Canadian Natural Resources Ltd key statistics and ratios

In fiscal 2025, Canadian Natural Resources Ltd had return on equity of 25.9%, a net margin of 27.9%, debt equal to 37.5% of equity and a current ratio of 0.95. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Canadian Natural Resources Ltd: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Net margin	−5.2%	−1.8%	13.8%	12.3%	23.7%	−2.6%	25.5%	25.9%	22.9%	17.1%	27.9%
Free-cash-flow margin	4.2%	−6.1%	15.5%	28.3%	38.6%	27.9%	48.2%	45.8%	34.3%	37.5%	39.0%
Return on equity	−2.5%	−0.8%	8.2%	8.2%	16.2%	−1.2%	22.5%	29.4%	20.9%	15.5%	25.9%
Return on assets	—	−0.4%	3.6%	3.6%	7.2%	−0.5%	10.3%	14.5%	10.7%	7.6%	12.3%
Asset turnover	—	0.20	0.26	0.29	0.31	0.21	0.40	0.56	0.47	0.45	0.44
Current ratio	—	0.85	0.78	0.63	0.68	0.86	0.80	0.82	0.96	0.77	0.95
Debt to equity	0.0%	64.0%	71.0%	64.5%	60.0%	66.3%	39.8%	30.0%	27.1%	47.7%	37.5%
Effective tax rate	—	—	16.6%	26.4%	−9.3%	—	22.7%	20.2%	19.0%	24.2%	18.3%
Capital spending as % of revenue	41.4%	36.3%	26.4%	19.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	—	—	112.1%	229.5%	163.0%	—	188.9%	177.3%	150.0%	219.2%	139.6%
Dividends ÷ net income	—	—	52.2%	60.3%	32.2%	—	28.3%	45.0%	47.3%	72.5%	45.0%
Dividends and buybacks ÷ free cash flow	243.4%	—	46.6%	47.8%	30.4%	47.1%	25.9%	54.1%	58.4%	53.0%	41.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · December 31, 2025

What it owns · $67.0bn

Short-term assets $5.6bnLonger-term assets $61.4bn

What it owes, and who funded it · $67.0bn

Short-term liabilities $5.9bnLonger-term liabilities $28.7bnShareholders' equity $32.4bn

Short-term assets cover short-term liabilities $5.6bn of assets due within a year against $5.9bn of liabilities due within a year.
Short-term assets cover long-term liabilities $5.6bn short-term assets against $28.7bn of longer-dated liabilities.
More cash than debt $491m of cash against $12.1bn of debt.
Debt below 40% of shareholders' equity Debt is 37% of equity.
Debt burden no higher than five years ago Debt to equity moved from 62% to 37% over five years.
A year's operating cash flow covers at least 20% of debt $10.8bn of operating cash flow against $12.1bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Canadian Natural Resources Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Canadian Natural Resources Ltd's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Canadian Natural Resources Ltd.