Canadian Natural Resources Limited (CNQ) 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

+87.6%

$90.25

vs $48.11 price

Levered DCF

$73.37

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

3.24

Safe zone

Rating

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	8.98×	15.58×	11.6×	7.8×	8.24×	-85.25×	9.25×	15.54×
P/B	2.19×	2.41×	2.38×	2.24×	1.71×	1.42×	1.85×	1.26×
P/S	2.2×	2.66×	2.32×	1.72×	1.92×	2.06×	2.19×	1.8×
EV / EBITDA	4.85×	7.02×	6.06×	4.48×	4.8×	9.02×	5.98×	6.38×
Gross margin	21.3%	49.3%	28.8%	32.8%	32.2%	0.4%	52.0%	23.4%
Operating margin	18.6%	47.1%	25.6%	29.8%	29.0%	0.0%	49.5%	21.8%
Net margin	24.5%	17.1%	20.2%	22.1%	23.3%	-2.5%	23.7%	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×	0.27×	0.34×	0.44×	0.71×	0.65×	0.64×
Interest coverage	7.92×	24.96×	15.14×	22.03×	12.8×	0×	12.42×	6.08×
Dividend yield	5.0%	4.7%	4.1%	5.8%	2.7%	5.4%	3.5%	3.9%
Payout ratio	45.0%	72.5%	47.3%	45.0%	22.4%	-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%	-1.7%	20.1%	8.1%
Return on invested capital	8.0%	16.2%	12.2%	17.3%	10.4%	0.0%	17.6%	5.2%
Return on assets	11.8%	7.2%	10.8%	14.4%	10.0%	-0.7%	8.7%	3.6%
Free cash flow yield	8.7%	8.5%	7.9%	16.7%	12.5%	6.0%	10.4%	14.1%
Earnings yield	11.1%	6.4%	8.7%	12.8%	12.1%	-1.2%	10.8%	6.5%
Enterprise value	$116.2B	$115.2B	$104.6B	$97.4B	$78.6B	$54.1B	$67.5B	$60.7B
Net debt / EBITDA	0.79×	1.23×	0.57×	0.56×	0.95×	3×	1.55×	2.16×
Cash conversion cycle (days)	49	77	36	31	47	47	39	23