Canadian Natural Resources Ltd (CNQ) is undervalued and Diamondback Energy Inc (FANG) is undervalued.
Against our estimates of intrinsic value, FANG trades at the wider discount: a margin of safety of +55%, against +40% for CNQ.
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 7.8% (average of 3 methods) values the shares at $412.33; the price of $184.50 is 55% below that value, and 82% of that value comes from beyond year five.
Leak Score 73/100 on 10 of 12 signals
| Metric | CNQ | FANG |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $47.77 | $184.50 |
| Intrinsic value | $79.80 | $412.33 |
| Margin of safety | +40% | +55% |
| Leak Score | 100/100 (3/12) | 73/100 (10/12) |
| Market cap | $98.5B | $51.7B |
| Revenue growth, 5 years | 17.1% | 39.8% |
| Operating margin | 26.6% | 35.0% |
| Net margin | 26.2% | 8.5% |
| Return on equity | 26.8% | 3.8% |
| Debt to equity | 0.43 | 0.33 |
| P/E | 11.8x | 35.8x |
| Forward P/E | 12.9x | 9.9x |
| P/B | 3.0x | 1.4x |
| Dividend yield | 3.7% | 2.4% |