CANADIAN NATURAL RESOURCES LIMITED vs HALLIBURTON COMPANY, two Oil & Gas stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Economically these sit at opposite ends of the oil chain: Canadian Natural produces crude from long-life oil sands, Halliburton sells the fracking and completion services that producers buy. Canadian Natural earns 24.4% on equity to Halliburton's 14.2%, the producer's reserve economics beating the service provider's in a decent price environment. Halliburton nets 7% of revenue to Canadian Natural's 27.9%, service margins against production ones. Halliburton has no clean P/E (item-affected) but pays a 2% dividend and carries 0.66 turns of debt; Canadian Natural runs debt-free and yields 13.5% in free cash. The pair prices a producer against its service supplier; Canadian Natural owns the barrel, Halliburton bills to extract it, and the barrel-owner earns the richer return.
Comparison updated 2026-07-11.
| Metric | CNQ | HAL |
|---|---|---|
| Price | $39.49 | $34.18 |
| Market cap | $82.6B | $28.7B |
| Sector | Oil & Gas | Oil & Gas |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | — | +3.9% |
| P/E | 10.4 | — |
| P/B | 2.53 | 2.65 |
| P/S | 2.90 | 1.29 |
| EV/EBITDA | 11.9 | 9.2 |
| Revenue growth | +8.4% | -1.7% |
| Operating margin | — | 12.6% |
| Net margin | 27.9% | 7.0% |
| Return on equity | 24.4% | 14.2% |
| Return on assets | 11.8% | 6.1% |
| Return on invested capital | — | 11.4% |
| FCF yield | 13.4% | 5.8% |
| Dividend yield | — | 2.0% |
| Debt / equity | 0.00 | 0.66 |
| Current ratio | 0.95 | 2.08 |
| Altman Z (solvency) | 2.34 | 3.31 |
| Piotroski F (quality) | 8 / 9 | 6 / 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.