| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 56 | 27.3x | 17.8x | Around median | |
Growth | 65 | — | 7.1% | Around median | |
Quality | 64 | — | 4.5% | Around median | |
Safety | 86 | 0.1x | 2.6x | Top tier | |
Capital Return | 71 | 1.63% | 2.12% | Top tier | |
Momentum | 87 | 47.3% | 2.9% | Top tier | |
Sentiment | 76 | 7 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Imperial Oil Limited operates an integrated energy model combining upstream oil production, refining, and the marketing of petroleum products and chemicals. Its upstream assets include Kearl, Cold Lake, and the company’s interest in Syncrude, while its downstream operations include a refinery network comprising Strathcona and Nanticoke, as well as the renewable diesel facility at Strathcona. This integration allows the company to benefit from both oil prices and refining margins, with surplus cash flows directed to dividends and share repurchases after funding capital expenditures.
In the second quarter of fiscal 2026, revenue reached $16.1 billion and net income was $2.2 billion, or $4.52 per share, equivalent to a calculated net income margin of approximately 13.6%. Net income reported on the call was C$2.190 billion, up C$1.241 billion from the second quarter of fiscal 2025 and C$1.250 billion from the first quarter of fiscal 2026, driven primarily by higher commodity prices. On a trailing 12-month basis in the 2026 data, revenue was $51.8 billion, net income was $4.2 billion, and earnings per share were 8.58, compared with revenue of $47.1 billion and net income of $3.3 billion in fiscal 2025.
Upstream operations led the earnings mix in the second quarter of fiscal 2026 with earnings of C$1.299 billion, followed by downstream operations at C$787 million and chemicals at C$65 million. The company generated approximately C$2.7 billion in cash flow from operating activities, or C$2.522 billion excluding working capital effects, and ended the quarter with more than C$2.8 billion in cash. Capital expenditures totaled C$531 million, including C$359 million for upstream operations, while the company paid C$421 million in dividends.
The analyst consensus on IMO stock is “Neutral,” with an average price target of $44.99 and a relatively narrow range between $42.97036662 and $47. The average target, and even the highest target, is below the 52-week range of $83.27 to $139.44, a substantial gap that reflects a cautious stance in the available coverage despite strong earnings in the second quarter of fiscal 2026. The data do not provide a valid price-to-earnings ratio for comparison, so it is not possible to determine from the context whether the revaluation is supported by a low or high earnings multiple.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Net income was C$2.190 billion in the second quarter of fiscal 2026, compared with C$949 million in the second quarter of fiscal 2025. Management attributed most of the C$1.241 billion year-over-year increase to higher commodity prices, while net income also increased by C$1.250 billion from the first quarter of fiscal 2026. Upstream contributed earnings of C$1.299 billion, downstream contributed C$787 million, and chemicals contributed C$65 million.
Kearl produced approximately 257 thousand barrels per day in the second quarter of fiscal 2026 despite planned maintenance and heavy rainfall in June 2026. The company is targeting 300 thousand barrels per day or more and a reduction in cash cost to $18 per barrel in fiscal 2027, after recording less than $20 per barrel in fiscal 2025. Supporting factors include extending the maintenance interval to four years, the expected commissioning of the flotation columns in the fourth quarter of fiscal 2026, and the expected start of production from the east pit in November or December 2026.
Automated analysis for informational purposes only — not investment advice.
The company reduced its refinery throughput guidance by approximately 6% because of three specific factors: unplanned outages in the first half, the prioritization of renewable diesel at Strathcona, and rail-handling congestion, in addition to the Nanticoke outage in mid-July 2026. Average crude throughput was 331 thousand barrels per day in the second quarter of fiscal 2026, down 53 thousand barrels per day from the first quarter, and the utilization rate was 76%. The company is targeting completion of additional tracks and handling areas at Strathcona by the end of 2026 to address congestion without shutting down the rail yard.
Imperial paid dividends of C$421 million in the second quarter of fiscal 2026 and declared a third-quarter dividend of C$0.87 per share. It also plans to complete the repurchase of all remaining shares permitted under the NCIB program before the end of 2026. Between fiscal 2020 and fiscal 2025, the company generated C$25 billion in free cash flow and returned C$24 billion to shareholders, with annual dividend growth for 31 consecutive years.
A combination of non-routine Kearl maintenance, unplanned maintenance at Cold Lake, and heavy rainfall at Syncrude reduced upstream production in the second quarter of fiscal 2026 to 414 thousand oil-equivalent barrels per day. Management expects fiscal 2026 production to be near the low end of the guidance range, although it kept the range itself unchanged. Maintenance on Coker 8-2 at Syncrude is scheduled to last approximately 50 days beginning in the second half of August 2026, alongside planned work at Cold Lake and Sarnia.
Imperial believes Aspen, Corner, and Clark Creek could, together with its solvent-based technology, support the potential to double total operated upstream production over time. An enhanced bitumen recovery pilot is being constructed at Aspen, and its startup remains targeted for fiscal 2027. At Corner and Clark Creek, the cited work is focused on delineation drilling and resource understanding, and the pace of their development will depend on the investment climate and the results of proving the technology at Aspen.
