CNQ
Canadian Natural Resources Limited
CNQ's fundamentals are strong: its operating margin rose 7 points to 32% and it turned 19% of its revenue into free cash flow. Its PE isn't a useful guide right now because of how its recent earnings were reported.
CNQ Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CNQ's revenue, profitability, cash flow and balance sheet are all currently healthy.
CNQ PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.3x | $32.73 | -33% |
| Current | 12x | $49.11 | — |
| Fair | 13x | $49.61 | +1% |
| Expensive | 15x | $59.18 | +20% |
Historical ranges are pointers, not guarantees.
CNQ's PE is 12x, but its earnings don't support one, so it isn't a reliable read right now.
CNQ Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for CNQ, with profitability improving.
CNQ Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.95 | +43% |
| Q1 2026 | $3.26 | +30% |
| Q4 2025 | $3.63 | +81% |
| Q3 2025 | $2.23 | -10% |
| Q2 2025 | $2.77 | +11% |
| Q1 2025 | $2.51 | +4.1% |
| Q4 2024 | $2.01 | -24% |
| Q3 2024 | $2.49 | +8.7% |
CNQ earned $3.95 per share over the past year, up 43% from the year before.
CNQ Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $12.1B | +78% |
| Q1 2026 | $7.6B | -15% |
| Q4 2025 | $7.5B | -3.2% |
| Q3 2025 | $6.7B | -8.5% |
| Q2 2025 | $6.8B | -8.9% |
| Q1 2025 | $8.9B | +35% |
| Q4 2024 | $7.8B | +3.6% |
| Q3 2024 | $7.3B | -12% |
CNQ's revenue is growing: $12.1B last quarter, up 78% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 37% | +16 points |
| Q1 2026 | 25% | -1.2 points |
| Q4 2025 | 17% | -6.7 points |
| Q3 2025 | 46% | +19 points |
| Q2 2025 | 21% | -2.8 points |
| Q1 2025 | 26% | +7.3 points |
| Q4 2024 | 23% | -3 points |
| Q3 2024 | 27% | +27 points |
CNQ's operating margin was 37% last quarter, up 16 points from the same quarter a year ago.
CNQ Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $3.1B | +268% |
| Q1 2026 | $601.5M | -71% |
| Q4 2025 | $1.6B | +8.4% |
| Q3 2025 | $1.3B | +9.9% |
| Q2 2025 | $842.9M | -51% |
| Q1 2025 | $2.1B | +64% |
| Q4 2024 | $1.5B | -44% |
| Q3 2024 | $1.2B | -31% |
CNQ generated $6.6B in free cash flow over the past year, up 18% from the year before.
CNQ Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -6.3M shares |
| 1 year | -0.5% | -9.8M shares |
| 3 years | -5.5% | -121M shares |
| 5 years | -12% | -281M shares |
| Available history | -12% | -281M shares |
CNQ has 2.1B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $771.9M |
| Q1 2026 | $157.2M |
| Q4 2025 | $206.5M |
| Q3 2025 | $217.2M |
| Q2 2025 | $252.4M |
| Q1 2025 | $342.4M |
| Q4 2024 | $387.4M |
| Q3 2024 | $521M |
CNQ spent $1.4B buying back its own shares over the past year, down 10% from the year before.
CNQ Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.8x | Very low |
| Q3 2025 | 1.0x | Very low |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 1.0x | Very low |
| Q4 2024 | 1.3x | Healthy |
| Q3 2024 | 0.6x | Very low |
CNQ's net debt is less than a year of its operating earnings (EBITDA).
CNQ Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.0 | Neutral |
| Stochastic | 53.5 | Neutral |
CNQ's weekly RSI is 52 (neutral) and its Stochastic is 53 (neutral).
CNQ PE vs Energy Sector
| Metric | CNQ | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 5.3% below |
| PE % | 47 | 61 | 14 pts below |
CNQ is trading at 12x earnings, in line with the Energy sector's median of 13x, though its earnings don't support one.
CNQ Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $51.0 | 3.7% below |
| 20 week MA | $48.6 | 1.1% above |
| 50 week MA | $44.5 | 10% above |
| 100 week MA | $37.7 | 30% above |
| 200 week MA | $35.1 | 40% above |
CNQ's trend is up, with a small recent dip: it's below only its 8-week average, and 40% above its 200-week average.
CNQ Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.0 | $12.0 | -25% |
| 2021 | $12.0 | $20.3 | +69% |
| 2022 | $20.3 | $27.9 | +38% |
| 2023 | $27.9 | $32.8 | +17% |
| 2024 | $32.8 | $30.2 | -7.9% |
| 2025 | $30.2 | $32.8 | +8.7% |
| 2026 YTD | $32.8 | $49.1 | +50% |
CNQ has finished higher in four of the last six years. It's up 50% so far in 2026.