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Imperial Oil Limited

IMO
57
Oil & Gas Integrated · Energy
Also trades as: IMO.TO CAD 189.48 (+2.86%)
Price
$133.92
+4.33 (+3.34%)
Market Cap
$64.76B
Exchange
New York Stock Exchange American
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Mixed
6/20
Cash Flow
Strong
8/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

57 of 100 counted points = Winston Score 57.

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Share count falling — buybacks

−29.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 713.2M (2021) → 504.0M (2025)

§Winston Score History

The full picture

Imperial Oil Limited is a Canadian energy company that finds, produces, and refines oil and natural gas. It sells gasoline and diesel fuel to everyday drivers through its Esso-branded gas stations, and it also supplies petroleum products to industrial and commercial customers across Canada. Imperial Oil is one of Canada's largest integrated oil companies and is majority-owned by ExxonMobil, which holds roughly 70% of its shares.

The company makes money by selling crude oil, refined fuels, and chemical products, with revenue coming from both its upstream oil production and its downstream refining and retail operations. Imperial Oil operates almost entirely within Canada, with significant oil sands assets in Alberta that give it a large, long-life resource base. Its close relationship with ExxonMobil provides access to technology and capital, which is a meaningful competitive advantage, though the business remains exposed to swings in global oil prices, which can sharply affect profits from one year to the next.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+43.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+143.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

69.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$5.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Imperial Oil Limited grew revenue 43% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
22.4%
Thin — 22.4% gross margin
Profit after running costs
Operating Margin
17.8%
Healthy — 17.8% operating margin
Return on the money invested
ROCE
14.7%
Good — 14.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+12.9%
Fast-growing sales (+12.9% YoY)
Profit growth
EPS YoY
-1.8%
Earnings shrinking (-1.8% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
164%
Turns 164% of profit into real cash
Spare cash per sale
FCF Margin
9.0%
Modest free cash flow (9.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.10
Conservative — low debt load (0.10)
Covers its interest
Interest Cover
503.90x
Comfortably covers interest (503.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.0x
Attractive valuation — P/E 15.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.5
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
2.04%
Moderate income — 2.04% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+21.9%
Dividend growing fast (21.9% YoY)
Payout Ratio
38%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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