Comprehensive Stock Comparison
Compare Cenovus Energy Inc. (CVE) vs Imperial Oil Limited (IMO) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
Selected Stocks
Add up to 10 tickers. Use presets or search to get started.
Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | IMO | 1.0% revenue growth vs CVE's -14.0% |
| Value | CVE | Lower P/E (15.0x vs 24.1x) |
| Quality / Margins | IMO | 8.6% net margin vs CVE's 5.7% |
| Stability / Safety | IMO | Beta 0.75 vs CVE's 1.13, lower leverage |
| Dividends | CVE | 2.6% yield, vs IMO's 1.5% |
| Momentum (1Y) | IMO | +75.9% vs CVE's +65.2% |
| Efficiency (ROA) | IMO | 13.0% ROA vs CVE's 5.9%, ROIC 17.5% vs 7.9% |
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
Cenovus Energy is an integrated Canadian oil and gas company that develops and produces crude oil, natural gas liquids, and natural gas. It makes money primarily through oil sands production (~60% of upstream volumes) and conventional oil/gas operations, supplemented by refining and marketing through its manufacturing and retail segments. The company's key advantage is its integrated model—combining upstream production with downstream refining capacity—which provides operational flexibility and margin stability across the energy value chain.
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.
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 (Financial Metrics, Profitability & Efficiency). CVE leads in 1 (Valuation Metrics). 2 tied.
Financial Metrics (TTM)
CVE and IMO operate at a comparable scale, with $55.5B and $46.2B in trailing revenue. Profitability is closely matched — net margins range from 8.6% (IMO) to 5.7% (CVE).
| Metric | CVECenovus Energy In… | IMOImperial Oil Limi… |
|---|---|---|
| RevenueTrailing 12 months | $55.5B | $46.2B |
| EBITDAEarnings before interest/tax | $10.8B | $7.5B |
| Net IncomeAfter-tax profit | $3.1B | $4.0B |
| Free Cash FlowCash after capex | $2.8B | $4.8B |
| Gross MarginGross profit ÷ Revenue | +20.7% | +13.9% |
| Operating MarginEBIT ÷ Revenue | +10.2% | +10.9% |
| Net MarginNet income ÷ Revenue | +5.7% | +8.6% |
| FCF MarginFCF ÷ Revenue | +5.1% | +10.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | -7.4% | -7.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +71.4% | -53.9% |
Valuation Metrics
At 14.2x trailing earnings, CVE trades at a 20% valuation discount to IMO's 17.8x P/E. On an enterprise value basis, CVE's 7.3x EV/EBITDA is more attractive than IMO's 10.1x.
| Metric | CVECenovus Energy In… | IMOImperial Oil Limi… |
|---|---|---|
| Market CapShares × price | $42.1B | $58.3B |
| Enterprise ValueMkt cap + debt − cash | $52.5B | $60.6B |
| Trailing P/EPrice ÷ TTM EPS | 14.20x | 17.80x |
| Forward P/EPrice ÷ next-FY EPS est. | 15.03x | 24.10x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.71x |
| EV / EBITDAEnterprise value multiple | 7.32x | 10.06x |
| Price / SalesMarket cap ÷ Revenue | 1.16x | 1.64x |
| Price / BookPrice ÷ Book value/share | 1.76x | 3.63x |
| Price / FCFMarket cap ÷ FCF | 16.91x | 19.39x |
Profitability & Efficiency
IMO delivers a 23.5% return on equity — every $100 of shareholder capital generates $24 in annual profit, vs $11 for CVE. IMO carries lower financial leverage with a 0.18x debt-to-equity ratio, signaling a more conservative balance sheet compared to CVE's 0.54x.
| Metric | CVECenovus Energy In… | IMOImperial Oil Limi… |
|---|---|---|
| ROE (TTM)Return on equity | +11.1% | +23.5% |
| ROA (TTM)Return on assets | +5.9% | +13.0% |
| ROICReturn on invested capital | +7.9% | +17.5% |
| ROCEReturn on capital employed | +8.2% | +17.3% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 6 |
| Debt / EquityFinancial leverage | 0.54x | 0.18x |
| Net DebtTotal debt minus cash | $14.3B | $3.2B |
| Cash & Equiv.Liquid assets | $2.7B | $979M |
| Total DebtShort + long-term debt | $17.0B | $4.2B |
| Interest CoverageEBIT ÷ Interest expense | 7.64x | 372.25x |
Total Returns (with DRIP)
A $10,000 investment in IMO five years ago would be worth $56,452 today (with dividends reinvested), compared to $32,664 for CVE. Over the past 12 months, IMO leads with a +75.9% total return vs CVE's +65.2%. The 3-year compound annual growth rate (CAGR) favors IMO at 35.4% vs CVE's 9.0% — a key indicator of consistent wealth creation.
| Metric | CVECenovus Energy In… | IMOImperial Oil Limi… |
|---|---|---|
| YTD ReturnYear-to-date | +27.3% | +31.7% |
| 1-Year ReturnPast 12 months | +65.2% | +75.9% |
| 3-Year ReturnCumulative with dividends | +29.3% | +148.2% |
| 5-Year ReturnCumulative with dividends | +226.6% | +464.5% |
| 10-Year ReturnCumulative with dividends | +118.6% | +299.7% |
| CAGR (3Y)Annualised 3-year return | +9.0% | +35.4% |
Risk & Volatility
IMO is the less volatile stock with a 0.75 beta — it tends to amplify market swings less than CVE's 1.13 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | CVECenovus Energy In… | IMOImperial Oil Limi… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.13x | 0.75x |
| 52-Week HighHighest price in past year | $23.39 | $123.52 |
| 52-Week LowLowest price in past year | $10.23 | $58.76 |
| % of 52W HighCurrent price vs 52-week peak | +95.4% | +95.0% |
| RSI (14)Momentum oscillator 0–100 | 61.6 | 59.7 |
| Avg Volume (50D)Average daily shares traded | 10.7M | 568K |
Analyst Outlook
Wall Street rates CVE as "Hold" and IMO as "Hold". Consensus price targets imply 24.0% upside for CVE (target: $28) vs -61.6% for IMO (target: $45). For income investors, CVE offers the higher dividend yield at 2.56% vs IMO's 1.45%.
| Metric | CVECenovus Energy In… | IMOImperial Oil Limi… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $27.67 | $44.99 |
| # AnalystsCovering analysts | 27 | 20 |
| Dividend YieldAnnual dividend ÷ price | +2.6% | +1.5% |
| Dividend StreakConsecutive years of raises | 0 | 26 |
| Dividend / ShareAnnual DPS | $0.78 | $2.33 |
| Buyback YieldShare repurchases ÷ mkt cap | +4.3% | +3.4% |
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 |
|---|---|---|---|
| Cenovus Energy Inc. (CVE) | 100 | 260.86 | +160.9% |
| Imperial Oil Limited (IMO) | 100 | 454.15 | +354.2% |
Imperial Oil Limited (IMO) returned +465% over 5 years vs Cenovus Energy Inc. (CVE)'s +227%. 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 |
|---|---|---|---|
| Cenovus Energy Inc. (CVE) | $11.0B | $49.7B | +350.8% |
| Imperial Oil Limited (IMO) | $23.6B | $48.8B | +107.0% |
Cenovus Energy Inc.'s revenue grew from $11.0B (2016) to $49.7B (2025) — a 18.2% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Cenovus Energy Inc. (CVE) | -4.9% | 7.9% | +259.8% |
| Imperial Oil Limited (IMO) | 9.3% | 9.8% | +6.0% |
Cenovus Energy Inc.'s net margin went from -5% (2016) to 8% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Cenovus Energy Inc. (CVE) | 3 | 7.9 | +163.3% |
| Imperial Oil Limited (IMO) | 53 | 6.8 | -87.2% |
Cenovus Energy Inc. has traded in a 3x–42x P/E range over 7 years; current trailing P/E is ~14x. Imperial Oil Limited has traded in a 4x–53x P/E range over 7 years; current trailing P/E is ~18x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Cenovus Energy Inc. (CVE) | -0.65 | 2.15 | +430.8% |
| Imperial Oil Limited (IMO) | 2.57 | 9.02 | +251.0% |
Cenovus Energy Inc.'s EPS grew from $-0.65 (2016) to $2.15 (2025).
Chart 6Free Cash Flow — 5 Years
Cenovus Energy Inc. generated $3B FCF in 2025 (+1% vs 2021). Imperial Oil Limited generated $4B FCF in 2024 (-6% vs 2021).
CVE vs IMO: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is CVE or IMO a better buy right now?
Cenovus Energy Inc. (CVE) offers the better valuation at 14.2x trailing P/E (15.0x forward), making it the more compelling value choice. Analysts rate Cenovus Energy Inc. (CVE) a "Hold" — based on 27 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 — CVE or IMO?
On trailing P/E, Cenovus Energy Inc. (CVE) is the cheapest at 14.2x versus Imperial Oil Limited at 17.8x. On forward P/E, Cenovus Energy Inc. is actually cheaper at 15.0x.
03Which is the better long-term investment — CVE or IMO?
Over the past 5 years, Imperial Oil Limited (IMO) delivered a total return of +464.5%, compared to +226.6% for Cenovus Energy Inc. (CVE). 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 CVE's +118.6%. 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 — CVE or IMO?
By beta (market sensitivity over 5 years), Imperial Oil Limited (IMO) is the lower-risk stock at 0.75β versus Cenovus Energy Inc.'s 1.13β — meaning CVE is approximately 51% more volatile than IMO relative to the S&P 500. On balance sheet safety, Imperial Oil Limited (IMO) carries a lower debt/equity ratio of 18% versus 54% for Cenovus Energy Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — CVE or IMO?
Imperial Oil Limited (IMO) is the more profitable company, earning 9.8% net margin versus 7.9% for Cenovus Energy Inc. — 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 8.8% for CVE. At the gross margin level — before operating expenses — IMO leads at 14.4%, 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 CVE or IMO more undervalued right now?
On forward earnings alone, Cenovus Energy Inc. (CVE) trades at 15.0x forward P/E versus 24.1x for Imperial Oil Limited — 9.1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for CVE: 24.0% to $27.67.
07Which pays a better dividend — CVE or IMO?
All stocks in this comparison pay dividends. Cenovus Energy Inc. (CVE) offers the highest yield at 2.6%, versus 1.5% for Imperial Oil Limited (IMO).
08Is CVE or IMO 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%, CVE: +118.6%), 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 CVE and IMO?
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.
Find Stocks Like These
Explore pre-built screens for each stock's profile, or build a custom screen to find stocks that beat both.