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Canadian Natural Resources (TSX:CNQ) Cyclically Adjusted FCF per Share : C$2.87 (As of Mar. 2025)


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What is Canadian Natural Resources Cyclically Adjusted FCF per Share?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

Canadian Natural Resources's adjusted free cash flow per share for the three months ended in Mar. 2025 was C$1.416. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is C$2.87 for the trailing ten years ended in Mar. 2025.

During the past 12 months, Canadian Natural Resources's average Cyclically Adjusted FCF Growth Rate was 28.70% per year. During the past 3 years, the average Cyclically Adjusted FCF Growth Rate was 38.20% per year. During the past 5 years, the average Cyclically Adjusted FCF Growth Rate was 43.50% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted FCF Growth Rate using Cyclically Adjusted FCF per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted FCF Growth Rate of Canadian Natural Resources was 196.20% per year. The lowest was -42.20% per year. And the median was 24.50% per year.

As of today (2025-05-25), Canadian Natural Resources's current stock price is C$42.61. Canadian Natural Resources's Cyclically Adjusted FCF per Share for the quarter that ended in Mar. 2025 was C$2.87. Canadian Natural Resources's Cyclically Adjusted Price-to-FCF of today is 14.85.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Canadian Natural Resources was 1091.50. The lowest was 11.68. And the median was 29.19.


Canadian Natural Resources Cyclically Adjusted FCF per Share Historical Data

The historical data trend for Canadian Natural Resources's Cyclically Adjusted FCF per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Canadian Natural Resources Cyclically Adjusted FCF per Share Chart

Canadian Natural Resources Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Cyclically Adjusted FCF per Share
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.57 1.02 1.70 2.10 2.69

Canadian Natural Resources Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Cyclically Adjusted FCF per Share Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.23 2.54 2.60 2.69 2.87

Competitive Comparison of Canadian Natural Resources's Cyclically Adjusted FCF per Share

For the Oil & Gas E&P subindustry, Canadian Natural Resources's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Canadian Natural Resources's Cyclically Adjusted Price-to-FCF Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Canadian Natural Resources's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where Canadian Natural Resources's Cyclically Adjusted Price-to-FCF falls into.


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Canadian Natural Resources Cyclically Adjusted FCF per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.

What is Cyclically Adjusted FCF per Share? How do we calculate Cyclically Adjusted FCF per Share?

Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.

We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Canadian Natural Resources's adjusted Free Cash Flow per Share data for the three months ended in Mar. 2025 was:

Adj_FreeCashFlowPerShare= Free Cash Flow per Share /CPI of Mar. 2025 (Change)*Current CPI (Mar. 2025)
=1.416/129.1809*129.1809
=1.416

Current CPI (Mar. 2025) = 129.1809.

Canadian Natural Resources Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201506 0.020 100.500 0.026
201509 0.198 100.421 0.255
201512 0.212 99.947 0.274
201603 -0.176 101.054 -0.225
201606 -0.184 102.002 -0.233
201609 -0.074 101.765 -0.094
201612 0.272 101.449 0.346
201703 0.386 102.634 0.486
201706 0.366 103.029 0.459
201709 0.202 103.345 0.253
201712 0.146 103.345 0.183
201803 0.591 105.004 0.727
201806 0.685 105.557 0.838
201809 0.909 105.636 1.112
201812 0.238 105.399 0.292
201903 0.053 106.979 0.064
201906 0.834 107.690 1.000
201909 0.683 107.611 0.820
201912 0.594 107.769 0.712
202003 0.412 107.927 0.493
202006 -0.310 108.401 -0.369
202009 0.574 108.164 0.686
202012 0.231 108.559 0.275
202103 0.756 110.298 0.885
202106 0.712 111.720 0.823
202109 1.406 112.905 1.609
202112 1.333 113.774 1.514
202203 0.621 117.646 0.682
202206 1.936 120.806 2.070
202209 2.193 120.648 2.348
202212 1.494 120.964 1.595
202303 0.030 122.702 0.032
202306 0.532 124.203 0.553
202309 1.084 125.230 1.118
202312 1.782 125.072 1.841
202403 0.845 126.258 0.865
202406 1.144 127.522 1.159
202409 0.775 127.285 0.787
202412 1.049 127.364 1.064
202503 1.416 129.181 1.416

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.


Canadian Natural Resources  (TSX:CNQ) Cyclically Adjusted FCF per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.

For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.

Canadian Natural Resources's Cyclically Adjusted Price-to-FCF of today is calculated as

Cyclically Adjusted Price-to-FCF=Share Price/Cyclically Adjusted FCF per Share
=42.61/2.87
=14.85

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Canadian Natural Resources was 1091.50. The lowest was 11.68. And the median was 29.19.


Be Aware

Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.


Canadian Natural Resources Cyclically Adjusted FCF per Share Related Terms

Thank you for viewing the detailed overview of Canadian Natural Resources's Cyclically Adjusted FCF per Share provided by GuruFocus.com. Please click on the following links to see related term pages.


Canadian Natural Resources Business Description

Industry
Traded in Other Exchanges
Address
855 - 2 Street S.W, Suite 2100, Calgary, AB, CAN, T2P 4J8
Canadian Natural Resources Ltd is an independent crude oil and natural gas exploration, development, and production company. The company's exploration and production operations are focused in North America, largely in Western Canada; the United Kingdom (UK) portion of the North Sea; and Cote d'Ivoire in Offshore Africa. Its operating segments include North America, North Sea, Offshore Africa, Oil Sands Mining and Upgrading, and Midstream and Refining. Maximum revenue is generated from its Oil Sands Mining and Upgrading segment, which produces synthetic crude oil through bitumen mining and upgrading operations at Horizon Oil Sands (Horizon) and the company's direct and indirect interest in the Athabasca Oil Sands Project.
Executives
Dwayne Frederick Giggs Senior Officer
Calvin John Bast Senior Officer
Mark Allen Stainthorpe Senior Officer
Jay Ellery Froc Senior Officer
Warren Paul Raczynski Senior Officer
Scott Gerald Stauth Senior Officer
Erin Louise Lunn Senior Officer
Troy John Peter Andersen Senior Officer
Brenda Gayle Balog Senior Officer
Mark Anthony Overwater Senior Officer
Stephen W. Laut Director
Trevor Wagil Senior Officer
Victor Clinton Darel Senior Officer
Kyle Grayson Pisio Senior Officer
Ronald Keith Laing Senior Officer