Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Canadian Natural Resources Limited is an independent oil and natural gas production company focused on the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids. It operates through key segments including Oil Sands Mining & Upgrading, which produces synthetic crude oil from bitumen mining and upgrading; Midstream & Refining, which manages pipeline operations and related investments; and Exploration & Production, covering activities in Western Canada, the U.K. North Sea, and offshore Africa. The company produces a range of products such as light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen via thermal methods, and synthetic crude oil. Its midstream assets feature crude oil pipeline systems and cogeneration facilities. Canadian Natural Resources Limited maintains a diversified portfolio across resource-rich regions, positioning it as a significant player in the energy minerals sector, particularly integrated oil operations. Founded in 1973 and headquartered in Calgary, Canada, it emphasizes efficient operations in these core areas.
C$56.19
+C$0.13 (+0.23%)
EOD Jun 25, 2026 · Twelve Data
18.62% operating margin is respectable but not wide. ROIC at 11.27%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 6.4%, steady but not accelerating. Margins contracted 4.8pp, which offsets some of the top-line progress.
ROIC dropped from 13.53% to 11.27%, capital efficiency is deteriorating. Operating margin contracted 4.8pp YoY, cost discipline may be slipping.
10.9x earnings, 14.1x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
C$44.17B
▲ +6.4% YoY
Net Income (TTM)
C$10.82B
▲ +77.2% YoY
Op. Margin
18.62%
▼ -4.8pp YoY
ROIC
11.27%
▼ -2.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
C$8.31B
▲ +3.9% YoY
Op. Cash Flow (TTM)
C$15.13B
▲ +15.1% YoY
Net Debt
C$15.94B
Cash & Equiv.
C$673M
3Y CAGR: -3.7%
3Y CAGR: -16.4%
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At a P/E of 10.9 and a price-to-free-cash-flow of 14.1, Canadian Natural Resources (CNQ) trades around a two-stage DCF intrinsic value of about C$61.28 per share, so at C$56.19 the stock looks around fair value (9.1% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Canadian Natural Resources scores 43/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 4.1%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about C$61.28 per share for CNQ, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around C$45.96. At today's C$56.19, that puts the stock about 9.1% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Canadian Natural Resources scores 43 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 18.6% operating margin and a 11.3% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Canadian Natural Resources pays a regular dividend of about C$2.33 per share per year (typically in quarterly installments), a yield of roughly 4.1% at the current price. That is a payout ratio of about 45.0% of earnings, so the dividend is well covered. Canadian Natural Resources has grown the dividend at roughly 22.4% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For CNQ's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. CNQ currently trades around its estimated intrinsic value and scores 43/100 on quality (mixed). It also yields about 4.1%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.