Shell plc SHEL

EnergyOil & GasUnited Kingdom

Last close 108.69 USD on Nov 1, 2026, +52.0% year to date

Quant rating

Quant rating A Rank 11 of 113 in Energy

Growth C 58 of 113
Valuation B 36 of 113
Quality B 18 of 113
Revisions A 15 of 113
Momentum B 19 of 113

Wall Street consensus Buy (2.50)Average target 105.06 USD −3.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 308.3B
Enterprise value: 349.0B
52-week range: 68.63 – 109.35
3-year range: 59.75 – 109.35
Dividend yield: 2.84%
Beta (5 years): 0.08
Shares outstanding: 5,704M
Next earnings: Oct 29, 2026

About the company

Shell plc is an international energy company engaged in the principal aspects of the energy and petrochemical industries. The Company's segments include Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate. The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure. The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas and operates the infrastructure necessary to deliver them to the market. The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonization businesses. The Chemicals and Products segment includes chemical manufacturing plants with their own marketing network, and refineries.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	266,886	284,312	316,620	381,314	261,504	–
Revenue growth	−6.1%	−10.2%	−17.0%	45.8%	44.8%	8.1%
EPS (basic, normalized)	6.22	7.45	8.31	10.76	4.98	–
EPS growth	−16.6%	−10.3%	−22.8%	116.1%	–	–
Gross margin	25.4%	25.6%	24.8%	25.5%	24.0%	25.1%
Net margin	6.7%	5.7%	6.1%	11.1%	7.7%	7.4%
ROE	10.1%	8.8%	10.3%	23.3%	12.3%	13.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	36,425
Current ratio	1.38x
Long-term debt (mil)	67,134
Net debt (mil)	40,728
Total equity (mil)	198,435
Net debt / equity	0.21x
Net debt / EBITDA	0.73x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	266,886	−6.1%	1.3x	56,135	−14.5%	6.2x	6.22	−16.6%	17.5x
2026	352,676	+32.1%	1.0x	83,629	+49.0%	4.2x	12.72	+104.4%	8.5x
2027	326,328	−7.5%	1.1x	74,876	−10.5%	4.7x	10.24	−19.4%	10.6x
2028	319,355	−2.1%	1.1x	66,105	−11.7%	5.3x	9.42	−8.1%	11.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	352,676	+3.9%	+7.3%	+4.3%	12.72	+8.8%	+16.8%	+39.0%
2027	326,328	+2.9%	+7.3%	+4.1%	10.24	+9.6%	+22.9%	+18.5%
2028	319,355	−0.2%	+0.6%	−1.0%	9.42	+4.7%	+5.7%	+2.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	72,478	74,463	71,089	66,281	69,234	65,406	68,153	64,093	69,691	94,664
Sales mean (mil)	82,039	61,329	61,343	49,230	71,273	58,341	68,721	63,250	74,584	81,989
Surprise	−11.7%	+21.4%	+15.9%	+34.6%	−2.9%	+12.1%	−0.8%	+1.3%	−6.6%	+15.5%
EPS reported	2.40	1.98	1.92	1.18	1.84	1.44	1.86	1.12	2.44	3.52
EPS mean	1.85	1.82	1.66	1.44	1.61	1.36	1.60	1.18	1.99	2.72
Surprise	+30.0%	+8.8%	+15.8%	−17.9%	+14.6%	+5.8%	+16.0%	−5.3%	+22.5%	+29.6%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SHEL Shell plc	308.3B	0.73x	6.7%	1.67x	8.5x	10.6x	4.2x	4.7x
2222 Saudi Arabian Oil Co	1.67T	0.44x	20.8%	4.00x	13.4x	13.6x	6.9x	6.8x
XOM Exxonmobil Holdings Corp	770.0B	0.43x	8.9%	2.97x	14.2x	15.2x	8.0x	8.1x
CVX Chevron Corporation	465.3B	0.85x	6.7%	2.45x	13.3x	14.9x	6.9x	7.5x
TTEF TotalEnergies SE	217.9B	0.73x	7.0%	1.59x	7.6x	8.5x	4.4x	4.8x
COP ConocoPhillips	185.0B	0.62x	12.8%	2.83x	13.8x	14.8x	5.9x	6.2x
Mean		0.63x	10.5%	2.58x	11.8x	13.0x	6.0x	6.3x
Median		0.67x	8.0%	2.64x	13.3x	14.2x	6.4x	6.5x

Technical analysis

1M+12.7%
3M+27.2%
1Y+50.1%
3Y+84.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Shell plc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	266,886	284,312	316,620	381,314	261,504	180,543
Cost of revenue	199,092	211,499	238,123	284,006	198,734	141,094
Gross profit	67,794	72,813	78,497	97,308	62,770	39,449
Selling, general & administrative expenses	12,607	12,439	13,433	12,779	11,328	9,881
Research & development	2,306	3,510	3,037	2,787	2,238	2,654
Depreciation/amortization	22,166	22,703	23,105	22,393	22,903	24,981
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−57.0	4,457	7,928	−3,276	−1,977	27,177
Other operating expenses	1,033	974	719	507	450	497
Operating income	29,739	28,730	30,275	62,118	27,828	−25,741
Net interest income (expense)	−515	610	1,675	2,220	1,660	−1,499
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	532	582	677	477	341	273
Net income before taxes	29,756	29,922	32,627	64,815	29,829	−26,967
Provision for taxes	11,637	13,401	12,991	21,941	9,199	−5,433
Minority interest	−282	−427	−277	−565	−529	−146
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	17,837	16,094	19,359	42,309	20,101	−21,680
Extraordinary items	–	–	–	–	–	–
Net income	17,837	16,094	19,359	42,309	20,101	−21,680
EBIT, normalized	30,193	35,704	38,474	61,278	27,038	4,101
EBITDA, normalized	52,866	59,252	62,071	79,913	54,195	29,518
Basic EPS, normalized	6.22	7.45	8.31	10.76	4.98	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Shell plc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	29,630	37,836	38,314	40,090	36,857	31,765
Receivables	40,275	40,147	47,117	51,999	44,233	29,944
Total inventory	22,216	23,426	26,019	31,894	25,258	19,457
Prepaid expenses	4,322	5,713	6,156	14,511	8,975	3,681
Other current assets	10,730	20,804	16,509	27,444	13,442	7,107
Total current assets	107,173	127,926	134,115	165,938	128,765	91,954
Property, plant & equipment	185,077	185,219	194,835	198,642	194,932	209,700
Goodwill	15,662	16,032	16,660	16,039	14,920	14,039
Intangibles	11,010	9,480	10,253	9,662	9,773	8,671
Long-term investments	29,332	25,700	27,703	27,226	27,212	25,673
Note receivable	6,620	4,555	4,111	4,760	5,545	6,318
Other long-term assets	15,476	18,697	18,593	20,757	23,232	22,913
Total assets	370,350	387,609	406,270	443,024	404,379	379,268
Liabilities
Accounts payable	33,365	36,177	42,110	51,073	38,929	25,945
Payable/accrued	–	–	–	–	–	–
Accrued expenses	13,784	14,678	16,240	18,225	14,627	11,686
Short-term debt	506	642	845	1,026	515	7,535
Current portion of long-term debt	8,622	10,988	9,086	7,975	7,703	9,364
Other current liabilities	26,138	32,549	27,186	43,012	33,773	19,178
Total current liabilities	82,415	95,034	95,467	121,311	95,547	73,708
Long-term debt	66,515	65,448	71,610	74,794	80,868	91,115
Minority interest	927	1,861	1,755	2,125	3,360	3,227
Other liabilities	46,101	46,959	50,831	54,322	52,638	55,908
Total liabilities	195,958	209,302	219,663	252,552	232,413	223,958
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	477	510	544	584	641	651
Additional paid-in capital	154	154	154	154	154	154
Retained earnings (accumulated deficit)	192,488	197,819	204,757	208,116	191,427	180,949
Treasury stock	−847	−803	−997	−726	−610	−709
Other equity	−17,880	−19,373	−17,851	−17,656	−19,646	−25,735
Total equity	174,392	178,307	186,607	190,472	171,966	155,310
Total liabilities & shareholders' equity	370,350	387,609	406,270	443,024	404,379	379,268

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Shell plc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	29,756	29,922	32,627	64,815	29,829	−26,967
Depreciation, depletion & amortization	25,299	26,872	31,290	18,529	26,921	52,444
Deferred taxes	–	–	–	–	–	–
Non-cash items	2,855	4,964	2,931	2,800	−2,428	4,653
Changes in working capital	−15,047	−7,071	−12,657	−17,730	−9,218	3,975
Cash from operations	42,863	54,687	54,191	68,414	45,104	34,105
Investing activities
Capital expenditures	−18,947	−19,601	−22,993	−22,600	−19,000	−16,585
Other investing cash flows	2,136	4,446	5,259	152	14,239	3,307
Cash from investing	−16,811	−15,155	−17,734	−22,448	−4,761	−13,278
Financing activities
Financing cash flow items	−3,013	−5,461	−4,504	−7,647	−5,508	−3,301
Cash dividends paid	−8,472	−8,668	−8,393	−7,405	−6,253	−7,424
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−24,327	−24,306	−25,338	−26,902	−22,903	3,501
Cash from financing	−35,812	−38,435	−38,235	−41,954	−34,664	−7,224
Foreign exchange effects	866	−761	306	−736	−539	172
Net change in cash	−8,894	336	−1,472	3,276	5,140	13,775
Free cash flow	23,916	35,086	31,198	45,814	26,104	17,520

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.