Canadian Natural Resources Ltd
Canadian Natural Resources Limited engages in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids (NGLs) in Western Canada, the United Kingdom sector of the North Sea, and Offshore Africa. The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthet… Read more
Canadian Natural Resources Ltd (CNQ) - Net Assets
Latest net assets as of December 2025: $44.33 Billion USD
Based on the latest financial reports, Canadian Natural Resources Ltd (CNQ) has net assets worth $44.33 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($91.76 Billion) and total liabilities ($47.43 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $44.33 Billion |
| % of Total Assets | 48.31% |
| Annual Growth Rate | 18.96% |
| 5-Year Change | 19.99% |
| 10-Year Change | 68.77% |
| Growth Volatility | 28.43 |
Canadian Natural Resources Ltd - Net Assets Trend (1993–2025)
This chart illustrates how Canadian Natural Resources Ltd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Canadian Natural Resources Ltd (1993–2025)
The table below shows the annual net assets of Canadian Natural Resources Ltd from 1993 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $44.33 Billion | +12.32% |
| 2024-12-31 | $39.47 Billion | -0.91% |
| 2023-12-31 | $39.83 Billion | +4.34% |
| 2022-12-31 | $38.17 Billion | +3.33% |
| 2021-12-31 | $36.95 Billion | +14.10% |
| 2020-12-31 | $32.38 Billion | -7.46% |
| 2019-12-31 | $34.99 Billion | +9.44% |
| 2018-12-31 | $31.97 Billion | +1.01% |
| 2017-12-31 | $31.65 Billion | +20.50% |
| 2016-12-31 | $26.27 Billion | -4.07% |
| 2015-12-31 | $27.38 Billion | -5.23% |
| 2014-12-31 | $28.89 Billion | +12.10% |
| 2013-12-31 | $25.77 Billion | +6.13% |
| 2012-12-31 | $24.28 Billion | +6.05% |
| 2011-12-31 | $22.90 Billion | +9.12% |
| 2010-12-31 | $20.98 Billion | +8.03% |
| 2009-12-31 | $19.43 Billion | +5.72% |
| 2008-12-31 | $18.37 Billion | +37.93% |
| 2007-12-31 | $13.32 Billion | +24.62% |
| 2006-12-31 | $10.69 Billion | +29.78% |
| 2005-12-31 | $8.24 Billion | +12.46% |
| 2004-12-31 | $7.32 Billion | +19.73% |
| 2003-12-31 | $6.12 Billion | +25.67% |
| 2002-12-31 | $4.87 Billion | +25.84% |
| 2001-12-31 | $3.87 Billion | +20.25% |
| 2000-12-31 | $3.22 Billion | +69.99% |
| 1999-12-31 | $1.89 Billion | +48.18% |
| 1998-12-31 | $1.28 Billion | +6.10% |
| 1997-12-31 | $1.20 Billion | +12.06% |
| 1996-12-31 | $1.07 Billion | +116.44% |
| 1995-12-31 | $496.30 Million | +39.33% |
| 1994-12-31 | $356.20 Million | +108.06% |
| 1993-12-31 | $171.20 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Canadian Natural Resources Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 52983.3% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $32.70 Billion | 73.76% |
| Common Stock | $11.41 Billion | 25.74% |
| Other Comprehensive Income | $218.82 Million | 0.49% |
| Total Equity | $44.33 Billion | 100.00% |
Canadian Natural Resources Ltd Competitors by Market Cap
The table below lists competitors of Canadian Natural Resources Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Northrop Grumman Corporation
NYSE:NOC
|
$100.27 Billion |
|
Reelcause Inc
PINK:RCIT
|
$100.28 Billion |
|
Corning Incorporated
NYSE:GLW
|
$101.10 Billion |
|
T-MOBILE US INC.DL-00001
XETRA:TM5
|
$101.23 Billion |
|
UniCredit S.p.A.
WAR:UCG
|
$99.58 Billion |
|
Air Liquide SA
PA:AI
|
$99.38 Billion |
|
Zijin Mining Group Co Ltd Class A
SHG:601899
|
$99.09 Billion |
|
Semiconductor Manufacturing Intl Co
SHG:688981
|
$99.08 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Canadian Natural Resources Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 39,468,000,000 to 44,329,845,000, a change of 4,861,845,000 (12.3%).
- Net income of 10,811,182,000 contributed positively to equity growth.
- Dividend payments of 4,867,030,456 reduced retained earnings.
- Share repurchases of 1,447,819,159 reduced equity.
- Other comprehensive income decreased equity by 82,178,000.
- Other factors increased equity by 447,690,615.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $10.81 Billion | +24.39% |
| Dividends Paid | $4.87 Billion | -10.98% |
| Share Repurchases | $1.45 Billion | -3.27% |
| Other Comprehensive Income | $-82.18 Million | -0.19% |
| Other Changes | $447.69 Million | +1.01% |
| Total Change | $- | 12.32% |
Book Value vs Market Value Analysis
This analysis compares Canadian Natural Resources Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.32x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 261.68x to 2.32x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1993-12-31 | $0.19 | $48.98 | x |
| 1994-12-31 | $0.35 | $48.98 | x |
| 1995-12-31 | $0.45 | $48.98 | x |
| 1996-12-31 | $0.81 | $48.98 | x |
| 1997-12-31 | $0.76 | $48.98 | x |
| 1998-12-31 | $0.80 | $48.98 | x |
| 1999-12-31 | $1.06 | $48.98 | x |
| 2000-12-31 | $1.70 | $48.98 | x |
| 2001-12-31 | $1.92 | $48.98 | x |
| 2002-12-31 | $2.47 | $48.98 | x |
| 2003-12-31 | $2.77 | $48.98 | x |
| 2004-12-31 | $3.38 | $48.98 | x |
| 2005-12-31 | $3.82 | $48.98 | x |
| 2006-12-31 | $4.98 | $48.98 | x |
| 2007-12-31 | $6.17 | $48.98 | x |
| 2008-12-31 | $8.50 | $48.98 | x |
| 2009-12-31 | $8.96 | $48.98 | x |
| 2010-12-31 | $9.64 | $48.98 | x |
| 2011-12-31 | $10.38 | $48.98 | x |
| 2012-12-31 | $11.04 | $48.98 | x |
| 2013-12-31 | $11.82 | $48.98 | x |
| 2014-12-31 | $13.17 | $48.98 | x |
| 2015-12-31 | $12.52 | $48.98 | x |
| 2016-12-31 | $11.93 | $48.98 | x |
| 2017-12-31 | $13.38 | $48.98 | x |
| 2018-12-31 | $13.06 | $48.98 | x |
| 2019-12-31 | $14.66 | $48.98 | x |
| 2020-12-31 | $13.70 | $48.98 | x |
| 2021-12-31 | $15.57 | $48.98 | x |
| 2022-12-31 | $16.61 | $48.98 | x |
| 2023-12-31 | $18.07 | $48.98 | x |
| 2024-12-31 | $18.44 | $48.98 | x |
| 2025-12-31 | $21.13 | $48.98 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Canadian Natural Resources Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 24.39%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 27.91%
- • Asset Turnover: 0.42x
- • Equity Multiplier: 2.07x
- Recent ROE (24.39%) is above the historical average (13.60%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1993 | 20.04% | 21.72% | 0.36x | 2.55x | $17.18 Million |
| 1994 | 15.22% | 20.93% | 0.35x | 2.07x | $18.58 Million |
| 1995 | 8.54% | 15.08% | 0.31x | 1.81x | $-7.23 Million |
| 1996 | 8.84% | 14.92% | 0.31x | 1.92x | $-12.42 Million |
| 1997 | 9.26% | 12.11% | 0.31x | 2.43x | $-8.86 Million |
| 1998 | 4.61% | 6.70% | 0.27x | 2.54x | $-68.89 Million |
| 1999 | 10.55% | 15.51% | 0.27x | 2.56x | $10.42 Million |
| 2000 | 24.01% | 23.96% | 0.41x | 2.42x | $450.66 Million |
| 2001 | 16.95% | 18.42% | 0.39x | 2.34x | $269.02 Million |
| 2002 | 11.06% | 13.18% | 0.31x | 2.74x | $51.46 Million |
| 2003 | 22.93% | 23.49% | 0.42x | 2.32x | $791.06 Million |
| 2004 | 19.18% | 18.62% | 0.41x | 2.51x | $672.67 Million |
| 2005 | 12.75% | 9.43% | 0.51x | 2.65x | $226.42 Million |
| 2006 | 23.62% | 21.68% | 0.35x | 3.10x | $1.46 Billion |
| 2007 | 19.58% | 20.79% | 0.35x | 2.71x | $1.28 Billion |
| 2008 | 27.13% | 30.82% | 0.38x | 2.32x | $3.15 Billion |
| 2009 | 8.13% | 14.26% | 0.27x | 2.11x | $-362.60 Million |
| 2010 | 7.97% | 11.68% | 0.34x | 2.03x | $-425.50 Million |
| 2011 | 11.54% | 17.04% | 0.33x | 2.06x | $353.20 Million |
| 2012 | 7.79% | 11.68% | 0.33x | 2.02x | $-536.30 Million |
| 2013 | 8.81% | 12.65% | 0.35x | 2.01x | $-307.20 Million |
| 2014 | 13.60% | 18.45% | 0.35x | 2.08x | $1.04 Billion |
| 2015 | -2.33% | -4.84% | 0.22x | 2.16x | $-3.38 Billion |
| 2016 | -0.78% | -1.84% | 0.19x | 2.23x | $-2.83 Billion |
| 2017 | 7.57% | 13.57% | 0.24x | 2.33x | $-768.30 Million |
| 2018 | 8.10% | 11.63% | 0.31x | 2.24x | $-606.40 Million |
| 2019 | 15.48% | 23.68% | 0.29x | 2.23x | $1.92 Billion |
| 2020 | -1.34% | -2.49% | 0.23x | 2.32x | $-3.67 Billion |
| 2021 | 20.74% | 23.33% | 0.43x | 2.08x | $3.97 Billion |
| 2022 | 28.65% | 22.08% | 0.65x | 1.99x | $7.12 Billion |
| 2023 | 20.67% | 20.16% | 0.54x | 1.91x | $4.25 Billion |
| 2024 | 15.47% | 17.12% | 0.42x | 2.16x | $2.16 Billion |
| 2025 | 24.39% | 27.91% | 0.42x | 2.07x | $6.38 Billion |
Industry Comparison
This section compares Canadian Natural Resources Ltd's net assets metrics with peer companies in the Oil & Gas E&P industry.
Industry Context
- Industry: Oil & Gas E&P
- Average net assets among peers: $1,751,793,864
- Average return on equity (ROE) among peers: -1.48%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Canadian Natural Resources Ltd (CNQ) | $44.33 Billion | 20.04% | 1.07x | $99.84 Billion |
| Advantage Energy Ltd. (AAVVF) | $1.33 Billion | 0.83% | 0.33x | $922.80 Million |
| ADX Energy Ltd (ADXRF) | $4.37 Million | -14.30% | 0.01x | $9.58 Million |
| ARC Resources Ltd. (AETUF) | $3.40 Billion | 7.09% | 0.69x | $10.30 Billion |
| Aminex PLC (AEXFF) | $7.53 Million | -11.90% | 0.27x | $77.17 Million |
| Aker BP ASA (AKRBF) | $12.69 Billion | 14.40% | 2.32x | $6.29 Billion |
| Arkanova Energy Corporation (AKVA) | $-35.51K | 0.00% | 0.00x | $4.92K |
| Allied Resources Inc (ALOD) | $2.39 Million | -3.81% | 0.14x | $428.76K |
| Altex Industries Inc (ALTX) | $2.60 Million | -10.61% | 0.15x | $1.08 Million |
| Alvopetro Energy Ltd (ALVOF) | $66.14 Million | -10.76% | 0.04x | $117.02 Million |
| AMEN Properties Inc (AMEN) | $15.55 Million | 14.30% | 0.08x | $4.94 Million |