Canadian Natural ResourcesFRA:CRC -1.66%78 PB Ratio is 2.72 as of Jun. 24, 2026, which is 52% above its 10-year median of 1.79. GuruFocus rates FRA:CRC with a GF Score™ of 78/100 and a GF Value™ of €29.55 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 923 Oil & Gas companies, Canadian Natural Resources ranks worse than 76.6% on this metric.
The historical rank and industry rank for Canadian Natural Resources's PB Ratio or its related term are showing as below:
FRA:CRC'
s PB Ratio Range Over the Past 10 Years
Min: 0.41 Med: 1.79 Max: 3.26
Current: 2.73
During the past 13 years, Canadian Natural Resources's highest PB Ratio was 3.26. The lowest was 0.41. And the median was 1.79.
FRA:CRC's PB Ratio is ranked worse than 76.6% of 923
companies
in the Oil & Gas industry
Industry Median: 1.44
vs FRA:CRC: 2.73
During the past 12 months, Canadian Natural Resources's average Book Value Per Share Growth Rate was 13.60% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 7.20% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 8.30% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 5.80% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Canadian Natural Resources was 111.70% per year. The lowest was -0.70% per year. And the median was 10.25% per year.
Back to Basics: PB Ratio
Canadian Natural Resources (FRA:CRC) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Canadian Natural Resources PB Ratio Related Terms
Canadian Natural Resources PB Ratio Historical Data
* 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.
For the Oil & Gas E&P subindustry, Canadian Natural Resources's PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Canadian Natural Resources's PB Ratio distribution charts can be found below:
* The bar in red indicates where Canadian Natural Resources's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Canadian Natural Resources (FRA:CRC) has a PB Ratio of 2.72 as of Jun. 24, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Canadian Natural Resources and its competitors. This is 52% above median its historical median of 1.79. Over the past decade, Canadian Natural Resources' PB Ratio has ranged from 0.41 to 3.26. According to the industry distribution chart, Canadian Natural Resources ranks #707 out of 923 companies in the Oil & Gas industry, placing it in the top 76.6%.
Is Canadian Natural Resources' PB Ratio too high?
Canadian Natural Resources' current PB Ratio of 2.72 is 52% above median its 10-year median of 1.79. Over the past 10 years, this metric has ranged from a low of 0.41 to a high of 3.26. The Oil & Gas industry median PB Ratio is 1.44. Canadian Natural Resources' value of 2.72 is 88.9% above this industry median. Based on the distribution chart, Canadian Natural Resources ranks #707 out of 923 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Canadian Natural Resources has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Canadian Natural Resources' PB Ratio compare to COP and EOG?
According to the Oil & Gas industry distribution chart, Canadian Natural Resources ranks #707 out of 923 companies for PB Ratio. This places Canadian Natural Resources in the lower half of its industry. The industry median PB Ratio is 1.44. Canadian Natural Resources' value of 2.72 is 88.9% above this benchmark. Historically, Canadian Natural Resources' own PB Ratio has ranged from 0.41 to 3.26 over the past decade. While the company's 10-year median is 1.79 vs. the industry median of 1.44, Canadian Natural Resources has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for an Oil & Gas company?
The median PB Ratio among Oil & Gas companies is 1.44, based on 923 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Canadian Natural Resources's current PB Ratio of 2.72 is 88.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Canadian Natural Resources and its competitors. For the Oil & Gas industry, the median PB Ratio is 1.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Canadian Natural Resources's current PB Ratio is 2.72, which is 52% above median its own 10-year median of 1.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Canadian Natural Resources stock overvalued right now?
Based on GuruFocus' analysis, Canadian Natural Resources (FRA:CRC) is currently considered Modestly Overvalued. The stock's GF Value™ is €29.55, compared to a current price of €35.86 — trading 21.3% above its estimated fair value. The current PB Ratio is 2.72, which is 52% above median its 10-year median of 1.79 and 88.9% above the Oil & Gas industry median of 1.44. Canadian Natural Resources' overall GF Score™ is 78/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Canadian Natural Resources (FRA:CRC), the current PB Ratio is 2.72 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Canadian Natural Resources (FRA:CRC) Overvalued in 2026?
Based on GuruFocus' analysis, Canadian Natural Resources stock appears to be overvalued.
The current stock price of €35.86 is trading 21.3% above its estimated GF Value™ of €29.55.
GuruFocus considers Canadian Natural Resources to be Modestly Overvalued.
Key valuation signals for FRA:CRC:
PB Ratio: 2.72 (52% above median its 10-year median of 1.79)
GF Value™: €29.55 vs. price of €35.86 (21.3% above fair value)
Industry Position: 88.9% above the Oil & Gas median (#707 of 923)
No single metric tells the full story. See the FRA:CRC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Canadian Natural Resources is the largest producer of oil and the second-largest producer of natural gas in Canada. It is principally involved in extracting heavy oils, natural gas, and bitumen through its drilling and mining operations. Bitumen from mining operations is upgraded into synthetic crude oil. Commodities produced are primarily exported to the US via pipeline. The company also has smaller offshore production operations in the North Sea and Africa.
78GF Score
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