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British-based oil supermajor producing oil and gas, LNG, refined products and chemicals, with a retail fuel/EV-charging network.
British-based oil supermajor producing oil and gas, LNG, refined products and chemicals, with a retail fuel/EV-charging network.
Earns from oil and gas it produces and sells at market prices, from trading and selling LNG (gas cooled to liquid for shipping), and from refining and fuel-retail margins. In 2022 it moved its headquarters from The Hague to London, dropped Royal Dutch from its name and merged to a single share line.
In one line: UK's ExxonMobil.
Moat: narrow (scale, distribution, installed base). World's largest LNG trading/portfolio and a global refining/retail network, but oil/gas is a commodity business.
Headquarters: London, UK · Founded: 1907 · Employees: 85,000
Size Shell (SHEL.L) is a United Kingdom Energy company (Integrated Oil) with a market value of $284B, the 3rd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £3,722 on 6 Nov 2026.
Performance Over six months the shares gained 17.9%, against +11.6% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 2nd highest of 12 in its peer set.
Growth Revenue grew 15.0% over the last twelve months (peer median +17.6%); the operating margin is 15.6% (peer median 23.6%).
Valuation It trades at 7.7× forward earnings against a peer median of 8.3× (6th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.0 points above its cost of capital (7.5% WACC).
Credit Shell has 32 bonds outstanding ($26.0B), rated A+ by the agencies and trading like AA- at a weighted spread of 64 bp.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £240B | £195B | £214B | £242B | £300B |
| Revenue growth | — | -9% | -11% | -20% | — |
| Gross profit | £46.6B | £25.0B | £28.4B | £29.4B | £49.5B |
| EBITDA | £54.4B | £33.2B | £36.2B | £36.7B | £56.9B |
| Net income | £24.4B | £13.5B | £12.6B | £15.6B | £34.3B |
| Free cash flow | £25.8B | £16.5B | £25.8B | £23.2B | £34.9B |
| Capital expenditure | £15.4B | £14.4B | £15.3B | £18.5B | £18.3B |
| Total debt | £57.3B | £56.2B | £61.5B | £64.0B | £69.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shell SHEL.L | $284B | +18% | +15% | 16% | 7.7× | -10.9% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
| Chevron CVX | $415B | +18% | +22% | 15% | 11.4× | -3.0% |
| Bp PLC BP..L | $116B | +2% | +23% | 13% | 5.4× | -16.3% |
| TotalEnergies TTE.PA | $200B | +2% | +11% | 17% | 7.0× | -15.6% |
| ConocoPhillips COP | $164B | +21% | +9% | 22% | 11.5× | -6.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SHEL.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.5% | -0.2% | 5th lowest of 12 |
| 6-month return | +17.9% | +11.6% | 2nd highest of 12 |
| Distance from 52-week high | -9.4% | -12.4% | 2nd highest of 12 |
| Revenue growth (TTM) | +15.0% | +17.6% | 5th lowest of 12 |
| Operating margin | 15.6% | 23.6% | 5th lowest of 12 |
| Forward P/E | 7.7× | 8.3× | 6th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | -10.9% | -12.6% | 5th most demanding of 11 |
| Growth delivered (Del g) | +8.1% | +13.5% | lowest of 11 |
| Hurdle (Req g minus delivered) | -18.9 pp | -25.5 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | +8.0 pp | +12.0 pp | 5th lowest of 12 |
| EV / EBITDA | 4.4× | 5.1× | 5th cheapest of 12 |
| Net debt / EBITDA | 0.6× | 0.3× | 3rd most indebted of 12 |
| Bond spread | 64 bp | 65 bp | 5th tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shell SHEL.L | United Kingdom | $284B | +18% | +15% | 16% | 7.7× | -10.9% | +8.1% |
| PetroChina 601857.SS | China | $336B | +4% | -3% | 9% | 12.1× | -5.1% | +8.6% |
| TotalEnergies TTE.PA | France | $200B | +2% | +11% | 17% | 7.0× | -15.6% | +9.0% |
| Chevron CVX | United States | $415B | +18% | +22% | 15% | 11.4× | -3.0% | +14.3% |
| Cnooc 0883.HK | Hong Kong | $148B | -9% | +11% | 46% | 5.8× | n/a | n/a |
| ExxonMobil XOM | United States | $677B | +16% | +21% | 14% | 11.8× | -5.9% | +12.7% |
| Petroleo Brasileiro SA Sponsored ADR PBR | United States | $118B | -9% | +21% | 35% | 3.7× | -19.8% | +11.0% |
| Bp PLC BP..L | United Kingdom | $116B | +2% | +23% | 13% | 5.4× | -16.3% | +11.7% |
| Equinor EQNR.OL | Norway | $102B | +12% | +2% | 33% | 7.2× | -15.4% | +20.7% |
| Canadian Natural Resources CNQ.TO | Canada | $101B | +12% | +18% | 27% | 10.3× | 2.8% | +18.1% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| EOG Resources EOG | United States | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% | +17.9% |
Shell has 32 bonds outstanding with $26.0B face value. The agencies rate it A+; its bonds trade like AA-. Weighted yield 5.64%, a spread of 64 bp over government bonds.