Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the debt to equity ratio high or low?
The debt to equity ratio of 0.37 is in line with its 5-year average of 0.38, around the middle of its 5-year range (0.25–0.54).
As of the fiscal period ended Tuesday, June 30, 2026. 12.76% below its 12-month average of 0.42.
Reported quarterly debt to equity ratio; no daily interpolation. Q2 FY2026 (2026-06-30): 0.37.
DEBT TO EQUITY RATIO
0.37
DEBT TO EQUITY RATIO AVG TTM
0.42
DEBT TO EQUITY RATIO AVG 3Y
0.37
DEBT TO EQUITY RATIO AVG 5Y
0.38
DEBT TO EQUITY RATIO AVG 10Y
0.52
DEBT TO EQUITY RATIO AVG 15Y
0.50
DEBT TO EQUITY RATIO AVG 20Y
0.54
CURRENT VS TTM AVG
-12.76%
CURRENT VS 3Y AVG
-0.55%
CURRENT VS 5Y AVG
-2.74%
CURRENT VS 10Y AVG
-29.50%
CURRENT VS 15Y AVG
-26.17%
CURRENT VS 20Y AVG
-32.18%
SECTOR MEDIAN · ENERGY
0.52
median of 49 covered companies
CURRENT VS SECTOR MEDIAN
-29.55%
vs the sector median at left
Canadian Natural Resources Limited
Market Cap
$105.65B
Debt to Equity Ratio
0.37
TTM Avg
0.42
3Y Avg
0.37
5Y Avg
0.38
Market Cap
$109.69B
Debt to Equity Ratio
0.45
TTM Avg
0.48
3Y Avg
0.49
5Y Avg
0.61
Market Cap
$114.46B
Debt to Equity Ratio
1.80
TTM Avg
1.80
3Y Avg
1.44
5Y Avg
1.38
Market Cap
$88.23B
Debt to Equity Ratio
2.33
TTM Avg
2.24
3Y Avg
2.15
5Y Avg
2.10
Market Cap
$84.15B
Debt to Equity Ratio
1.12
TTM Avg
1.15
3Y Avg
1.10
5Y Avg
1.14
Market Cap
$79.66B
Debt to Equity Ratio
0.26
TTM Avg
0.23
3Y Avg
0.21
5Y Avg
0.24
| NAME | MARKET CAP | DEBT TO EQUITY RATIO | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Canadian Natural Resources Limited (CNQ) | $105.65B | 0.37 | 0.42 | 0.37 | 0.38 |
| Phillips 66 (PSX)vs › | $102.50B | 0.65 | 0.76 | 0.68 | 0.72 |
| Valero Energy Corporation (VLO)vs › | $109.69B | 0.45 | 0.48 | 0.49 | 0.61 |
| Marathon Petroleum Corporation (MPC)vs › | $114.46B | 1.80 | 1.80 | 1.44 | 1.38 |
| The Williams Companies, Inc. (WMB)vs › | $88.23B | 2.33 | 2.24 | 2.15 | 2.10 |
| Enterprise Products Partners L.P. (EPD)vs › | $84.15B | 1.12 | 1.15 | 1.10 | 1.14 |
| Suncor Energy Inc. (SU)vs › | $82.04B | 0.30 | 0.37 | 0.38 | 0.44 |
| Eni S.p.A. (E)vs › | $79.90B | 0.71 | 0.90 | 0.84 | 0.86 |
| EOG Resources, Inc. (EOG)vs › | $79.66B | 0.26 | 0.23 | 0.21 | 0.24 |
| Slb N.V. (SLB)vs › | $79.49B | 0.49 | 0.52 | 0.58 | 0.78 |
Debt/Equity
0.37
Current Ratio
1.00
Debt to Equity measures financial leverage by comparing total debt to shareholders' equity.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | DEBT TO EQUITY RATIO |
|---|---|
| 2026-06-30 | 0.37 |
| 2026-03-31 | 0.45 |
| 2025-12-31 | 0.44 |
| 2025-09-30 | 0.43 |
| 2025-06-30 | 0.41 |
| 2025-03-31 | 0.43 |
| 2024-12-31 | 0.51 |
| 2024-09-30 | 0.25 |
| 2024-06-30 | 0.26 |
| 2024-03-31 | 0.28 |
| 2023-12-31 | 0.27 |
| 2023-09-30 | 0.33 |
| 2023-06-30 | 0.35 |
| 2023-03-31 | 0.31 |
| 2022-12-31 | 0.34 |
| 2022-09-30 | 0.34 |
| 2022-06-30 | 0.32 |
| 2022-03-31 | 0.36 |
| 2021-12-31 | 0.44 |
| 2021-09-30 | 0.47 |
| 2021-06-30 | 0.54 |
| 2021-03-31 | 0.60 |
| 2020-12-31 | 0.71 |
| 2020-09-30 | 0.68 |
| 2020-06-30 | 0.71 |
| 2020-03-31 | 0.68 |
| 2019-12-31 | 0.65 |
| 2019-09-30 | 0.65 |
| 2019-06-30 | 0.69 |
| 2019-03-31 | 0.65 |
| 2018-12-31 | 0.64 |
| 2018-09-30 | 0.59 |
| 2018-06-30 | 0.66 |
| 2018-03-31 | 0.69 |
| 2017-12-31 | 0.71 |
| 2017-09-30 | 0.73 |
| 2017-06-30 | 0.75 |
| 2017-03-31 | 0.62 |
| 2016-12-31 | 0.64 |
| 2016-09-30 | 0.67 |
| 2016-06-30 | 0.66 |
| 2016-03-31 | 0.61 |
| 2015-12-31 | 0.61 |
| 2015-09-30 | 0.60 |
| 2015-06-30 | 0.58 |
| 2015-03-31 | 0.55 |
| 2014-12-31 | 0.48 |
| 2014-09-30 | 0.49 |
| 2014-06-30 | 0.49 |
| 2014-03-31 | 0.39 |
| 2013-12-31 | 0.37 |
| 2013-09-30 | 0.37 |
| 2013-06-30 | 0.41 |
| 2013-03-31 | 0.38 |
| 2012-12-31 | 0.36 |
| 2012-09-30 | 0.35 |
| 2012-06-30 | 0.36 |
| 2012-03-31 | 0.35 |
| 2011-12-31 | 0.37 |
| 2011-09-30 | 0.42 |
| 2011-06-30 | 0.40 |
| 2011-03-31 | 0.41 |
| 2010-12-31 | 0.44 |
| 2010-09-30 | 0.41 |
| 2010-06-30 | 0.45 |
| 2010-03-31 | 0.46 |
| 2009-12-31 | 0.53 |
| 2009-09-30 | 0.57 |
| 2009-06-30 | 0.64 |
| 2009-03-31 | 0.70 |
| 2008-12-31 | 0.71 |
| 2008-09-30 | 0.70 |
| 2008-06-30 | 0.81 |
| 2008-03-31 | 0.92 |
| 2007-12-31 | 0.82 |
| 2007-09-30 | 0.85 |
| 2007-06-30 | 0.92 |
| 2007-03-31 | 1.03 |
| 2006-12-31 | 1.03 |
| 2006-09-30 | 0.53 |
| 2006-06-30 | 0.54 |
| 2006-03-31 | 0.52 |
| 2005-12-31 | 0.40 |
| 2005-09-30 | 0.48 |
| 2005-06-30 | 0.54 |
| 2005-03-31 | 0.59 |
| 2004-12-31 | 0.51 |
| 2004-09-30 | 0.56 |
| 2004-06-30 | 0.55 |
| 2004-03-31 | 0.51 |
| 2003-12-31 | 0.46 |
| 2003-09-30 | 0.50 |
| 2003-06-30 | 0.54 |
| 2003-03-31 | 0.67 |
| 2002-12-31 | 0.84 |
| 2002-09-30 | 0.90 |
