CNQ vs COP: Canadian Natural Resources and ConocoPhillips compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- ConocoPhillips is the larger company, worth $170.3B, about 1.6 times Canadian Natural Resources.
- ConocoPhillips grew revenue faster over the last year (+36.8% vs +8.7%).
- On earnings, Canadian Natural Resources is the cheaper stock (12.4x vs 23.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CNQ | COP |
|---|---|---|
| Market cap | $105.3B | $170.3B |
| Share price | $49.65 | $134.10 |
| Revenue (last fiscal year) | $38.8B | $58.9B |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | +8.7% | +36.8% |
| Revenue growth per year, last 5 fiscal years | +6.6% | +6.5% |
| Operating margin | — | 84.3% |
| Net margin | 27.9% | 14.7% |
| Return on equity | 24.4% | 14.2% |
| P/E (trailing) | 12.4x | 23.7x |
| Price / free cash flow | 12.5x | 10.2x |
| EV / EBITDA | 6.54x | 6.50x |
| FCF growth the price implies | — | — |
| Dividend yield | 4.8% | 2.4% |
| Debt / equity | 1.07x | 0.90x |
| Fundamental grade | B | B |
| Superinvestors holding it | 5 | 14 |
| Insider purchases, last 12 months | 0 | 7 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Canadian Natural Resources
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $30.1B | — | — |
| 2022 | $42.3B | — | — |
| 2023 | $36.0B | — | — |
| 2024 | $35.7B | — | — |
| 2025 | $38.8B | — | — |
ConocoPhillips
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $45.8B | $11.7B | 87.6% |
| 2022 | $78.5B | $18.2B | 91.1% |
| 2023 | $56.1B | — | 86.3% |
| 2024 | $54.7B | — | 84.0% |
| 2025 | $58.9B | — | 82.5% |
Where the revenue comes from
Canadian Natural Resources · by segments, 2025
North America$19.0B50%
Oil Sands Mining and Upgrading$17.4B46%
Midstream and Refining$761M2%
North Sea$337M1%
Offshore Africa$187M0%
ConocoPhillips · by segments, 2025
Lower 48$41.4B70%
Europe, Middle East and North Africa$6.5B11%
Alaska$5.6B10%
Canada$3.6B6%
Asia Pacific$1.8B3%
Corporate$32M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CNQ in InvestinglyQuestions
Which is bigger, Canadian Natural Resources or ConocoPhillips?
ConocoPhillips (COP), at $170.3B against $105.3B.
Is CNQ or COP cheaper?
By trailing P/E, Canadian Natural Resources (12.4x) is cheaper than ConocoPhillips (23.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CNQ or COP?
ConocoPhillips: revenue grew +36.8% over the last year, against +8.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.