Latest Ratios: P/E Ratio 14.1x · EV/EBITDA 9.0x · ROE 14.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $62.0B | $43.5B | $32.7B | $32.9B | $31.3B | $25.7B | $14.0B | $20.2B | $20.5B | $26.4B | $29.6B |
| Enterprise Value | $64.3B | $46.7B | $36.0B | $36.4B | $31.9B | $29.0B | $18.5B | $23.9B | $24.7B | $30.4B | $34.4B |
| P/E Ratio → | 14.07 | 13.32 | 6.82 | 6.74 | 4.26 | 10.37 | — | 9.19 | 8.85 | 53.78 | 13.63 |
| P/S Ratio | 1.57 | 0.92 | 0.63 | 0.65 | 0.53 | 0.69 | 0.63 | 0.60 | 0.59 | 0.91 | 1.26 |
| P/B Ratio | 3.99 | 1.95 | 1.39 | 1.48 | 1.40 | 1.18 | 0.65 | 0.83 | 0.84 | 1.08 | 1.18 |
| P/FCF | 14.02 | 9.25 | 7.94 | 16.90 | 3.49 | 5.89 | — | 7.25 | 8.44 | 14.90 | 31.38 |
| P/OCF | 13.04 | 6.48 | 5.46 | 8.82 | 2.98 | 4.70 | 17.53 | 4.57 | 5.23 | 9.55 | 14.67 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.99 | 0.70 | 0.72 | 0.54 | 0.77 | 0.83 | 0.70 | 0.71 | 1.04 | 1.47 |
| EV / EBITDA | 9.05 | 6.84 | 3.56 | 3.61 | 2.44 | 4.08 | 4.61 | 4.68 | 4.12 | 6.42 | 10.33 |
| EV / EBIT | 21.32 | 10.97 | 5.74 | 5.72 | 3.40 | 8.92 | — | 11.70 | 7.99 | 84.18 | 168.66 |
| EV / FCF | — | 9.94 | 8.74 | 18.68 | 3.57 | 6.64 | — | 8.54 | 10.16 | 17.17 | 36.52 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.2% | 21.2% | 17.9% | 18.1% | 20.5% | 16.2% | 7.7% | 13.9% | 16.1% | 12.8% | 13.6% |
| Operating Margin | 9.0% | 9.0% | 15.8% | 16.1% | 18.8% | 13.7% | 3.3% | 10.3% | 12.8% | 8.8% | 7.3% |
| Net Profit Margin | 6.9% | 6.9% | 9.3% | 9.6% | 12.3% | 6.6% | -8.3% | 6.5% | 6.6% | 1.7% | 9.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.3% | 14.3% | 21.0% | 21.9% | 33.3% | 11.5% | -8.1% | 9.0% | 9.5% | 2.0% | 8.9% |
| ROA | 7.7% | 7.7% | 11.4% | 11.5% | 17.4% | 6.3% | -4.6% | 5.3% | 5.6% | 1.2% | 5.1% |
| ROIC | 12.2% | 12.2% | 23.2% | 25.2% | 35.0% | 15.1% | 2.1% | 9.3% | 11.8% | 6.6% | 4.1% |
| ROCE | 11.9% | 11.9% | 23.0% | 23.7% | 32.1% | 14.7% | 2.0% | 9.3% | 12.0% | 6.8% | 4.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.20 | 0.20 | 0.18 | 0.19 | 0.20 | 0.25 | 0.25 | 0.22 | 0.21 | 0.21 | 0.21 |
| Debt / EBITDA | 0.64 | 0.64 | 0.42 | 0.43 | 0.34 | 0.76 | 1.32 | 1.05 | 0.86 | 1.10 | 1.57 |
| Net Debt / Equity | — | 0.15 | 0.14 | 0.16 | 0.03 | 0.15 | 0.21 | 0.15 | 0.17 | 0.16 | 0.19 |
| Net Debt / EBITDA | 0.47 | 0.47 | 0.32 | 0.34 | 0.05 | 0.46 | 1.12 | 0.71 | 0.70 | 0.85 | 1.45 |
| Debt / FCF | — | 0.69 | 0.80 | 1.78 | 0.08 | 0.75 | — | 1.29 | 1.72 | 2.27 | 5.14 |
| Interest Coverage | — | — | 152.73 | 92.25 | 156.43 | 60.28 | -14.02 | 21.94 | 28.63 | 4.63 | 2.83 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.27 | 1.27 | 1.33 | 1.26 | 1.21 | 1.41 | 1.34 | 1.38 | 1.35 | 1.31 | 0.99 |
| Quick Ratio | 0.83 | 0.83 | 0.96 | 0.81 | 0.95 | 1.08 | 0.80 | 0.96 | 0.89 | 0.94 | 0.62 |
| Cash Ratio | 0.17 | 0.17 | 0.14 | 0.13 | 0.42 | 0.39 | 0.23 | 0.37 | 0.25 | 0.29 | 0.10 |
| Asset Turnover | — | 1.11 | 1.20 | 1.24 | 1.37 | 0.92 | 0.59 | 0.81 | 0.84 | 0.70 | 0.56 |
| Inventory Turnover | 12.77 | 12.77 | 16.17 | 14.12 | 20.87 | 17.54 | 11.21 | 15.31 | 15.96 | 16.94 | 14.27 |
| Days Sales Outstanding | — | 33.89 | 40.80 | 32.14 | 28.94 | 37.65 | 31.43 | 28.97 | 26.40 | 33.99 | 31.56 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 3.2% | 3.8% | 3.3% | 2.7% | 2.7% | 4.6% | 3.1% | 2.8% | 2.0% | 1.7% |
| Payout Ratio | 42.9% | 42.9% | 25.8% | 22.6% | 11.6% | 28.5% | — | 28.7% | 24.7% | 106.9% | 22.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 7.5% | 14.7% | 14.8% | 23.5% | 9.6% | — | 10.9% | 11.3% | 1.9% | 7.3% |
| FCF Yield | 7.1% | 10.8% | 12.6% | 5.9% | 28.6% | 17.0% | — | 13.8% | 11.9% | 6.7% | 3.2% |
| Buyback Yield | 3.7% | 7.4% | 8.2% | 11.5% | 20.5% | 8.7% | 2.0% | 6.8% | 9.6% | 2.4% | 0.0% |
| Total Shareholder Yield | 5.3% | 10.7% | 12.0% | 14.9% | 23.2% | 11.5% | 6.6% | 9.9% | 12.4% | 4.4% | 1.7% |
| Shares Outstanding | — | $504M | $531M | $576M | $642M | $713M | $735M | $765M | $810M | $846M | $851M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying IMO stock.
Imperial Oil Limited's current P/E ratio is 14.1x. The historical average is 12.9x. This places it at the 82th percentile of its historical range.
Imperial Oil Limited's current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.2x.
Imperial Oil Limited's return on equity (ROE) is 14.3%. The historical average is 21.1%.
Based on historical data, Imperial Oil Limited is trading at a P/E of 14.1x. This is at the 82th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Imperial Oil Limited's current dividend yield is 1.58% with a payout ratio of 42.9%.
Imperial Oil Limited has 21.2% gross margin and 9.0% operating margin.
Imperial Oil Limited's Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Commodity price reversal exposure
Metrics are mathematically derived from official filings.
Trailing Premium Masks Forward Discount
Based on Imperial's reported figures, trailing P/E of 27.20 compares with a forward P/E of 7.36, implying the market is pricing current earnings at a peak and a sharp normalization in the next twelve months.
The gap between trailing and forward multiples suggests analysts expect earnings to fall materially from the elevated 2026 levels, which is consistent with the peak-cycle pattern visible in recent margins. Against peers, Imperial trades at a higher trailing P/E than Canadian Natural at 13.23 but below Suncor at 19.93 on trailing measures, while its EV/EBITDA of 13.28 sits above Cenovus at 8.71 and Suncor at 5.61. Investors should monitor whether the forward multiple holds once crude benchmarks retreat, since a discount multiple on normalized earnings would be the more relevant valuation anchor.
Margin Expansion Tracks Commodity Cycle
According to the reported quarterly figures, Imperial's gross margin expanded from 11.2% in Q3 2025 to 25.4% in Q3 2026, while net margin rose from 4.6% to 15.1%, a move that appears more cyclical than structural.
The lift in net margin outpaces the rise in operating margin relative to history, pointing to a sizeable contribution from non-operating items or favorable tax effects that warrant footnote review. The 2024 to 2025 range of roughly 17 to 19% gross margin appears to be a more representative base than the current 25.4%. Net margin of 15.1% remains above Canadian Natural's trailing figure of 24.5% only in relative terms, and it trails the peer group's strongest earners, so the earnings-quality question rests on whether elevated crude benchmarks persist.
ROIC Recovery Still Below Peak Levels
As reported in financial statements, Imperial's ROIC climbed from 1.8% in Q4 2025 to 9.1% in Q3 2026, yet remains below the 5.5% to 6.1% range seen in 2024 and early 2025 only after adjusting for the recent surge.
The return trajectory indicates recovery from a trough rather than sustained compounding, and the ROIC of 9.1% sits well below Suncor's 20.1% and modestly below Canadian Natural's 10.0%. ROE of 9.8% likewise trails Canadian Natural's 28.7% and Suncor's 23.4%, which suggests Imperial's large equity base is diluting returns despite its strong balance sheet. The equity-heavy structure is consistent with a defensive profile, but it limits return on capital relative to more leveraged peers.
Liquidity Stable Under Moderate Stress
Based on Imperial's reported figures, the current ratio of 1.30 and quick ratio of 1.12 in Q3 2026 indicate a liquidity cushion that remains intact after excluding inventory, with cash rebuilding from $1.1B to $2.9B.
The quick ratio sitting close to the current ratio implies limited dependence on inventory, which is favorable for an integrated producer holding refined products. Stress testing against a sharp crude decline would likely compress the operating cash that funds buybacks rather than threaten near-term obligations, given the low debt base. Investors should monitor whether the 1.30 current ratio holds as payables scale with higher activity levels.
Low Leverage Metric Overstates Safety
The debt-to-equity ratio of 0.17 is most often cited as proof of balance sheet safety, but for an integrated oil sands operator with large fixed asset commitments, it obscures the operating leverage embedded in the cost base.
Debt-to-equity captures only financial leverage and ignores the high fixed cost structure of steam-assisted and mining operations, which can amplify earnings swings when crude prices fall. Net PP&E rising from roughly $30.9B to $92.6B over recent quarters also deserves scrutiny, since asset-heavy growth can lift invested capital without proportional returns. A more informative alternative is ROIC on a cyclically normalized earnings base combined with the ratio of fixed charges to cash flow across a range of WCS differentials.