Canadian Natural Resources Ltd (CNQ) is undervalued and EQT Corp (EQT) is undervalued.
Against our estimates of intrinsic value, CNQ trades at the wider discount: a margin of safety of +40%, against +23% for EQT.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $79.80; the price of $47.77 is 40% below that value, and 80% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 8.1% (average of 3 methods) values the shares at $66.38; the price of $50.81 is 23% below that value, and 78% of that value comes from beyond year five.
Leak Score 76/100 on 10 of 12 signals
| Metric | CNQ | EQT |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $47.77 | $50.81 |
| Intrinsic value | $79.80 | $66.38 |
| Margin of safety | +40% | +23% |
| Leak Score | 100/100 (3/12) | 76/100 (10/12) |
| Market cap | $98.5B | $31.8B |
| Revenue growth, 5 years | 17.1% | 25.7% |
| Operating margin | 26.6% | 42.4% |
| Net margin | 26.2% | 28.6% |
| Return on equity | 26.8% | 11.6% |
| Debt to equity | 0.43 | 0.22 |
| P/E | 11.8x | 11.8x |
| Forward P/E | 12.9x | 13.2x |
| P/B | 3.0x | 1.3x |
| Dividend yield | 3.7% | 1.3% |