IMPERIAL OIL LIMITED vs Phillips 66, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Return on assets is where this pair splits: Imperial Oil at 6.4% against Phillips 66's 4.9%, the integrated Canadian major out-earning the US downstream specialist per dollar of assets, though Phillips leads on equity, 13.9% against 12.8%. Imperial is oil sands plus refining under Exxon's majority ownership; Phillips is refining, chemicals, and midstream. Imperial trades dearer, 26.1 times against 17, the market paying up for integrated upstream reserves over downstream margin capture. Both pay near-2% dividends, both run light leverage. Free cash favors Imperial, 5.2% against 3.6%. The pair prices reserves-plus-refining against refining-plus-chemicals; the Canadian integrated's premium is upstream optionality, the American specialist's discount is downstream focus.
Comparison updated 2026-07-11.
| Metric | IMO | PSX |
|---|---|---|
| Price | $113.36 | $171.67 |
| Market cap | $55.0B | $69.2B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +12.0% | +0.1% |
| P/E | 26.1 | 17.0 |
| P/B | 3.29 | 2.33 |
| P/S | 1.59 | 0.51 |
| EV/EBITDA | 30.1 | 24.0 |
| Revenue growth | -9.1% | -1.8% |
| Net margin | 6.2% | 3.1% |
| Return on equity | 12.8% | 13.9% |
| Return on assets | 6.4% | 4.9% |
| FCF yield | 5.2% | 3.6% |
| Dividend yield | 1.9% | 2.8% |
| Debt / equity | 0.15 | 0.28 |
| Current ratio | 1.23 | 1.13 |
| Altman Z (solvency) | 3.74 | 2.96 |
| Piotroski F (quality) | 6 / 9 | 5 / 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.