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STOCK COMPARISON

Chevron vs Canadian Natural Resources: Fair Value & Quality

Both stocks run through our valuation models. Here is how Chevron (CVX) and Canadian Natural Resources (CNQ) compare, as of Aug 13, 2026.

As of Aug 13, 2026, Fair Value Calculator sees Canadian Natural Resources as the less overvalued of the two: Chevron trades at $197 versus a fair value of $90.66 (-54%), while Canadian Natural Resources trades at $47.57 versus $31.54 (-34%).
Chevron
CVX · USD · Energy
-54%
upside to fair value
overvalued
Price$197
Fair Value$90.66
Quality54/100
Canadian Natural Resources
CNQ · USD · Energy
-34%
upside to fair value
overvalued
Price$47.57
Fair Value$31.54
Quality72/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

ChevronCanadian Natural Resources
Valuation
30.3×P/E (TTM)11.9×
1.89×P/S (TTM)2.31×
1.88×P/B2.02×
10.1×EV/EBITDA7.1×
0.74×PEG3.42×
4.0%Dividend yield5.6%
$6.91Dividend per share$2.39
Profitability
6%Net margin25%
7%Operating margin22%
7%Return on equity23%
3%Return on assets5%
Growth
2%Revenue growth (YoY)-1%
-9.2%Avg. growth/yr (3Y)-3.7%
14.3%Avg. growth/yr (5Y)20.4%
Balance & size
0.21×Debt / equity0.37×
$351BMarket cap$89B
mixedGrowth qualityhealthy

Canadian Natural Resources leads: 5 to 9 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Chevronof which business quality 56 · market factors 71 Canadian Natural Resourcesof which business quality 69 · market factors 77
ProfitabilityMargins and returns on capital today
35
61
Quality GrowthAre margins and returns improving?
24
73
CashflowEarnings quality: real cash, not paper profit
59
69
Fin. StrengthBalance sheet, leverage, solvency risk
77
60
InvestmentDisciplined investing over empire-building
64
57
Low VolatilityCalm price path (market factor)
90
68
MomentumPrice trend over the last 3–12 months (market factor)
56
73
52W MomentumDistance to the 52-week high (market factor)
73
94
Net IssuanceBuybacks instead of dilution
78
100

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

Chevron

DCF Models$97.22
Earnings-Based$60.92
Dividend Discount$88.24
Multiples$93.47
Asset-Based$62.72
Growth DCF$107
Economic Profit$60.31
Growth Earnings$68.45

24 of 24 models see the stock below the current price.

Canadian Natural Resources

DCF Models$75.88
Earnings-Based$69.05
Dividend Discount$41.06
Multiples$35.14
Asset-Based$14.24
Growth DCF$63.64
Economic Profit$34.88
Growth Earnings$86.50

13 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Chevron
Bear $64.84Fair Value $90.66Bull $118
$197 = current price (white tick)
Canadian Natural Resources
Bear $24.44Fair Value $31.54Bull $80.18
$47.57 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Chevron · Energy

Quality score54 · above median
Fair value upside-54% · below median

Canadian Natural Resources · Energy

Quality score72 · Top 25%
Fair value upside-34% · below median

Bottom line

As of Aug 13, 2026, Fair Value Calculator sees Canadian Natural Resources as the less overvalued of the two: Chevron trades at $197 versus a fair value of $90.66 (-54%), while Canadian Natural Resources trades at $47.57 versus $31.54 (-34%).

Canadian Natural Resources has the higher quality score (72/100).

See the full analysis →
Chevron · Canadian Natural Resources

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.