CNQ vs CVE
Canadian Natural Resources Limited and Cenovus Energy Inc., side by side — 10 fiscal years reported in CAD, drawn from SEC filings.
At a glance
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 | — | — |
| Diluted EPS | CAD 5.16 | CAD 2.15 |
| Dividend / share | — | CAD 0.78 |
| Payout ratio | 45.0% | 36.6% |
| Free cash flow | CAD 5.9B | CAD -538.0M |
| Equity | — | — |
| Net debt / equity | — | — |
| 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.
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Revenue by year
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 |
Net income by year
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 |
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