IMO
Imperial Oil Limited
IMO's fundamentals are strong: revenue grew 16% and its operating margin rose 3 points to 14%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
IMO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Healthy | |
| Strong |
IMO's revenue, profitability, cash flow and balance sheet are all currently healthy.
IMO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.8x | $68.84 | -46% |
| Fair | 11x | $95.73 | -25% |
| Current | 14x | $127 | — |
| Expensive | 21x | $182 | +43% |
Historical ranges are pointers, not guarantees.
IMO's PE is 14x, but its earnings don't support one, so it isn't a reliable read right now.
IMO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for IMO, with profitability improving. However, they disagree widely on these estimates.
IMO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $8.86 | +61% |
| Q2 2026 | $6.02 | -5.6% |
| Q1 2026 | $4.15 | -37% |
| Q4 2025 | $4.56 | -28% |
| Q3 2025 | $5.49 | -14% |
| Q2 2025 | $6.38 | -4.9% |
| Q1 2025 | $6.55 | +8.4% |
| Q4 2024 | $6.35 | +6.4% |
IMO earned $8.86 per share over the past year, up 61% from the year before.
IMO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11.4B | +34% |
| Q2 2026 | $11.3B | +43% |
| Q1 2026 | $8.8B | -0.6% |
| Q4 2025 | $7.9B | -11% |
| Q3 2025 | $8.5B | -9.1% |
| Q2 2025 | $7.9B | -16% |
| Q1 2025 | $8.8B | +1.9% |
| Q4 2024 | $8.9B | -3.8% |
IMO's revenue is growing: $11.4B last quarter, up 34% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +14 points |
| Q2 2026 | 18% | +6.7 points |
| Q1 2026 | 9.9% | -3.6 points |
| Q4 2025 | 5.6% | -6.9 points |
| Q3 2025 | 5.8% | -6.3 points |
| Q2 2025 | 11% | -0.1 points |
| Q1 2025 | 13% | +0.7 points |
| Q4 2024 | 12% | -0.8 points |
IMO's operating margin was 20% last quarter, up 14 points from the same quarter a year ago, near the top of its range since 2022.
IMO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.8B | +98% |
| Q2 2026 | $1.5B | +119% |
| Q1 2026 | $197.6M | -75% |
| Q4 2025 | $904.1M | -5.9% |
| Q3 2025 | $909.7M | +29% |
| Q2 2025 | $698.8M | -15% |
| Q1 2025 | $793.7M | +95% |
| Q4 2024 | $960.3M | +62% |
IMO generated $4.4B in free cash flow over the past year, up 32% from the year before.
IMO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -4.7M shares |
| 1 year | -4.9% | -24.9M shares |
| 3 years | -17% | -99.1M shares |
| 5 years | -32% | -222M shares |
| Available history | -37% | -285M shares |
IMO has 480M diluted shares, down 4.9% from a year ago, with $2.7B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.5B |
| Q2 2026 | — |
| Q1 2026 | $45M |
| Q4 2025 | $1.2B |
| Q3 2025 | $1B |
| Q2 2025 | — |
| Q1 2025 | $38M |
| Q4 2024 | $1B |
IMO spent $2.7B buying back its own shares over the past year, up 29% from the year before.
IMO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.4x | Very low |
| Q4 2025 | 0.3x | Very low |
| Q3 2025 | 0.2x | Very low |
| Q2 2025 | 0.1x | Very low |
| Q1 2025 | 0.2x | Very low |
| Q4 2024 | 0.3x | Very low |
IMO's net debt is less than a year of its operating earnings (EBITDA).
IMO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.3 | Neutral |
| Stochastic | 56.7 | Neutral |
IMO's weekly RSI is 51 (neutral) and its Stochastic is 57 (neutral).
IMO PE vs Energy Sector
| Metric | IMO | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 9.6% above |
| PE % | 73 | 61 | 12 pts above |
IMO is trading at 14x earnings, in line with the Energy sector's median of 13x, though its earnings don't support one.
IMO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $128.8 | 1.1% below |
| 20 week MA | $128.0 | 0.5% below |
| 50 week MA | $119.6 | 6.5% above |
| 100 week MA | $98.7 | 29% above |
| 200 week MA | $79.8 | 60% above |
IMO has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 60% above its 200-week average.
IMO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $26.3 | $19.1 | -27% |
| 2021 | $19.1 | $35.3 | +85% |
| 2022 | $35.3 | $48.3 | +37% |
| 2023 | $48.3 | $57.2 | +18% |
| 2024 | $57.2 | $62.2 | +8.7% |
| 2025 | $62.2 | $85.6 | +38% |
| 2026 YTD | $85.6 | $127.4 | +49% |
IMO has finished higher in five of the last six years. It's up 49% so far in 2026.