IMO
Imperial Oil Limited
Oil & Gas Integrated
Market Cap$66.11B
5Y Perf.+751.2%
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Stock Comparison
IMO vs CNQ
Revenue, margins, valuation, and 5-year total return — side by side.
CNQ
Canadian Natural Resources Limited
Oil & Gas Exploration & Production
Market Cap$99.81B
5Y Perf.+428.7%
IMO vs CNQ — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | IMO | CNQ |
|---|---|---|
| Industry | Oil & Gas Integrated | Oil & Gas Exploration & Production |
| Market Cap | $66.11B | $99.81B |
| Revenue (TTM) | $47.04B | $41.50B |
| Net Income (TTM) | $3.27B | $10.82B |
| Gross Margin | 21.2% | 30.1% |
| Operating Margin | 9.0% | 27.8% |
| Forward P/E | 15.8x | 8.6x |
| Total Debt | $4.23B | $19.71B |
| Cash & Equiv. | $1.14B | $672M |
IMO vs CNQ — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
IMO
CNQ
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Imperial Oil Limited (IMO) | 100 | 851.2 | +751.2% |
| Canadian Natural Re… (CNQ) | 100 | 528.7 | +428.7% |
Price return only. Dividends and distributions are not included.
Quick Verdict: IMO vs CNQ
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: CNQ leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. Imperial Oil Limited is the stronger pick specifically for capital preservation and lower volatility and dividend income and shareholder returns. As sector peers, any of these can serve as alternatives in the same allocation.
IMO
Imperial Oil Limited
The Long-Run Compounder
IMO is the clearest fit if your priority is long-term compounding and sleep-well-at-night.
- 360.8% 10Y total return vs CNQ's 322.3%
- Lower volatility, beta 0.25, Low D/E 19.0%, current ratio 1.27x
- Beta 0.25, yield 1.5%, current ratio 1.27x
Best for: long-term compounding and sleep-well-at-night
CNQ
Canadian Natural Resources Limited
The Income Pick
CNQ carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 2 yrs, beta -0.02, yield 3.6%
- Rev growth 8.6%, EPS growth 81.1%, 3Y rev CAGR -7.9%
- 8.6% revenue growth vs IMO's -3.7%
Best for: income & stability and growth exposure
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | CNQ | 8.6% revenue growth vs IMO's -3.7% |
| Value | CNQ | Lower P/E (8.6x vs 15.8x) |
| Quality / Margins | CNQ | 26.1% margin vs IMO's 6.9% |
| Stability / Safety | IMO | Lower D/E ratio (19.0% vs 44.5%) |
| Dividends | IMO | 1.5% yield, 27-year raise streak, vs CNQ's 3.6% |
| Momentum (1Y) | IMO | +99.6% vs CNQ's +77.0% |
| Efficiency (ROA) | CNQ | 12.5% ROA vs IMO's 8.1%, ROIC 10.0% vs 12.3% |
IMO vs CNQ — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
IMO vs CNQ — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLIMOLAGGINGCNQ
CNQCanadian Natural Reso…
2leads
IMOImperial Oil Limited
2leads
6 Total Categories
CATEGORYLEADERvs CNQMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
CNQ5/6
Valuation MetricsMultiples, price ratios, and targets
CNQ5/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
IMO5/8
Total Returns1Y, 3Y, 5Y total returns with dividends
IMO6/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
CNQ leads this category, winning 5 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
IMO and CNQ operate at a comparable scale, with $47.0B and $41.5B in trailing revenue. CNQ is the more profitable business, keeping 26.1% of every revenue dollar as net income compared to IMO's 6.9%. On growth, IMO holds the edge at +6.7% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | IMOImperial Oil Limi… | CNQCanadian Natural … |
|---|---|---|
| RevenueTrailing 12 months | $47.0B | $41.5B |
| EBITDAEarnings before interest/tax | $6.8B | $21.1B |
| Net IncomeAfter-tax profit | $3.3B | $10.8B |
| Free Cash FlowCash after capex | $4.7B | $8.3B |
| Gross MarginGross profit ÷ Revenue | +21.2% | +30.1% |
| Operating MarginEBIT ÷ Revenue | +9.0% | +27.8% |
| Net MarginNet income ÷ Revenue | +6.9% | +26.1% |
| FCF MarginFCF ÷ Revenue | +10.0% | +20.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | +6.7% | -13.2% |
| EPS Growth (YoY)Latest quarter vs prior year | -57.8% | +3.7% |
CNQ leads this category, winning 5 of 6 comparable metrics.
Valuation Metrics
CNQ leads this category, winning 5 of 6 comparable metrics.
Valuation Metrics
At 12.6x trailing earnings, CNQ trades at a 55% valuation discount to IMO's 28.0x P/E. On an enterprise value basis, CNQ's 8.6x EV/EBITDA is more attractive than IMO's 13.6x.
| Metric | IMOImperial Oil Limi… | CNQCanadian Natural … |
|---|---|---|
| Market CapShares × price | $66.1B | $99.8B |
| Enterprise ValueMkt cap + debt − cash | $68.4B | $113.8B |
| Trailing P/EPrice ÷ TTM EPS | 27.96x | 12.64x |
| Forward P/EPrice ÷ next-FY EPS est. | 15.80x | 8.56x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 13.65x | 8.63x |
| Price / SalesMarket cap ÷ Revenue | 1.92x | 3.51x |
| Price / BookPrice ÷ Book value/share | 4.10x | 3.09x |
| Price / FCFMarket cap ÷ FCF | 19.17x | 16.15x |
CNQ leads this category, winning 5 of 6 comparable metrics.
Profitability & Efficiency
IMO leads this category, winning 5 of 8 comparable metrics.
Profitability & Efficiency
CNQ delivers a 26.0% return on equity — every $100 of shareholder capital generates $26 in annual profit, vs $15 for IMO. IMO carries lower financial leverage with a 0.19x debt-to-equity ratio, signaling a more conservative balance sheet compared to CNQ's 0.44x. On the Piotroski fundamental quality scale (0–9), CNQ scores 8/9 vs IMO's 5/9, reflecting strong financial health.
| Metric | IMOImperial Oil Limi… | CNQCanadian Natural … |
|---|---|---|
| ROE (TTM)Return on equity | +14.7% | +26.0% |
| ROA (TTM)Return on assets | +8.1% | +12.5% |
| ROICReturn on invested capital | +12.3% | +10.0% |
| ROCEReturn on capital employed | +11.9% | +10.3% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 8 |
| Debt / EquityFinancial leverage | 0.19x | 0.44x |
| Net DebtTotal debt minus cash | $3.1B | $19.0B |
| Cash & Equiv.Liquid assets | $1.1B | $672M |
| Total DebtShort + long-term debt | $4.2B | $19.7B |
| Interest CoverageEBIT ÷ Interest expense | — | 10.52x |
IMO leads this category, winning 5 of 8 comparable metrics.
Total Returns (Dividends Reinvested)
IMO leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in IMO five years ago would be worth $46,129 today (with dividends reinvested), compared to $34,009 for CNQ. Over the past 12 months, IMO leads with a +99.6% total return vs CNQ's +77.0%. The 3-year compound annual growth rate (CAGR) favors IMO at 43.7% vs CNQ's 22.2% — a key indicator of consistent wealth creation.
| Metric | IMOImperial Oil Limi… | CNQCanadian Natural … |
|---|---|---|
| YTD ReturnYear-to-date | +50.0% | +40.7% |
| 1-Year ReturnPast 12 months | +99.6% | +77.0% |
| 3-Year ReturnCumulative with dividends | +197.0% | +82.5% |
| 5-Year ReturnCumulative with dividends | +361.3% | +240.1% |
| 10-Year ReturnCumulative with dividends | +360.8% | +322.3% |
| CAGR (3Y)Annualised 3-year return | +43.7% | +22.2% |
IMO leads this category, winning 6 of 6 comparable metrics.
Risk & Volatility
Evenly matched — IMO and CNQ each lead in 1 of 2 comparable metrics.
Risk & Volatility
CNQ is the less volatile stock with a -0.02 beta — it tends to amplify market swings less than IMO's 0.25 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. IMO currently trades 99.0% from its 52-week high vs CNQ's 93.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | IMOImperial Oil Limi… | CNQCanadian Natural … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.25x | -0.02x |
| 52-Week HighHighest price in past year | $134.32 | $51.34 |
| 52-Week LowLowest price in past year | $66.62 | $27.93 |
| % of 52W HighCurrent price vs 52-week peak | +99.0% | +93.2% |
| RSI (14)Momentum oscillator 0–100 | 56.2 | 56.2 |
| Avg Volume (50D)Average daily shares traded | 682K | 11.3M |
Evenly matched — IMO and CNQ each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — IMO and CNQ each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates IMO as "Hold" and CNQ as "Buy". Consensus price targets imply -26.9% upside for CNQ (target: $35) vs -66.2% for IMO (target: $45). For income investors, CNQ offers the higher dividend yield at 3.56% vs IMO's 1.53%.
| Metric | IMOImperial Oil Limi… | CNQCanadian Natural … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $44.99 | $35.00 |
| # AnalystsCovering analysts | 20 | 37 |
| Dividend YieldAnnual dividend ÷ price | +1.5% | +3.6% |
| Dividend StreakConsecutive years of raises | 27 | 2 |
| Dividend / ShareAnnual DPS | $2.78 | $2.32 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.6% | +1.1% |
Evenly matched — IMO and CNQ each lead in 1 of 2 comparable metrics.
Key Takeaway
CNQ leads in 2 of 6 categories (Income & Cash Flow, Valuation Metrics). IMO leads in 2 (Profitability & Efficiency, Total Returns). 2 tied.
Best OverallImperial Oil Limited (IMO)Leads 2 of 6 categories
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IMO vs CNQ: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is IMO or CNQ a better buy right now?
For growth investors, Canadian Natural Resources Limited (CNQ) is the stronger pick with 8.
6% revenue growth year-over-year, versus -3. 7% for Imperial Oil Limited (IMO). Canadian Natural Resources Limited (CNQ) offers the better valuation at 12. 6x trailing P/E (8. 6x forward), making it the more compelling value choice. Analysts rate Canadian Natural Resources Limited (CNQ) a "Buy" — based on 37 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 CNQ?
On trailing P/E, Canadian Natural Resources Limited (CNQ) is the cheapest at 12.
6x versus Imperial Oil Limited at 28. 0x. On forward P/E, Canadian Natural Resources Limited is actually cheaper at 8. 6x.
03Which is the better long-term investment — IMO or CNQ?
Over the past 5 years, Imperial Oil Limited (IMO) delivered a total return of +361.
3%, compared to +240. 1% for Canadian Natural Resources Limited (CNQ). Over 10 years, the gap is even starker: IMO returned +360. 8% versus CNQ's +322. 3%. 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 CNQ?
By beta (market sensitivity over 5 years), Canadian Natural Resources Limited (CNQ) is the lower-risk stock at -0.
02β versus Imperial Oil Limited's 0. 25β — meaning IMO is approximately -1213% more volatile than CNQ relative to the S&P 500. On balance sheet safety, Imperial Oil Limited (IMO) carries a lower debt/equity ratio of 19% versus 44% for Canadian Natural Resources Limited — giving it more financial flexibility in a downturn.
05Which is growing faster — IMO or CNQ?
By revenue growth (latest reported year), Canadian Natural Resources Limited (CNQ) is pulling ahead at 8.
6% versus -3. 7% for Imperial Oil Limited (IMO). On earnings-per-share growth, the picture is similar: Canadian Natural Resources Limited grew EPS 81. 1% year-over-year, compared to -28. 2% for Imperial Oil Limited. Over a 3-year CAGR, IMO leads at -6. 3% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — IMO or CNQ?
Canadian Natural Resources Limited (CNQ) is the more profitable company, earning 27.
9% net margin versus 6. 9% for Imperial Oil Limited — meaning it keeps 27. 9% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CNQ leads at 21. 2% versus 9. 0% for IMO. At the gross margin level — before operating expenses — CNQ leads at 23. 3%, 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.
07Is IMO or CNQ more undervalued right now?
On forward earnings alone, Canadian Natural Resources Limited (CNQ) trades at 8.
6x forward P/E versus 15. 8x for Imperial Oil Limited — 7. 2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for CNQ: -26. 9% to $35. 00.
08Which pays a better dividend — IMO or CNQ?
All stocks in this comparison pay dividends.
Canadian Natural Resources Limited (CNQ) offers the highest yield at 3. 6%, versus 1. 5% for Imperial Oil Limited (IMO).
09Is IMO or CNQ better for a retirement portfolio?
For long-horizon retirement investors, Canadian Natural Resources Limited (CNQ) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0.
02), 3. 6% yield, +322. 3% 10Y return). Both have compounded well over 10 years (CNQ: +322. 3%, IMO: +360. 8%), 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.
10What are the main differences between IMO and CNQ?
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 quality compounder stock; CNQ is a mid-cap deep-value 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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Revenue Growth>
%
(IMO: 6.7% · CNQ: -13.2%)Net Margin>
%
(IMO: 6.9% · CNQ: 26.1%)P/E Ratio<
x
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