IMO vs SU: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: SU is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. IMO and SU share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined IMO and SU exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Imperial Oil Limited is an integrated energy company active across all phases of Canada's petroleum industry: upstream oil sands production (notably its Kearl and Cold Lake operations plus a stake in Syncrude), downstream refining and fuel marketing, and a chemicals business. ExxonMobil owns roughly 70% of the company, which gives Imperial access to Exxon's technology and capital discipline while leaving a public float that trades on both the Toronto Stock Exchange and NYSE American under the ticker IMO. Upstream gross production runs around 419,000 barrels of oil equivalent per day, and its refineries process roughly 380,000 to 400,000 barrels per day.

Full IMO guide

Suncor Energy Inc. is Canada's largest integrated energy company, operating across the full value chain. Upstream, it mines oil sands and runs in situ (steam-injection) production in Alberta, upgrades bitumen into synthetic crude, and also produces offshore oil off Canada's East Coast. Downstream, it refines crude at facilities in Canada and the United States and sells gasoline, diesel, and other products through its Petro-Canada retail and wholesale network across Canada. This integration means Suncor captures margin at multiple stages, and its refining and retail businesses can partly offset swings in crude prices, giving it a steadier profile than a pure upstream producer. Its oil sands reserves are long-life assets with low decline rates, which supports durable production but requires ongoing capital and carries a higher carbon profile than lighter-oil producers.

Full SU guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• IMO drivers: Integrated oil sands and refining base; ExxonMobil backing and capital discipline.
• SU drivers: Long-life oil sands reserves; Integration and downstream buffer.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Imperial's earnings are highly sensitive to crude oil prices, refining crack spreads, and the discount on Canadian heavy oil, all of which are outside its control. For SU, the dominant risk is commodity price cyclicality: Suncor's revenue and profits move with global crude prices and refining margins, so a downturn or a demand shock can compress earnings quickly.

Pick IMO if you believe its drivers more; SU if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the IMO and SU guides.

IMO. IMO trades at a normalized price-to-earnings multiple in the low-to-mid 20s, roughly in line with or slightly above large integrated oil peers, reflecting its dividend-growth record and ExxonMobil backing. Revenue is broadly stable year over year, but Q1 2026 earnings declined and missed estimates as margins softened. All figures are approximate and vary with the CAD/USD exchange rate and oil prices.

SU. These figures are approximate, tied to the asOf date, and stated in Canadian dollars where noted, so verify live numbers and the current exchange rate before acting. For a commodity producer, earnings multiples matter less than where oil prices sit in the cycle, because a low multiple can reflect peak-cycle earnings that may not repeat. Dividend and buyback plans depend on continued oil-price support and can be changed by the company.

Headline figures (approximate, July 2026): IMO shows market cap ~$63B USD (~C$88B), revenue (ttm) ~$36B USD (~C$49B), q1 2026 net income ~C$940M, q1 2026 adjusted eps ~$1.41 (missed ~$1.67 est.); SU shows q1 2026 upstream production record ~875,000 barrels per day, quarterly dividend declared at C$0.60 per share in 2026 (Canadian dollars), 2026 buyback target close to C$4 billion in share repurchases, over 30% above the prior year, market cap large-cap, in the tens of billions of US dollars (varies with the share price).

IMO and SU are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined IMO and SU exposure against your real portfolio. It is not an investment adviser.