Canadian Natural Resources (FRA:CRC) Scaled Net Operating Assets: 0.71 (As of Dec. 2025)


FRA:CRC Canadian Natural Resources Ltd FRA:CRC
78 GF Score
Price €34.78
GF Value €30.16
Valuation Modestly Overvalued
! 2 Warning Signs
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What is Canadian Natural Resources Scaled Net Operating Assets?

Canadian Natural Resources FRA:CRC +1.70% 78 Scaled Net Operating Assets is 0.71 as of Dec. 2025. GuruFocus rates FRA:CRC with a GF Score™ of 78/100 and a GF Value™ of €30.16 (Modestly Overvalued). The stock has 2 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Canadian Natural Resources's operating assets for the quarter that ended in Dec. 2025 was €56,432 Mil. Canadian Natural Resources's operating liabilities for the quarter that ended in Dec. 2025 was €19,096 Mil. Canadian Natural Resources's Total Assets for the quarter that ended in Sep. 2025 was €52,712 Mil. Therefore, Canadian Natural Resources's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 0.71.


Canadian Natural Resources Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Canadian Natural Resources's Scaled Net Operating Assets 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.

Canadian Natural Resources Scaled Net Operating Assets Chart

Canadian Natural Resources Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.72 0.63 0.64 0.75 0.65

Canadian Natural Resources Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets 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 0.65 0.68 0.66 0.71 0.00

FRA:CRC vs COP, EOG, FANG: Scaled Net Operating Assets Comparison

For the Oil & Gas E&P subindustry, Canadian Natural Resources's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Canadian Natural Resources's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Canadian Natural Resources's Scaled Net Operating Assets falls into.


FRA:CRC
78GF Score
Canadian Natural Resources Ltd FRA:CRC
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Canadian Natural Resources Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Canadian Natural Resources's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(56432.097-19096.294)/57217.551
=0.65

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=56848.728 - 416.631
=56432.097

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=29383.295 - 10013.993 - 273.008
=19096.294

Canadian Natural Resources's Scaled Net Operating Assets (SNOA) for the quarter that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Dec. 2025 )
=(Operating Assets (Q: Dec. 2025 )-Operating Liabilities (Q: Dec. 2025 ))/Total Assets (Q: Sep. 2025 )
=(56432.097-19096.294)/52712.034
=0.71

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=56848.728 - 416.631
=56432.097

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=29383.295 - 10013.993 - 273.008
=19096.294

* 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.

What does a Scaled Net Operating Assets of 0.71 mean?
Canadian Natural Resources (FRA:CRC) has a Scaled Net Operating Assets of 0.71 as of Dec. 2025. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Canadian Natural Resources and its competitors.
Is Canadian Natural Resources' Scaled Net Operating Assets too high?
Canadian Natural Resources' current Scaled Net Operating Assets is 0.71. 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' Scaled Net Operating Assets compare to COP and EOG?
Canadian Natural Resources' Scaled Net Operating Assets of 0.71 can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for an Oil & Gas company?
A good Scaled Net Operating Assets depends on the Oil & Gas industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Canadian Natural Resources and its competitors. Canadian Natural Resources's current Scaled Net Operating Assets is 0.71. 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 €30.16, compared to a current price of €34.78 — trading 15.3% above its estimated fair value. The current Scaled Net Operating Assets is 0.71. Canadian Natural Resources' overall GF Score™ is 78/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Canadian Natural Resources (FRA:CRC), the current Scaled Net Operating Assets is 0.71 as of Dec. 2025. 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 €34.78 is trading 15.3% above its estimated GF Value™ of €30.16. GuruFocus considers Canadian Natural Resources to be Modestly Overvalued.

Key valuation signals for FRA:CRC:

  • Scaled Net Operating Assets: 0.71
  • GF Value™: €30.16 vs. price of €34.78 (15.3% above fair value)
  • GF Score™: 78/100 with 2 warning signs

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 Business Description

Industry EnergyOil & Gas
Address 855 - 2 Street S.W, Suite 2100, Calgary, AB, CAN, T2P 4J8
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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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€34.78
Price
€30.16
GF Value