Comprehensive Stock Comparison
Compare Imperial Oil Limited (IMO) vs Shell plc (SHEL) 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 SHEL's -5.9% |
| Value | SHEL | Lower P/E (13.4x vs 24.1x) |
| Quality / Margins | IMO | 8.6% net margin vs SHEL's 6.7% |
| Stability / Safety | SHEL | Beta 0.64 vs IMO's 0.75 |
| Dividends | IMO | 1.5% yield, 26-year raise streak, vs SHEL's 3.4% |
| Momentum (1Y) | IMO | +75.9% vs SHEL's +28.1% |
| Efficiency (ROA) | IMO | 13.0% ROA vs SHEL's 4.8%, ROIC 17.5% vs 9.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
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.
Shell is a global integrated energy company that explores for, produces, refines, and markets oil, natural gas, and petrochemical products. It generates revenue primarily through its upstream oil and gas production (~40% of earnings), integrated gas and LNG operations (~30%), and downstream marketing and chemicals businesses (~30%). The company's competitive advantage lies in its massive scale, integrated value chain—from production to retail—and leading positions in liquefied natural gas and deepwater exploration.
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
SHEL leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). IMO leads in 2 (Profitability & Efficiency, Total Returns). 1 tied.
Financial Metrics (TTM)
SHEL is the larger business by revenue, generating $267.5B annually — 5.8x IMO's $46.2B. Profitability is closely matched — net margins range from 8.6% (IMO) to 6.7% (SHEL). On growth, SHEL holds the edge at -1.7% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | IMOImperial Oil Limi… | SHELShell plc |
|---|---|---|
| RevenueTrailing 12 months | $46.2B | $267.5B |
| EBITDAEarnings before interest/tax | $7.5B | $53.0B |
| Net IncomeAfter-tax profit | $4.0B | $17.8B |
| Free Cash FlowCash after capex | $4.8B | $22.7B |
| Gross MarginGross profit ÷ Revenue | +13.9% | +16.7% |
| Operating MarginEBIT ÷ Revenue | +10.9% | +11.5% |
| Net MarginNet income ÷ Revenue | +8.6% | +6.7% |
| FCF MarginFCF ÷ Revenue | +10.3% | +8.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | -7.2% | -1.7% |
| EPS Growth (YoY)Latest quarter vs prior year | -53.9% | +3.7% |
Valuation Metrics
At 13.9x trailing earnings, SHEL trades at a 22% valuation discount to IMO's 17.8x P/E. On an enterprise value basis, SHEL's 5.9x EV/EBITDA is more attractive than IMO's 10.1x.
| Metric | IMOImperial Oil Limi… | SHELShell plc |
|---|---|---|
| Market CapShares × price | $58.3B | $235.8B |
| Enterprise ValueMkt cap + debt − cash | $60.6B | $310.1B |
| Trailing P/EPrice ÷ TTM EPS | 17.80x | 13.87x |
| Forward P/EPrice ÷ next-FY EPS est. | 24.10x | 13.40x |
| PEG RatioP/E ÷ EPS growth rate | 0.71x | — |
| EV / EBITDAEnterprise value multiple | 10.06x | 5.85x |
| Price / SalesMarket cap ÷ Revenue | 1.64x | 0.88x |
| Price / BookPrice ÷ Book value/share | 3.63x | 1.42x |
| Price / FCFMarket cap ÷ FCF | 19.39x | 10.81x |
Profitability & Efficiency
IMO delivers a 23.5% return on equity — every $100 of shareholder capital generates $24 in annual profit, vs $10 for SHEL. IMO carries lower financial leverage with a 0.18x debt-to-equity ratio, signaling a more conservative balance sheet compared to SHEL's 0.60x.
| Metric | IMOImperial Oil Limi… | SHELShell plc |
|---|---|---|
| ROE (TTM)Return on equity | +23.5% | +10.2% |
| ROA (TTM)Return on assets | +13.0% | +4.8% |
| ROICReturn on invested capital | +17.5% | +9.9% |
| ROCEReturn on capital employed | +17.3% | +10.6% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 6 |
| Debt / EquityFinancial leverage | 0.18x | 0.60x |
| Net DebtTotal debt minus cash | $3.2B | $74.4B |
| Cash & Equiv.Liquid assets | $979M | $30.2B |
| Total DebtShort + long-term debt | $4.2B | $104.6B |
| Interest CoverageEBIT ÷ Interest expense | 372.25x | 6.98x |
Total Returns (with DRIP)
A $10,000 investment in IMO five years ago would be worth $56,452 today (with dividends reinvested), compared to $23,319 for SHEL. Over the past 12 months, IMO leads with a +75.9% total return vs SHEL's +28.1%. The 3-year compound annual growth rate (CAGR) favors IMO at 35.4% vs SHEL's 14.7% — a key indicator of consistent wealth creation.
| Metric | IMOImperial Oil Limi… | SHELShell plc |
|---|---|---|
| YTD ReturnYear-to-date | +31.7% | +11.7% |
| 1-Year ReturnPast 12 months | +75.9% | +28.1% |
| 3-Year ReturnCumulative with dividends | +148.2% | +51.0% |
| 5-Year ReturnCumulative with dividends | +464.5% | +133.2% |
| 10-Year ReturnCumulative with dividends | +299.7% | +146.2% |
| CAGR (3Y)Annualised 3-year return | +35.4% | +14.7% |
Risk & Volatility
SHEL is the less volatile stock with a 0.64 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. SHEL currently trades 99.8% 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… | SHELShell plc |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.75x | 0.64x |
| 52-Week HighHighest price in past year | $123.52 | $83.67 |
| 52-Week LowLowest price in past year | $58.76 | $58.55 |
| % of 52W HighCurrent price vs 52-week peak | +95.0% | +99.8% |
| RSI (14)Momentum oscillator 0–100 | 59.7 | 60.8 |
| Avg Volume (50D)Average daily shares traded | 568K | 4.8M |
Analyst Outlook
Wall Street rates IMO as "Hold" and SHEL as "Buy". Consensus price targets imply 2.6% upside for SHEL (target: $86) vs -61.6% for IMO (target: $45). For income investors, SHEL offers the higher dividend yield at 3.42% vs IMO's 1.45%.
| Metric | IMOImperial Oil Limi… | SHELShell plc |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $44.99 | $85.67 |
| # AnalystsCovering analysts | 20 | 12 |
| Dividend YieldAnnual dividend ÷ price | +1.5% | +3.4% |
| Dividend StreakConsecutive years of raises | 26 | 4 |
| Dividend / ShareAnnual DPS | $2.33 | $2.85 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.4% | +6.5% |
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% |
| Shell plc (SHEL) | 100 | 168.93 | +68.9% |
Imperial Oil Limited (IMO) returned +465% over 5 years vs Shell plc (SHEL)'s +133%. A $10,000 investment in IMO 5 years ago would be worth $56,452 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Imperial Oil Limited (IMO) | $23.6B | $48.8B | +107.0% |
| Shell plc (SHEL) | $233.6B | $267.5B | +14.5% |
Shell plc's revenue grew from $233.6B (2016) to $267.5B (2025) — a 1.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Imperial Oil Limited (IMO) | 9.3% | 9.8% | +6.0% |
| Shell plc (SHEL) | 2.0% | 6.7% | +241.3% |
Shell plc's net margin went from 2% (2016) to 7% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Imperial Oil Limited (IMO) | 53 | 6.8 | -87.2% |
| Shell plc (SHEL) | 21.4 | 12.2 | -43.0% |
Imperial Oil Limited has traded in a 4x–53x P/E range over 7 years; current trailing P/E is ~18x. Shell plc has traded in a 5x–21x P/E range over 8 years; current trailing P/E is ~14x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Imperial Oil Limited (IMO) | 2.57 | 9.02 | +251.0% |
| Shell plc (SHEL) | 1.16 | 6.02 | +419.0% |
Shell plc's EPS grew from $1.16 (2016) to $6.02 (2025) — a 20% CAGR.
Chart 6Free Cash Flow — 5 Years
Imperial Oil Limited generated $4B FCF in 2024 (-6% vs 2021). Shell plc generated $22B FCF in 2025 (-16% vs 2021).
IMO vs SHEL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is IMO or SHEL a better buy right now?
Shell plc (SHEL) offers the better valuation at 13.9x trailing P/E (13.4x forward), making it the more compelling value choice. Analysts rate Shell plc (SHEL) a "Buy" — based on 12 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 SHEL?
On trailing P/E, Shell plc (SHEL) is the cheapest at 13.9x versus Imperial Oil Limited at 17.8x. On forward P/E, Shell plc is actually cheaper at 13.4x.
03Which is the better long-term investment — IMO or SHEL?
Over the past 5 years, Imperial Oil Limited (IMO) delivered a total return of +464.5%, compared to +133.2% for Shell plc (SHEL). 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 SHEL's +146.2%. 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 SHEL?
By beta (market sensitivity over 5 years), Shell plc (SHEL) is the lower-risk stock at 0.64β versus Imperial Oil Limited's 0.75β — meaning IMO is approximately 17% more volatile than SHEL relative to the S&P 500. On balance sheet safety, Imperial Oil Limited (IMO) carries a lower debt/equity ratio of 18% versus 60% for Shell plc — giving it more financial flexibility in a downturn.
05Which has better profit margins — IMO or SHEL?
Imperial Oil Limited (IMO) is the more profitable company, earning 9.8% net margin versus 6.7% for Shell plc — meaning it keeps 9.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: IMO leads at 12.5% versus 11.5% for SHEL. At the gross margin level — before operating expenses — SHEL leads at 16.7%, 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 SHEL more undervalued right now?
On forward earnings alone, Shell plc (SHEL) trades at 13.4x forward P/E versus 24.1x for Imperial Oil Limited — 10.7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SHEL: 2.6% to $85.67.
07Which pays a better dividend — IMO or SHEL?
All stocks in this comparison pay dividends. Shell plc (SHEL) offers the highest yield at 3.4%, versus 1.5% for Imperial Oil Limited (IMO).
08Is IMO or SHEL better for a retirement portfolio?
For long-horizon retirement investors, Imperial Oil Limited (IMO) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.75), 1.5% yield, +299.7% 10Y return). Both have compounded well over 10 years (IMO: +299.7%, SHEL: +146.2%), 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 SHEL?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. 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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