Canadian Natural Resources Ltd (CNQ) - Net Assets
Based on the latest financial reports, Canadian Natural Resources Ltd (CNQ) has net assets worth CA$40.46 Billion CAD (≈ $29.27 Billion USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$85.59 Billion ≈ $61.91 Billion USD) and total liabilities (CA$45.13 Billion ≈ $32.64 Billion USD). 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 | CA$40.46 Billion |
| % of Total Assets | 47.27% |
| Annual Growth Rate | 19.18% |
| 5-Year Change | 21.89% |
| 10-Year Change | 44.14% |
| Growth Volatility | 28.84 |
Canadian Natural Resources Ltd - Net Assets Trend (1993–2024)
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 (1993–2024)
The table below shows the annual net assets of Canadian Natural Resources Ltd from 1993 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | CA$39.47 Billion ≈ $28.55 Billion |
-0.91% |
| 2023-12-31 | CA$39.83 Billion ≈ $28.81 Billion |
+4.34% |
| 2022-12-31 | CA$38.17 Billion ≈ $27.62 Billion |
+3.33% |
| 2021-12-31 | CA$36.95 Billion ≈ $26.73 Billion |
+14.10% |
| 2020-12-31 | CA$32.38 Billion ≈ $23.42 Billion |
-7.46% |
| 2019-12-31 | CA$34.99 Billion ≈ $25.31 Billion |
+9.44% |
| 2018-12-31 | CA$31.97 Billion ≈ $23.13 Billion |
+1.01% |
| 2017-12-31 | CA$31.65 Billion ≈ $22.90 Billion |
+20.50% |
| 2016-12-31 | CA$26.27 Billion ≈ $19.00 Billion |
-4.07% |
| 2015-12-31 | CA$27.38 Billion ≈ $19.81 Billion |
-5.23% |
| 2014-12-31 | CA$28.89 Billion ≈ $20.90 Billion |
+12.10% |
| 2013-12-31 | CA$25.77 Billion ≈ $18.64 Billion |
+6.13% |
| 2012-12-31 | CA$24.28 Billion ≈ $17.57 Billion |
+6.05% |
| 2011-12-31 | CA$22.90 Billion ≈ $16.56 Billion |
+9.12% |
| 2010-12-31 | CA$20.98 Billion ≈ $15.18 Billion |
+8.03% |
| 2009-12-31 | CA$19.43 Billion ≈ $14.05 Billion |
+5.72% |
| 2008-12-31 | CA$18.37 Billion ≈ $13.29 Billion |
+37.93% |
| 2007-12-31 | CA$13.32 Billion ≈ $9.64 Billion |
+24.62% |
| 2006-12-31 | CA$10.69 Billion ≈ $7.73 Billion |
+29.78% |
| 2005-12-31 | CA$8.24 Billion ≈ $5.96 Billion |
+12.46% |
| 2004-12-31 | CA$7.32 Billion ≈ $5.30 Billion |
+19.73% |
| 2003-12-31 | CA$6.12 Billion ≈ $4.43 Billion |
+25.67% |
| 2002-12-31 | CA$4.87 Billion ≈ $3.52 Billion |
+25.84% |
| 2001-12-31 | CA$3.87 Billion ≈ $2.80 Billion |
+20.25% |
| 2000-12-31 | CA$3.22 Billion ≈ $2.33 Billion |
+69.99% |
| 1999-12-31 | CA$1.89 Billion ≈ $1.37 Billion |
+48.18% |
| 1998-12-31 | CA$1.28 Billion ≈ $923.83 Million |
+6.10% |
| 1997-12-31 | CA$1.20 Billion ≈ $870.75 Million |
+12.06% |
| 1996-12-31 | CA$1.07 Billion ≈ $777.06 Million |
+116.44% |
| 1995-12-31 | CA$496.30 Million ≈ $359.02 Million |
+39.33% |
| 1994-12-31 | CA$356.20 Million ≈ $257.67 Million |
+108.06% |
| 1993-12-31 | CA$171.20 Million ≈ $123.84 Million |
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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 45521.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CA$28.10 Billion | 71.20% |
| Common Stock | CA$11.06 Billion | 28.03% |
| Other Comprehensive Income | CA$301.00 Million | 0.76% |
| Total Equity | CA$39.47 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 |
|---|---|
|
CHRISTIAN DIOR ADR1/4/EO2
F:DIO0
|
$91.96 Billion |
|
Boston Scientific Corp
NYSE:BSX
|
$92.05 Billion |
|
Bank of Nova Scotia
TO:BNS
|
$92.23 Billion |
|
Sandisk Corp
NASDAQ:SNDK
|
$92.46 Billion |
|
Blackstone Group Inc
NYSE:BX
|
$91.08 Billion |
|
MercadoLibre Inc.
NASDAQ:MELI
|
$90.91 Billion |
|
KKR & Co LP
NYSE:KKR
|
$90.78 Billion |
|
Ping An Insurance Group Co of China Ltd
SHG:601318
|
$90.13 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 2023 to 2024, total equity changed from 39,832,000,000 to 39,468,000,000, a change of -364,000,000 (-0.9%).
- Net income of 6,106,000,000 contributed positively to equity growth.
- Dividend payments of 4,429,000,000 reduced retained earnings.
- Share repurchases of 2,660,000,000 reduced equity.
- Other comprehensive income increased equity by 129,000,000.
- Other factors increased equity by 490,000,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$6.11 Billion | +15.47% |
| Dividends Paid | CA$4.43 Billion | -11.22% |
| Share Repurchases | CA$2.66 Billion | -6.74% |
| Other Comprehensive Income | CA$129.00 Million | +0.33% |
| Other Changes | CA$490.00 Million | +1.24% |
| Total Change | CA$- | -0.91% |
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: 3.29x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 648.49x to 3.29x 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 | CA$0.09 | CA$60.69 | x |
| 1994-12-31 | CA$0.17 | CA$60.69 | x |
| 1995-12-31 | CA$0.22 | CA$60.69 | x |
| 1996-12-31 | CA$0.40 | CA$60.69 | x |
| 1997-12-31 | CA$0.38 | CA$60.69 | x |
| 1998-12-31 | CA$0.40 | CA$60.69 | x |
| 1999-12-31 | CA$0.57 | CA$60.69 | x |
| 2000-12-31 | CA$0.88 | CA$60.69 | x |
| 2001-12-31 | CA$0.99 | CA$60.69 | x |
| 2002-12-31 | CA$1.28 | CA$60.69 | x |
| 2003-12-31 | CA$1.90 | CA$60.69 | x |
| 2004-12-31 | CA$3.41 | CA$60.69 | x |
| 2005-12-31 | CA$3.84 | CA$60.69 | x |
| 2006-12-31 | CA$4.98 | CA$60.69 | x |
| 2007-12-31 | CA$6.17 | CA$60.69 | x |
| 2008-12-31 | CA$8.50 | CA$60.69 | x |
| 2009-12-31 | CA$8.96 | CA$60.69 | x |
| 2010-12-31 | CA$9.64 | CA$60.69 | x |
| 2011-12-31 | CA$10.45 | CA$60.69 | x |
| 2012-12-31 | CA$11.07 | CA$60.69 | x |
| 2013-12-31 | CA$11.84 | CA$60.69 | x |
| 2014-12-31 | CA$13.23 | CA$60.69 | x |
| 2015-12-31 | CA$12.52 | CA$60.69 | x |
| 2016-12-31 | CA$12.23 | CA$60.69 | x |
| 2017-12-31 | CA$13.47 | CA$60.69 | x |
| 2018-12-31 | CA$13.12 | CA$60.69 | x |
| 2019-12-31 | CA$29.33 | CA$60.69 | x |
| 2020-12-31 | CA$27.40 | CA$60.69 | x |
| 2021-12-31 | CA$31.14 | CA$60.69 | x |
| 2022-12-31 | CA$33.22 | CA$60.69 | x |
| 2023-12-31 | CA$18.07 | CA$60.69 | x |
| 2024-12-31 | CA$18.44 | CA$60.69 | 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): 15.47%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 14.71%
- • Asset Turnover: 0.49x
- • Equity Multiplier: 2.16x
- Recent ROE (15.47%) is above the historical average (13.33%), 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 | CA$17.18 Million |
| 1994 | 15.22% | 20.93% | 0.35x | 2.07x | CA$18.58 Million |
| 1995 | 8.54% | 15.08% | 0.31x | 1.81x | CA$-7.23 Million |
| 1996 | 8.84% | 14.91% | 0.31x | 1.92x | CA$-12.42 Million |
| 1997 | 9.26% | 12.11% | 0.31x | 2.43x | CA$-8.86 Million |
| 1998 | 4.61% | 6.70% | 0.27x | 2.54x | CA$-68.89 Million |
| 1999 | 10.55% | 15.52% | 0.27x | 2.56x | CA$10.42 Million |
| 2000 | 24.38% | 24.06% | 0.42x | 2.42x | CA$462.66 Million |
| 2001 | 18.19% | 19.61% | 0.40x | 2.34x | CA$316.78 Million |
| 2002 | 11.80% | 12.88% | 0.33x | 2.74x | CA$87.66 Million |
| 2003 | 22.78% | 22.65% | 0.43x | 2.32x | CA$782.04 Million |
| 2004 | 19.18% | 16.99% | 0.45x | 2.51x | CA$672.67 Million |
| 2005 | 12.75% | 9.43% | 0.51x | 2.65x | CA$226.42 Million |
| 2006 | 23.62% | 21.68% | 0.35x | 3.10x | CA$1.46 Billion |
| 2007 | 19.58% | 20.79% | 0.35x | 2.71x | CA$1.28 Billion |
| 2008 | 27.13% | 30.83% | 0.38x | 2.32x | CA$3.15 Billion |
| 2009 | 8.13% | 14.26% | 0.27x | 2.11x | CA$-362.60 Million |
| 2010 | 8.09% | 11.85% | 0.34x | 2.03x | CA$-401.50 Million |
| 2011 | 11.54% | 17.04% | 0.33x | 2.06x | CA$353.20 Million |
| 2012 | 7.79% | 11.68% | 0.33x | 2.02x | CA$-536.30 Million |
| 2013 | 8.81% | 12.65% | 0.35x | 2.01x | CA$-307.20 Million |
| 2014 | 13.60% | 18.45% | 0.35x | 2.08x | CA$1.04 Billion |
| 2015 | -2.33% | -4.84% | 0.22x | 2.16x | CA$-3.38 Billion |
| 2016 | -0.78% | -1.70% | 0.20x | 2.23x | CA$-2.83 Billion |
| 2017 | 7.57% | 13.06% | 0.25x | 2.33x | CA$-768.30 Million |
| 2018 | 8.10% | 11.63% | 0.31x | 2.24x | CA$-606.40 Million |
| 2019 | 15.48% | 22.20% | 0.31x | 2.23x | CA$1.92 Billion |
| 2020 | -1.34% | -2.58% | 0.22x | 2.32x | CA$-3.67 Billion |
| 2021 | 20.74% | 23.33% | 0.43x | 2.08x | CA$3.97 Billion |
| 2022 | 28.65% | 22.08% | 0.65x | 1.99x | CA$7.12 Billion |
| 2023 | 20.67% | 20.16% | 0.54x | 1.91x | CA$4.25 Billion |
| 2024 | 15.47% | 14.71% | 0.49x | 2.16x | CA$2.16 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: $400,345,367
- Average return on equity (ROE) among peers: -12.54%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Canadian Natural Resources Ltd (CNQ) | CA$40.46 Billion | 20.04% | 1.12x | $91.45 Billion |
| Advantage Oil & Gas Ltd. (AAV) | $817.74 Million | -3.90% | 1.67x | $1.15 Billion |
| Africa Energy Corp (AFE) | $41.44 Million | -11.19% | 0.01x | $81.46 Million |
| Alvopetro Energy (ALV) | $47.42 Million | -0.52% | 0.06x | $222.67 Million |
| Africa Oil Corp (AOI) | $5.79 Million | -13.53% | 0.01x | $820.85 Million |
| Altima Resources Ltd (ARH) | $-2.40 Million | 0.00% | 0.00x | $19.37 Million |
| ARC Resources Ltd. (ARX) | $1.84 Billion | 19.45% | 0.77x | $10.73 Billion |
| Athabasca Oil Corp (ATH) | $1.22 Billion | 15.08% | 0.72x | $3.89 Billion |
| Altai Resources Inc. (ATI) | $22.21 Million | -2.68% | 0.02x | $1.42 Million |
| Avanti Energy Inc (AVN) | $15.44 Million | -68.41% | 0.11x | $24.04 Million |
| Arrow Exploration Corp (AXL) | $143.88K | -59.73% | 0.06x | $82.72 Million |
About 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