CNQ EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
CNQ's ev/ebitda is lower than 65% of the last 10 years.
EV/EBITDA History
CNQ EV/EBITDA by year
Yearly range of CNQ’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 2.8 to 17.5, averaging 7.3.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 4.6 | 6.1 | 7.0 | 6.2 |
| 2025 | 4.9 | 6.3 | 7.8 | 4.9 |
| 2024 | 5.6 | 6.7 | 8.0 | 7.4 |
| 2023 | 4.5 | 6.3 | 8.0 | 7.5 |
| 2022 | 3.8 | 5.2 | 7.1 | 4.4 |
| 2021 | 5.1 | 7.1 | 9.2 | 5.1 |
| 2020 | 2.8 | 6.1 | 8.7 | 7.6 |
| 2019 | 5.9 | 6.7 | 7.6 | 6.0 |
| 2018 | 5.1 | 7.7 | 9.4 | 6.4 |
| 2017 | 8.9 | 11.6 | 15.5 | 9.5 |
| 2016 | 13.1 | 16.0 | 17.5 | 16.4 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is CNQ EV/EBITDA High or Low Right Now?
Canadian Natural Resources Limited's EV/EBITDA is currently 6.2, which is below average relative to its 10-year historical range. The 10-year median EV/EBITDA for CNQ is approximately 6.6. See all CNQ valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.