IMPERIAL OIL LIMITED vs VALERO ENERGY CORP/TX, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Seven turns of multiple separate Imperial Oil at 26.13 times from Valero at 18.95, the integrated Canadian major priced dearer than the US pure refiner despite Valero's higher return on equity, 15.6% against 12.8%. The premium buys Imperial's upstream reserves and Exxon parentage; Valero's discount buys downstream focus and better capital returns. Imperial nets 6.2% of revenue, Valero 3.4%, integrated economics against refining crack spreads. Both run light leverage and pay near-2% dividends. Valero converts more of its price to cash, 7% against 5.2%. The pair prices reserves-and-refining against pure refining; Imperial's premium is the value of owning the barrel before it hits the still, priced at seven turns, which upstream optionality may or may not justify this cycle.
Comparison updated 2026-07-11.
| Metric | IMO | VLO |
|---|---|---|
| Price | $113.36 | $259.41 |
| Market cap | $55.0B | $77.3B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +12.0% | +9.4% |
| P/E | 26.1 | 18.9 |
| P/B | 3.29 | 2.87 |
| P/S | 1.59 | 0.62 |
| EV/EBITDA | 30.1 | 8.9 |
| Revenue growth | -9.1% | -2.4% |
| Operating margin | — | 5.3% |
| Net margin | 6.2% | 3.4% |
| Return on equity | 12.8% | 15.6% |
| Return on assets | 6.4% | 6.8% |
| Return on invested capital | — | 15.9% |
| FCF yield | 5.2% | 7.0% |
| Dividend yield | 1.9% | 1.7% |
| Debt / equity | 0.15 | 0.04 |
| Current ratio | 1.23 | 1.58 |
| Altman Z (solvency) | 3.74 | 9.40 |
| 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.