Imperial Oil Ltd (IMO) stock analysis
Close on Nov 11, 2026Market cap $61.27BP/E 14.2Yield 1.61%
StockData Score
Prices as of Nov 11, 2026How the score works
Weak8 of 30 checks passed
Imperial Oil passes 8 of the 30 checks behind our score; 18 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 0/6
- Past performance
- 4/6
- Financial health
- 4/6
- Dividend
- 0/6
What stands out
Return on equity over 15%
Return on equity was 25.2% over the last twelve months and averaged 20.4% over five years.
Low debt
Debt is 14.2% of shareholders' equity, under the 40% we consider low.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 248% of total debt.
Return on equity above the industry
Imperial Oil's return on equity of 25.2% is above the Petroleum Refining median of 17.7%.
What to watch
Revenue growing under 10% a year
Revenue grew -7.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -17.3% a year over the last three fiscal years.
Growing slower than the industry
Revenue grew 15.7% over the last twelve months; the Petroleum Refining median is 18.4%.
No dividend
Imperial Oil has not paid a dividend in the last twelve months.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth0/6
Revenue growing under 10% a year
Revenue grew -7.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -17.3% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 15.7% over the last twelve months; the Petroleum Refining median is 18.4%.
Guidance issued
The latest outlook (2026 refinery utilization, Jul 31, 2026) was issued for the first time, so it neither adds nor takes away points.
Gross margin trend
This company does not report gross profit.
Past performance4/6
Return on equity over 15%
Return on equity was 25.2% over the last twelve months and averaged 20.4% over five years.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
Imperial Oil's return on equity of 25.2% is above the Petroleum Refining median of 17.7%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 10.9% over the last twelve months, against a 5-year average of 8.9%.
Net margin above the industry
Imperial Oil's net margin of 10.9% is above the Petroleum Refining median of 7.0%.
Financial health4/6
Low debt
Debt is 14.2% of shareholders' equity, under the 40% we consider low.
Debt falling against equity
Debt to equity fell from 21.8% five years ago to 14.2%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 248% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 1.30 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Imperial Oil has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Imperial Oil. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $75.47M
- Value traded per 1% price move
- $51.96M
Downside
Low risk
- Typical loss in a bad month
- 14.7%
- Volatility (annualized)
- 30%
- Sharpe ratio, 1 year
- 0.94
- Beta to the S&P 500 (5Y)
- 0.47
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -8.6% | -7.6% | +16.0% | – | |
| Net income | -31.8% | -23.6% | – | +11.3% | |
| EPS, diluted | -28.2% | -17.3% | – | +17.2% | |
| Free cash flow | +14.3% | -19.3% | – | – | |
| Dividend per share | +20.0% | +25.4% | +26.8% | +18.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 14.3% | |
| Return on assets | 5.1% | -4.6% | 7.7% | |
| Current ratio | 0.99 | 1.34 | 1.27 | |
| Debt to equity | – | 0.22 | 0.16 | |
| Capex to revenue | – | 3.9% | 4.3% | |
| Diluted shares | 851M | 735M | 504M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Imperial Oil generated C$32.38B from operations and spent C$31.95B on capital expenditure, dividends and share buybacks. 26% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.9% | 1.10× | 1.86× | 14.3% |
| FY2024 | 9.3% | 1.22× | 1.84× | 21.0% |
| FY2023 | 9.6% | 1.20× | 1.90× | 21.9% |
| FY2022 | 12.3% | 1.42× | 1.91× | 33.3% |
| FY2021 | 6.6% | 0.95× | 1.83× | 11.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zeroC$3.27B
- Cash generatingOperating cash flow above zeroC$6.71B
- Return on assets improvedROA up on the prior year11.6% → 7.6%
- Earnings backed by cashOperating cash flow above net incomeC$6.71B vs C$3.27B
- Less leverageLong-term debt to assets fell8.0% → 8.1%
- Better liquidityCurrent ratio rose1.33 → 1.27
- No dilutionShare count did not rise531M → 504M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose1.25 → 1.10
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