Canadian Natural Resources Limited (CNQ.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+19.6%

CA$89.82

vs CA$75.12 price

Levered DCF

CA$77.77

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.4

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.99×	15.46×	11.62×	7.8×	8.08×	-83.22×	9.06×	15.22×
P/B	2.19×	2.39×	2.4×	2.24×	1.67×	1.09×	1.4×	1.23×
P/S	2.51×	2.27×	2.34×	1.72×	1.88×	2.1×	2.01×	1.76×
EV / EBITDA	4.88×	7.43×	6.2×	4.48×	4.72×	9.84×	6.28×	6.31×
Gross margin	23.3%	26.3%	28.8%	32.8%	32.2%	-0.8%	26.0%	23.4%
Operating margin	21.2%	23.4%	25.6%	29.8%	29.0%	-2.6%	22.9%	21.8%
Net margin	27.9%	14.7%	20.2%	22.1%	23.3%	-2.6%	22.2%	11.6%
Current ratio	0.95×	0.77×	0.96×	0.82×	0.8×	0.86×	0.68×	0.63×
Debt / equity	0.44×	0.51×	0.31×	0.34×	0.44×	0.71×	0.65×	0.64×
Interest coverage	9.86×	14.45×	15.14×	22.03×	12.8×	-0.54×	6.13×	6.08×
Dividend yield	5.0%	4.7%	4.1%	5.8%	3.5%	5.5%	3.6%	4.0%
Payout ratio	45.0%	72.5%	47.3%	45.0%	28.3%	-448.3%	32.2%	60.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	24.4%	15.5%	20.7%	28.6%	20.7%	-1.3%	15.5%	8.1%
Return on invested capital	7.9%	9.4%	12.1%	17.3%	10.4%	-0.3%	7.5%	5.2%
Return on assets	11.8%	7.2%	10.8%	14.4%	10.0%	-0.6%	6.9%	3.6%
Free cash flow yield	8.7%	8.5%	7.8%	16.7%	16.1%	6.1%	10.8%	15.1%
Earnings yield	11.1%	6.5%	8.6%	12.8%	12.4%	-1.2%	11.1%	6.6%
Enterprise value	CA$116.3B	CA$114.5B	CA$107.1B	CA$97.4B	CA$77.4B	CA$58.4B	CA$71.6B	CA$59.8B
Net debt / EBITDA	0.8×	1.31×	0.66×	0.56×	0.95×	3.87×	1.98×	2.16×
Cash conversion cycle (days)	56	57	36	31	47	62	44	23