CANADIAN NATURAL RESOURCES LIMITED vs EOG RESOURCES, INC., two Oil & Gas stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
What is priced in: both Canadian Natural and EOG trade near 10-13 times earnings, the market pricing neither for growth so much as durable cash return through the oil cycle. EOG earns a 37.5% operating margin against Canadian Natural's undisplayed line, and their returns nearly match, 24.4% on equity against 17.8%, Canadian Natural ahead. EOG carries 0.26 turns of debt against Canadian Natural's none, pays a 3% dividend against none displayed, and yields more free cash, 15.1% against 13.5%. The pair prices two of the continent's best E&P operators, oil sands against premium shale; both are cheap, both cash-rich, and the choice reduces to reserve life against drilling inventory, with the market pricing them as near-equals.
Comparison updated 2026-07-11.
| Metric | CNQ | EOG |
|---|---|---|
| Price | $39.49 | $132.58 |
| Market cap | $82.6B | $70.9B |
| Sector | Oil & Gas | Oil & Gas |
| Stage | Cyclical | Cyclical |
| P/E | 10.4 | 13.0 |
| P/B | 2.53 | 2.29 |
| P/S | 2.90 | 2.97 |
| EV/EBITDA | 11.9 | 6.4 |
| Revenue growth | +8.4% | +3.0% |
| Operating margin | — | 37.5% |
| Net margin | 27.9% | 23.0% |
| Return on equity | 24.4% | 17.8% |
| Return on assets | 11.8% | 10.3% |
| Return on invested capital | — | 14.2% |
| FCF yield | 13.4% | 15.1% |
| Dividend yield | — | 3.0% |
| Debt / equity | 0.00 | 0.26 |
| Current ratio | 0.95 | 1.72 |
| Altman Z (solvency) | 2.34 | 7.51 |
| 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.