Canadian Natural Resources Ratios (2009-2025) | CNQ

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Ratios	Mar2009	Jun2009	Sep2009	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Profitability
Gross Margin								201.77%				161.38%				194.51%				196.88%				212.80%				-182.85%	95.82%			-120.27%	99.77%																												94.95%	94.33%	94.21%	53.43%	94.03%	91.87%	92.42%
EBT Margin	16.93%	2.96%	27.56%	18.72%	-2.54%	-0.64%	-0.03%	-4.67%	8.29%	33.58%	31.96%	26.02%	15.24%	24.32%	12.70%	11.74%	7.92%	15.07%	28.02%	11.43%	16.54%	21.65%	22.88%	26.84%	-21.06%	2.66%	-3.15%	-1.79%	-230.31%	-18.69%	-25.22%	13.62%	8.88%	29.53%	13.71%	11.57%	15.97%	23.56%	36.36%	-24.28%	23.25%	26.13%	20.71%	12.98%	-32.02%	-21.18%	9.26%	15.13%	25.65%	30.61%	36.43%	37.01%	33.61%	39.49%	29.94%	13.73%	23.96%	22.46%	31.80%	30.96%	17.08%	24.93%	31.59%	16.75%	28.31%	32.29%	5.12%
EBIT Margin	16.93%	2.96%	27.56%	18.72%	35.08%	28.27%	26.27%	108.48%	11.18%	36.32%	34.65%	101.33%	17.66%	26.53%	15.02%	-276.55%	9.78%	16.74%	29.29%	-263.17%	17.78%	23.03%	24.23%	160.04%	-18.23%	4.55%	-0.64%	-284.64%	-1.92%	-15.32%	-21.37%	-206.65%	3.39%	33.24%	16.92%	14.82%	19.44%	26.75%	39.41%	-19.45%	26.89%	29.46%	24.21%	16.40%	-27.44%	-14.25%	13.12%	18.65%	28.45%	33.32%	38.74%	38.87%	34.95%	40.89%	31.14%	14.51%	25.58%	24.71%	33.69%	32.19%	85.71%	89.78%	93.15%	41.02%	90.55%	90.14%	85.59%
EBITDA Margin	16.93%	2.96%	27.56%	18.72%	35.08%	28.27%	26.27%	108.48%	11.18%	36.32%	34.65%	101.33%	17.66%	26.53%	15.02%	-276.55%	9.78%	16.74%	29.29%	-263.17%	17.78%	23.03%	24.23%	160.04%	-18.23%	4.55%	-0.64%	-284.64%	-1.92%	-15.32%	-21.37%	-206.65%	3.39%	33.24%	16.92%	14.82%	19.44%	26.75%	39.41%	-19.45%	26.89%	29.46%	24.21%	16.40%	-27.44%	-14.25%	13.12%	117.52%	28.45%	33.32%	38.74%	182.99%	34.95%	40.89%	31.14%	242.70%	25.58%	24.71%	33.69%	186.57%	85.71%	89.78%	93.15%	178.46%	90.55%	90.14%	85.59%
Operating Margin								108.48%				101.33%				-276.55%				-263.17%				160.04%				-284.64%	-1.92%			-206.65%	3.39%																												85.71%	89.78%	93.15%	41.02%	90.55%	90.14%	85.59%
Net Margin	11.57%	0.25%	24.75%	16.07%	26.25%	26.39%	22.18%	-6.42%	3.04%	27.34%	27.39%	46.32%	9.43%	19.28%	9.82%	7.04%	4.50%	11.72%	23.52%	6.98%	14.24%	18.88%	21.36%	26.35%	-21.06%	2.66%	-3.15%	-1.79%	-135.83%	-18.69%	-25.22%	13.62%	7.47%	31.55%	14.59%	11.57%	13.15%	19.24%	33.02%	-17.96%	20.10%	0.04%	0.01%	0.01%	-0.02%	0.01%	0.01%	0.01%	0.02%	0.02%	29.28%	0.02%	0.02%	0.03%	0.02%	0.01%	0.02%	0.02%	0.02%	0.03%	0.01%	19.18%	27.21%	14.42%	23.64%	27.26%	0.71%
FCF Margin	126.40%	57.13%	18.97%	70.72%	68.18%	85.90%	69.54%	216.01%	32.99%	42.92%	48.94%	44.04%			38.21%	42.67%	38.84%	40.34%	33.68%	44.32%	30.87%	67.41%	76.05%	234.39%	40.28%	60.26%	86.80%	83.28%	490.16%	43.18%	45.52%	18.57%	20.41%	19.94%	34.41%	48.09%	62.59%	59.29%	80.71%	69.69%	34.91%	62.23%	51.84%	54.08%	54.82%	1.01%	61.81%	39.64%	49.53%	64.12%	67.99%	68.06%	34.80%	63.39%	57.50%	59.53%	26.43%	54.59%	46.58%	36.51%	47.45%	63.08%	48.84%	-73.05%	27.25%	13.78%	63.06%
Efficiency
Inventory Average						0.46B	0.44B	0.45B	0.49B	0.56B	0.63B	0.59B	0.60B	0.63B	0.58B	0.57B	0.59B	0.63B	0.66B	0.64B	0.64B	0.70B	0.73B	0.66B	0.58B	0.59B	0.55B	0.45B	0.41B	0.45B	0.47B	0.49B	0.51B	0.59B	0.70B	0.70B	0.74B	0.79B	0.83B	0.79B	0.76B	0.85B	0.88B	0.87B	0.79B	0.75B	0.80B	0.81B	0.84B	0.92B	0.98B	1.10B	1.28B	1.42B	1.46B	1.37B	1.38B	1.44B	1.54B	1.56B	1.60B	1.76B	1.84B	1.93B	1.94B	1.90B	1.97B
Assets Average	35.13B	38.32B	41.31B	39.85B	40.08B	41.78B	42.09B	42.16B	43.12B	44.25B	45.07B	45.83B	46.66B	47.35B	47.73B	48.65B	49.64B	50.33B	51.12B	50.38B	51.29B	55.62B	58.50B	56.02B	51.05B	54.82B	53.48B	45.42B	43.47B	43.84B	44.81B	44.22B	43.87B	48.80B	63.41B	65.57B	58.04B	57.52B	56.61B	55.16B	54.92B	57.32B	59.25B	59.34B	57.96B				11.86B	11.86B	11.86B	12.57B	13.29B	13.29B	13.29B	13.19B	13.10B	13.10B	13.10B	13.04B	12.98B	12.98B	12.98B	12.82B	12.66B	12.66B	12.66B
Equity Average	8.68B	15.49B	16.64B	10.03B	2.81B	2.97B	3.01B	3.06B	3.27B	3.49B	3.52B	3.47B	3.55B	3.65B	3.67B	3.72B	3.73B	3.68B	3.64B	3.65B	3.70B	3.84B	4.00B	12.77B	12.56B	3.65B	12.36B	20.78B	11.93B	3.28B	3.29B	11.52B	11.69B	5.10B	6.79B	7.11B	7.25B	7.31B	7.24B	7.12B	7.05B	7.00B	7.01B	7.14B	7.16B	6.98B	7.01B	7.26B	7.51B	7.84B	7.93B	7.95B	8.16B	8.19B	7.95B	7.69B	7.67B	7.80B	7.89B	7.91B	8.03B	8.14B	8.10B	8.01B	7.88B	7.99B	8.18B
Invested Capital	15.22B	15.91B	17.37B	2.68B	3.21B	3.31B	3.68B	3.50B	3.84B	3.94B	3.51B	3.78B	4.82B	4.79B	4.85B	4.55B	3.97B	3.91B	4.12B	5.05B	5.08B	5.65B	5.80B	22.36B	4.97B	4.70B	22.33B	21.81B	4.04B	5.10B	4.96B	21.05B	6.04B	7.97B	8.55B	24.85B	7.84B	7.93B	7.57B	22.69B	8.29B	9.93B	10.11B	23.12B	9.19B	8.20B	7.77B	23.82B	9.05B	9.89B	8.62B	19.72B	10.42B	9.13B	8.84B	16.02B	8.50B	9.57B	9.14B	15.80B	9.53B	8.70B	9.29B	21.39B	8.84B	9.13B	8.82B
Asset Utilization Ratio	0.40	0.30	0.24	0.27	0.31	0.32	0.33	0.34	0.33	0.32	0.32	0.34	0.35	0.35	0.35	0.33	0.33	0.33	0.35	0.36	0.37	0.37	0.36	0.38	0.37	0.30	0.25	0.23	0.19	0.15	0.13	0.15	0.21	0.21	0.20	0.22	0.27	0.31	0.31	0.29	0.29	0.27	0.27	0.31	0.30				1.22	1.50	1.73	1.91	2.13	2.41	2.67	2.68	2.51	2.27	2.10	2.10	2.03	2.09	2.02	2.03	2.17	2.15	2.18
Leverage & Solvency
Interest Coverage Ratio					-627.99	0.00B	8.37	34.23	3.87	13.23	12.90	59.83	7.31	12.05	6.47	-134.01	5.25	10.06	22.97	-199.22	14.31	16.70	17.91	104.92	-6.43	2.41	-0.26	-108.90	-0.04	-4.55	-5.54	-62.14	0.95	8.97	5.27	4.56	5.60	8.38	12.92	-4.02	7.39	8.87	6.90	4.79	-6.00	-2.06	3.40	5.29	10.16	12.28	16.78	20.94	26.01	29.33	26.10	18.50	15.86	10.96	17.83	26.28	51.20	51.43	53.79	27.35	38.39	32.94	87.58
Debt to Equity	0.70	0.64	0.55	3.41	2.92	3.02	2.71	2.83	2.49	2.52	2.72	2.44	2.24	2.32	2.28	2.36	2.49	2.69	2.49	2.51	2.53	3.11	3.12	0.57	3.51	3.53	0.60	0.61	3.62	4.14	3.96	0.64	3.35	2.65	2.59	2.47	2.37	2.28	2.10	2.21	2.24	2.52	2.41	2.20	2.38	2.42	2.30	2.23	2.07	1.86	1.70	1.45	1.33	1.22	1.27	1.11	1.15	1.15	1.09	1.01	1.00	0.92	0.91	1.70	1.55	1.51	1.53
Debt Ratio	0.30	0.25	0.24	0.24	0.21	0.21	0.19	0.21	0.20	0.20	0.21	0.18	0.17	0.18	0.18	0.18	0.19	0.19	0.18	0.19	0.18	0.21	0.21	0.23	0.26	0.21	0.27	0.28	0.28	0.30	0.30	0.29	0.28	0.32	0.25	0.30	0.30	0.29	0.27	0.29	0.28	0.30	0.29	0.27	0.30			1.39				0.88				0.64				0.61				1.06
Equity Ratio	0.43	0.38	0.43	0.07	0.07	0.07	0.07	0.07	0.08	0.08	0.08	0.07	0.08	0.08	0.08	0.08	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.41	0.07	0.06	0.45	0.46	0.08	0.07	0.08	0.45	0.08	0.12	0.10	0.12	0.13	0.13	0.13	0.13	0.13	0.12	0.12	0.12	0.13			0.62				0.61				0.58				0.61				0.63
Times Interest Earned					-627.99	0.00B	8.37	34.23	3.87	13.23	12.90	59.83	7.31	12.05	6.47	-134.01	5.25	10.06	22.97	-199.22	14.31	16.70	17.91	104.92	-6.43	2.41	-0.26	-108.90	-0.04	-4.55	-5.54	-62.14	0.95	8.97	5.27	4.56	5.60	8.38	12.92	-4.02	7.39	8.87	6.90	4.79	-6.00	-2.06	3.40	5.29	10.16	12.28	16.78	20.94	26.01	29.33	26.10	18.50	15.86	10.96	17.83	26.28	51.20	51.43	53.79	27.35	38.39	32.94	87.58
Dividends & Payouts
FCF Payout Ratio	-0.02	-0.03	-0.10	-0.02	-0.02	-0.03	-0.03	-0.01	-0.08	-0.06	-0.06	-0.05			-0.08	-0.07	-0.07	-0.08	-0.07	-0.07	-0.13	-0.05	-0.06	-0.02	-0.20	-0.09	-0.09	-0.22		-0.23	-0.24	-0.40	-0.36	-0.39	-0.17	-0.13	-0.10	-0.12	-0.09	-0.16	-0.22	-0.12	-0.13	-0.13	-0.18	-17.31	-0.18	-0.25	-0.15	-0.13	-0.11	-0.09	-0.16	-0.12	-0.35	-0.14	-0.37	-0.23	-0.21	-0.28	-0.28	-0.20	-0.26	0.16	-0.40	-1.03	-0.20
Valuation
Enterprise Value	-0.01B	-0.02B	-0.01B	-0.01B	-0.02B	-0.02B	-0.03B	-0.01B	-0.05B	-0.01B	-0.02B	-0.02B	-0.01B	-0.01B	-0.02B	-0.03B	-0.02B	-0.02B	-0.02B	-0.04B	-0.02B	-0.03B	-0.02B	-0.02B	-0.03B	-0.03B	-0.02B	-0.78B	-0.01B	-0.02B	-0.01B	-0.70B	-0.63B	-0.66B	-1.02B	-0.81B	-0.74B	-0.72B	-0.73B	-0.47B	-0.48B	-0.71B	-0.56B	-0.48B	-0.96B	-0.37B	-0.34B	-0.38B	-0.46B	-0.52B	-0.95B	-0.84B	-0.41B	-0.47B	-0.74B	-1.04B	-0.43B	-0.48B	-0.51B	-1.03B	-1.01B	-0.67B	-0.53B	-0.09B	-0.06B	-0.07B	-0.08B
Return Ratios
Return on Sales	0.12%	0.00%	0.25%	0.16%	0.26%	0.26%	0.22%	-0.06%	0.03%	0.27%	0.27%	0.46%	0.09%	0.19%	0.10%	0.07%	0.05%	0.12%	0.24%	0.07%	0.14%	0.19%	0.21%	0.26%	-0.21%	0.03%	-0.03%	-0.02%	-1.36%	-0.19%	-0.25%	0.14%	0.07%	0.32%	0.15%	0.12%	0.13%	0.19%	0.33%	-0.18%	0.20%	0.25%	0.18%	0.12%	-0.28%	-0.20%	0.11%	0.14%	0.21%	0.26%	0.29%	0.30%	0.27%	0.32%	0.24%	0.10%	0.19%	0.18%	0.26%	0.26%	0.12%	0.19%	0.27%	0.14%	0.24%	0.27%	0.01%
Return on Capital Employed	0.18%	0.18%	0.09%	0.05%	0.07%	0.09%	0.10%	0.19%	0.16%	0.17%	0.17%	0.19%	0.19%	0.18%	0.17%	-0.20%	-0.20%	-0.20%	-0.18%	-0.19%	-0.18%	-0.15%	-0.15%	0.22%	0.21%	0.17%	0.15%	-0.15%	-0.14%	-0.16%	-0.16%	-0.15%	-0.15%	-0.10%	-0.06%	0.04%	0.06%	0.06%	0.08%	0.06%	0.07%	0.07%	0.06%	0.08%	0.04%							1.27%				1.62%				1.06%				3.38%
Return on Invested Capital	0.61%	0.39%	0.18%	0.15%	0.78%	0.90%	0.70%	3.11%	-4.91%	1.11%	1.43%	2.37%	2.06%	1.80%	1.69%	-1.34%	-1.54%	-1.69%	-1.61%	-1.44%	-1.30%	-1.16%	-1.17%	0.74%					-0.62%				-0.45%	-0.76%	-0.47%		0.19%	0.40%	0.51%	0.20%	0.20%	0.37%	0.29%	0.24%	0.14%	0.10%	0.00%	0.00%	0.13%	0.41%	0.57%	0.49%	0.55%	1.00%	1.14%	0.70%	0.61%	0.64%	0.57%	0.52%	0.73%	1.39%	1.75%	1.06%	1.19%	2.02%	1.89%
Return on Assets	0.15%	0.16%	0.07%	0.04%	0.05%	0.07%	0.08%	0.06%	0.04%	0.04%	0.04%	0.09%	0.10%	0.09%	0.08%	0.04%	0.03%	0.03%	0.04%	0.04%	0.05%	0.06%	0.06%	0.08%	0.06%	0.04%	0.01%	-0.01%	0.00%	-0.02%	-0.02%	-0.02%	-0.01%	0.02%	0.03%	0.03%	0.05%	0.05%	0.06%	0.04%	0.05%	0.05%	0.04%	0.06%	0.03%				0.14%	0.29%	0.41%	0.51%	0.59%	0.70%	0.74%	0.64%	0.55%	0.41%	0.38%	0.47%	0.43%	0.44%	0.43%	0.37%	0.46%	0.49%	0.36%
Return on Equity	0.63%	0.39%	0.18%	0.14%	0.77%	1.05%	1.05%	0.78%	0.47%	0.46%	0.54%	1.25%	1.30%	1.21%	1.03%	0.50%	0.45%	0.37%	0.61%	0.61%	0.74%	0.89%	0.83%	0.34%	0.24%	0.55%	0.06%	-0.03%	-0.02%	-0.21%	-0.32%	-0.06%	-0.02%	0.20%	0.32%	0.32%	0.36%	0.35%	0.47%	0.34%	0.38%	0.41%	0.33%	0.48%	0.23%	0.02%	-0.05%	-0.06%	0.22%	0.43%	0.61%	0.81%	0.96%	1.14%	1.24%	1.09%	0.94%	0.70%	0.64%	0.78%	0.69%	0.70%	0.69%	0.60%	0.74%	0.78%	0.55%

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Canadian Natural Resources Ratios (2009-2025) | CNQ

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