CANADIAN NATURAL RESOURCES LIMITED vs SLB LIMITED/NV, two Oil & Gas stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Canadian Natural runs debt-free producing crude; SLB (Schlumberger) carries 0.35 turns as the world's largest oilfield-services firm, and the producer earns the better returns, 24.4% on equity against SLB's 12.2%, oil-sands economics beating global services this cycle. SLB nets 9.3% of revenue to Canadian Natural's 27.9%, service margins against production. SLB trades at 20.7 times earnings against Canadian Natural's 10.4, the services multiple carrying more optimism about the drilling cycle. SLB pays a 1.8% dividend, Canadian Natural none displayed; both yield mid-teens or better free cash. The pair prices a producer against the premier service company; Canadian Natural owns the reserves and earns the richer return, SLB sells the technology to develop them at double the multiple.
Comparison updated 2026-07-11.
| Metric | CNQ | SLB |
|---|---|---|
| Price | $39.49 | $46.95 |
| Market cap | $82.6B | $71.1B |
| Sector | Oil & Gas | Oil & Gas |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | — | +7.3% |
| P/E | 10.4 | 20.7 |
| P/B | 2.53 | 2.60 |
| P/S | 2.90 | 1.98 |
| EV/EBITDA | 11.9 | 29.0 |
| Revenue growth | +8.4% | -0.3% |
| Net margin | 27.9% | 9.3% |
| Return on equity | 24.4% | 12.2% |
| Return on assets | 11.8% | 6.1% |
| FCF yield | 13.4% | 6.6% |
| Dividend yield | — | 1.8% |
| Debt / equity | 0.00 | 0.35 |
| Current ratio | 0.95 | 1.34 |
| Altman Z (solvency) | 2.34 | 2.81 |
| Piotroski F (quality) | 8 / 9 | 5 / 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.