Canadian Natural Resources (CNQ) Debt Ratio (2009 - 2025)

Canadian Natural Resources' (CNQ) quarterly Debt Ratio came in at 0.93 in Q4 2025, down 13.03% year-on-year from 1.06 in Q4 2024, and down 13.03% quarter-over-quarter from 1.06 in Q4 2024.

Canadian Natural Resources (CNQ) Debt Ratio (2009 - 2025) Analysis & Trends

Canadian Natural Resources has disclosed Debt Ratio across 17 years of filings, most recently posting 0.93 for Q4 2025.

  • Debt Ratio for Q4 2025 came in at 0.93, down 13.03% year-over-year; the trailing twelve-month figure through Mar 2026 was 0.96 (changed 0.12% YoY), and the FY2025 annual result was 0.93, down 13.03% from the prior year.
  • Debt Ratio came in at 0.93 for Q4 2025 at Canadian Natural Resources, down from 1.06 in the prior quarter.
  • In the past five years, Debt Ratio ranged from a high of 1.06 in Q4 2024 to a low of 0.61 in Q4 2023.
  • The 5-year median for Debt Ratio is 0.93 (2025), against an average of 0.84.
  • Across the five-year window, Debt Ratio sank 32.48% in 2021 and jumped 74.11% in 2024, its largest moves.
  • Canadian Natural Resources' Debt Ratio stood at 0.94 in 2021, then decreased by 28.91% to 0.67 in 2022, then decreased by 8.29% to 0.61 in 2023, then surged by 74.11% to 1.06 in 2024, then dropped by 13.03% to 0.93 in 2025.
  • The last three Debt Ratio figures came in at 0.93 (Q4 2025), 1.06 (Q4 2024), and 0.61 (Q4 2023), per Business Quant data.
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Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Debt Ratio (Qtr)
1 Woodside Energy 631.53 Bn 625.59 Bn - 0.17
2 Canadian Natural Resources 402.73 Bn 402.73 Bn 6.72 Bn -
3 Conocophillips 145.39 Bn 139.02 Bn 9.48 Bn 0.19
4 Eog Resources 74.61 Bn 70.76 Bn - 0.15
5 Occidental Petroleum 57.00 Bn 53.82 Bn 4.87 Bn 0.19
6 Diamondback Energy 56.03 Bn 62.20 Bn 4.22 Bn 0.20
7 Vista Energy, S.A.B. de C.V 36.26 Bn 35.65 Bn 472.36 Mn 0.34
8 Eqt 33.02 Bn 36.36 Bn 2.98 Bn 0.02
9 Vermilion Energy 32.76 Bn 32.57 Bn 370.10 Mn 44.08
10 Devon Energy 27.78 Bn 27.78 Bn 3.61 Bn 0.26

Historic Data

Download Data
DateValue
Dec 31, 2025 0.93
Dec 31, 2024 1.06
Dec 31, 2023 0.61
Dec 31, 2022 0.67
Dec 31, 2021 0.94
Dec 31, 2020 1.39
Mar 31, 2020 0.30
Dec 31, 2019 0.27
Sep 30, 2019 0.29
Jun 30, 2019 0.30
Mar 31, 2019 0.28
Dec 31, 2018 0.29
Sep 30, 2018 0.27
Jun 30, 2018 0.29
Mar 31, 2018 0.30
Dec 31, 2017 0.30
Sep 30, 2017 0.25
Jun 30, 2017 0.32
Mar 31, 2017 0.28
Dec 31, 2016 0.29