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Imperial Oil (IMO) USD

At a glance: strengths & risks
✓Revenue growing (+46% y/y, Q2 2026)✓Profit growing (+130% y/y, Q2 2026)✓Margins improving (16%→21%, Q2 2026)✓Low leverage (0.3x EBITDA)✗Pricier than own history (EV/EBITDA 10.7 vs avg 7.8)

Sector: Oil sands & refining

Geography: Canada (Alberta oil sands, refining)

COMM_IMO

Price chart

124.22 USDDay 0.98%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
124.22 USD · 0.98%
Market cap
60.1 bn USD

Growth

Δ revenue y/y
46.0%
Δ EBITDA y/y
93.3%

Multiples

P/E (LTM)
20.0x
3y avg: 14.0x
P/B (FY)
3.7x
P/E (ann.)
9.5x
EV/EBITDA (LTM)
10.7x
3y avg: 7.8x
EV/EBITDA (ann.)
6.4x

Cash return

Dividend yield
1.9%
FCF yield (LTM)
5.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-7.6%
↓ details

Liquidity

Daily turnover (listing)
31.3 mln USD

Shares: connector/market_inputs

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK11.4
y/y 46.0%
2.0
y/y 127.3%
0.4
y/y 6.3%
2.4
y/y 93.3%
1.6
y/y 129.5%
1.9-0.533.6
y/y 4.1%
17.2
y/y -5.7%
37.5%0.4Yahoo Finance
2026-03-31Q1 2026 (3M)OK8.8
y/y —
0.9
y/y —
0.4
y/y —
1.3
y/y —
0.7
y/y —
0.5-0.532.6
y/y —
16.3
y/y —
16.8%1.7Yahoo Finance
2025-12-31Q4 2025 (3M)OK7.8
y/y —
0.4
y/y —
0.5
y/y —
0.9
y/y —
0.4
y/y —
1.4-0.430.9
y/y 3.5%
16.3
y/y -0.4%
14.0%1.7Yahoo Finance
2025-09-30Q3 2025 (3M)OK8.4
y/y —
0.5
y/y —
0.7
y/y —
1.1
y/y —
0.4
y/y —
1.3-0.530.9
y/y —
17.0
y/y —
3.0%1.2Yahoo Finance
2025-06-30Q2 2025 (3M)OK7.8
y/y —
0.9
y/y —
0.3
y/y —
1.2
y/y —
0.7
y/y —
1.1-0.532.3
y/y —
18.3
y/y —
15.9%0.8Yahoo Finance
2024-12-31FY 2024 (12M)OK35.5
y/y -0.7%
4.4
y/y -2.8%
1.4
y/y 2.1%
5.9
y/y -1.6%
3.5
y/y -3.8%
4.4-1.929.8
y/y -4.0%
16.3
y/y -2.7%
21.1%1.7Yahoo Finance
2023-12-31FY 2023 (12M)OK35.8
y/y —
4.6
y/y —
1.4
y/y —
6.0
y/y —
3.6
y/y —
2.8-1.831.1
y/y —
16.8
y/y —
—2.0Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)13
Long-term debt (incl. LT leases)2 421
− Cash & equivalents1 994
Net debt440

Net debt / LTM EBITDA: 0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 00040 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-25%0%25%50%75%100%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

01 0002 0003 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.34x of reported net profit; after capex, 0.94x.
year2022202320242025
cash flow / profit1.43x0.76x1.25x2.05x
accruals, % of assets-7.5%2.8%-2.9%-8.0%
Last twelve months (to 2026-06-30): 1.72x of profit came back as operating cash flow.
net debt / EBITDA 0.3x · capex 1.2x of depreciation · dividends 26% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d
Q2 2026-06414 000
−3.0%
H1 2026-06417 000
−1.4%
Q4 2025-12444 000
−3.5%
FY 2025-12438 000
+1.2%
Q2 2025-06427 000
H1 2025-06423 000
Q4 2024-12460 000
FY 2024-12433 000

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.sec.gov/Archives/edgar/data/49938/000004993825000076/a2026corporateguidance8-kex.htm; https://www.sec.gov/Archives/edgar/data/49938/000004993826000007/imperialoillimited-secform.htm; https://www.sec.gov/Archives/edgar/data/49938/000004993826000009/imo-20251231.htm; https://www.sec.gov/Archives/edgar/data/49938/000004993826000036/imperialoillimited-secform.htm; https://www.sec.gov/Archives/edgar/data/49938/000004993826000040/imo-20260630.htm

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
2 036 mln boe (1P)
2025
Reserve life (R/P)
12.7 yrs
reserves ÷ annual output
Annual production
159.87 mln boe
2025

Production, mln boe

158.042024159.872025

Proved reserves

YearReserves, mln boe (1P)
20252 036
20242 121
20232 175

Production

YearProduction, mln boeper day, mln boe
2025159.87
+1.2%		0.44
2024158.040.43

Company reports: https://www.sec.gov/Archives/edgar/data/49938/000004993825000076/a2026corporateguidance8-kex.htm; https://www.sec.gov/Archives/edgar/data/49938/000004993826000007/imperialoillimited-secform.htm; https://www.sec.gov/Archives/edgar/data/49938/000004993826000009/imo-20251231.htm; https://www.sec.gov/Archives/edgar/data/49938/000004993826000036/imperialoillimited-secform.htm; https://www.sec.gov/Archives/edgar/data/49938/000004993826000040/imo-20260630.htm

Key-commodity price — WTI Crude Oil

Current 93spot vs LTM +13%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -7.6% ▼ -0.3 pp 1d

Main driver: WTI Crude Oil +27% vs LTM; revenue ×1.13 vs costs ×1.04; EBITDA 5 823→7 146; at 10.0× EV/EBITDA → -8%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+20%91.5571.9676.58+27%+6%
US Crack Spread (oil refining) (rev)+8%65.2333.3431.66+96%-5%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue36 459
LTM EBITDA5 823
LTM cash costs (revenue − EBITDA)30 636
2 · Revenue projection
Revenue multiplier — spot×1.131 (+13%)
= Spot revenue41 234
Revenue multiplier — 3y price×1.009 (+1%)
= 3-year-price revenue36 780
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs31 861
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs31 861
4 · EBITDA projection (revenue − costs)
= Spot EBITDA9 373
= 3-year-price EBITDA4 919
Conservative EBITDA = min(spot, avg)7 146
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)10.0x
Target EV = EV/EBITDA × conservative EBITDA71 459
Net debt440
Target market cap = EV − net debt72 053
Current market cap59 487

Upside = target market cap ÷ current − 1 = -7.6%

Life of mine: 13 yrs — before haircut +21.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY35 79241 806-14.4%6 1845 271+17.3%
2024 FY35 54034 811+2.1%6 0154 016+49.8%
2025 FY32 31834 714-6.9%4 9104 008+22.5%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -9% vs -1% the year before — a -8.4 pp move. 3-year CAGR -10%.
revenue growth by year: 2023 -18% · 2024 -1% · 2025 -9%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.9x · target 75th pct (3y) 12.9x · LTM avg 10.0x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: energy (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Equinorglobal111.93.0x
Petrobrasglobal163.04.3x
TotalEnergiesglobal193.65.5x
Shellglobal298.05.7x
Suncor Energyglobal88.16.5x
ConocoPhillipsglobal167.96.9x
Chevronglobal393.48.1x
Marathon Petroleumglobal139.29.4x
Exxon Mobilglobal706.010.0x
Eniglobal84.710.4x
Valero Energyglobal134.010.4x
Phillips 66global111.617.3x
Group median7.5x
Group average8.1x
This companyglobal59.510.7x

Group median 7.5x; this company 10.7x — a 42% premium.

Group average 8.1x; against the average this company is at a 31% premium.

At the adjusted group median the market cap would be -30% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.5x, Russia 4.1x, South Africa 5.1x, Kazakhstan 6.5x, India 18.6x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-12; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-040.631 USDEx-dividend: 0.631 USD per sharePaidYahoo Finance (ex-div)
2026-06-040.626 USDEx-dividend: 0.626 USD per sharePaidYahoo Finance (ex-div)
2026-03-050.638 USDEx-dividend: 0.638 USD per sharePaidYahoo Finance (ex-div)
2025-12-030.526 USDEx-dividend: 0.526 USD per sharePaidYahoo Finance (ex-div)
2025-09-040.517 USDEx-dividend: 0.517 USD per sharePaidYahoo Finance (ex-div)
2025-06-040.529 USDEx-dividend: 0.529 USD per sharePaidYahoo Finance (ex-div)
2025-03-050.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2024-12-030.427 USDEx-dividend: 0.427 USD per sharePaidYahoo Finance (ex-div)
2024-09-040.443 USDEx-dividend: 0.443 USD per sharePaidYahoo Finance (ex-div)
2024-06-030.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2024-03-010.442 USDEx-dividend: 0.442 USD per sharePaidYahoo Finance (ex-div)
2023-11-300.368 USDEx-dividend: 0.368 USD per sharePaidYahoo Finance (ex-div)
2023-08-310.37 USDEx-dividend: 0.37 USD per sharePaidYahoo Finance (ex-div)
2023-06-010.368 USDEx-dividend: 0.368 USD per sharePaidYahoo Finance (ex-div)
2023-03-020.324 USDEx-dividend: 0.324 USD per sharePaidYahoo Finance (ex-div)
2022-12-010.328 USDEx-dividend: 0.328 USD per sharePaidYahoo Finance (ex-div)
2022-09-010.259 USDEx-dividend: 0.259 USD per sharePaidYahoo Finance (ex-div)
2022-06-010.269 USDEx-dividend: 0.269 USD per sharePaidYahoo Finance (ex-div)
2022-03-020.267 USDEx-dividend: 0.267 USD per sharePaidYahoo Finance (ex-div)
2021-12-020.211 USDEx-dividend: 0.211 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Imperial Oil (IMO) — from primary filings.

Frequently asked questions

What is Imperial Oil (IMO)'s P/E ratio?
Imperial Oil (IMO) trades at a P/E of 20.0x (price to trailing 12-month earnings).
What is Imperial Oil (IMO)'s EV/EBITDA?
Imperial Oil (IMO) trades at 10.7x EV/EBITDA.
What is Imperial Oil (IMO)'s P/B ratio?
Imperial Oil (IMO) trades at a P/B of 3.7x.
What is Imperial Oil (IMO)'s dividend yield?
Imperial Oil (IMO)'s trailing 12-month dividend yield is 1.9%.
What is Imperial Oil (IMO)'s return on equity (ROE)?
Imperial Oil (IMO)'s ROE is 37.5%.
What is Imperial Oil (IMO)'s market capitalization?
Imperial Oil (IMO)'s market cap is 60.1 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map