Canadian Natural Resources Limited

CNQ

Oil & Gas Exploration & Production · Energy

Also trades as: CNQ.TO

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Canadian Natural Resources (CNQ) is one of the largest oil and gas producers in Canada. The company pulls crude oil, natural gas, and natural gas liquids out of the ground, mainly in Alberta's oil sands, as well as conventional fields across Western Canada and offshore assets in the North Sea and West Africa. Its customers are refineries and energy traders that buy raw hydrocarbons to turn into fuels and other products.

CNQ makes money by selling the oil and gas it produces, so its revenue rises and falls with commodity prices. The company is known for owning its assets outright and running them with tight cost control, which gives it lower break-even costs than many peers — a key competitive advantage. CNQ operates primarily in Canada, with a market cap around $81 billion, making it one of North America's largest independent energy producers. The biggest risk the company faces is a sustained drop in global oil prices, which would directly squeeze its margins and cash flow.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+77.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+85.5% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

2.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Canadian Natural Resources Limited grew revenue 78% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

37.2%

Modest — 37.2% gross margin

Profit after running costs

Operating Margin

36.9%

Excellent — 36.9% operating margin

Return on the money invested

ROCE

23.8%

Exceptional — 23.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+10.1%

Steady sales growth (+10.1% YoY)

Profit growth

EPS YoY

+42.8%

Earnings growing fast (+42.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

144%

Turns 144% of profit into real cash

Spare cash per sale

FCF Margin

19.5%

Converts sales into free cash efficiently (19.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.37

Conservative — low debt load (0.37)

Covers its interest

Interest Cover

17.00x

Comfortably covers interest (17.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.1x

no trend

Attractive valuation — P/E 9.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-9.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.63%

no trend

Moderate income — 3.63% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+7.7%

no trend

Dividend growing modestly (7.7% YoY)

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