Canadian Natural Resources (CNQ) Return on Invested Capital [ROIC] (2009 - 2021)
Canadian Natural Resources' Return on Invested Capital [ROIC] came in at 44.95% for the quarter ended Jun 30, 2026, up 11.61 percentage points from 33.34% a year earlier and up 7.64 percentage points from the prior quarter.
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Analysis
Canadian Natural Resources (CNQ) Return on Invested Capital [ROIC] (2009 - 2021) Analysis & Trends
For the year ended Dec 31, 2025, Canadian Natural Resources' Return on Invested Capital [ROIC] was -60.47%, down 11.06 percentage points from the prior year.
- Return on Invested Capital [ROIC] carries a five-year change of -36.84 percentage points (years ended Dec 2020 to Dec 2025).
- Going back by year, Return on Invested Capital [ROIC] was -49.42% in the year ended Dec 31, 2024 (-0.45 pp), -48.96% in the year ended Dec 31, 2023 (+5.75 pp), -54.71% in the year ended Dec 31, 2022 (-23.85 pp) and -30.86% in the year ended Dec 31, 2021 (-7.22 pp).
- The figure for the quarter ended Jun 30, 2026 represents the highest quarterly Return on Invested Capital [ROIC] since the quarter ended Sep 30, 2022.
- Year-over-year, Return on Invested Capital [ROIC] has increased for three consecutive quarters, with an average year-over-year change of +3.99 percentage points over the last eight quarters.
- The fastest year-over-year change in Return on Invested Capital [ROIC] over five years came in the quarter ended Mar 31, 2022 (a gain of 68.86 percentage points), and the weakest in the quarter ended Mar 31, 2023 (a drop of 47.50 percentage points).
- Business Quant data shows CNQ's Return on Invested Capital [ROIC] at 37.31% (quarter ended Mar 31, 2026), 42.04% (quarter ended Dec 31, 2025) and 24.04% (quarter ended Sep 30, 2025) in the three quarters before the quarter ended Jun 30, 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 686.62 Bn | 644.76 Bn | - | 13.86% |
| 2 | Chevron | 416.14 Bn | 383.18 Bn | 31.26 Bn | 12.13% |
| 3 | Shell | 291.71 Bn | 151.98 Bn | - | - |
| 4 | TotalEnergies SE | 192.78 Bn | 63.86 Bn | 31,614.00 | 21.61% |
| 5 | Eni Spa | 167.56 Bn | 107.19 Bn | - | 9.03% |
| 6 | Conocophillips | 165.53 Bn | 138.24 Bn | 12.81 Bn | 22.50% |
| 7 | Equinor Asa | 108.87 Bn | 21.72 Bn | 4.49 Bn | 57.33% |
| 8 | Canadian Natural Resources | 101.39 Bn | 95.29 Bn | 9.35 Bn | - |
| 9 | Phillips 66 | 97.45 Bn | 81.24 Bn | 10.69 Bn | 25.31% |
| 10 | Suncor Energy | 83.77 Bn | 64.46 Bn | - | 9.84% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2021 | 45.58% |
| Sep 30, 2021 | 54.78% |
| Dec 31, 2020 | 13.62% |
| Sep 30, 2020 | 26.57% |
| Jun 30, 2020 | 27.24% |
| Mar 31, 2020 | 25.83% |
| Dec 31, 2019 | 24.36% |
| Sep 30, 2019 | 15.21% |
| Jun 30, 2019 | 12.55% |
| Mar 31, 2019 | 8.11% |
| Dec 31, 2018 | 7.44% |
| Sep 30, 2018 | 8.99% |
| Jun 30, 2018 | 6.42% |
| Mar 31, 2018 | 5.82% |
| Dec 31, 2017 | 4.71% |
| Sep 30, 2017 | 5.15% |
| Jun 30, 2017 | 3.62% |
| Mar 31, 2017 | 0.00% |
| Dec 31, 2016 | -0.30% |
| Sep 30, 2016 | -1.08% |
API Access
Canadian Natural Resources Return on Invested Capital [ROIC] API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=CNQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "ticker": "CNQ", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=CNQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();