Imperial Oil Limited (IMO) 10-Year Financial Performance & Capital Metrics

IMO • • Industrial / General

EnergyIntegrated Oil & GasRegional Integrated PlayersAmericas Regional Leaders

AboutImperial Oil Limited engages in exploration, production, and sale of crude oil and natural gas in Canada. The company operates through three segments: Upstream, Downstream and Chemical segments. The Upstream segment explores for, and produces crude oil, natural gas, synthetic oil, and bitumen. As of December 31, 2021, this segment had 386 million oil-equivalent barrels of proved undeveloped reserves. The Downstream segment is involved in the transportation and refining of crude oil, blending of refined products and the distribution, and marketing of refined products. It also transports crude oil to refineries by contracted pipelines, common carrier pipelines, and rail; maintains a distribution system to move petroleum products to market by pipeline, tanker, rail, and road transport; and owns and operates fuel terminals, natural gas liquids, and products pipelines in Alberta, Manitoba, and Ontario. In addition, this segment markets and supplies petroleum products to motoring public through approximately 2,400 Esso and Mobil-branded sites. Further, it sells petroleum products, including fuel, asphalt, and lubricants for industrial and transportation customers, independent marketers, and resellers, as well as other refiners serving the agriculture, residential heating, and commercial markets through branded fuel and lubricant resellers. The Chemical segment manufactures and markets various petrochemicals, benzene, aromatic and aliphatic solvents, plasticizer intermediates, and polyethylene resin. Imperial Oil Limited has a strategic agreement with E3 Metals Corp. to advance a lithium-extraction pilot in Alberta. The company was incorporated in 1880 and is headquartered in Calgary, Canada. Imperial Oil Limited is a subsidiary of Exxon Mobil Corporation.Show more

Revenue $48.79B +1.0%
EBITDA $8.25B -0.5%
Net Income $4.79B -2.1%
EPS (Diluted) 9.02 +6.2%
Gross Margin 14.45% -1.8%
EBITDA Margin 16.91% -1.5%
Operating Margin 12.51% -3.3%
Net Margin 9.81% -3.1%
ROE 20.95% -4.4%
ROIC 17.49% -9.0%
Debt/Equity 0.18 -9.6%
Interest Coverage 149.02 +64.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 26 years of consecutive increases
✓Excellent 3Y average ROE of 25.3%
✓Strong 5Y profit CAGR of 16.2%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.4%
✓Share count reduced 7.9% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.94%

5Y8.09%

3Y10.82%

TTM-6.18%

Profit (Net Income) CAGR

10Y2.84%

5Y16.2%

3Y24.21%

TTM-18.89%

EPS CAGR

10Y7.82%

5Y25.05%

3Y36.97%

TTM-14.16%

ROCE

10Y Avg8.59%

5Y Avg12.98%

3Y Avg20.6%

Latest17.32%

Peer Comparison

Americas Regional Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PBR-APetróleo Brasileiro S.A. - Petrobras	31.73B	11.65	11.10	-13.38%	16.15%	17.47%	73.57%	1.02
IMOImperial Oil Limited	47.72B	96.05	10.65	1.01%	8.65%	23.51%	8.62%	0.18
CVECenovus Energy Inc.	33.24B	17.62	10.55	4.06%	5.66%	11.07%	12.7%	0.36
SUSuncor Energy Inc.	57.82B	48.13	10.20	3.25%	10.49%	11.65%	16.39%	0.33
PBRPetróleo Brasileiro S.A. - Petrobras	45.77B	12.30	5.26	-13.38%	16.15%	17.47%	50.99%	1.02
YPFYPF Sociedad Anónima	13.67B	34.83	0.01	265.66%	-3.65%	-3.63%	3.49%	0.82
ECEcopetrol S.A.	23.31B	11.34	0.00	-6.89%	8.2%	9.63%	100%	1.09

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	25.12B	23.57B	27.85B	33.19B	33.07B	20.59B	35.85B	56.73B	48.3B	48.79B
Revenue Growth %	-0.24%	-0.06%	0.18%	0.19%	-0%	-0.38%	0.74%	0.58%	-0.15%	0.01%
Cost of Goods Sold+	22.18B	22.23B	26.58B	29.1B	29.9B	22.16B	31.74B	46.63B	41.19B	41.74B
COGS % of Revenue	0.88%	0.94%	0.95%	0.88%	0.9%	1.08%	0.89%	0.82%	0.85%	0.86%
Gross Profit+	2.94B	1.34B	1.27B	4.09B	3.17B	-1.57B	4.11B	10.1B	7.11B	7.05B
Gross Margin %	0.12%	0.06%	0.05%	0.12%	0.1%	-0.08%	0.11%	0.18%	0.15%	0.14%
Gross Profit Growth %	-0.43%	-0.54%	-0.05%	2.22%	-0.23%	-1.5%	3.62%	1.46%	-0.3%	-0.01%
Operating Expenses+	1.11B	1.14B	906.06M	905.12M	924.54M	742.68M	789.96M	874.24M	857.07M	944.37M
OpEx % of Revenue	0.04%	0.05%	0.03%	0.03%	0.03%	0.04%	0.02%	0.02%	0.02%	0.02%
Selling, General & Admin	965.51M	984.21M	793.43M	795.47M	787.91M	637.44M	700.29M	800.89M	773.07M	826.44M
SG&A % of Revenue	0.04%	0.04%	0.03%	0.02%	0.02%	0.03%	0.02%	0.01%	0.02%	0.02%
Research & Development	148.62M	153.12M	112.62M	109.65M	136.63M	105.24M	89.68M	73.35M	84.01M	117.92M
R&D % of Revenue	0.01%	0.01%	0%	0%	0%	0.01%	0%	0%	0%	0%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	1.83B	205.5M	366.28M	3.19B	2.24B	-2.31B	3.32B	9.22B	6.25B	6.11B
Operating Margin %	0.07%	0.01%	0.01%	0.1%	0.07%	-0.11%	0.09%	0.16%	0.13%	0.13%
Operating Income Growth %	-0.55%	-0.89%	0.78%	7.71%	-0.3%	-2.03%	2.44%	1.78%	-0.32%	-0.02%
EBITDA+	3.27B	1.85B	2.57B	4.78B	3.97B	1.05B	5.41B	11.2B	8.29B	8.25B
EBITDA Margin %	0.13%	0.08%	0.09%	0.14%	0.12%	0.05%	0.15%	0.2%	0.17%	0.17%
EBITDA Growth %	-0.36%	-0.44%	0.39%	0.86%	-0.17%	-0.74%	4.15%	1.07%	-0.26%	-0.01%
D&A (Non-Cash Add-back)	1.45B	1.64B	2.2B	1.59B	1.72B	3.36B	2.09B	1.98B	2.04B	2.14B
EBIT	1.96B	2.53B	669.65M	3.17B	2.2B	-2.35B	3.36B	9.46B	6.44B	6.28B
Net Interest Income+	-3.99M	-11.08M	1.01M	-26.91M	-41.09M	5.01M	77.59M	351.88M	271.02M	149.9M
Interest Income	34.91M	61.45M	80.16M	80.74M	54.45M	69.16M	132M	411.35M	340.03M	190.87M
Interest Expense	38.9M	72.53M	79.14M	107.66M	95.54M	64.14M	54.41M	59.47M	69.01M	40.97M
Other Income/Expense	92.76M	2.26B	224.23M	-125.6M	-140.74M	-101.23M	-14.11M	178.42M	116.01M	128.91M
Pretax Income+	1.92B	2.46B	590.51M	3.06B	2.1B	-2.41B	3.31B	9.4B	6.37B	6.23B
Pretax Margin %	0.08%	0.1%	0.02%	0.09%	0.06%	-0.12%	0.09%	0.17%	0.13%	0.13%
Income Tax+	798.94M	281.06M	93.35M	756.59M	-158.2M	-552.25M	810.12M	2.13B	1.48B	1.45B
Effective Tax Rate %	0.58%	0.89%	0.84%	0.75%	1.08%	0.77%	0.76%	0.77%	0.77%	0.77%
Net Income+	1.12B	2.18B	497.16M	2.31B	2.26B	-1.86B	2.5B	7.28B	4.89B	4.79B
Net Margin %	0.04%	0.09%	0.02%	0.07%	0.07%	-0.09%	0.07%	0.13%	0.1%	0.1%
Net Income Growth %	-0.69%	0.95%	-0.77%	3.64%	-0.02%	-1.82%	2.34%	1.91%	-0.33%	-0.02%
Net Income (Continuing)	1.12B	2.18B	497.16M	2.31B	2.26B	-1.86B	2.5B	7.28B	4.89B	4.79B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.32	2.57	0.59	2.85	2.95	-2.53	3.51	11.36	8.49	9.02
EPS Growth %	-0.69%	0.95%	-0.77%	3.84%	0.04%	-1.86%	2.39%	2.24%	-0.25%	0.06%
EPS (Basic)	1.32	2.57	0.59	2.86	2.96	-2.53	3.51	11.36	8.51	9.04
Diluted Shares Outstanding	850.6M	847.6M	845.7M	810.1M	765M	735.3M	711.6M	640.2M	575.9M	530.6M
Basic Shares Outstanding	847.6M	847.6M	842.9M	807.5M	762.7M	735.3M	711.6M	640.2M	574.8M	529.4M
Dividend Payout Ratio	0.4%	0.23%	1.05%	0.25%	0.28%	-	0.28%	0.12%	0.23%	0.26%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.67B	3.83B	5.41B	5.36B	6.33B	4.52B	7.81B	10.74B	8.3B	9.35B
Cash & Short-Term Investments	203M	391M	1.2B	988M	1.72B	771M	2.15B	3.75B	864M	979M
Cash Only	203M	391M	1.2B	988M	1.72B	771M	2.15B	3.75B	864M	979M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.58B	2.02B	2.71B	2.53B	2.7B	1.92B	3.87B	4.72B	4.48B	5.76B
Days Sales Outstanding	22.97	31.33	35.54	27.81	29.79	34.01	39.39	30.36	33.87	43.07
Inventory	1.61B	1.42B	1.5B	1.84B	1.91B	1.83B	1.79B	2.27B	2.95B	2.62B
Days Inventory Outstanding	26.56	23.27	20.6	23.06	23.34	30.2	20.6	17.75	26.16	22.88
Other Current Assets	272M	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	39.5B	37.82B	36.19B	36.1B	35.86B	33.51B	32.97B	32.79B	32.9B	33.58B
Property, Plant & Equipment	37.8B	36.33B	34.47B	34.23B	34.2B	32.03B	31.24B	30.51B	30.84B	30.81B
Fixed Asset Turnover	0.66x	0.65x	0.81x	0.97x	0.97x	0.64x	1.15x	1.86x	1.57x	1.58x
Goodwill	224M	186M	186M	186M	186M	166M	166M	166M	166M	166M
Intangible Assets	63M	0	0	0	0	0	0	0	0	0
Long-Term Investments	1.25B	1.03B	865M	857M	595M	468M	459M	605M	779M	818M
Other Non-Current Assets	1.41B	217M	670M	833M	874M	839M	1.1B	1.51B	1.12B	1.79B
Total Assets+	43.17B	41.65B	41.6B	41.46B	42.19B	38.03B	40.78B	43.52B	41.2B	42.94B
Asset Turnover	0.58x	0.57x	0.67x	0.80x	0.78x	0.54x	0.88x	1.30x	1.17x	1.14x
Asset Growth %	0.06%	-0.04%	-0%	-0%	0.02%	-0.1%	0.07%	0.07%	-0.05%	0.04%
Total Current Liabilities+	5.39B	3.88B	4.14B	3.96B	4.59B	3.38B	5.55B	8.9B	6.6B	7.01B
Accounts Payable	2.41B	2.6B	3.26B	3.08B	3.86B	2.81B	4.77B	5.74B	5.05B	5.64B
Days Payables Outstanding	39.62	42.76	44.71	38.57	47.15	46.26	54.84	44.89	44.75	49.35
Short-Term Debt	1.95B	202M	202M	202M	229M	227M	122M	122M	121M	19M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	525M	535M	567M	-82M	0	0	0	-122M	618M	739M
Current Ratio	0.68x	0.99x	1.31x	1.35x	1.38x	1.34x	1.41x	1.21x	1.26x	1.33x
Quick Ratio	0.38x	0.62x	0.94x	0.89x	0.96x	0.80x	1.08x	0.95x	0.81x	0.96x
Cash Conversion Cycle	9.91	11.83	11.43	12.29	5.97	17.95	5.14	3.22	15.28	16.61
Total Non-Current Liabilities+	14.35B	12.75B	13.03B	13.01B	13.32B	13.23B	13.49B	12.21B	12.37B	12.46B
Long-Term Debt	5.95B	4.45B	4.45B	4.45B	4.45B	4.45B	4.45B	3.45B	3.45B	3.45B
Capital Lease Obligations	612M	585M	558M	531M	657M	605M	754M	737M	675M	689M
Deferred Tax Liabilities	4.19B	4.06B	4.25B	5.09B	4.72B	4.18B	4.54B	4.71B	4.51B	4.6B
Other Non-Current Liabilities	365M	328M	692M	235M	3.49B	4B	3.75B	3.32B	3.74B	3.73B
Total Liabilities	19.75B	16.63B	17.17B	16.97B	17.91B	16.61B	19.05B	21.11B	18.98B	19.46B
Total Debt+	8.52B	5.26B	5.23B	5.21B	5.33B	5.28B	5.32B	4.43B	4.35B	4.16B
Net Debt	8.31B	4.87B	4.04B	4.22B	3.62B	4.51B	3.17B	679M	3.49B	3.18B
Debt / Equity	0.36x	0.21x	0.21x	0.21x	0.22x	0.25x	0.24x	0.20x	0.20x	0.18x
Debt / EBITDA	2.60x	2.85x	2.04x	1.09x	1.34x	5.03x	0.98x	0.40x	0.52x	0.50x
Net Debt / EBITDA	2.54x	2.64x	1.57x	0.88x	0.91x	4.29x	0.59x	0.06x	0.42x	0.38x
Interest Coverage	46.92x	2.83x	4.63x	29.62x	23.47x	-36.05x	61.06x	155.07x	90.62x	149.02x
Total Equity+	23.43B	25.02B	24.43B	24.49B	24.28B	21.42B	21.73B	22.41B	22.22B	23.47B
Equity Growth %	0.04%	0.07%	-0.02%	0%	-0.01%	-0.12%	0.01%	0.03%	-0.01%	0.06%
Book Value per Share	27.54	29.52	28.89	30.23	31.73	29.13	30.54	35.01	38.59	44.24
Total Shareholders' Equity	23.43B	25.02B	24.43B	24.49B	24.28B	21.42B	21.73B	22.41B	22.22B	23.47B
Common Stock	1.57B	1.57B	1.54B	1.45B	1.38B	1.36B	1.25B	1.08B	992M	942M
Retained Earnings	23.69B	25.35B	24.71B	24.56B	24.81B	22.05B	21.66B	21.85B	21.91B	22.75B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.83B	-1.9B	-1.81B	-1.52B	-1.91B	-1.99B	-1.18B	-512M	-677M	-214M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.17B	2.02B	2.76B	3.92B	4.43B	798M	5.48B	10.48B	3.73B	5.98B
Operating CF Margin %	0.09%	0.09%	0.1%	0.12%	0.13%	0.04%	0.15%	0.18%	0.08%	0.12%
Operating CF Growth %	-0.51%	-0.07%	0.37%	0.42%	0.13%	-0.82%	5.86%	0.91%	-0.64%	0.6%
Net Income	1.12B	2.17B	490M	2.31B	2.2B	-1.86B	2.48B	7.34B	4.89B	4.79B
Depreciation & Amortization	-1.45B	1.63B	2.17B	1.59B	1.68B	3.35B	1.98B	1.9B	0	0
Stock-Based Compensation	48M	83M	14M	32M	34M	-2M	89M	103M	0	0
Deferred Taxes	367M	114M	321M	806M	-237M	-521M	0	0	-85M	0
Other Non-Cash Items	1.5B	324M	2.48B	1.67B	-53M	158M	2.84B	2.48B	1.63B	1.69B
Working Capital Changes	-826M	28M	-525M	-870M	807M	-335M	-1.91B	-1.34B	-2.7B	-495M
Change in Receivables	-42M	-442M	-689M	224M	-170M	780M	-1.95B	-862M	237M	-1.28B
Change in Inventory	-172M	197M	-83M	-338M	-74M	78M	45M	-477M	-688M	335M
Change in Payables	-1.03B	237M	678M	-764M	1.01B	-1.09B	0	0	81M	616M
Cash from Investing+	-2.88B	1.95B	-781M	-1.56B	-1.7B	-802M	-1.01B	-618M	-1.69B	-1.82B
Capital Expenditures	-2.99B	-1.07B	-993M	-1.49B	-1.64B	-868M	-1.11B	-1.53B	-1.78B	-1.87B
CapEx % of Revenue	0.12%	0.05%	0.04%	0.04%	0.05%	0.04%	0.03%	0.03%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	142M	3.02B	213M	-68M	-68M	66M	96M	908M	91M	42M
Cash from Financing+	705M	-3.77B	-1.18B	-2.57B	-2B	-943M	-3.08B	-8.27B	-4.92B	-4.04B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-449M	-492M	-524M	-572M	-631M	-649M	-706M	-851M	-1.1B	-1.24B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-1.75B	0	0	0	0	-111M	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-827M	942M	1.77B	2.43B	2.79B	-70M	4.37B	8.96B	1.95B	4.11B
FCF Margin %	-0.03%	0.04%	0.06%	0.07%	0.08%	-0%	0.12%	0.16%	0.04%	0.08%
FCF Growth %	0.07%	2.14%	0.88%	0.37%	0.15%	-1.03%	63.4%	1.05%	-0.78%	1.11%
FCF per Share	-0.97	1.11	2.09	3.00	3.65	-0.10	6.14	13.99	3.38	7.75
FCF Conversion (FCF/Net Income)	1.94x	0.92x	5.56x	1.70x	1.96x	-0.43x	2.19x	1.44x	0.76x	1.25x
Interest Paid	0	0	76M	110M	0	62M	43M	60M	69M	42M
Taxes Paid	0	0	231M	82M	0	42M	0	0	4.15B	1.77B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.87%	9%	2.01%	9.43%	9.27%	-8.15%	11.58%	32.96%	21.91%	20.95%
Return on Invested Capital (ROIC)	4.49%	0.5%	0.94%	8.37%	5.94%	-6.44%	9.8%	28.82%	19.22%	17.49%
Gross Margin	11.7%	5.7%	4.57%	12.33%	9.58%	-7.62%	11.47%	17.8%	14.72%	14.45%
Net Margin	4.45%	9.25%	1.78%	6.95%	6.83%	-9.04%	6.97%	12.82%	10.12%	9.81%
Debt / Equity	0.36x	0.21x	0.21x	0.21x	0.22x	0.25x	0.24x	0.20x	0.20x	0.18x
Interest Coverage	46.92x	2.83x	4.63x	29.62x	23.47x	-36.05x	61.06x	155.07x	90.62x	149.02x
FCF Conversion	1.94x	0.92x	5.56x	1.70x	1.96x	-0.43x	2.19x	1.44x	0.76x	1.25x
Revenue Growth	-24.19%	-6.18%	18.17%	19.16%	-0.36%	-37.73%	74.08%	58.24%	-14.85%	1.01%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2024
Downstream	-	-	-	-	26.84B	25.23B	16.74B	34.79B	129.93B	56.94B
Downstream Growth	-	-	-	-	-	-5.97%	-33.68%	107.85%	273.50%	-56.17%
Upstream	-	-	-	-	11.17B	13.26B	8.8B	15.83B	39.39B	18.02B
Upstream Growth	-	-	-	-	-	18.70%	-33.65%	79.96%	148.83%	-54.27%
Chemical	-	-	-	-	1.52B	1.16B	1.01B	1.76B	3.95B	1.45B
Chemical Growth	-	-	-	-	-	-23.52%	-13.18%	74.40%	124.80%	-63.34%
Corporate and Other	3M	6M	14M	14M	29M	35M	19M	10M	-	-
Corporate and Other Growth	-	100.00%	133.33%	0.00%	107.14%	20.69%	-45.71%	-47.37%	-	-

Frequently Asked Questions

Valuation & Price

Imperial Oil Limited (IMO) has a price-to-earnings (P/E) ratio of 10.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Imperial Oil Limited (IMO) reported $46.24B in revenue for fiscal year 2024. This represents a 59% increase from $29.09B in 2011.

Imperial Oil Limited (IMO) grew revenue by 1.0% over the past year. Growth has been modest.

Yes, Imperial Oil Limited (IMO) is profitable, generating $4.00B in net income for fiscal year 2024 (9.8% net margin).

Dividend & Returns

Yes, Imperial Oil Limited (IMO) pays a dividend with a yield of 2.43%. This makes it attractive for income-focused investors.

Imperial Oil Limited (IMO) has a return on equity (ROE) of 21.0%. This is excellent, indicating efficient use of shareholder capital.

Imperial Oil Limited (IMO) generated $4.78B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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