Imperial Oil LimitedIMO
NYSE American•Energy•Oil & Gas Integrated
Imperial Oil Limited engages in exploration, production, and sale of crude oil and natural gas in Canada. The company operates in three segments: Upstream, Downstream and Chemical segments. The Upstream segment explores and produces crude oil, natural gas, synthetic crude oil, and bitumen. The Downstream segment transports and refines crude oil; blends refined products; and distributes and markets refined products. This segment also transports crude oil production and third-party crude oil to refineries by contracted and common carrier pipelines; owns and operates refineries; maintains a distribution system to move petroleum products to market by pipeline, tanker, rail, and road transport; owns and operates fuel terminals, natural gas liquids, and products pipelines in Alberta, Manitoba, and Ontario; markets petroleum products under the Esso and Mobil brands; and sells petroleum products, including fuel, asphalt, and lubricants to industrial and transportation customers, independent marketers, resellers, and other refiners, as well as the agriculture, residential heating, and commercial markets through branded fuel and lubricant resellers. The Chemical segment manufactures and markets aliphatic solvents, plasticizer intermediates, and polyethylene resins; and markets refinery grade propylene. It also provides petrochemicals. The company was incorporated in 1880 and is headquartered in Calgary, Canada. Imperial Oil Limited operates as a subsidiary of Exxon Mobil Corporation.
Imperial Oil Limited (IMO) reported trailing twelve months revenue of $47.01B as of March 2026, a 9.2% decline year-over-year. Quarterly revenue reached $12.45B, reflecting a contraction in sales.
Imperial Oil Limited generated $2.92B in TTM net income, with quarterly EBITDA of $1.75B. The operating margin contracted from 13.5% to 9.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (9.9%) and net margin (7.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 10.3% a year ago, reflecting increased costs or interest expense.
IMO trades at a P/E of 21.5x (in line with broad market averages) and a P/S of 1.3x. The price-to-book ratio of 2.8x reflects a moderate premium to book value.
The company generated $281.00M in free cash flow over the trailing twelve months, a 75.1% decrease year-over-year, indicating cash generation ability. The balance sheet shows $45.45B in total assets with $3.45B in long-term debt against $22.75B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~10.2% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 18.3% but has fluctuated — the competitive advantage may be cyclical or emerging.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 34.2% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue declined in 6 of the last 7 quarters — persistent contraction signals a fundamental problem.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 9.7% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation