Canadian Natural Resources (CNQ) ROIC: History & Chart

Name: Canadian Natural Resources Limited (CNQ) Return on Invested Capital (ROIC) — historical time series
Creator: TGMCharts

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Canadian Natural Resources Limited(CNQ)

Oil & Gas Exploration & Production · Calgary, AB

$50.80+0.00 (+0.00%)

Delayed quote: Sep 10, 2026, 4:00 PM EDT

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About Canadian Natural Resources Limited

Canadian Natural Resources Limited (CNQ) is an integrated energy enterprise engaged across the full spectrum of upstream and downstream activities related to crude oil, natural gas, and natural gas liquids (NGLs), encompassing acquisition, exploration, development, production, marketing, and sales. Its diverse portfolio of hydrocarbon products encompasses synthetic crude oil (SCO), light and medium crude, bitumen (also known as thermal oil), along with both primary heavy crude oil and specialized Pelican Lake heavy crude. Beyond exploration and production, the company holds midstream and refining assets, notably comprising two crude oil pipeline networks and a half-interest (50% working interest) in an 84-megawatt cogeneration facility situated at Primrose. As of December 31, 2020, CNQ reported substantial reserves. Its proved crude oil, bitumen, and NGLs reserves amounted to 10,528 million barrels (MMbbl), escalating to 13,271 MMbbl when probable reserves are included. Proved synthetic crude oil (SCO) reserves stood at 6,998 MMbbl, with total proved plus probable SCO reserves reaching 7,535 MMbbl. Furthermore, the company's proved natural gas reserves were recorded at 12,168 billion cubic feet (Bcf), expanding to 20,249 Bcf on a proved plus probable basis. Geographically, its operations are concentrated in key regions, including Western Canada, the United Kingdom's North Sea sector, and offshore West Africa. The entity, incorporated in 1973, was originally known as AEX Minerals Corporation before adopting the name Canadian Natural Resources Limited in December 1975. Its corporate headquarters are located in Calgary, Canada.

Calgary, AB

10,750 employees

www.cnrl.com

Energy / Oil & Gas Exploration & Production

Sector: Energy
Industry: Oil & Gas Exploration & Production
CEO: Norman Murray Edwards

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CNQ Return on Invested Capital (ROIC) Metrics

RETURN ON INVESTED CAPITAL (ROIC)

13.86%

RETURN ON INVESTED CAPITAL (ROIC) AVG TTM

12.67%

RETURN ON INVESTED CAPITAL (ROIC) AVG 3Y

11.56%

RETURN ON INVESTED CAPITAL (ROIC) AVG 5Y

13.74%

RETURN ON INVESTED CAPITAL (ROIC) AVG 10Y

8.77%

RETURN ON INVESTED CAPITAL (ROIC) AVG 15Y

7.31%

RETURN ON INVESTED CAPITAL (ROIC) AVG 20Y

7.50%

CURRENT VS TTM AVG

+9.40%

CURRENT VS 3Y AVG

+19.89%

CURRENT VS 5Y AVG

+0.88%

CURRENT VS 10Y AVG

+57.97%

CURRENT VS 15Y AVG

+89.67%

CURRENT VS 20Y AVG

+84.85%

SECTOR MEDIAN · ENERGY

8.92%

median of 50 covered companies

CURRENT VS SECTOR MEDIAN

+55.34%

vs the sector median at left

NAME	MARKET CAP	RETURN ON INVESTED CAPITAL (ROIC)	TTM	3Y	5Y
Canadian Natural Resources Limited (CNQ)	$105.95B	13.86%	12.67%	11.56%	13.74%
Phillips 66 (PSX)vs ›	$103.65B	12.71%	3.97%	7.78%	4.95%
Valero Energy Corporation (VLO)vs ›	$110.98B	16.52%	6.96%	15.13%	10.18%
Marathon Petroleum Corporation (MPC)vs ›	$114.56B	14.33%	7.20%	12.52%	6.48%
The Williams Companies, Inc. (WMB)vs ›	$89.07B	6.64%	5.63%	5.90%	5.28%
Enterprise Products Partners L.P. (EPD)vs ›	$85.09B	11.34%	10.90%	11.31%	10.78%
Slb N.V. (SLB)vs ›	$83.13B	9.15%	12.04%	11.73%	9.83%
Eni S.p.A. (E)vs ›	$81.74B	1.92%	3.40%	5.69%	5.08%
Suncor Energy Inc. (SU)vs ›	$81.39B	14.57%	14.70%	16.95%	14.20%
EOG Resources, Inc. (EOG)vs ›	$78.54B	16.57%	14.05%	17.01%	13.41%

NAME

MARKET CAP

RETURN ON INVESTED CAPITAL (ROIC)

TTM

Canadian Natural Resources Limited (CNQ)

$105.95B

13.86%

12.67%

11.56%

13.74%

Phillips 66 (PSX)vs ›

$103.65B

12.71%

3.97%

7.78%

4.95%

Valero Energy Corporation (VLO)vs ›

$110.98B

16.52%

6.96%

15.13%

10.18%

Marathon Petroleum Corporation (MPC)vs ›

$114.56B

14.33%

7.20%

12.52%

6.48%

The Williams Companies, Inc. (WMB)vs ›

$89.07B

6.64%

5.63%

5.90%

5.28%

Enterprise Products Partners L.P. (EPD)vs ›

$85.09B

11.34%

10.90%

11.31%

10.78%

Slb N.V. (SLB)vs ›

$83.13B

9.15%

12.04%

11.73%

9.83%

Eni S.p.A. (E)vs ›

$81.74B

1.92%

3.40%

5.69%

5.08%

Suncor Energy Inc. (SU)vs ›

$81.39B

14.57%

14.70%

16.95%

14.20%

EOG Resources, Inc. (EOG)vs ›

$78.54B

16.57%

14.05%

17.01%

13.41%

Return on Invested Capital (ROIC) Formula & Definition

ROIC = NOPAT / Invested Capital, where NOPAT = Operating Income × (1 − effective tax rate) and Invested Capital = Total Assets − (Current Liabilities − Short-Term Debt)

Return on invested capital measures the after-tax operating return a company earns on the capital invested in the business. TGMCharts computes it from reported statements: trailing-twelve-month operating income after tax, over invested capital at the latest balance sheet — total assets less the non-interest-bearing current liabilities (payables, accruals, deferred revenue) that fund them; short-term debt stays in the capital base. The tax rate is the period's own effective rate (income tax ÷ pretax income), capped at 45%; when pretax income is zero or negative, or the tax line is a net benefit, no tax is deducted — the operating figure is shown untaxed rather than adjusted by an assumed rate. Not shown for banks, insurers or funds.

Return on Invested Capital (ROIC) FAQ

What is the return on invested capital (ROIC) for Canadian Natural Resources Limited (CNQ)?

The return on invested capital (ROIC) for CNQ stock is 13.86%.

Is Canadian Natural Resources Limited's return on invested capital (ROIC) high or low?

The return on invested capital (ROIC) of 13.86% is in line with its 5-year average of 13.74%, around the middle of its 5-year range (7.88%–21.13%).

What is the TTM average return on invested capital (ROIC) for Canadian Natural Resources Limited (CNQ)?

The TTM average return on invested capital (ROIC) for CNQ stock is 12.67%.

What is the 3Y average return on invested capital (ROIC) for Canadian Natural Resources Limited (CNQ)?

The 3Y average return on invested capital (ROIC) for CNQ stock is 11.56%.

What is the 5Y average return on invested capital (ROIC) for Canadian Natural Resources Limited (CNQ)?

The 5Y average return on invested capital (ROIC) for CNQ stock is 13.74%.

What is the 10Y average return on invested capital (ROIC) for Canadian Natural Resources Limited (CNQ)?

The 10Y average return on invested capital (ROIC) for CNQ stock is 8.77%.

What is the 15Y average return on invested capital (ROIC) for Canadian Natural Resources Limited (CNQ)?

The 15Y average return on invested capital (ROIC) for CNQ stock is 7.31%.

What is the 20Y average return on invested capital (ROIC) for Canadian Natural Resources Limited (CNQ)?

The 20Y average return on invested capital (ROIC) for CNQ stock is 7.50%.

DATE	RETURN ON INVESTED CAPITAL (ROIC)
2026-06-30	13.86%
2026-03-31	14.64%
2025-12-31	10.96%
2025-09-30	13.04%
2025-06-30	10.83%
2025-03-31	11.60%
2024-12-31	9.85%
2024-09-30	11.73%
2024-06-30	8.33%
2024-03-31	9.07%
2023-12-31	11.50%
2023-09-30	13.28%
2023-06-30	18.08%
2023-03-31	20.52%
2022-12-31	21.13%
2022-09-30	19.79%
2022-06-30	18.65%
2022-03-31	15.91%
2021-12-31	15.38%
2021-09-30	12.42%
2021-06-30	7.88%
2021-03-31	3.86%
2020-12-31	1.52%
2020-09-30	4.78%
2020-06-30	3.74%
2020-03-31	10.56%
2019-12-31	12.02%
2019-09-30	6.05%
2019-06-30	6.26%
2019-03-31	5.27%
2018-12-31	5.55%
2018-09-30	6.15%
2018-06-30	4.52%
2018-03-31	3.82%
2017-12-31	2.76%
2017-09-30	2.58%
2017-06-30	1.38%
2017-03-31	-0.07%
2016-12-31	-2.41%
2016-09-30	-4.05%
2016-06-30	-3.09%
2016-03-31	-1.96%
2015-12-31	-1.34%
2015-09-30	0.72%
2015-06-30	2.87%
2015-03-31	5.73%
2014-12-31	6.93%
2014-09-30	6.52%
2014-06-30	6.38%
2014-03-31	5.95%
2013-12-31	5.04%
2013-09-30	4.82%
2013-06-30	3.58%
2013-03-31	4.08%
2012-12-31	4.72%
2012-09-30	5.69%
2012-06-30	6.79%
2012-03-31	7.12%
2011-12-31	6.32%
2011-09-30	3.23%
2011-06-30	2.81%
2011-03-31	2.70%
2010-12-31	4.13%
2010-09-30	7.18%
2010-06-30	7.52%
2010-03-31	6.26%
2009-12-31	4.96%
2009-09-30	4.38%
2009-06-30	6.73%
2009-03-31	10.60%
2008-12-31	12.17%
2008-09-30	11.56%
2008-06-30	10.37%
2008-03-31	6.97%
2007-12-31	5.34%
2007-09-30	6.33%
2007-06-30	7.35%
2007-03-31	8.95%
2006-12-31	9.53%
2006-09-30	13.83%
2006-06-30	14.66%
2006-03-31	12.18%
2005-12-31	13.23%
2005-09-30	12.07%
2005-06-30	11.72%
2005-03-31	11.46%
2004-12-31	11.71%
2004-09-30	11.06%
2004-06-30	8.89%
2004-03-31	10.89%
2003-12-31	12.75%
2003-09-30	14.00%
2003-06-30	13.71%

DATE

RETURN ON INVESTED CAPITAL (ROIC)

2026-06-30

13.86%

2026-03-31

14.64%

2025-12-31

10.96%

2025-09-30

13.04%

2025-06-30

10.83%

2025-03-31

11.60%

2024-12-31

9.85%

2024-09-30

11.73%

2024-06-30

8.33%

2024-03-31

9.07%

2023-12-31

11.50%

2023-09-30

13.28%

2023-06-30

18.08%

2023-03-31

20.52%

2022-12-31

21.13%

2022-09-30

19.79%

2022-06-30

18.65%

2022-03-31

15.91%

2021-12-31

15.38%

2021-09-30

12.42%

2021-06-30

7.88%

2021-03-31

3.86%

2020-12-31

1.52%

2020-09-30

4.78%

2020-06-30

3.74%

2020-03-31

10.56%

2019-12-31

12.02%

2019-09-30

6.05%

2019-06-30

6.26%

2019-03-31

5.27%

2018-12-31

5.55%

2018-09-30

6.15%

2018-06-30

4.52%

2018-03-31

3.82%

2017-12-31

2.76%

2017-09-30

2.58%

2017-06-30

1.38%

2017-03-31

-0.07%

2016-12-31

-2.41%

2016-09-30

-4.05%

2016-06-30

-3.09%

2016-03-31

-1.96%

2015-12-31

-1.34%

2015-09-30

0.72%

2015-06-30

2.87%

2015-03-31

5.73%

2014-12-31

6.93%

2014-09-30

6.52%

2014-06-30

6.38%

2014-03-31

5.95%

2013-12-31

5.04%

2013-09-30

4.82%

2013-06-30

3.58%

2013-03-31

4.08%

2012-12-31

4.72%

2012-09-30

5.69%

2012-06-30

6.79%

2012-03-31

7.12%

2011-12-31

6.32%

2011-09-30

3.23%

2011-06-30

2.81%

2011-03-31

2.70%

2010-12-31

4.13%

2010-09-30

7.18%

2010-06-30

7.52%

2010-03-31

6.26%

2009-12-31

4.96%

2009-09-30

4.38%

2009-06-30

6.73%

2009-03-31

10.60%

2008-12-31

12.17%

2008-09-30

11.56%

2008-06-30

10.37%

2008-03-31

6.97%

2007-12-31

5.34%

2007-09-30

6.33%

2007-06-30

7.35%

2007-03-31

8.95%

2006-12-31

9.53%

2006-09-30

13.83%

2006-06-30

14.66%

2006-03-31

12.18%

2005-12-31

13.23%

2005-09-30

12.07%

2005-06-30

11.72%

2005-03-31

11.46%

2004-12-31

11.71%

2004-09-30

11.06%

2004-06-30

8.89%

2004-03-31

10.89%

2003-12-31

12.75%

2003-09-30

14.00%

2003-06-30

13.71%

Return on Invested Capital (ROIC): 13.86%

CNQ Return on Invested Capital (ROIC)

CNQ Average Return on Invested Capital (ROIC) Chart

CNQ Current vs Average Return on Invested Capital (ROIC) Chart

CNQ Return on Invested Capital (ROIC) Metrics

CNQ Competitors' Return on Invested Capital (ROIC)

Capital Efficiency

Return on Invested Capital (ROIC) Formula & Definition

Return on Invested Capital (ROIC) FAQ

CNQ Return on Invested Capital (ROIC) History

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