Canadian Natural Resources vs Cenovus Energy
Cenovus Energy is the larger business, with $35.58bn of revenue in fiscal 2025 against $27.75bn for Canadian Natural Resources (1.3 times as much). Canadian Natural Resources grew faster (6.6% against -10.2%). Canadian Natural Resources kept more of each dollar of sales as profit: a net margin of 27.9% against 7.9%. Cenovus Energy carries less debt relative to equity (34.9% against 37.5%).
| Latest fiscal year | Canadian Natural ResourcesCNQ, 2025 | Cenovus EnergyCVE, 2025 |
|---|---|---|
| Revenue | $27.75bn | $35.58bn |
| Revenue growth | 6.6% | -10.2% |
| Net income | $7.75bn | $2.81bn |
| Operating margin | — | — |
| Net margin | 27.9% | 7.9% |
| Return on equity | 25.9% | 12.9% |
| Free cash flow | $10.81bn | $5.89bn |
| Cash | $491m | $2.00bn |
| Total debt | $12.12bn | $8.05bn |
| Debt to equity | 37.5% | 34.9% |
| Dividend per share | — | — |
| Dividend yield | 3.1% | — |
| Share buybacks | $1.04bn | $1.43bn |
| Employees | — | — |
| Market value | $112.70bn | $56.16bn |
| Price vs our value range | Above our value range | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |