Canadian Natural Resources (CNQ) Financial Ratios: P/E, ROE & More

Canadian Natural Resources (CNQ) Financial Ratios

For fiscal 2025 (fiscal year ended Dec 31, 2025), Canadian Natural Resources had a P/E ratio of 8.95 (down from 15.34), return on equity of 25.8% (up from 15.4%), debt-to-equity of 0.45 (down from 0.51) and a current ratio of 0.95 (up from 0.77). A current ratio of 0.95 means current liabilities exceed current assets. Its dividend yield was 5.05% with a payout ratio of 45.0%.

Canadian Natural Resources Financial Ratios Analysis

Valuation, profitability, leverage, and liquidity ratios

Income Statement Balance Sheet Cash Flow Ratios

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Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Valuation Ratios
P/E Ratio	8.95	15.34	11.42	7.61	8.21	-
P/S Ratio	2.50	2.63	2.62	1.97	2.09	2.14
P/B Ratio	2.18	2.37	2.36	2.18	1.70	1.12
Price/Tangible Book	2.18	2.37	2.36	2.18	1.70	1.12
Price/FCF	11.65	11.70	12.63	5.84	6.30	16.77
Price/OCF	6.41	7.00	7.61	4.29	4.35	7.66
Enterprise Value Ratios
EV/Revenue	2.98	2.93	2.96	2.29	2.67	3.50
EV/EBITDA	7.29	6.40	6.33	4.65	5.20	10.18
EV/EBIT	14.15	10.75	10.18	6.54	8.45	-
EV/FCF	13.88	13.05	14.31	6.79	8.02	27.48
Profitability & Returns
Return on Equity (ROE)	25.81%	15.40%	21.11%	29.12%	22.11%	-1.29%
Return on Assets (ROA)	5.76%	7.53%	8.60%	12.10%	7.80%	-0.36%
Return on Invested Capital (ROIC)	10.84%	13.34%	16.87%	23.17%	13.68%	-0.78%
Return on Capital Employed (ROCE)	9.70%	12.80%	15.30%	21.90%	13.70%	-0.60%
Leverage & Solvency Ratios
Debt/Equity	0.45	0.51	0.31	0.34	0.44	0.71
Debt/EBITDA	1.22	1.22	0.73	0.62	1.06	3.98
Debt/FCF	2.37	2.53	1.66	0.91	1.63	10.74
Liquidity Ratios
Current Ratio	0.95	0.77	0.96	0.82	0.80	0.86
Quick Ratio	0.58	0.44	0.62	0.57	0.56	0.59
Efficiency Ratios
Asset Turnover	0.44	0.44	0.47	0.55	0.40	0.22
Inventory Turnover	7.38	7.49	9.24	11.11	10.55	9.74
Yield & Distribution Ratios
Earnings Yield	11.17%	6.52%	8.75%	13.14%	12.18%	-1.20%
FCF Yield	8.59%	8.55%	7.92%	17.13%	15.87%	5.96%
Dividend Yield	5.05%	4.80%	4.22%	4.11%	3.71%	7.14%
Payout Ratio	45.02%	72.54%	47.26%	29.46%	28.31%	-
Buyback Yield	1.99%	2.90%	4.10%	3.15%	-0.40%	0.95%
Total Return	7.04%	7.69%	8.31%	7.26%	3.31%	8.09%

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Canadian Natural Resources Financial Ratios

What is Canadian Natural Resources's P/E ratio?

Canadian Natural Resources's P/E ratio was 8.95 for fiscal 2025 (period ended Dec 31, 2025). It was 15.34 a year earlier.

What is Canadian Natural Resources's return on equity?

Canadian Natural Resources's return on equity (ROE) was 25.8% for fiscal 2025 (period ended Dec 31, 2025). It was 15.4% a year earlier.

What is Canadian Natural Resources's debt-to-equity ratio?

Canadian Natural Resources's debt-to-equity ratio was 0.45 for fiscal 2025 (period ended Dec 31, 2025). It was 0.51 a year earlier.

What is return on equity (ROE)?

Return on equity is net income divided by shareholders' equity. It measures how much profit a company generates from the capital its shareholders have invested. Full definition