CNQ vs PBA
Canadian Natural Resources Ltd. and Pembina Pipeline Corp., side by side — 8 fiscal years reported in CAD, drawn from SEC filings.
Most recent reported year
| Metric | CNQ | PBA |
|---|---|---|
| Revenue | CAD 38.8B | CAD 7.8B |
| Net income | CAD 10.8B | CAD 1.7B |
| Gross margin | · | 41.1% |
| Net margin | 27.9% | 21.8% |
| Return on equity | 25.8% | 9.9% |
| Diluted EPS | CAD 5.16 | CAD 2.66 |
| Dividend / share | · | · |
| Payout ratio | 45.0% | · |
| Free cash flow | · | · |
| Equity | · | · |
| Net debt / equity | 0.36× | 0.69× |
| Current ratio | 0.95× | 0.61× |
| Revenue CAGR 5y | 18.1% | 5.5% |
| Profit CAGR 5y | · | · |
CNQ bills 5.0× the revenue of PBA, and keeps more of each dollar of revenue as profit (27.9% against 21.8%).
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.
8 years side by side
| Fiscal year | CNQ | PBA |
|---|---|---|
| FY2025 | CAD 38.8B | CAD 7.8B |
| FY2024 | CAD 35.7B | CAD 7.4B |
| FY2023 | CAD 36.0B | CAD 6.3B |
| FY2022 | CAD 42.3B | CAD 11.6B |
| FY2021 | CAD 30.1B | CAD 8.6B |
| FY2020 | CAD 16.9B | CAD 6.0B |
| FY2019 | CAD 22.9B | CAD 6.4B |
| FY2018 | CAD 21.0B | CAD 7.4B |
Bottom line
| Fiscal year | CNQ | PBA |
|---|---|---|
| FY2025 | CAD 10.8B | CAD 1.7B |
| FY2024 | CAD 6.1B | CAD 1.9B |
| FY2023 | CAD 8.2B | CAD 1.8B |
| FY2022 | CAD 10.9B | CAD 3.0B |
| FY2021 | CAD 7.7B | CAD 1.2B |
| FY2020 | CAD -435.0M | CAD -316.0M |
| FY2019 | CAD 5.4B | CAD 1.5B |
| FY2018 | CAD 2.6B | CAD 411.0M |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CAD 30,984,000,000 | CNQ |
| FY2024 | +CAD 28,272,000,000 | CNQ |
| FY2023 | +CAD 29,637,000,000 | CNQ |
| FY2022 | +CAD 30,687,000,000 | CNQ |
| FY2021 | +CAD 21,430,000,000 | CNQ |
| FY2020 | +CAD 10,940,000,000 | CNQ |
| FY2019 | +CAD 16,499,000,000 | CNQ |
| FY2018 | +CAD 13,676,000,000 | CNQ |
CNQ has reported the higher revenue in every one of these 8 fiscal years. The gap has widened since the earliest year compared.
8 of 11 comparable fiscal years — a year missing data on either side is not counted.
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +6.1 pp | CNQ |
| FY2024 | −8.3 pp | PBA |
| FY2023 | −5.2 pp | PBA |
| FY2022 | +0.3 pp | CNQ |
| FY2021 | +11.1 pp | CNQ |
| FY2020 | +2.7 pp | CNQ |
| FY2019 | +0.0 pp | CNQ |
| FY2018 | −5.1 pp | PBA |
The higher net margin has changed hands between CNQ and PBA over this period.
8 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
PBA's net margin has been more volatile than CNQ's over the 8 comparable fiscal years — 10.1 percentage points of standard deviation against 9.5.
8 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 PBA over these 8 fiscal years — CNQ led in 5 and PBA in 3.
8 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CNQ's return on equity has been more volatile than PBA's over the 5 comparable fiscal years — 5.9 percentage points of standard deviation against 4.0.
5 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
CNQ led in return on equity in every one of the 5 comparable fiscal years — a structural lead, not a recent swing.
5 of 11 comparable fiscal years — a year missing data on either side is not counted.