Canadian Natural Resources Ltd (CNQ) — Capital Reinvestment Ratio
Canadian Natural Resources Ltd (CNQ) has a Capital Reinvestment Ratio of 0.54x as of September 2025, meaning it reinvests 1% of its operating cash flow (CA$3.94 Billion) in capital expenditures (CA$2.12 Billion). Check Canadian Natural Resources Ltd tangible book value ratio to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Canadian Natural Resources Ltd Capital Reinvestment Ratio (1993–2024)
This chart tracks Canadian Natural Resources Ltd's Capital Reinvestment Ratio across 32 annual periods. For the full cash flow conversion analysis, see CNQ operating cash flow.
Annual Capital Reinvestment Ratio for Canadian Natural Resources Ltd (1993–2024)
Year-by-year Capital Reinvestment Ratio for Canadian Natural Resources Ltd from 1993 to 2024. See CNQ free cash flow generation to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (CAD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2024 | 0.40x | CA$13.39 Billion | CA$5.38 Billion | ▲ +1.2% |
| 2023 | 0.40x | CA$12.35 Billion | CA$4.91 Billion | ▲ +51.0% |
| 2022 | 0.26x | CA$19.39 Billion | CA$5.10 Billion | ▼ -15.2% |
| 2021 | 0.31x | CA$14.48 Billion | CA$4.49 Billion | ▼ -42.8% |
| 2020 | 0.54x | CA$4.71 Billion | CA$2.56 Billion | ▲ +35.4% |
| 2019 | 0.40x | CA$8.83 Billion | CA$3.54 Billion | ▼ -2.9% |
| 2018 | 0.41x | CA$10.12 Billion | CA$4.17 Billion | ▼ -34.5% |
| 2017 | 0.63x | CA$7.26 Billion | CA$4.57 Billion | ▼ -42.8% |
| 2016 | 1.10x | CA$3.45 Billion | CA$3.80 Billion | ▲ +31.9% |
| 2015 | 0.84x | CA$5.63 Billion | CA$4.70 Billion | ▼ -30.8% |
| 2014 | 1.21x | CA$8.46 Billion | CA$10.21 Billion | ▲ +20.8% |
| 2013 | 1.00x | CA$7.22 Billion | CA$7.21 Billion | ▲ +1.6% |
| 2012 | 0.98x | CA$6.21 Billion | CA$6.10 Billion | ▼ -1.0% |
| 2011 | 0.99x | CA$6.24 Billion | CA$6.20 Billion | ▲ +17.0% |
| 2010 | 0.85x | CA$6.28 Billion | CA$5.33 Billion | ▲ +65.3% |
| 2009 | 0.51x | CA$5.81 Billion | CA$2.98 Billion | ▼ -53.2% |
| 2008 | 1.10x | CA$6.77 Billion | CA$7.43 Billion | ▼ -1.1% |
| 2007 | 1.11x | CA$5.82 Billion | CA$6.46 Billion | ▼ -36.1% |
| 2006 | 1.74x | CA$4.18 Billion | CA$7.27 Billion | ▲ +56.3% |
| 2005 | 1.11x | CA$4.80 Billion | CA$5.34 Billion | ▼ -10.4% |
| 2004 | 1.24x | CA$3.69 Billion | CA$4.58 Billion | ▲ +54.0% |
| 2003 | 0.81x | CA$3.13 Billion | CA$2.53 Billion | ▼ -6.9% |
| 2002 | 0.87x | CA$2.02 Billion | CA$1.75 Billion | ▼ -16.1% |
| 2001 | 1.03x | CA$1.89 Billion | CA$1.95 Billion | ▲ +46.0% |
| 2000 | 0.71x | CA$1.83 Billion | CA$1.30 Billion | ▼ -75.3% |
| 1999 | 2.87x | CA$668.40 Million | CA$1.92 Billion | ▲ +42.5% |
| 1998 | 2.01x | CA$368.42 Million | CA$741.49 Million | ▼ -9.2% |
| 1997 | 2.22x | CA$520.37 Million | CA$1.15 Billion | ▼ -32.4% |
| 1996 | 3.28x | CA$370.60 Million | CA$1.21 Billion | ▲ +95.2% |
| 1995 | 1.68x | CA$147.90 Million | CA$248.30 Million | ▼ -29.9% |
| 1994 | 2.39x | CA$150.90 Million | CA$361.40 Million | ▼ -23.4% |
| 1993 | 3.13x | CA$90.00 Million | CA$281.40 Million | — |