IMPERIAL OIL LIMITED vs MARATHON PETROLEUM CORPORATION, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Neither company's growth prints, but the multiples price their models differently: Imperial Oil at 26.1 times earnings, an integrated Canadian major (majority ExxonMobil-owned) priced for oil-sands durability, and Marathon Petroleum at 16.7, a pure refiner priced for crack spreads. Marathon earns the higher return on equity, 19.8% against 12.8%, though its buyback-shrunk base flatters it; on assets they nearly tie, 5.3% against 6.4%, Imperial ahead. Imperial pays 1.9% in dividends, Marathon 1.5%, both light. Imperial carries 0.15 turns of debt, Marathon 0.09. The pair prices integrated Canadian oil against focused US refining; Imperial's premium buys upstream reserves and Exxon's parentage, Marathon's discount buys downstream leverage to margins.
Comparison updated 2026-07-11.
| Metric | IMO | MPC |
|---|---|---|
| Price | $113.36 | $253.99 |
| Market cap | $55.0B | $74.9B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +12.0% | -3.9% |
| P/E | 26.1 | 16.7 |
| P/B | 3.29 | 3.20 |
| P/S | 1.59 | 0.55 |
| EV/EBITDA | 30.1 | 6.1 |
| Revenue growth | -9.1% | -1.2% |
| Operating margin | — | 4.1% |
| Net margin | 6.2% | 3.4% |
| Return on equity | 12.8% | 19.8% |
| Return on assets | 6.4% | 5.3% |
| Return on invested capital | — | 29.0% |
| FCF yield | 5.2% | 7.6% |
| Dividend yield | 1.9% | 1.5% |
| Debt / equity | 0.15 | 0.09 |
| Current ratio | 1.23 | 1.18 |
| Altman Z (solvency) | 3.74 | 2.97 |
| Piotroski F (quality) | 6 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.