CANADIAN NATURAL RESOURCES LIMITED vs EQT Corporation, two Oil & Gas stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The single number that defines this pair is operating margin: EQT at 60.3%, the natural-gas pure play's low-cost Appalachian economics against Canadian Natural's oil-weighted book. EQT nets 31.9% of revenue to Canadian Natural's 27.9%, both fat. Canadian Natural earns the higher return on equity, 24.4% against 11.4%, its oil-sands cash machine beating the gas driller. Both trade near 10 times earnings; EQT pays a 1.2% dividend, Canadian Natural none displayed; both run light-to-no debt. The pair prices oil sands against natural gas, two different commodities wearing one sector tag; Canadian Natural's oil earns the better return this cycle, EQT's gas the fatter margin, and both are priced as cheap cash generators.
Comparison updated 2026-07-11.
| Metric | CNQ | EQT |
|---|---|---|
| Price | $39.49 | $52.70 |
| Market cap | $82.6B | $33.2B |
| Sector | Oil & Gas | Oil & Gas |
| Stage | Cyclical | Cyclical |
| P/E | 10.4 | 10.0 |
| P/B | 2.53 | 1.15 |
| P/S | 2.90 | 3.22 |
| EV/EBITDA | 11.9 | 5.3 |
| Revenue growth | +8.4% | +90.6% |
| Operating margin | — | 60.3% |
| Net margin | 27.9% | 31.9% |
| Return on equity | 24.4% | 11.4% |
| Return on assets | 11.8% | 7.9% |
| Return on invested capital | — | 10.6% |
| FCF yield | 13.4% | 12.2% |
| Dividend yield | — | 1.2% |
| Debt / equity | 0.00 | 0.23 |
| Current ratio | 0.95 | 0.66 |
| Altman Z (solvency) | 2.34 | 2.11 |
| Piotroski F (quality) | 8 / 9 | 7 / 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.