223.6 m · Δ +54.1% (Q1 25).

−880.0 m-−174%−1.23 bn-−1.23 bn-−1.23 bn-1.18 bn-1.11 bn-

Money given to shareholders as dividends. At Canadian Natural Resources Ltd, in Q1 26: −880.0 m · Δ −174% (Q1 25).

0-+100%−561.0 m-−198.0 m-389.0 m-−1.45 bn-8.02 bn-

Loans taken minus loans repaid. At Canadian Natural Resources Ltd, in Q1 26: 0 · Δ +100% (Q1 25).

Other financing flows−72.6 m-−165%−107.9 m-40.0 m-39.0 m-112.0 m-32.0 m-
−892.9 m-+70.3%−2.01 bn-−1.70 bn-−1.16 bn-−3.01 bn-6.39 bn-

The balance of financing cash: loans, dividends, buybacks. At Canadian Natural Resources Ltd, in Q1 26: −892.9 m · Δ +70.3% (Q1 25).

90.8 m-+339%561.1 m-11.0 m-9.0 m-−38.0 m-−590.0 m-

How much the cash in the bank rose or fell. At Canadian Natural Resources Ltd, in Q1 26: 90.8 m · Δ +339% (Q1 25).

490.1 m-+274%111.3 m-102.0 m-93.0 m-131.0 m-721.0 m-

Cash in the bank at the start of the period. At Canadian Natural Resources Ltd, in Q1 26: 490.1 m · Δ +274% (Q1 25).

580.9 m-+525%672.5 m-113.0 m-102.0 m-93.0 m-131.0 m-

Cash in the bank at the end of the period. At Canadian Natural Resources Ltd, in Q1 26: 580.9 m · Δ +525% (Q1 25).

855.5 m-−71.4%2.31 bn-1.82 bn-1.20 bn-2.99 bn-2.13 bn-

The money left after the business paid for its investments. Dividends and debt repayment come from here. At Canadian Natural Resources Ltd, in Q1 26: 855.5 m · Δ −71.4% (Q1 25).

Canadian Natural Resources quarterly results: estimates, surprises and the stock's reaction

What analysts expect from the next report, how often Canadian Natural Resources has beaten estimates and how the price moved after results.

When does Canadian Natural Resources report its next results?

Date not announced

The last announced date, August 6, 2026, has passed.

The results will cover the quarter ending June 30, 2026. Analysts have raised their earnings estimate over the last 90 days.

Expected earnings per share
$1.91

between $1.77 and $2.04

Expected revenue
$12.89 bn

2 analysts

Versus 90 days ago
+237.1%

from $0.57 to $1.91

Fiscal year 2027
$5.12

earnings per share, 12 analysts

Good sign

How often has Canadian Natural Resources beaten analyst estimates?

6 of 8 reports

Canadian Natural Resources reported earnings above estimates in 6 of the last 8 quarters.

The average surprise was +11.0%. Last time, earnings per share came in at $1.17, against $1.06 expected.

How far earnings per share came in above or below the estimate

  • +10.0%Q2 24
  • +16.5%Q3 24
  • -2.1%Q4 24
  • +7.4%Q1 25
  • 0.0%Q2 25
  • 0.0%Q3 25
  • +23.7%Q4 25
  • +10.4%Q1 26

Worth watching

How does Canadian Natural Resources stock react to earnings?

-0.52%

On average, the stock fell the next day, even though results beat estimates.

It rose after 2 of the 8 reports. The market already expected good results, so beating estimates no longer moved the price.

  • May 7, 2026+10.4%-1.95%+6.3%
  • February 26, 2026+23.7%+1.58%+5.8%
  • November 6, 2025-1.22%+3.4%
  • August 7, 2025-0.39%-1.6%
  • April 30, 2025+7.4%-2.15%+0.3%
  • March 6, 2025-2.1%+1.93%+2.7%
  • October 31, 2024+16.5%-0.50%+2.3%
  • August 1, 2024+10.0%-1.47%-1.6%

How does Canadian Natural Resources stock move before earnings?

-1.3%

On average, over the 5 days before. It rose in 2 of 8 quarters.

How does the stock move in the 10 days before?

+0.4%

On average. It rose in 4 of 8 quarters.

How does the stock move in the 5 days after?

+2.2%

On average. It rose in 6 of 8 quarters.

Analyst estimates from a third-party source. The reaction is the change in closing price on the day after the report. This is not investment advice.

What can go wrong

Risks & Resilience

Risks in Canadian Natural Resources Ltd (CNQ) stock: balance sheet strength, distance from financial distress, and behaviour in past crises. The low-risk score is 63.5 out of 100.

Canadian Natural Resources debt and solvency

Whether Canadian Natural Resources can pay its debts from what it earns, and how far it is from financial distress.

Good sign

Can Canadian Natural Resources pay its debts?

0.86× debt to EBITDA

Canadian Natural Resources could repay all of its financial debt with about 10 months of operating profit.

Below 3× is considered comfortable. Canadian Natural Resources does better than 70% of companies in its sector.

Balance sheet as of March 31, 2026

Financial debt$14.39 bn
Cash and short-term investments$0.58 bn
Net debt
$13.81 bn

debt minus cash and investments

Credit health
100 out of 100

above 75 means no concern

Good sign

How close is Canadian Natural Resources to bankruptcy?

Very far

None of the bankruptcy models with a published threshold flags stress at Canadian Natural Resources.

The Altman Z'' score is 6.41, above the 2.6 safety threshold. The probability of default from the Merton model is practically zero.

  • Altman Z'' scoreStatistical model estimating bankruptcy risk, adapted for non-financial firms. Above 2.6 is the safe zone; below 1.1 is the distress zone.
  • Distance to default (Merton)How many standard deviations the firm value sits above its debt level. Above 3 is a comfortable margin.
  • Probability of default (Merton)Estimated chance the firm cannot service its debt over one year. Below 1% means negligible credit risk.
  • Probability of distress (Ohlson)Statistical model estimating the risk of financial distress. Low means a balance sheet under no strain.
  • Probability of distress (Zmijewski)Alternative model for estimating financial distress risk. Low means limited risk; useful as a cross-check on the Ohlson model.

Signs of accounting manipulation at Canadian Natural Resources

Statistical models that look for patterns linked to aggressive reporting. A flag means "worth a closer look", not "fraud".

Bad sign

Are there signs of accounting manipulation at Canadian Natural Resources?

Flags raised

Some models raise flags of aggressive reporting at Canadian Natural Resources.

Beneish, Montier and Sloan look for reported profit that does not show up as cash.

  • Beneish M-scoreModel that detects patterns of aggressive accounting. Below −1.78 means no signals of aggressive reporting. A statistical test, not an accusation.
  • Montier C-scoreSix warning signals about the quality of accounting. 0-1 is clean; 4 or above calls for caution.
  • Dilution from stock-based payHow much of shareholders' stake is diluted by shares granted to employees. Below 2% a year is bearable dilution.
  • Accruals ratio (Sloan)How much of reported profit is accounting only, rather than cash collected. Low or negative means profit is backed by real money.
  • Cash conversion of earningsHow much of accounting profit actually turns into cash. Above 100% means profit is more than covered by real money.
  • Tax rate deviationHow far the tax actually paid differs from the statutory rate in the company’s country. Close to zero is normal. A large, sustained deviation is worth a look at the notes.

The Beneish, Montier and Sloan models are published in academic literature, and the thresholds are those from the original papers.

A statistical screening signal, not an accusation of fraud.

Transparency · MAR

How Canadian Natural Resources stock behaved in market crises

What happened to Canadian Natural Resources stock when the market fell. This is not a forecast, it is what already happened.

Bad sign

How far did Canadian Natural Resources stock fall in past crises?

-75.9% largest drop

In the crises measured, Canadian Natural Resources stock fell more than the sector median.

The drop is measured from peak to trough, on the actual price at the time.

  • COVID-19 crash2020
    -75.9%

    Better than 23% of the sector

  • 2022 bear market2022
    -31.6%

    Better than 47% of the sector

All crisis data 5
MetricCanadian Natural Resources
COVID-19 crash (2020)-75.9%
2022 bear market (2022)-31.6%
Share of market declines captured54%
Beta to the market0.82
Recession resilience score48 out of 100

Good sign

How much of the market's declines does Canadian Natural Resources stock capture?

54%

When the market falls 10%, Canadian Natural Resources stock falls by about 5.4% on average.

Below 100% means the stock falls less than the market. Its beta of 0.82 says the same.

Market falls-10.0%
Canadian Natural Resources falls-5.4%

Real historical data, not a simulation. How a stock came through past crises does not guarantee how it will come through the next one.

Canadian Natural Resources Ltd (CNQ) stock: biggest drops and how long the recovery took

The falls the price has been through, from a peak to the lowest point, and how long it took to recover.

Biggest drops since 2010

From a peak to the lowest point after it, how long the fall lasted and how long the recovery took.

  • Mar 2011 - Mar 2020-84.7%fell for 9 years and 1 month, then took 22 months to get back to the peak
  • Apr 2024 - Apr 2025-38.9%fell for 12 months, then took 10 months to get back to the peak
  • Apr 2022 - Sep 2022-33.5%fell for 5 months, then took 13 months to get back to the peak

Measured on each day’s closing price, adjusted for splits, since 2010-01-04. Elsewhere on this page, drops are measured with dividends reinvested, which is why they can come out slightly smaller there.

What you get while you wait

Dividends and shareholder return

How much Canadian Natural Resources Ltd pays in dividends, how secure it is, and what happens to the share count.

Canadian Natural Resources dividends: how much it pays and how safe it is

What you receive as a dividend for one Canadian Natural Resources share, how often, and whether the payout is covered by earnings.

How much dividend does Canadian Natural Resources pay?

3.24% a year, at today's price

Canadian Natural Resources paid $1.76 per share over the last 12 months, in 4 quarterly payments.

The Energy sector median is 4.20%.

Dividend per share, at each payment

  • $0.39Sep 24
  • $0.39Dec 24
  • $0.41Mar 25
  • $0.43Jun 25
  • $0.43Sep 25
  • $0.42Dec 25
  • $0.46Mar 26
  • $0.46Jun 26
Expected dividend for the next year
$1.83

a yield of 3.28%

How often it pays
Quarterly

4 times a year

Worth watching

How safe is the Canadian Natural Resources dividend?

44 out of 100

Canadian Natural Resources pays out 47.0% of its earnings as a dividend, a level it can afford.

The sector median is 43.0%. The model's estimated risk of a cut is low, 23 out of 100.

  • Payout ratioHow much of the profit is paid out as dividend. Below 60% leaves room to grow; above 100% means the dividend exceeds the profit.
  • Dividend safetyHow well the dividend is covered by earnings and cash. The higher the score, the better supported the payout.
  • Risk of a cutThe model's estimate of the risk that the dividend is reduced or suspended. 0 means no warning signal shows up.

Good sign

How fast is the Canadian Natural Resources dividend growing?

+22.2% a year

Over the past five years, the dividend per share has grown by an average of 22.2% a year.

That is faster than most companies in the sector. The latest increase, on June 19, 2026, was 0.7%.

  • Years of dividend increases in a rowHow many years in a row the dividend per share has grown, without a single break. A long streak shows a company that can afford to raise the payout to shareholders year after year.
  • Dividend growthAverage yearly growth in the dividend per share. Steadily positive points to a predictable dividend policy.
All dividend payments 8
Ex-dividend datePaidAmountVersus previous
June 19, 2026July 7, 2026$0.46+0.7%
March 20, 2026April 7, 2026$0.46+9.4%
December 12, 2025January 6, 2026$0.42-2.7%
September 19, 2025October 3, 2025$0.43-1.1%
June 13, 2025July 3, 2025$0.43+5.4%
March 21, 2025April 4, 2025$0.41+5.1%
December 13, 2024January 3, 2025$0.39+0.8%
September 13, 2024October 4, 2024$0.39

Past dividends do not guarantee future payments. Amounts are adjusted for stock splits.

Total shareholder yield for Canadian Natural Resources

Besides the dividend, a company also returns money to shareholders when it buys back its shares or pays down its debt.

What has Canadian Natural Resources spent its money on over the last 5 years?

35% investment

Over the last 5 years, most of Canadian Natural Resources's money went to investment.

The total yield for the last 12 months cannot be calculated because data on buybacks and financing is missing. The percentages show the share of the money the company deployed that went in each direction.

How Canadian Natural Resources used its money over the last 5 years

  • Buybacks20%
  • Dividends27%
  • Investment35%

What you would have made

What has already happened, taken out of percentages and put into money.

What you would have made by investing in Canadian Natural Resources Ltd (CNQ) stock

$1,000 put in Canadian Natural Resources Ltd stock 10 years ago, with dividends reinvested, would have grown to $6,245, a return of 20.10% a year. On the share price alone, without dividends, it would have been $3,238. Type your own amount and everything recalculates.

$
  • 3 years ago$2,214of which $1,214 is gain, at 30.34% a year
  • 5 years ago$3,839of which $2,839 is gain, at 30.87% a year
  • 10 years ago$6,245of which $5,245 is gain, at 20.10% a year

These figures have already happened and are not an estimate for what comes next. Dividends are reinvested in the same stock, and the amounts are in the currency the stock trades in, before tax and fees.

Canadian Natural Resources stock split history

In a split, each share is divided into several. The price falls in the same proportion, and the value you hold stays the same.

How many times has Canadian Natural Resources split its stock?

5 splits

The latest split was on June 11, 2024, 2-for-1.

  • June 11, 2024
    2-for-1
  • August 22, 2022
    1,021-for-1,000
  • June 1, 2010
    2-for-1
  • May 31, 2005
    2-for-1
  • June 1, 2004
    2-for-1

Who owns it and what they do with it

Holders and flow

Who stands behind Canadian Natural Resources Ltd shares, what they buy and sell, and who bets against them.

Who owns Canadian Natural Resources stock: institutional shareholders

How much of the company is held by funds and institutions, who the largest shareholders are, and whether they are adding to or cutting their stakes.

Who are the largest shareholders of Canadian Natural Resources?

80.2% held by institutions

Funds and institutions hold 80.2% of Canadian Natural Resources shares, and management and employees hold 2.2%.

The five largest shareholders hold 31.9% together. The largest, Capital World Investors, owns 9.5%.

  • Institutions80.2%
  • Management and employees2.2%
  • Other17.6%
Stake and changeThe stake is the share of the company's stock held by the shareholder. The change shows how much they increased or reduced their position in the latest filing.
  • Capital World InvestorsMarch 31, 2026
    9.48%-1.07%
  • Capital Research Global InvestorsMarch 31, 2026
    7.88%+12.37%
  • Royal Bank of CanadaMarch 31, 2026
    5.98%+10.67%
  • Vanguard Group IncDecember 31, 2025 · passive fund
    4.47%+0.89%
  • FMR IncMarch 31, 2026
    4.09%-6.60%

Good sign

Are big investors buying or selling Canadian Natural Resources stock?

24 of 40 bought

Of the 40 large shareholders on file, 24 added to their stake and 15 cut it.

The data comes from quarterly filings, the latest up to April 30, 2026.

Bought24
Sold15

One left its stake unchanged.

Active funds
19 bought

15 sold

The list covers the largest reported shareholders, not the whole shareholder base, so the stakes do not add up to 100%.

Canadian Natural Resources short interest: how much is being bet on a fall

Investors who expect the price to fall sell borrowed shares, planning to buy them back cheaper. The more of them there are, the bigger the bet on a decline.

Good sign

How many Canadian Natural Resources shares are sold short?

0.97% of the free float

Only 0.97% of the Canadian Natural Resources shares in the free float are sold short, or 22.6 million shares.

It would take 0.8 days of normal trading for all positions to be closed, so the risk of a short squeeze is low.

0%3%10%20%
  • Of the free floatThe share of freely traded stock that is sold short. Below 3% is normal; above 10% points to a big bet on a fall.
  • Days to coverHow many days of normal volume it would take for all short sellers to buy back their shares. Above 5-7 days, a sudden price jump can force them to buy in a hurry.
  • Shares sold shortThe number of shares borrowed and sold by investors betting on a falling price, at the latest report.
  • Short squeeze riskWhen the price jumps suddenly and short sellers have to buy back in a hurry, which pushes the price even higher.

Short positions are reported twice a month, so this figure is older than the price on the page. Latest report: May 27, 2026.

Which indices and ETFs include Canadian Natural Resources stock

When a stock joins a major index, the funds that track that index buy it automatically. The more funds hold it, the steadier the demand for the stock.

Which stock market indices is Canadian Natural Resources part of?

1 index

Canadian Natural Resources is part of the S&P/TSX Composite (Canada).

Weight in the indexHow much of the index's total value the stock makes up. Where the source does not provide it, the weight is missing.
  • S&P/TSX Composite (Canada)

Which ETFs hold Canadian Natural Resources stock?

3 ETFs

Its largest weight is in the Vanguard FTSE Developed Markets ETF, where it makes up 31.00% of the fund.

The weight shows how much the stock counts for in each fund, not how much of the company the fund owns.

Weight in the fundHow much of the fund's assets are invested in the stock. Assets show the size of the fund, in US dollars.
  • Vanguard FTSE Developed Markets ETFVEA · $223bn in assets
    31.00%
  • iShares Core MSCI World UCITSIWDA · $102bn in assets
    10.45%
  • Vanguard Total World Stock ETFVT · $74.1bn in assets
    9.00%

Where it stands against the rest

Context & Comparisons

A number on its own says nothing. Here Canadian Natural Resources Ltd is placed next to its sector, its industry and the market, so every figure gets a position.

How Canadian Natural Resources compares with the Energy sector

Canadian Natural Resources belongs to the Energy sector, in the Oil & Gas E&P industry. Each metric is shown next to the median of companies in the sector and the industry.

How Canadian Natural Resources compares with its sector.

Where the company ranks among its sector peers on every metric, from 0 to 100.

Create a free accountI already have an account

Takes 30 seconds. No card needed.

Transparency · MAR

Companies comparable to Canadian Natural Resources and its direct competitors

Two different lists: stocks with a profile similar to Canadian Natural Resources, whatever their business, and companies that do the same thing, in the same industry.

Which stocks are most similar to Canadian Natural Resources?

94.6% similar to Vertex Pharmaceuticals Inc

The closest in profile to Canadian Natural Resources are Vertex Pharmaceuticals Inc, Coca-Cola European Partners PLC and Legrand SA.

Similarity comes from exposure to the same style factors, such as size, quality or volatility, not from the line of business. That is why companies from other sectors also appear. This is not a recommendation.

Similarity and scoreSimilarity, from 0 to 100%, shows how close the two stocks are on style factors. The score is our overall company score, from 0 to 100.
  • Vertex Pharmaceuticals Inc
    Vertex Pharmaceuticals IncVRTX · Healthcare
    94.6%
  • Coca-Cola European Partners PLCCCEP · Consumer Defensive
    91.4%
  • Legrand SA
    Legrand SALR.PA · Industrials
    91.4%
  • Franco-Nevada CorporationFNV · Basic Materials
    90.5%
  • Analog Devices Inc
    Analog Devices IncADI · Technology
    90.4%
  • ConocoPhillips
    ConocoPhillipsCOP · Energy
    90.4%

Who are Canadian Natural Resources's direct competitors?

6 companies in the Oil & Gas E&P industry

The closest in size is Var Energi ASA.

The list is sorted by company size, but market value is not shown: it comes in each market's own currency, so the figures cannot be compared.

ScoreOur overall score for each company, from 0 to 100, the same one the verdict comes from.
  • Var Energi ASA
    Var Energi ASAVAR.OL · NO
  • EOG Resources Inc
    EOG Resources IncEOG · US
  • Canadian Natural Resources Ltd
    Canadian Natural Resources LtdCNQ.TO · CA
  • ConocoPhillips
    ConocoPhillipsCOP · US
  • Occidental Petroleum Corporation
    Occidental Petroleum CorporationOXY · US
  • Diamondback Energy Inc
    Diamondback Energy IncFANG · US

How the price moves

Market & Momentum

So far this has been about the company. From here on it is about the share: how much it swings, how deep it fell, and whether the move was worth the risk.

Canadian Natural Resources stock volatility: how much the price moves and how far it has fallen

How much Canadian Natural Resources's share price swings, how it moves against the market and how deep its declines have been.

How volatile is Canadian Natural Resources stock?

32.98% volatility over the past year

Over the past year, Canadian Natural Resources stock had annualized volatility of 32.98%, and 29.30% over three years.

A beta of 0.82 shows how the stock moves against the market: when the market moves 10%, Canadian Natural Resources has moved 8.2% on average.

How much the price moved day to day, over the last 90 sessions

On 29 of 90 days, the price moved by more than 2%. Largest one-day drop: -4.00%, largest rise: +12.08%.

When the market moves 10%, the stock moves on average

Market10%
Canadian Natural Resources8.2%
  • Annualised volatility (1 year)How much the price swings over a year, as a standard deviation. Lower means a smoother ride, not necessarily a higher return.
  • Annualised volatility (3 years)How widely the price swings in a year, measured over the last three. Below 20% is calm; above 40% takes a strong stomach.
  • BetaAgainst the market, over 5 years. How strongly the share moves when the market moves. Below 1 is calmer than the market; above 1 amplifies its moves.
  • Downside betaOnly on days the market falls. How much the share moves against the market, measured ONLY on days the market falls. Lower than ordinary beta = falls less than it rises. Higher = amplifies the falls.
  • Beta over the last yearCalculated on the past year only. The same market sensitivity, but computed on the last twelve months only. Compared with long-term beta, it shows whether the share has turned choppier lately.
  • Raw betaWithout the adjustment toward 1. How much the share moves against the market, without the usual statistical adjustment. Above 1 = moves more than the market. This is the unsmoothed figure; adjusted beta is steadier.

How far has Canadian Natural Resources stock fallen from its peak?

-80.49% largest decline

Canadian Natural Resources stock's largest decline was 80.49%, and getting back to the previous peak took 440 days.

The price is now 9.13% below its previous peak.

  • Maximum drawdownFrom peak to trough. The largest peak-to-trough fall over the period analysed. Smaller is easier to sit through.
  • Current drawdownHow far below the previous peak it is now. How far today’s price sits below the highest peak reached. Zero means it is at the peak. The deeper it is, the more there is to recover.
  • Distance from the 52-week highAgainst the highest price of the past year. How far the price sits below its highest level of the past 52 weeks. Near zero = at the high. Deeply negative = it has given up a lot from the peak.
  • Likely worst-case drawdownExceeded on only 5% of days. How deep the fall could be in the worst 5% of scenarios. Lower is better. It is a statistical estimate, not a guaranteed floor.
  • Ulcer index (1 year)How deep and how long the falls of the past year were, in a single figure. Lower is better: it measures discomfort, not just swing.
  • Ulcer index (3 years)How deep and how long the falls below previous peaks have been. Low means few long stretches spent below the peak.
  • Days to recoverUntil it got back to the peak. How many days the price needed to return to its peak after the largest fall. Fewer is better. Hundreds of days means patience was tested.

Volatility is calculated from daily prices, over the last year and the last three years. Beta compares the stock's moves with the market's over the last five years; one-year beta uses only the last twelve months. These measure the past, they are not forecasts. The histogram uses daily closing prices from the last three months.

Canadian Natural Resources stock's risk-adjusted return

The same gain earned with wide or narrow swings is not worth the same. The figures below divide the return by the risk it was earned with.

Good sign

Was Canadian Natural Resources stock worth the risk?

1.49 Sharpe ratio over one year

Yes. With a +84.92% return over 12 months and a Sharpe ratio of 1.49, Canadian Natural Resources stock paid well for the risk taken.

Over three years, the Sharpe ratio is 0.66, so over the longer term the risk was paid less well than in the past year.

Risk ratiosEach divides the gain by a form of risk. The Sharpe and Sortino bars start from 0, the Omega bar from 1, the point where gains equal losses. Each row has its own scale. Below the one-year value you see the three-year value, where it exists.
  • Sharpe ratioReturn above the risk-free rate for each unit of volatility. Above 1 is good; above 2 is remarkable.
  • Sortino ratioLike Sharpe, but only penalising downward swings, not upward ones. Above 1.5 means good return relative to downside risk.
  • Omega ratioThe ratio of gains to losses over the past year, weighted by their size. Above 1 means the good side weighed more than the bad.
  • Total return, 12 monthsPast 12 months, with dividends. Gain over the past year, with dividends reinvested. Compared with the benchmark index, not in isolation.
  • Calmar ratioAgainst the largest decline. Annual return divided by the largest drawdown suffered. Above 0.5 is decent. It says how much return you got for each unit of pain.
  • Treynor ratioAgainst market risk, past year. Return above the risk-free rate divided by beta - against market risk, not total swing. Higher is better. Useful when the share is held in a portfolio rather than alone.

Each one relates the gain to a form of risk: Sharpe to total swings, Sortino only to the downside, Omega weighs gains against losses, Calmar uses the deepest fall, Treynor market risk. Thresholds used: Sharpe and Sortino above 1 good, 0 to 1 moderate, below 0 weak; Omega above 1 good, below 1 weak; Calmar above 0.5 good, 0 to 0.5 moderate, below 0 weak. Treynor has no general threshold, so we show it without a verdict. The words next to the figures are states with established names, not recommendations: “oversold” does not mean “worth buying”. Verdicts appear only on the risk ratios, where there is a clear direction of better.

Canadian Natural Resources stock trend: moving averages and oscillators

Where Canadian Natural Resources's share price stands against its averages and how stretched the recent move is.

Is Canadian Natural Resources stock in an uptrend?

3 of 4 trend signals pointing up

Yes. Canadian Natural Resources's share price is above its 200-day average, and the 50-day average is above the 200-day one.

  • Above the 200-day averageWhether today’s price is above or below the long-term average. Above is read as a structural uptrend; below, a downtrend.
  • Short average above the long oneWhether the 50-day average is above the 200-day. When the short crosses above the long it is called a golden cross; the reverse, a death cross.
  • Moving-average crossover stateWhich average is on top, expressed as +1 or -1. +1 = short above long; -1 = the reverse.
  • Parabolic SAR directionThe direction signal given by the Parabolic SAR indicator. +1 = uptrend; -1 = downtrend.

The price over the last 91 sessions, with the 50-day average. The dashed line marks today's level of the 200-day average.

$55.49$36.05
May 18, 2026October 19, 2026
  • Current priceThe latest closing price in the daily data, the white line on the chart.
  • 50-day moving averageAverage price, last 50 days. The average price over the last fifty trading sessions. It is the short-term reference: price above it means a recent upward trend.
  • 200-day moving averageAverage price, last 200 days. The average price over the last two hundred sessions. It is the long-term reference, the most watched line in technical analysis.

Is Canadian Natural Resources stock overbought?

44.38 14-day RSI

No. An RSI of 44.38 is between 30 and 70, the usual range.

Trend strength (ADX) is 14.83, below 20: the price has no clear direction.

OscillatorsThey show how stretched the recent price move is. Each scale marks the usual thresholds from technical analysis. These are states with established names, not recommendations.
  • MACD lineDifference between the 12-day and 26-day averages. The gap between the 12-day and the 26-day exponential average - how fast direction is changing. Above the signal and rising means upward momentum.
  • MACD signal9-day average of the MACD line. The nine-day average of the MACD line. It is the threshold the line is read against. It is not judged on its own: what matters is whether the line is above or below it.
  • MACD histogramThe line minus the signal. The gap between the MACD line and its signal - how fast momentum is changing. Positive and rising = upward momentum; negative = downward momentum.
  • On-balance volume slope (50 days)Direction of volume, last 50 days. Where cumulative volume is heading over the last fifty sessions. Positive means more is being accumulated than distributed.
  • Relative strength index (RSI 14)Usual thresholds: 30 and 70. How fast the price rose or fell over the last fourteen days, on a scale from 0 to 100. Below 30 is considered oversold, above 70 overbought. In between, no signal.
  • Commodity channel index (CCI 20)Usual thresholds: -100 and 100. How far the price is from its twenty-day average, measured in typical deviations. Between -100 and +100 is normal; outside that, an unusual move against the recent pattern.
  • Position in the Bollinger bandBetween 0 and 1, the price is inside the band. Where the price sits between the lower band (0) and the upper band (1) of the volatility channel. Below 0 or above 1 means the price has left the channel - rare, and usually brief.
  • Trend strength (ADX 14)Above 25, the trend is clear. How clear the price direction is, whether it rises or falls. Above 25 = a clear trend; below 20 = it moves sideways.

The thresholds marked on the scales are the usual ones in technical analysis: 30 and 70 for RSI, ±100 for CCI, 0 and 1 for the Bollinger band, 20 and 25 for trend strength. They are widely used conventions, not rules. The words next to the figures are states with established names, not recommendations: “oversold” does not mean “worth buying”. Verdicts appear only on the risk ratios, where there is a clear direction of better.

Who Canadian Natural Resources stock is suited for

Each row is an investing style. The more checks Canadian Natural Resources passes for a style, the better it suits people who invest that way. There is no right style.

Good sign

What kind of investor is Canadian Natural Resources stock right for?

19 of 26 checks passed

Canadian Natural Resources best suits investors looking for fast growth and least suits those looking for a low price.

A failed check is not a flaw in itself: a growth company fails almost everything to do with value, and that is normal. What matters is the pattern, where it passes and where it fails, not the count on its own.

Strongest point
Growth

3 of 3

Weakest point
Value

1 of 3

The checksEach style has a few checks, each with a threshold. The bar shows how many of them the company passes. Open a style to see which pass and which fail.
ValueFor those looking for a low price against what the company produces1 of 3
  • Upside to fair valueHow much room there is between today’s price and the value computed from discounted cash flows. Positive means the model sees the share below its value.
  • Price / earnings (trailing 12 months)How many years of current profit you pay for one share. Judged against sector and growth rate, never in isolation.
  • Price / sales (trailing 12 months)How many times annual sales you pay for a share. Useful for companies without profit; judged against the sector, not in absolute terms.
  • Free cash flow yieldHow much free cash the company produces relative to its market value. Above ~5% is attractive; below 2% is expensive.
  • Margin of safetyHow far the market price sits below our fair-value estimate. Positive and wide means buying below value. Negative means paying above it.
QualityFor those looking for a business that earns well on the capital it uses5 of 6
  • Return on capital above its costWhether the return on invested capital exceeds the weighted average cost of capital. Above the cost of capital the company creates value; below, it destroys it.
  • Return on equityHow much net profit the company generates from shareholders' money. Above ~15% is very good; consistency matters as much as the level.
  • Net margin (DuPont breakdown)The margin component of the DuPont breakdown of returns. Higher means the firm keeps more of every unit sold.
  • Competitive moatHow well defended the company’s position is against competitors. A wide moat means profit is harder to erode.
  • Piotroski F-scoreNine balance-sheet and profitability checks, one point for each one passed. Above 7 out of 9 is considered solid; below 3, weak.
  • Sloan ratioHow much of the profit comes from accounting accruals rather than cash received. Near zero is better: the profit shows up in the account, not just the report.
Financial healthFor those who want to sleep easy: low debt, solid balance sheet4 of 6
  • Warning flagsThe number of forensic flags raised by the reporting-quality models. Zero is what you want to see.
  • Debt / EBITDAHow many years of operating profit it would take to cover total debt. Below 3 is comfortable; above 4 becomes a burden.
  • Altman Z'' scoreStatistical model estimating bankruptcy risk, adapted for non-financial firms. Above 2.6 is the safe zone; below 1.1 is the distress zone.
  • Interest coverageHow many times operating profit covers the interest the company owes in a year. Above 3 is comfortable; below 1.5 means interest eats almost all the profit.
  • Probability of default (Merton)Estimated chance the firm cannot service its debt over one year. Below 1% means negligible credit risk.
  • Behaviour in recessionHow the share behaved through recent economic contractions. A smaller fall than the market shows resilience.
GrowthFor those looking for revenue and profit rising year after year3 of 3
  • Earnings per share growth (5-year annual)Average yearly growth in earnings per share. Faster than revenue means expanding margins or buybacks.
  • Revenue growth (5-year annual)Average yearly revenue growth over the past five years. Above ~10% is solid growth for a mature company.
  • Rule of 40Revenue growth added to the profitability margin. Above 40 means a good balance between growth and profitability.
  • Analyst revisionsWhich way analysts have moved their estimates lately. Upward means expectations are rising.
DividendsFor those who want regular income, not just a rising price1 of 3
  • Dividend yield (trailing 12 months)Dividends paid over the past year against the current price. Judged together with sustainability, not on level alone.
  • Payout ratioHow much of the profit is paid out as dividend. Below 60% leaves room to grow; above 100% means the dividend exceeds the profit.
  • Streak of good reportsHow many quarters in a row the company has beaten expectations. A long streak shows predictability; a broken one, a change.
Momentum and performanceFor those who follow the recent trend in the price5 of 5
  • Beats, last yearHow many times over the last year the result came in above estimates. More beats suggest cautious estimates or good execution.
  • Beats, three yearsHow many times over the last three years the result came in above estimates. More beats suggest cautious estimates or good execution.
  • Beats, five yearsHow many times over the last five years the result came in above estimates. More beats suggest cautious estimates or good execution.
  • Price momentumThe direction and strength of the recent price move. Positive means the recent trend is upward.
  • Sharpe ratio (1 year)Return above the risk-free rate for each unit of volatility. Above 1 is good; above 2 is remarkable.

Transparency · MAR

In short

Frequently asked questions about Canadian Natural Resources Ltd (CNQ) stock

Short answers to the questions investors ask most about Canadian Natural Resources, with figures as of October 19, 2026.

What is the Canadian Natural Resources (CNQ) share price today?

$54.15

At the close on October 19, 2026, one Canadian Natural Resources share cost $54.15. The price is at its 52-week high; the low over the period was $28.30. Compared with a year ago, the stock is up 41.5%.

See the full analysis

Has Canadian Natural Resources ever split its stock?

2:1 split in 2024

Yes, Canadian Natural Resources has split its stock 5 times. The most recent split was on June 11, 2024, at 2-for-1: each share became 2.

See the full analysis

Does Canadian Natural Resources pay a dividend?

3.24% a year

Yes, Canadian Natural Resources pays a quarterly dividend: $1.76 per share over the last 12 months, a yield of 3.24% at today's price. The 3.24% yield is below the Energy sector median of 4.20%. It pays out 47.0% of its earnings as dividends. Canadian Natural Resources has raised its dividend for 2 years in a row. The latest payment was $0.46 per share, with an ex-dividend date of June 19, 2026.

See the full analysis

Is Canadian Natural Resources stock expensive?

P/E 13.6

At today's price, Canadian Natural Resources shares trade at 13.6 times earnings (price-to-earnings ratio), compared with a median of 15.5 in the Energy sector. The valuation of Canadian Natural Resources shares is close to that of the typical company in the Energy sector.

See the full analysis

Is Canadian Natural Resources profitable?

23.8% margin

Yes. Canadian Natural Resources keeps 23.8% of its revenue as net profit (net margin). Its return on invested capital (ROIC) is 19.1%.

See the full analysis

Are Canadian Natural Resources’s revenue and earnings growing?

Revenue +23.9%

In its latest fiscal year, Canadian Natural Resources grew revenue by 23.9% compared with 2024. Net income rose 77.2%. Over the past 5 years, revenue has grown by an average of 20.4% a year.

See the full analysis

What is the analyst price target for Canadian Natural Resources stock?

Target +0.7%

The average 12-month analyst price target for Canadian Natural Resources shares is $45.85. The target is 0.7% above today's price. The estimate comes from 22 analysts, not from our analysis, and their average recommendation is “buy”, at 3.73 out of 5.

See the full analysis

When does Canadian Natural Resources report earnings?

Canadian Natural Resources has not yet announced the date of its next earnings report. Over the last 8 quarters, Canadian Natural Resources beat earnings estimates 6 times.

See the full analysis

Does Canadian Natural Resources have a lot of debt?

Debt 0.86x EBITDA

Canadian Natural Resources carries $19.35 bn in financial debt, or 0.86 times its annual operating profit (EBITDA). That is below the sector median of 1.63, so the debt load is light for its industry. Cash and short-term investments of $672.5 m cover 3% of that debt. Its Altman Z-score puts it in the grey zone, where financial risk is worth watching.

See the full analysis

How do you buy Canadian Natural Resources (CNQ) shares?

CNQ

Canadian Natural Resources shares trade on the New York Stock Exchange (NYSE) under the ticker CNQ, in US dollars. You buy them through a broker with access to this exchange: search for the ticker CNQ or the ISIN CA1363851017 and place an order. Brokers with access to this exchange, from our comparison: eToro, Trading212 and XTB. CNQ trades Monday to Friday, from 9:30 to 16:00 New York time. Many brokers also offer fractional Canadian Natural Resources shares, so you don't need $54.15 to get started. Because Canadian Natural Resources is a US company, investors outside the US fill in form W-8BEN once, so the broker can apply their country's tax-treaty rate to US withholding on its dividends instead of the standard 30%.

Affiliate links: if you open an account, we may earn a commission at no cost to you. Investing involves the risk of losing money.

How risky is Canadian Natural Resources stock?

Beta 0.82

Canadian Natural Resources shares have a beta of 0.82, so the stock has moved roughly in line with the market: when the market moved 10%, it moved 8.2% on average. Its largest drop from a peak was 80.5%, and the recovery took 440 days. Volatility over the past year is 33.0%.

See the full analysis

Is Canadian Natural Resources stock in an uptrend or a downtrend?

+21.7% vs 200-day average

Long term, it is trending up: Canadian Natural Resources shares trade 21.7% above their 200-day average. The 50-day average is above the 200-day average, a sign the rise has lasted for several months.

See the full analysis

This information is educational and is not investment advice. Figures update together with the data on this page.

CNQ news

Follow CNQ to get its news in your feed.

Discussion

Log in to comment and vote.

Loading the discussion…
Key figuresAnalysis summaryIndicatorsPros and consVerdict
AnalystsFair valueProjections
ProfitabilityGrowthEarnings qualityCapital efficiencyFinancial statementsEarnings reports
Debt and solvencyForensics and manipulationBehaviour in crisesBiggest drops
DividendsShareholder yieldWhat you would have madeSplits
Institutional holdingsShort interestIndices and ETFs
Position in sectorComparable companiesWho it suits
Volatility and riskRisk-adjusted returnTrend and oscillators
Frequently asked questions