Imperial Oil (TSX:IMO) Beneish M-Score: -2.51 (As of Jun. 26, 2026)

What is Imperial Oil Beneish M-Score?

Imperial Oil TSX:IMO +0.33% 80 Beneish M-Score is -2.51 as of Jun. 26, 2026. GuruFocus rates TSX:IMO with a GF Score™ of 80/100 and a GF Value™ of C$113.41 (Significantly Overvalued). The stock has 2 warning signs investors should review. Among 822 Oil & Gas companies, Imperial Oil ranks worse than 60.22% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Imperial Oil's Beneish M-Score or its related term are showing as below:

TSX:IMO' s Beneish M-Score Range Over the Past 10 Years
Min: -4.34 Med: -2.49 Max: 1.53
Current: -2.51

During the past 13 years, the highest Beneish M-Score of Imperial Oil was 1.53. The lowest was -4.34. And the median was -2.49.

Imperial Oil Beneish M-Score Related Terms

Imperial Oil Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Imperial Oil's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Imperial Oil Beneish M-Score Chart

Imperial Oil Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-2.79

-2.60

-2.31

-2.25

-3.10

Imperial Oil Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.45	-2.60	-2.87	-3.10	-2.51

TSX:IMO vs XOM, CVX: Beneish M-Score Comparison

For the Oil & Gas Integrated subindustry, Imperial Oil's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Imperial Oil Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Imperial Oil's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Imperial Oil's Beneish M-Score falls into.

Save Embed

80GF Score

Imperial Oil Ltd TSX:IMO

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Imperial Oil Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Imperial Oil for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.432

0.528 * 1.2596

0.404 * 1.0679

0.892 * 0.9257

0.115 * 0.8049

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7497

4.679 * -0.069434

0.327 * 1.1638

-2.51

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was C$7,649 Mil.
Revenue was 12068 + 10879 + 11614 + 10836 = C$45,397 Mil.
Gross Profit was 1616 + 866 + 1302 + 1479 = C$5,263 Mil.
Total Current Assets was C$11,519 Mil.
Total Assets was C$45,453 Mil.
Property, Plant and Equipment(Net PPE) was C$30,823 Mil.
Depreciation, Depletion and Amortization(DDA) was C$2,568 Mil.
Selling, General, & Admin. Expense(SGA) was C$1,563 Mil.
Total Current Liabilities was C$9,348 Mil.
Long-Term Debt & Capital Lease Obligation was C$4,120 Mil.
Net Income was 940 + 492 + 539 + 949 = C$2,920 Mil.
Non Operating Income was 30 + 30 + 55 + 24 = C$139 Mil.
Cash Flow from Operations was 756 + 1918 + 1798 + 1465 = C$5,937 Mil.

Total Receivables was C$5,770 Mil.
Revenue was 11874 + 11920 + 12554 + 12692 = C$49,040 Mil.
Gross Profit was 1901 + 1774 + 1795 + 1691 = C$7,161 Mil.
Total Current Assets was C$10,405 Mil.
Total Assets was C$43,889 Mil.
Property, Plant and Equipment(Net PPE) was C$30,671 Mil.
Depreciation, Depletion and Amortization(DDA) was C$2,024 Mil.
Selling, General, & Admin. Expense(SGA) was C$965 Mil.
Total Current Liabilities was C$7,041 Mil.
Long-Term Debt & Capital Lease Obligation was C$4,133 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(7649 / 45397)	/	(5770 / 49040)
	=	0.168491	/	0.117659
	=	1.432

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(7161 / 49040)	/	(5263 / 45397)
	=	0.146024	/	0.115933
	=	1.2596

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (11519 + 30823) / 45453)	/	(1 - (10405 + 30671) / 43889)
	=	0.068444	/	0.064094
	=	1.0679

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	45397	/	49040
	=	0.9257

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(2024 / (2024 + 30671))	/	(2568 / (2568 + 30823))
	=	0.061905	/	0.076907
	=	0.8049

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1563 / 45397)	/	(965 / 49040)
	=	0.03443	/	0.019678
	=	1.7497

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((4120 + 9348) / 45453)	/	((4133 + 7041) / 43889)
	=	0.296306	/	0.254597
	=	1.1638

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(2920 - 139	-	5937)	/	45453
	=	-0.069434

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Imperial Oil has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.51 mean?

Imperial Oil (TSX:IMO) has a Beneish M-Score of -2.51 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Imperial Oil and its competitors. According to the industry distribution chart, Imperial Oil ranks #495 out of 822 companies in the Oil & Gas industry, placing it in the top 60.2%.

Is Imperial Oil's Beneish M-Score too high?

Imperial Oil's current Beneish M-Score is -2.51. Based on the distribution chart, Imperial Oil ranks #495 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Imperial Oil has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Imperial Oil's Beneish M-Score compare to XOM and CVX?

According to the Oil & Gas industry distribution chart, Imperial Oil ranks #495 out of 822 companies for Beneish M-Score. This places Imperial Oil in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Imperial Oil and its competitors. Imperial Oil's current Beneish M-Score is -2.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Imperial Oil stock overvalued right now?

Based on GuruFocus' analysis, Imperial Oil (TSX:IMO) is currently considered Significantly Overvalued. The stock's GF Value™ is C$113.41, compared to a current price of C$160.92 — trading 41.9% above its estimated fair value. The current Beneish M-Score is -2.51. Imperial Oil's overall GF Score™ is 80/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Imperial Oil (TSX:IMO), the current Beneish M-Score is -2.51 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Imperial Oil (TSX:IMO) Overvalued in 2026?

Based on GuruFocus' analysis, Imperial Oil stock appears to be overvalued. The current stock price of C$160.92 is trading 41.9% above its estimated GF Value™ of C$113.41. GuruFocus considers Imperial Oil to be Significantly Overvalued.

Key valuation signals for TSX:IMO:

Beneish M-Score: -2.51
GF Value™: C$113.41 vs. price of C$160.92 (41.9% above fair value)
GF Score™: 80/100 with 2 warning signs

No single metric tells the full story. See the TSX:IMO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Imperial Oil Business Description

Industry Energy Oil & Gas

Comparable Companies TSX:CVE TSX:SU SAU:2222 XOM CVX SHSE:601857 LSE:SHEL XPAR:TTE BSP:PETR3 LSE:BP.OSL:EQNR HKSE:00386 MIL:ENI ADX:ADNOCGAS WAR:PKN BOM:500312 BKK:PTT BOG:ECOPETROL XMAD:REP WBO:OMV

Other Exchanges IMO:USA IMP:Germany

Address 505 Quarry Park Boulevard S.E, Calgary, AB, CAN, T2C 5N1

Website https://www.imperialoil.ca

Imperial Oil Ltd is an integrated oil company active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil, natural gas, petroleum products, and petrochemicals. It also pursues lower-emission business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, and lithium. The company's reportable segments are Upstream, Downstream, and Chemical. Maximum revenue for the company is generated from its Downstream segment, which refines crude oil into petroleum products and distributes and market these products. The Upstream segment explores and produces crude oil, its equivalents, and natural gas, and the Chemical segment manufactures and markets hydrocarbon-based chemicals and chemical products.

80GF Score

Get the complete analysis for TSX:IMO

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$160.92

Price

C$113.41

GF Value

View TSX:IMO Analysis

See Beneish M-Score data for all stocks →