Start with its own history
At 14.73×, CNQ is 20.5% above its 8-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · CNQOil & Gas Exploration & ProductionUpdated Nov 2, 2026
Canadian Natural Resources Limited P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
14.73×
20.5% abovethe 8-observation annual average
Share price53.635
÷Earnings per share3.64
Price and EPS in quote currency. Calculation details
Investors are paying 14.73 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 12.23×
3-year average12.03×3 positive annual observations
5-year average10.39×5 positive annual observations
10-year average12.23×8 positive annual observations
Peer median · TTM17.76×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 8.99× | -41.8% |
| Dec 31, 2024 | 15.46× | +33.1% |
| Dec 31, 2023 | 11.62× | +49.0% |
| Dec 31, 2022 | 7.80× | -3.5% |
| Dec 31, 2021 | 8.08× | N/M |
| Dec 31, 2020 | N/M | N/M |
| Dec 31, 2019 | 9.06× | -40.5% |
| Dec 31, 2018 | 15.22× | -29.4% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 21.57× | N/M |
| Dec 31, 2016 | N/M | N/M |
| Dec 31, 2015 | N/M | N/M |
| Dec 31, 2014 | 9.77× | -42.3% |
| Dec 31, 2013 | 16.92× | +3.7% |
| Dec 31, 2012 | 16.31× | +5.7% |
| Dec 31, 2011 | 15.44× | -44.6% |
| Dec 31, 2010 | 27.85× | +9.2% |
| Dec 31, 2009 | 25.49× | +393.2% |
| Dec 31, 2008 | 5.17× | -64.8% |
| Dec 31, 2007 | 14.69× | +13.9% |
| Dec 31, 2006 | 12.90× | -55.2% |
| Dec 31, 2005 | 28.80× | +203.1% |
| Dec 31, 2004 | 9.50× | -24.0% |
| Dec 31, 2003 | 12.50× | -34.4% |
| Dec 31, 2002 | 19.07× | +46.0% |
| Dec 31, 2001 | 13.06× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How CNQ compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 CNQ This stockCanadian Natural Resources Limited | 14.73× |
 CVE.TOCenovus Energy Inc. | 12.01× |
 IMO.TOImperial Oil Limited | 14.89× |
 SU.TOSuncor Energy Inc. | 14.10× |
 KEL.TOKelt Exploration Ltd. | 39.61× |
 WCP.TOWhitecap Resources Inc. | 14.55× |
 ATH.TOAthabasca Oil Corporation | 24.00× |
 TOU.TOTourmaline Oil Corp. | 69.81× |
 BIR.TOBirchcliff Energy Ltd. | 20.62× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does CNQ’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 17.76×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take CNQ into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("CNQ", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 53.635 ÷ EPS 3.64 = 14.73×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 2, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
CNQ P/E ratio: common questions
The essentials behind the numbers.
Canadian Natural Resources Limited's current P/E is 14.73× based on the quote data last updated Nov 2, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.