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Canadian Natural Resources Ltd
🇨🇦 CNQ.TO · Toronto · CA1363851017
Energy
Scores
Key Metrics
Powered by EODHDP/E (TTM)
13.7
P/E (Price-to-Earnings)Shows how much investors pay for each $1 of profit. We display the TTM P/E (Trailing Twelve Months) which uses actual earnings from the last 4 quarters. This is more reliable than Forward P/E which uses analyst estimates.
Net Debt/EBITDA (TTM)
0.9x
Latest quarter: 4.8x
Net Debt / EBITDAA leverage ratio showing how many years of EBITDA (earnings before interest, taxes, depreciation, and amortization) it would take to repay net debt. EBITDA approximates operating cash generation. Lower ratios (e.g., <3x) are generally safer; higher (e.g., >5x) may indicate more financial risk.
Latest quarter (2026-03-31): 4.8x
The quarterly value can spike when quarterly EBITDA is very low (e.g., one-time charges).
Quick guide: <2x manageable, >4x can be risky (sector-dependent).
ROE
22.8%
ROE (Return on Equity)A profitability measure: how much profit is generated from shareholders’ equity. Higher isn’t always better if it comes from high debt.
EV/EBITDA
6.5x
EV/EBITDAA valuation ratio that compares total business value (including debt) to EBITDA. Lower can mean cheaper, but context matters.
Dividend Summary
Powered by EODHDDividend Yield (Fwd)
4.09%
TTM: 3.81%
Dividend YieldThe Forward yield (Fwd) shows the next announced annual dividend / current price — what you'd earn going forward. The Trailing yield (TTM) in the tooltip shows dividends actually paid in the last 12 months. Forward is shown as primary because it reflects the company's current commitment to shareholders.
Forward Yield (estimated): 4.09%
Trailing Yield (TTM, last 12 months): 3.81%
Payout Ratio (Fwd)
48.1% TTM
Payout RatioDividends as a percentage of earnings. The Forward payout (Fwd) uses the announced dividend divided by actual past earnings (TTM) — it tells you if the company can afford what it promised. Very high payouts can be risky, especially if profits fall.
Announced dividend / actual earnings (TTM)
Dividend History
EODHD Dividends API| Status | Type | Decl. Date | Ex-Div Date | Pay Date | Currency | Amount |
|---|---|---|---|---|---|---|
| Forecast* | Quarterly | — | 23 Jun 2027 | — | CAD | 0.625 |
| Forecast* | Quarterly | — | 20 Mar 2027 | — | CAD | 0.625 |
| Forecast* | Quarterly | — | 12 Dec 2026 | — | CAD | 0.588 |
| Declared | Quarterly | 06 Aug 2026 | 11 Sep 2026 | 02 Oct 2026 | CAD | 0.625 |
| Paid | Quarterly | 06 May 2026 | 23 Jun 2026 | 07 Jul 2026 | CAD | 0.625 |
| Paid | Quarterly | 05 Mar 2026 | 20 Mar 2026 | 07 Apr 2026 | CAD | 0.625 |
| Paid | Quarterly | 05 Nov 2025 | 12 Dec 2025 | 06 Jan 2026 | CAD | 0.588 |
| Paid | Quarterly | 07 Aug 2025 | 19 Sep 2025 | 03 Oct 2025 | CAD | 0.588 |
* Extrapolated from past dividend history. Not an official announcement — treat as an estimate, not a confirmed date or amount.
Summary
Canadian Natural Resources is a premier energy producer with an exceptional track record of free cash flow generation and a pristine 26-year history of dividend growth. While the business fundamentals remain robust and the 3.81% yield is highly secure, current valuations offer limited upside compared to historical cyclical lows. Existing shareholders should maintain positions given the strong yield and low debt, but new investors may want to monitor for a commodity-driven pullback to secure a better entry point.
Sector Context
Canadian Natural Resources is a top-tier independent crude oil and natural gas exploration, development, and production company, operating extensively in Western Canada's oil sands. In the energy sector, dividend investors must carefully balance the cyclical nature of commodity prices against long-term regulatory headwinds and energy transition risks, making balance sheet strength and low breakeven costs critical.
📊 Strategy Analysis
- • Exceptional free cash flow generation easily covers the 3.81% dividend yield, supported by a highly conservative FCF payout ratio of 34.8%.
- • Pristine balance sheet with Net Debt/EBITDA at 0.86x, providing significant financial flexibility against commodity cycle fluctuations.
- • Stellar long-term dividend reliability with 26 consecutive years of increases and a 20.2% historical growth CAGR.
- • Strong fundamental momentum with record quarterly production and expanding net margins (27.9% vs 5-year average of 21.6%).
⚠ What to Watch
- • Trading at a TTM P/E of 13.71, the stock lacks the deep cyclical discount (typically P/E < 10) sought for an optimal margin of safety in energy equities.
- • Exposure to severe long-term regulatory headwinds, including escalating Canadian industrial carbon taxes ($130/tonne CO2) and proposed federal emissions caps that could limit expansion.
- • Massive long-term structural liabilities associated with asset retirement obligations (AROs) and tailings ponds management from its heavy oil sands operations.
📊 Historical Trends (10 Years)
Powered by EODHDThese charts show how key metrics have evolved over the past decade, helping you identify if the company is improving or deteriorating.
Debt Evolution (Net Debt / EBITDA)
Lower values are better. A declining trend indicates the company is reducing its debt (deleveraging).
Revenue & Earnings Growth
Consistent growth in revenueRevenue
The money a company brings in from selling its products or services. It’s the top line before costs. (blue) and earningsEarnings (Profit)
What’s left after expenses. Positive earnings mean the business made a profit; negative means a loss. (green) indicates a healthy business. Look for upward trends and recoveries after temporary dips.
Dividend Sustainability (FCF vs Dividends Paid)
Free cash flowFree Cash Flow
Cash left after the company pays for running the business and maintaining it. Often used to fund dividends, pay debt, or buy back shares. (FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., blue) should cover dividends paidDividends Paid
Cash the company paid out to shareholders. It’s not guaranteed and can change over time. (green). If dividends consistently exceed FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., the dividend may be at risk.
Analysis date: 2026-08-08
Disclaimer: This information is for educational purposes only. Not financial advice.