Canadian Natural Resources annual debt-to-equity ratio
2016
2017
2018
2018
2019
2020
2021
2022
2023
2024
Canadian Natural Resources Debt-to-Equity Ratio Growth & History (CNQ)
Canadian Natural Resources's debt-to-equity ratio was 0.44 for fiscal 2024.
View full Canadian Natural Resources company overviewCanadian Natural Resources annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2024 · Dec 31 | 2025-12-31 | 0.44 | −0.07 | −13.50% |
| 2023 · Dec 31 | 2024-12-31 | 0.51 | 0.20 | +65.70% |
| 2022 · Dec 31 | 2023-12-31 | 0.31 | −0.03 | −8.82% |
| 2021 · Dec 31 | 2022-12-31 | 0.34 | −0.10 | −22.80% |
| 2020 · Dec 31 | 2021-12-31 | 0.44 | −0.27 | −38.35% |
| 2019 · Dec 31 | 2020-12-31 | 0.71 | 0.06 | +9.73% |
| 2018 · Dec 31 | 2019-12-31 | 0.65 | 0.01 | +0.98% |
| 2018 · Dec 31 | 2018-12-31 | 0.64 | −0.06 | −9.09% |
| 2017 | 2017-12-31 | 0.71 | 0.07 | +10.90% |
| 2016 | 2016-12-31 | 0.64 | — | — |
Canadian Natural Resources quarterly debt-to-equity ratio
Q4.17
Q4.18
Q4.18
Q4.19
Q4.20
Q4.21
Q4.22
Q4.23
Q2.25
Q3.25
Q4.24
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 0.37 | −0.05 | −11.42% |
| Q1 2026 | 2026-03-31 | 0.38 | — | — |
| Q4 2024 | 2025-12-31 | 0.44 | −0.07 | −13.50% |
| Q3 2025 | 2025-09-30 | 0.43 | — | — |
| Q2 2025 | 2025-06-30 | 0.41 | — | — |
| Q4 2023 | 2024-12-31 | 0.51 | 0.20 | +65.70% |
| Q4 2022 | 2023-12-31 | 0.31 | −0.03 | −8.82% |
| Q4 2021 | 2022-12-31 | 0.34 | −0.10 | −22.80% |
| Q4 2020 | 2021-12-31 | 0.44 | −0.27 | −38.35% |
| Q4 2019 | 2020-12-31 | 0.71 | 0.06 | +9.73% |
| Q4 2018 · Dec 31 | 2019-12-31 | 0.65 | 0.01 | +0.98% |
| Q4 2018 · Dec 31 | 2018-12-31 | 0.64 | −0.06 | −9.09% |
| Q4 2017 | 2017-12-31 | 0.71 | — | — |
Canadian Natural Resources debt-to-equity ratio trends
Over the last five fiscal years, Canadian Natural Resources's debt-to-equity ratio decreased from 0.71 to 0.44, a change of −0.27. The latest reported quarter, Q2 2026, shows 0.37.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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