CNQ vs CVE
Canadian Natural Resources Ltd. and Cenovus Energy Inc., side by side — 10 fiscal years reported in CAD, drawn from SEC filings.
Most recent reported year
| Metric | CNQ | CVE |
|---|---|---|
| Revenue | CAD 38.8B | CAD 49.7B |
| Net income | CAD 10.8B | CAD 3.9B |
| Gross margin | · | · |
| Net margin | 27.9% | 7.9% |
| Return on equity | 25.8% | 12.8% |
| Diluted EPS | CAD 5.16 | CAD 2.15 |
| Dividend / share | · | CAD 0.78 |
| Payout ratio | 45.0% | 36.6% |
| Free cash flow | · | · |
| Equity | · | · |
| Net debt / equity | 0.36× | 0.26× |
| Current ratio | 0.95× | 1.57× |
| Revenue CAGR 5y | 18.1% | 29.7% |
| Profit CAGR 5y | · | · |
CVE bills 1.3× the revenue of CNQ, and CNQ keeps more of each dollar of revenue as profit (27.9% against 7.9%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | CNQ | CVE |
|---|---|---|
| FY2025 | CAD 38.8B | CAD 49.7B |
| FY2024 | CAD 35.7B | CAD 54.3B |
| FY2023 | CAD 36.0B | CAD 52.2B |
| FY2022 | CAD 42.3B | CAD 66.9B |
| FY2021 | CAD 30.1B | CAD 46.4B |
| FY2020 | CAD 16.9B | CAD 13.5B |
| FY2019 | CAD 22.9B | CAD 20.5B |
| FY2018 | CAD 21.0B | CAD 20.8B |
| FY2017 | CAD 17.3B | CAD 17.0B |
| FY2016 | CAD 11.4B | CAD 11.0B |
Bottom line
| Fiscal year | CNQ | CVE |
|---|---|---|
| FY2025 | CAD 10.8B | CAD 3.9B |
| FY2024 | CAD 6.1B | CAD 3.1B |
| FY2023 | CAD 8.2B | CAD 4.1B |
| FY2022 | CAD 10.9B | CAD 6.5B |
| FY2021 | CAD 7.7B | CAD 587.0M |
| FY2020 | CAD -435.0M | CAD -2.4B |
| FY2019 | CAD 5.4B | CAD 2.2B |
| FY2018 | CAD 2.6B | CAD -2.7B |
| FY2017 | CAD 2.4B | CAD 3.4B |
| FY2016 | CAD -204.0M | CAD -545.0M |
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CAD 10,934,000,000 | CVE |
| FY2024 | −CAD 18,621,000,000 | CVE |
| FY2023 | −CAD 16,236,000,000 | CVE |
| FY2022 | −CAD 24,599,000,000 | CVE |
| FY2021 | −CAD 16,300,000,000 | CVE |
| FY2020 | +CAD 3,350,000,000 | CNQ |
| FY2019 | +CAD 2,329,000,000 | CNQ |
| FY2018 | +CAD 184,000,000 | CNQ |
| FY2017 | +CAD 299,000,000 | CNQ |
| FY2016 | +CAD 421,000,000 | CNQ |
| FY2015 | +CAD 834,000,000 | CNQ |
The higher-revenue side has changed between CNQ and CVE over this period. The gap has widened since the earliest year compared.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +20.0 pp | CNQ |
| FY2024 | +11.3 pp | CNQ |
| FY2023 | +15.0 pp | CNQ |
| FY2022 | +16.2 pp | CNQ |
| FY2021 | +24.2 pp | CNQ |
| FY2020 | +15.0 pp | CNQ |
| FY2019 | +13.0 pp | CNQ |
| FY2018 | +25.1 pp | CNQ |
| FY2017 | −5.9 pp | CVE |
| FY2016 | +3.2 pp | CNQ |
| FY2015 | −10.5 pp | CVE |
The higher net margin has changed hands between CNQ and CVE over this period.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CNQ's net margin has been more volatile than CVE's over the 11 comparable fiscal years — 11.8 percentage points of standard deviation against 10.4.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between CNQ and CVE over these 11 fiscal years — CNQ led in 9 and CVE in 2.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CVE's return on equity has been more volatile than CNQ's over the 11 comparable fiscal years — 12.4 percentage points of standard deviation against 10.7.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between CNQ and CVE over these 11 fiscal years — CNQ led in 9 and CVE in 2.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.