CNQ vs WDS: Canadian Natural Resources and Woodside Energy Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Canadian Natural Resources is the larger company, worth $105.3B, about 2.4 times Woodside Energy Group.
- Canadian Natural Resources grew revenue faster over the last year (+8.7% vs -1.5%).
- On earnings, Canadian Natural Resources is the cheaper stock (12.4x vs 15.9x).
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 | WDS |
|---|---|---|
| Market cap | $105.3B | $44.5B |
| Share price | $49.65 | $22.57 |
| Revenue (last fiscal year) | $38.8B | $13.0B |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | +8.7% | -1.5% |
| Revenue growth per year, last 5 fiscal years | +6.6% | +16.9% |
| Operating margin | — | 29.9% |
| Net margin | 27.9% | 20.9% |
| Return on equity | 24.4% | 7.6% |
| P/E (trailing) | 12.4x | 15.9x |
| Price / free cash flow | 12.5x | — |
| EV / EBITDA | 6.54x | 5.23x |
| FCF growth the price implies | — | — |
| Dividend yield | 4.8% | 4.8% |
| Debt / equity | 1.07x | 0.74x |
| Fundamental grade | B | C |
| Superinvestors holding it | 5 | 2 |
| Insider purchases, last 12 months | 0 | 0 |
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 | — | — |
Woodside Energy Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.0B | — | 50.2% |
| 2022 | $16.8B | — | 54.6% |
| 2023 | $14.0B | — | 23.6% |
| 2024 | $13.2B | — | 34.3% |
| 2025 | $13.0B | — | 30.0% |
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%
Woodside Energy Group · by segments, 2025
Australia$7.5B58%
International$4.1B31%
Marketing$1.4B11%
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 Woodside Energy Group?
Canadian Natural Resources (CNQ), at $105.3B against $44.5B.
Is CNQ or WDS cheaper?
By trailing P/E, Canadian Natural Resources (12.4x) is cheaper than Woodside Energy Group (15.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, CNQ or WDS?
Canadian Natural Resources: revenue grew +8.7% over the last year, against -1.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.