Comprehensive Stock Comparison
Compare Imperial Oil Limited (IMO) vs Chevron Corporation (CVX) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | IMO | 1.0% revenue growth vs CVX's -1.8% |
| Value | IMO | Lower P/E (24.1x vs 27.8x) |
| Quality / Margins | IMO | 8.6% net margin vs CVX's 6.6% |
| Stability / Safety | CVX | Beta 0.66 vs IMO's 0.75, lower leverage |
| Dividends | IMO | 1.5% yield, 26-year raise streak, vs CVX's 3.5% |
| Momentum (1Y) | IMO | +75.9% vs CVX's +22.1% |
| Efficiency (ROA) | IMO | 13.0% ROA vs CVX's 3.8%, ROIC 17.5% vs 12.6% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Imperial Oil is a major integrated Canadian oil and gas company that explores for, produces, refines, and markets petroleum products. It generates revenue through upstream oil and gas production (~60% of earnings) and downstream refining/marketing operations (~40%), including its network of Esso and Mobil-branded retail stations. The company benefits from integrated operations—controlling the entire value chain from production to retail—and extensive infrastructure assets including refineries, pipelines, and a large retail network.
Chevron is a global integrated energy company that explores for, produces, and refines oil and natural gas. It makes money primarily through upstream oil and gas production (~60% of earnings) and downstream refining and marketing of petroleum products (~40%). Its competitive advantage lies in massive scale, vertically integrated operations, and decades of technical expertise in complex energy projects.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
IMO leads in 3 of 6 categories (Valuation Metrics, Profitability & Efficiency). CVX leads in 1 (Risk & Volatility). 2 tied.
Financial Metrics (TTM)
CVX is the larger business by revenue, generating $185.9B annually — 4.0x IMO's $46.2B. Profitability is closely matched — net margins range from 8.6% (IMO) to 6.6% (CVX).
| Metric | IMOImperial Oil Limi… | CVXChevron Corporati… |
|---|---|---|
| RevenueTrailing 12 months | $46.2B | $185.9B |
| EBITDAEarnings before interest/tax | $7.5B | $30.4B |
| Net IncomeAfter-tax profit | $4.0B | $12.3B |
| Free Cash FlowCash after capex | $4.8B | $16.2B |
| Gross MarginGross profit ÷ Revenue | +13.9% | +14.7% |
| Operating MarginEBIT ÷ Revenue | +10.9% | +5.5% |
| Net MarginNet income ÷ Revenue | +8.6% | +6.6% |
| FCF MarginFCF ÷ Revenue | +10.3% | +8.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | -7.2% | -5.3% |
| EPS Growth (YoY)Latest quarter vs prior year | -53.9% | -23.6% |
Valuation Metrics
At 17.8x trailing earnings, IMO trades at a 7% valuation discount to CVX's 19.2x P/E. Adjusting for growth (PEG ratio), CVX offers better value at 0.43x vs IMO's 0.71x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | IMOImperial Oil Limi… | CVXChevron Corporati… |
|---|---|---|
| Market CapShares × price | $58.3B | $369.8B |
| Enterprise ValueMkt cap + debt − cash | $60.6B | $387.5B |
| Trailing P/EPrice ÷ TTM EPS | 17.80x | 19.21x |
| Forward P/EPrice ÷ next-FY EPS est. | 24.10x | 27.77x |
| PEG RatioP/E ÷ EPS growth rate | 0.71x | 0.43x |
| EV / EBITDAEnterprise value multiple | 10.06x | 8.28x |
| Price / SalesMarket cap ÷ Revenue | 1.64x | 1.91x |
| Price / BookPrice ÷ Book value/share | 3.63x | 2.22x |
| Price / FCFMarket cap ÷ FCF | 19.39x | 24.58x |
Profitability & Efficiency
IMO delivers a 23.5% return on equity — every $100 of shareholder capital generates $24 in annual profit, vs $7 for CVX. CVX carries lower financial leverage with a 0.16x debt-to-equity ratio, signaling a more conservative balance sheet compared to IMO's 0.18x. On the Piotroski fundamental quality scale (0–9), IMO scores 6/9 vs CVX's 5/9, reflecting solid financial health.
| Metric | IMOImperial Oil Limi… | CVXChevron Corporati… |
|---|---|---|
| ROE (TTM)Return on equity | +23.5% | +6.6% |
| ROA (TTM)Return on assets | +13.0% | +3.8% |
| ROICReturn on invested capital | +17.5% | +12.6% |
| ROCEReturn on capital employed | +17.3% | +13.0% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.18x | 0.16x |
| Net DebtTotal debt minus cash | $3.2B | $17.8B |
| Cash & Equiv.Liquid assets | $979M | $6.8B |
| Total DebtShort + long-term debt | $4.2B | $24.5B |
| Interest CoverageEBIT ÷ Interest expense | 372.25x | 17.22x |
Total Returns (with DRIP)
A $10,000 investment in IMO five years ago would be worth $56,452 today (with dividends reinvested), compared to $21,326 for CVX. Over the past 12 months, IMO leads with a +75.9% total return vs CVX's +22.1%. The 3-year compound annual growth rate (CAGR) favors IMO at 35.4% vs CVX's 8.7% — a key indicator of consistent wealth creation.
| Metric | IMOImperial Oil Limi… | CVXChevron Corporati… |
|---|---|---|
| YTD ReturnYear-to-date | +31.7% | +20.9% |
| 1-Year ReturnPast 12 months | +75.9% | +22.1% |
| 3-Year ReturnCumulative with dividends | +148.2% | +28.4% |
| 5-Year ReturnCumulative with dividends | +464.5% | +113.3% |
| 10-Year ReturnCumulative with dividends | +299.7% | +188.7% |
| CAGR (3Y)Annualised 3-year return | +35.4% | +8.7% |
Risk & Volatility
CVX is the less volatile stock with a 0.66 beta — it tends to amplify market swings less than IMO's 0.75 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CVX currently trades 99.4% from its 52-week high vs IMO's 95.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | IMOImperial Oil Limi… | CVXChevron Corporati… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.75x | 0.66x |
| 52-Week HighHighest price in past year | $123.52 | $187.90 |
| 52-Week LowLowest price in past year | $58.76 | $132.04 |
| % of 52W HighCurrent price vs 52-week peak | +95.0% | +99.4% |
| RSI (14)Momentum oscillator 0–100 | 59.7 | 64.7 |
| Avg Volume (50D)Average daily shares traded | 568K | 9.5M |
Analyst Outlook
Wall Street rates IMO as "Hold" and CVX as "Buy". Consensus price targets imply -1.2% upside for CVX (target: $185) vs -61.6% for IMO (target: $45). For income investors, CVX offers the higher dividend yield at 3.48% vs IMO's 1.45%.
| Metric | IMOImperial Oil Limi… | CVXChevron Corporati… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $44.99 | $184.54 |
| # AnalystsCovering analysts | 20 | 51 |
| Dividend YieldAnnual dividend ÷ price | +1.5% | +3.5% |
| Dividend StreakConsecutive years of raises | 26 | 7 |
| Dividend / ShareAnnual DPS | $2.33 | $6.49 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.4% | +4.2% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Imperial Oil Limited (IMO) | 100 | 454.15 | +354.2% |
| Chevron Corporation (CVX) | 100 | 180.17 | +80.2% |
Imperial Oil Limited (IMO) returned +465% over 5 years vs Chevron Corporation (CVX)'s +113%. A $10,000 investment in IMO 5 years ago would be worth $56,452 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Imperial Oil Limited (IMO) | $25.1B | $48.8B | +94.2% |
| Chevron Corporation (CVX) | $129.9B | $193.4B | +48.9% |
Imperial Oil Limited's revenue grew from $25.1B (2015) to $48.8B (2024) — a 7.7% CAGR. Chevron Corporation's revenue grew from $129.9B (2015) to $193.4B (2024) — a 4.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Imperial Oil Limited (IMO) | 4.5% | 9.8% | +120.2% |
| Chevron Corporation (CVX) | 3.5% | 9.1% | +158.6% |
Imperial Oil Limited's net margin went from 4% (2015) to 10% (2024). Chevron Corporation's net margin went from 4% (2015) to 9% (2024).
Chart 4P/E Ratio History — 7 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Imperial Oil Limited (IMO) | 53 | 6.8 | -87.2% |
| Chevron Corporation (CVX) | 25.8 | 14.9 | -42.2% |
Imperial Oil Limited has traded in a 4x–53x P/E range over 7 years; current trailing P/E is ~18x. Chevron Corporation has traded in a 10x–78x P/E range over 7 years; current trailing P/E is ~19x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Imperial Oil Limited (IMO) | 1.32 | 9.02 | +583.3% |
| Chevron Corporation (CVX) | 2.45 | 9.72 | +296.7% |
Imperial Oil Limited's EPS grew from $1.32 (2015) to $9.02 (2024) — a 24% CAGR. Chevron Corporation's EPS grew from $2.45 (2015) to $9.72 (2024) — a 17% CAGR.
Chart 6Free Cash Flow — 5 Years
Imperial Oil Limited generated $4B FCF in 2024 (-6% vs 2021). Chevron Corporation generated $15B FCF in 2024 (-29% vs 2021).
IMO vs CVX: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is IMO or CVX a better buy right now?
Imperial Oil Limited (IMO) offers the better valuation at 17.8x trailing P/E (24.1x forward), making it the more compelling value choice. Analysts rate Chevron Corporation (CVX) a "Buy" — based on 51 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — IMO or CVX?
On trailing P/E, Imperial Oil Limited (IMO) is the cheapest at 17.8x versus Chevron Corporation at 19.2x. On forward P/E, Imperial Oil Limited is actually cheaper at 24.1x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Chevron Corporation wins at 0.62x versus Imperial Oil Limited's 0.96x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — IMO or CVX?
Over the past 5 years, Imperial Oil Limited (IMO) delivered a total return of +464.5%, compared to +113.3% for Chevron Corporation (CVX). A $10,000 investment in IMO five years ago would be worth approximately $56K today (assuming dividends reinvested). Over 10 years, the gap is even starker: IMO returned +299.7% versus CVX's +188.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — IMO or CVX?
By beta (market sensitivity over 5 years), Chevron Corporation (CVX) is the lower-risk stock at 0.66β versus Imperial Oil Limited's 0.75β — meaning IMO is approximately 13% more volatile than CVX relative to the S&P 500. On balance sheet safety, Chevron Corporation (CVX) carries a lower debt/equity ratio of 16% versus 18% for Imperial Oil Limited — giving it more financial flexibility in a downturn.
05Which has better profit margins — IMO or CVX?
Imperial Oil Limited (IMO) is the more profitable company, earning 9.8% net margin versus 9.1% for Chevron Corporation — meaning it keeps 9.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CVX leads at 15.0% versus 12.5% for IMO. At the gross margin level — before operating expenses — CVX leads at 29.4%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is IMO or CVX more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Chevron Corporation (CVX) is the more undervalued stock at a PEG of 0.62x versus Imperial Oil Limited's 0.96x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Imperial Oil Limited (IMO) trades at 24.1x forward P/E versus 27.8x for Chevron Corporation — 3.7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for CVX: -1.2% to $184.54.
07Which pays a better dividend — IMO or CVX?
All stocks in this comparison pay dividends. Chevron Corporation (CVX) offers the highest yield at 3.5%, versus 1.5% for Imperial Oil Limited (IMO).
08Is IMO or CVX better for a retirement portfolio?
For long-horizon retirement investors, Chevron Corporation (CVX) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.66), 3.5% yield, +188.7% 10Y return). Both have compounded well over 10 years (CVX: +188.7%, IMO: +299.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between IMO and CVX?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: IMO is a mid-cap deep-value stock; CVX is a large-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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