CANADIAN NATURAL RESOURCES LIMITED vs DEVON ENERGY CORP/DE, two Oil & Gas stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Canadian Natural earns 24.4% on equity and 11.8% on assets, nearly double Devon's 14.7% and 7%, the oil-sands giant's long-life low-decline reserves out-returning the Permian shale driller this cycle. Canadian Natural nets 27.9% of revenue to Devon's 13.2%, and runs debt-free where Devon carries 0.61 turns. The multiples sit close, 10.4 and 11.8 times, both cheap E&P prices. Devon pays a 1.6% dividend; both throw off double-digit free-cash figures, 13.5% and 11.2%. The pair prices long-life Canadian oil sands against short-cycle US shale; Canadian Natural's decline-resistant reserves earn far more per barrel of capital, Devon's shale offers faster response to price but thinner sustained returns, and the market barely charges a premium for the better economics.
Comparison updated 2026-07-11.
| Metric | CNQ | DVN |
|---|---|---|
| Price | $39.49 | $42.18 |
| Market cap | $82.6B | $26.1B |
| Sector | Oil & Gas | Oil & Gas |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | — | -0.4% |
| P/E | 10.4 | 11.8 |
| P/B | 2.53 | 1.69 |
| P/S | 2.90 | 1.52 |
| EV/EBITDA | 11.9 | 9.4 |
| Revenue growth | +8.4% | +2.6% |
| Net margin | 27.9% | 13.2% |
| Return on equity | 24.4% | 14.7% |
| Return on assets | 11.8% | 7.0% |
| FCF yield | 13.4% | 11.2% |
| Dividend yield | — | 1.6% |
| Debt / equity | 0.00 | 0.61 |
| Current ratio | 0.95 | 1.01 |
| Altman Z (solvency) | 2.34 | 6.97 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.