Imperial Oil Ltd IMO

EnergyOil & GasCanada

Last close 187.28 CAD on Nov 2, 2026, +60.3% year to date

Quant rating

Quant rating A+ Rank 7 of 73 in Energy

Growth C 54 of 73
Valuation C 55 of 73
Quality A 1 of 73
Revisions A 5 of 73
Momentum B 37 of 73

Wall Street consensus Hold (3.44)Average target 160.59 CAD −14.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 88.5B
Enterprise value: 89.6B
52-week range: 114.75 – 194.17
3-year range: 72.71 – 194.17
Dividend yield: 1.80%
Beta (5 years): 0.92
Shares outstanding: 472M
Next earnings: Jan 30, 2027

About the company

Imperial Oil Limited is a Canada-based integrated energy company. The Company’s principal business involves exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a variety of specialty products; and pursuit of lower-emission business opportunities including carbon capture and storage, hydrogen, lower-emission fuels, and lithium. Its segments include Upstream, Downstream and Chemical. The Upstream segment is organized and operates to explore for and produce crude oil and its equivalent, and natural gas. The Downstream segment is organized and operates to refine crude oil into petroleum products and to distribute and market these products. The Chemical segment is organized and operates to manufacture and market hydrocarbon-based chemicals and chemical products. The Company's operations include Cold Lake, Kearl, Syncrude, Nanticoke, Sarnia and Strathcona refinery.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	46,918	51,359	50,702	59,413	37,508	–
Revenue growth	−8.6%	1.3%	−14.7%	58.4%	68.3%	16.1%
EPS (basic, normalized)	8.53	9.03	8.49	11.12	3.65	–
EPS growth	−5.5%	6.4%	−23.7%	204.7%	–	–
Gross margin	21.0%	22.5%	22.5%	24.0%	21.4%	22.3%
Net margin	7.0%	9.3%	9.6%	12.4%	6.6%	9.0%
ROE	14.3%	21.0%	21.9%	33.3%	11.5%	20.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,893
Current ratio	1.38x
Long-term debt (mil)	3,965
Net debt (mil)	1,149
Total equity (mil)	24,467
Net debt / equity	0.05x
Net debt / EBITDA	0.15x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	46,918	−8.6%	1.9x	7,864	−3.3%	11.4x	8.53	−5.5%	22.0x
2026	61,569	+31.2%	1.5x	12,177	+54.8%	7.4x	16.28	+90.9%	11.5x
2027	61,015	−0.9%	1.5x	11,045	−9.3%	8.1x	15.57	−4.4%	12.0x
2028	57,302	−6.1%	1.6x	9,185	−16.8%	9.8x	12.70	−18.4%	14.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	61,569	+4.2%	+3.4%	+6.2%	16.28	+9.8%	+21.8%	+29.1%
2027	61,015	+4.6%	+4.4%	+11.6%	15.57	+19.0%	+31.8%	+42.9%
2028	57,302	+5.7%	+12.5%	+17.1%	12.70	+7.3%	+14.5%	+15.8%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	12,283	13,383	13,259	12,607	12,517	11,232	12,049	11,280	12,446	16,062
Sales mean (mil)	17,438	15,699	16,576	17,334	13,632	12,207	14,744	12,295	12,519	16,260
Surprise	−29.6%	−14.8%	−20.0%	−27.3%	−8.2%	−8.0%	−18.3%	−8.3%	−0.6%	−1.2%
EPS reported	2.23	2.11	2.33	2.37	2.52	1.86	2.17	1.97	1.94	4.52
EPS mean	2.03	1.91	2.04	2.12	2.17	1.64	1.92	1.89	2.39	4.13
Surprise	+9.6%	+10.7%	+14.2%	+12.1%	+16.3%	+13.2%	+13.1%	+4.0%	−18.7%	+9.4%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IMO Imperial Oil Ltd	88.5B	0.15x	7.0%	3.69x	11.5x	12.0x	7.4x	8.1x
XOM Exxonmobil Holdings Corp	1.02T	0.43x	8.9%	2.76x	13.5x	14.2x	7.5x	7.7x
CVX Chevron Corporation	621.5B	0.85x	6.7%	2.37x	12.7x	14.2x	6.5x	7.0x
SHEL Shell plc	418.7B	0.73x	6.7%	1.62x	8.2x	10.1x	4.1x	4.5x
PBRa Petroleo Brasileiro SA Petrobras	190.7B	1.43x	22.1%	1.54x	5.4x	5.4x	2.9x	3.1x
BP BP PLC	176.5B	1.17x	0.4%	2.03x	6.1x	9.1x	3.1x	3.8x
Mean		0.79x	8.6%	2.33x	9.6x	10.8x	5.3x	5.7x
Median		0.79x	6.8%	2.20x	9.9x	11.0x	5.3x	5.7x

Technical analysis

1M+4.4%
3M+3.5%
1Y+54.1%
3Y+150.5%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Imperial Oil Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	46,918	51,359	50,702	59,413	37,508	22,284
Cost of revenue	37,076	39,783	39,278	45,146	29,490	18,983
Gross profit	9,842	11,576	11,424	14,267	8,018	3,301
Selling, general & administrative expenses	3,101	3,480	3,259	3,061	2,712	2,477
Research & development	7.0	3.0	5.0	5.0	32.0	13.0
Depreciation/amortization	2,579	1,983	1,907	1,897	1,977	1,742
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	1,396
Other operating expenses	41.0	3.0	82.0	17.0	42.0	121
Operating income	4,114	6,107	6,171	9,287	3,255	−2,448
Net interest income (expense)	139	114	125	39.0	−21.0	5.0
Gain (loss) on sale of assets	−5.0	18.0	73.0	158	49.0	35.0
Other non-operating income (expense)	14.0	0	0	0	0	0
Net income before taxes	4,262	6,239	6,369	9,484	3,283	−2,408
Provision for taxes	994	1,449	1,480	2,144	804	−551
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,268	4,790	4,889	7,340	2,479	−1,857
Extraordinary items	–	–	–	–	–	–
Net income	3,268	4,790	4,889	7,340	2,479	−1,857
EBIT, normalized	4,933	6,107	6,171	9,287	3,255	−1,052
EBITDA, normalized	6,942	8,090	8,078	11,184	5,232	690
Basic EPS, normalized	8.53	9.03	8.49	11.12	3.65	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Imperial Oil Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,142	979	864	3,749	2,153	771
Receivables	4,371	5,758	4,482	4,719	3,869	1,919
Total inventory	2,211	1,642	2,952	2,268	1,791	1,834
Prepaid expenses	–	–	–	–	–	–
Other current assets	693	975	0	0	0	0
Total current assets	8,417	9,354	8,298	10,736	7,813	4,524
Property, plant & equipment	31,148	31,047	31,031	30,751	31,485	32,222
Goodwill	166	166	166	166	166	166
Intangibles	–	–	–	–	–	–
Long-term investments	852	818	779	605	459	468
Note receivable	251	266	283	288	298	313
Other long-term assets	1,475	1,287	642	978	561	338
Total assets	42,309	42,938	41,199	43,524	40,782	38,031
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	6,115	6,283	5,689	5,636	4,667	2,712
Accrued expenses	480	624	542	558	517	441
Short-term debt	0	0	0	0	0	111
Current portion of long-term debt	19.0	19.0	121	122	122	116
Other current liabilities	2.0	81.0	251	2,582	248	0
Total current liabilities	6,616	7,007	6,603	8,898	5,554	3,380
Long-term debt	3,978	3,992	4,011	4,033	5,054	4,957
Minority interest	–	–	–	–	–	–
Other liabilities	9,461	8,466	8,363	8,180	8,439	8,276
Total liabilities	20,055	19,465	18,977	21,111	19,047	16,613
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	895	942	992	1,079	1,252	1,357
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	21,373	22,745	21,907	21,846	21,660	22,050
Treasury stock	–	–	–	–	–	–
Other equity	−14.0	−214	−677	−512	−1,177	−1,989
Total equity	22,254	23,473	22,222	22,413	21,735	21,418
Total liabilities & shareholders' equity	42,309	42,938	41,199	43,524	40,782	38,031

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Imperial Oil Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,268	4,790	4,889	7,340	2,479	−1,857
Depreciation, depletion & amortization	2,579	1,983	1,907	1,897	1,977	3,273
Deferred taxes	−156	−142	−85.0	−77.0	91.0	−521
Non-cash items	5.0	−18.0	−73.0	−158	−49.0	−15.0
Changes in working capital	1,012	−632	−2,904	1,480	978	−82.0
Cash from operations	6,708	5,981	3,734	10,482	5,476	798
Investing activities
Capital expenditures	−2,005	−1,867	−1,785	−1,526	−1,108	−868
Other investing cash flows	113	42.0	91.0	908	96.0	66.0
Cash from investing	−1,892	−1,825	−1,694	−618	−1,012	−802
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−1,401	−1,238	−1,103	−851	−706	−649
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,252	−2,803	−3,822	−7,417	−2,376	−294
Cash from financing	−4,653	−4,041	−4,925	−8,268	−3,082	−943
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	163	115	−2,885	1,596	1,382	−947
Free cash flow	4,703	4,114	1,949	8,956	4,368	−70.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.