Canadian Natural Resources Limited (CNQ) Key Metrics
CNQ key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Canadian dollarsCNQ returns How much profit the business earns on the capital it uses.
CNQ financial health Debt, liquidity and how easily interest is covered.
CNQ efficiency & capital use Working capital cycle and where the cash goes.
CNQ returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CNQ debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CNQ cash returned to shareholders
CNQ key metrics in Canadian dollars
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 25.8% | 15.4% | 21.1% | 29.1% | 22.1% | −1.3% | 16.2% | 8.1% | 8.3% | −0.8% |
| Return on invested capital (ROIC) | 10.9% | 23.1% | 16.9% | 23.2% | 13.8% | −0.6% | 19.1% | 6.8% | 4.1% | −2.4% |
| Return on assets (ROA) | 12.2% | 7.6% | 10.8% | 14.3% | 10.1% | −0.6% | 7.2% | 3.6% | 3.6% | −0.3% |
| Return on tangible assets | 11.8% | 7.2% | 10.8% | 14.4% | 10.0% | −0.6% | 6.9% | 3.6% | 3.2% | −0.3% |
| Free cash flow margin | 19.1% | 22.7% | 18.2% | 28.8% | 30.4% | 12.3% | 23.1% | 25.5% | 14.5% | −3.2% |
| Income quality (OCF / net income) | 1.39 | 2.19 | 1.50 | 1.77 | 1.89 | — | 1.63 | 3.91 | 3.03 | — |
| Financial health | ||||||||||
| Total debt | C$19.71B | C$20.28B | C$12.35B | C$12.74B | C$16.09B | C$22.95B | C$22.79B | C$20.62B | C$22.46B | C$16.80B |
| Cash & short-term investments | C$672.5M | C$131.0M | C$1.40B | C$1.41B | C$1.05B | C$489.0M | C$629.0M | C$625.0M | C$1.03B | C$930.0M |
| Net debt | C$19.03B | C$20.15B | C$10.95B | C$11.33B | C$15.04B | C$22.46B | C$22.16B | C$20.00B | C$21.43B | C$15.88B |
| Debt / equity | 0.44 | 0.51 | 0.31 | 0.33 | 0.44 | 0.71 | 0.65 | 0.64 | 0.71 | 0.64 |
| Debt / assets | 0.21 | 0.24 | 0.16 | 0.17 | 0.21 | 0.30 | 0.29 | 0.29 | 0.30 | 0.29 |
| Net debt / EBITDA | 0.79 | 1.23 | 0.63 | 0.52 | 0.92 | 3.74 | 1.96 | 2.07 | 2.77 | 3.64 |
| Current ratio | 0.95 | 0.77 | 0.96 | 0.82 | 0.80 | 0.86 | 0.68 | 0.63 | 0.78 | 0.85 |
| Quick ratio | 0.63 | 0.48 | 0.69 | 0.61 | 0.59 | 0.65 | 0.50 | 0.43 | 0.64 | 0.72 |
| Interest coverage | 7.9 | 25.0 | 15.1 | 22.0 | 12.8 | -0.5 | 12.4 | 6.1 | 3.2 | -3.0 |
| Working capital | −C$398.7M | −C$2.23B | −C$268.0M | −C$1.59B | −C$1.48B | −C$717.0M | −C$2.15B | −C$1.74B | −C$1.36B | −C$756.0M |
| Invested capital | C$63.36B | C$59.62B | C$50.78B | C$49.51B | C$51.98B | C$54.84B | C$57.15B | C$51.97B | C$53.08B | C$42.14B |
| Tangible asset value | C$44.33B | C$39.47B | C$39.83B | C$38.17B | C$36.95B | C$32.38B | C$34.99B | C$31.97B | C$31.65B | C$26.27B |
| Net current asset value | −C$39.77B | −C$38.49B | −C$28.96B | −C$30.91B | −C$33.78B | −C$38.53B | −C$38.64B | −C$36.56B | −C$37.32B | −C$28.05B |
| Capital allocation | ||||||||||
| Dividends paid | C$4.87B | C$4.43B | C$3.89B | C$4.93B | C$2.17B | C$1.95B | C$1.74B | C$1.56B | C$1.25B | C$758.0M |
| Share buybacks (net) | C$1.45B | C$2.66B | C$3.32B | C$5.57B | C$1.58B | C$271.0M | C$941.0M | C$1.28B | C$0 | C$0 |
| Dividend payout ratio | 45.0% | 72.5% | 47.3% | 45.0% | 28.3% | — | 32.2% | 60.3% | 52.2% | — |
| Dividends + buybacks / free cash flow | 75.0% | 87.6% | 96.8% | 73.5% | 37.6% | 102.9% | 50.7% | 50.1% | 48.8% | — |
| Capex / revenue | 15.1% | 14.8% | 12.0% | 10.3% | 13.7% | 14.6% | 15.5% | 18.7% | 25.9% | 34.3% |
| Capex / operating cash flow | 44.2% | 39.5% | 39.7% | 26.3% | 31.0% | 54.2% | 40.0% | 41.3% | 63.0% | 110.2% |
| Capex / depreciation | 0.69 | 0.79 | 0.77 | 0.69 | 0.83 | 0.43 | 0.66 | 0.71 | 1.14 | 0.90 |
| Stock-based compensation / revenue | 0.4% | 0.8% | 1.2% | 1.6% | 1.6% | −0.5% | 1.0% | −0.7% | 0.8% | 3.2% |
| SG&A / revenue | 1.8% | 2.2% | 2.3% | 2.5% | 2.7% | 1.8% | 2.5% | 0.8% | 2.6% | 6.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 33.6 | 37.4 | 30.1 | 24.6 | 31.2 | 51.9 | 28.9 | 31.7 | 51.7 | 69.7 |
| Days of inventory on hand | 28.4 | 48.7 | 24.2 | 18.4 | 21.4 | 23.2 | 35.0 | 19.8 | 19.6 | 19.2 |
| Days payables outstanding | 11.5 | 25.2 | 17.3 | 11.8 | 12.0 | 15.5 | 26.5 | 16.6 | 17.0 | 18.4 |
| Cash conversion cycle (days) | 50.5 | 61.0 | 37.0 | 31.2 | 40.5 | 59.6 | 37.4 | 34.8 | 54.3 | 70.5 |
| Receivables turnover | 10.88 | 9.75 | 12.11 | 14.86 | 11.71 | 7.03 | 12.62 | 11.52 | 7.06 | 5.24 |
| Payables turnover | 31.85 | 14.48 | 21.07 | 31.04 | 30.31 | 23.50 | 13.76 | 21.97 | 21.48 | 19.79 |
| Inventory turnover | 12.85 | 7.49 | 15.10 | 19.79 | 17.08 | 15.75 | 10.42 | 18.46 | 18.59 | 19.00 |
| Asset turnover | 0.50 | 0.44 | 0.54 | 0.65 | 0.43 | 0.23 | 0.31 | 0.31 | 0.27 | 0.19 |
| Average receivables | C$4.06B | C$3.66B | C$3.37B | C$3.33B | C$2.81B | C$2.49B | C$1.81B | C$1.93B | C$2.50B | C$2.12B |
| Average payables | C$1.09B | C$1.25B | C$1.38B | C$1.07B | C$735.0M | C$741.5M | C$797.5M | C$777.0M | C$685.0M | C$583.0M |
| Average inventory | C$2.71B | C$2.41B | C$1.92B | C$1.68B | C$1.30B | C$1.11B | C$1.05B | C$924.5M | C$791.5M | C$607.0M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from CNQ's annual financial statements (latest annual report filed March 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
CNQ valuation and financial ratios
Canadian Natural Resources earned a return on equity of 25.8% and a return on invested capital of 10.9% in fiscal 2025. It ended the year with C$19.7 billion of debt and C$672.5 million in cash and short-term investments, net debt of C$19.0 billion. It returned C$6.3 billion to shareholders: C$4.9 billion in dividends and C$1.4 billion in share buybacks, 75% of free cash flow.
See the CNQ income statement, the CNQ chart for price history, or the CNQ stock overview for the latest quote and news.
CNQ key metrics FAQ
What is Canadian Natural Resources's return on equity?
Canadian Natural Resources's return on equity (ROE) was 25.8% in fiscal 2025: net income of C$10.8 billion on average shareholders' equity of C$41.9 billion.
What is Canadian Natural Resources's ROIC?
Canadian Natural Resources's return on invested capital was 10.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Canadian Natural Resources have?
Canadian Natural Resources had total debt of C$19.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.44 and C$19.0 billion of net debt (0.79 times EBITDA).
Does Canadian Natural Resources buy back its shares?
Yes. Canadian Natural Resources spent C$1.4 billion on net share repurchases in fiscal 2025.
What is Canadian Natural Resources's current ratio?
Canadian Natural Resources's current ratio was 0.95 at the end of fiscal 2025: current assets were 0.95 times current liabilities.