SHELL PLC (SHELL.AS) Fundamental Analysis & Valuation

AMS:SHELL • GB00BP6MXD84

37.44 EUR
+0.71 (+1.95%)
Last: Mar 11, 2026, 03:53 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This SHELL.AS fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

SHELL gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 83 industry peers in the Oil, Gas & Consumable Fuels industry. Both the profitability and the financial health of SHELL get a neutral evaluation. Nothing too spectacular is happening here. SHELL is not valued too expensively and it also shows a decent growth rate. Finally SHELL also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

4

1. SHELL.AS Profitability Analysis

1.1 Basic Checks

  • In the past year SHELL was profitable.
  • SHELL had a positive operating cash flow in the past year.
  • SHELL had positive earnings in each of the past 5 years.
  • SHELL had a positive operating cash flow in each of the past 5 years.
SHELL.AS Yearly Net Income VS EBIT VS OCF VS FCFSHELL.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20B -20B 40B 60B

1.2 Ratios

  • SHELL's Return On Assets of 4.82% is fine compared to the rest of the industry. SHELL outperforms 62.65% of its industry peers.
  • With a Return On Equity value of 10.23%, SHELL perfoms like the industry average, outperforming 54.22% of the companies in the same industry.
  • SHELL has a Return On Invested Capital (6.19%) which is comparable to the rest of the industry.
  • SHELL had an Average Return On Invested Capital over the past 3 years of 6.63%. This is below the industry average of 8.83%.
Industry RankSector Rank
ROA 4.82%
ROE 10.23%
ROIC 6.19%
ROA(3y)4.58%
ROA(5y)5.65%
ROE(3y)9.88%
ROE(5y)12.71%
ROIC(3y)6.63%
ROIC(5y)7.06%
SHELL.AS Yearly ROA, ROE, ROICSHELL.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20

1.3 Margins

  • With a Profit Margin value of 6.68%, SHELL perfoms like the industry average, outperforming 45.78% of the companies in the same industry.
  • In the last couple of years the Profit Margin of SHELL has declined.
  • Looking at the Operating Margin, with a value of 11.51%, SHELL is doing worse than 63.86% of the companies in the same industry.
  • SHELL's Operating Margin has improved in the last couple of years.
  • With a Gross Margin value of 25.40%, SHELL is not doing good in the industry: 74.70% of the companies in the same industry are doing better.
  • SHELL's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 11.51%
PM (TTM) 6.68%
GM 25.4%
OM growth 3Y-9.31%
OM growth 5Y70.64%
PM growth 3Y-15.55%
PM growth 5YN/A
GM growth 3Y-0.15%
GM growth 5Y3.06%
SHELL.AS Yearly Profit, Operating, Gross MarginsSHELL.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 -10 20

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ROAROEROICOperating and Profit MarginShow most profitable peers

5

2. SHELL.AS Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so SHELL is destroying value.
  • Compared to 1 year ago, SHELL has less shares outstanding
  • The number of shares outstanding for SHELL has been reduced compared to 5 years ago.
  • Compared to 1 year ago, SHELL has a worse debt to assets ratio.
SHELL.AS Yearly Shares OutstandingSHELL.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B
SHELL.AS Yearly Total Debt VS Total AssetsSHELL.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100B 200B 300B 400B

2.2 Solvency

  • An Altman-Z score of 2.11 indicates that SHELL is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • SHELL has a Altman-Z score of 2.11. This is comparable to the rest of the industry: SHELL outperforms 57.83% of its industry peers.
  • SHELL has a debt to FCF ratio of 3.16. This is a good value and a sign of high solvency as SHELL would need 3.16 years to pay back of all of its debts.
  • SHELL has a Debt to FCF ratio of 3.16. This is in the better half of the industry: SHELL outperforms 72.29% of its industry peers.
  • A Debt/Equity ratio of 0.38 indicates that SHELL is not too dependend on debt financing.
  • SHELL's Debt to Equity ratio of 0.38 is fine compared to the rest of the industry. SHELL outperforms 60.24% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.38
Debt/FCF 3.16
Altman-Z 2.11
ROIC/WACC0.89
WACC6.98%
SHELL.AS Yearly LT Debt VS Equity VS FCFSHELL.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50B 100B 150B

2.3 Liquidity

  • SHELL has a Current Ratio of 1.30. This is a normal value and indicates that SHELL is financially healthy and should not expect problems in meeting its short term obligations.
  • SHELL has a Current ratio of 1.30. This is comparable to the rest of the industry: SHELL outperforms 50.60% of its industry peers.
  • SHELL has a Quick Ratio of 1.03. This is a normal value and indicates that SHELL is financially healthy and should not expect problems in meeting its short term obligations.
  • SHELL's Quick ratio of 1.03 is in line compared to the rest of the industry. SHELL outperforms 51.81% of its industry peers.
Industry RankSector Rank
Current Ratio 1.3
Quick Ratio 1.03
SHELL.AS Yearly Current Assets VS Current LiabilitesSHELL.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50B 100B 150B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. SHELL.AS Growth Analysis

3.1 Past

  • SHELL shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -16.29%.
  • SHELL shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 38.24% yearly.
  • Looking at the last year, SHELL shows a decrease in Revenue. The Revenue has decreased by -6.13% in the last year.
  • Measured over the past years, SHELL shows a quite strong growth in Revenue. The Revenue has been growing by 8.13% on average per year.
EPS 1Y (TTM)-16.29%
EPS 3Y-16.62%
EPS 5Y38.24%
EPS Q2Q%-4.92%
Revenue 1Y (TTM)-6.13%
Revenue growth 3Y-11.21%
Revenue growth 5Y8.13%
Sales Q2Q%-3.3%

3.2 Future

  • SHELL is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 16.34% yearly.
  • SHELL is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -0.64% yearly.
EPS Next Y1.18%
EPS Next 2Y7.77%
EPS Next 3Y9.17%
EPS Next 5Y16.34%
Revenue Next Year-3.55%
Revenue Next 2Y1.17%
Revenue Next 3Y2.9%
Revenue Next 5Y-0.64%

3.3 Evolution

  • The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
SHELL.AS Yearly Revenue VS EstimatesSHELL.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 100B 200B 300B
SHELL.AS Yearly EPS VS EstimatesSHELL.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2 4 6

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5

4. SHELL.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 13.92, the valuation of SHELL can be described as correct.
  • SHELL's Price/Earnings ratio is a bit cheaper when compared to the industry. SHELL is cheaper than 67.47% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 26.25. SHELL is valued slightly cheaper when compared to this.
  • SHELL is valuated correctly with a Price/Forward Earnings ratio of 13.76.
  • Based on the Price/Forward Earnings ratio, SHELL is valued a bit cheaper than 66.27% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of SHELL to the average of the S&P500 Index (24.39), we can say SHELL is valued slightly cheaper.
Industry RankSector Rank
PE 13.92
Fwd PE 13.76
SHELL.AS Price Earnings VS Forward Price EarningsSHELL.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • SHELL's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. SHELL is cheaper than 87.95% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, SHELL is valued cheaper than 92.77% of the companies in the same industry.
Industry RankSector Rank
P/FCF 5.15
EV/EBITDA 2.97
SHELL.AS Per share dataSHELL.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates SHELL does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)11.83
PEG (5Y)0.36
EPS Next 2Y7.77%
EPS Next 3Y9.17%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. SHELL.AS Dividend Analysis

5.1 Amount

  • SHELL has a Yearly Dividend Yield of 3.49%.
  • SHELL's Dividend Yield is a higher than the industry average which is at 4.82.
  • Compared to an average S&P500 Dividend Yield of 1.82, SHELL pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.49%

5.2 History

  • The dividend of SHELL is nicely growing with an annual growth rate of 8.63%!
Dividend Growth(5Y)8.63%
Div Incr Years3
Div Non Decr Years3
SHELL.AS Yearly Dividends per shareSHELL.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

  • SHELL pays out 47.49% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • SHELL's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP47.49%
EPS Next 2Y7.77%
EPS Next 3Y9.17%
SHELL.AS Yearly Income VS Free CF VS DividendSHELL.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20B -20B 40B
SHELL.AS Dividend Payout.SHELL.AS Dividend Payout, showing the Payout Ratio.SHELL.AS Dividend Payout.PayoutRetained Earnings

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SHELL.AS Fundamentals: All Metrics, Ratios and Statistics

SHELL PLC

AMS:SHELL (3/11/2026, 3:53:15 PM)

37.44

+0.71 (+1.95%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-05
Earnings (Next)05-07
Inst Owners37.72%
Inst Owner ChangeN/A
Ins Owners0.04%
Ins Owner ChangeN/A
Market Cap105.80B
Revenue(TTM)266.89B
Net Income(TTM)17.84B
Analysts71.85
Price Target37.51 (0.19%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.49%
Yearly Dividend1.24
Dividend Growth(5Y)8.63%
DP47.49%
Div Incr Years3
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2.15%
Min EPS beat(2)-11.9%
Max EPS beat(2)7.6%
EPS beat(4)1
Avg EPS beat(4)-6.27%
Min EPS beat(4)-16.35%
Max EPS beat(4)7.6%
EPS beat(8)4
Avg EPS beat(8)-2.47%
EPS beat(12)6
Avg EPS beat(12)-1.59%
EPS beat(16)9
Avg EPS beat(16)0.63%
Revenue beat(2)0
Avg Revenue beat(2)-4.98%
Min Revenue beat(2)-8.18%
Max Revenue beat(2)-1.79%
Revenue beat(4)0
Avg Revenue beat(4)-6.5%
Min Revenue beat(4)-13.37%
Max Revenue beat(4)-1.79%
Revenue beat(8)0
Avg Revenue beat(8)-8.03%
Revenue beat(12)1
Avg Revenue beat(12)-9.82%
Revenue beat(16)3
Avg Revenue beat(16)-7.26%
PT rev (1m)-2.53%
PT rev (3m)-2.12%
EPS NQ rev (1m)3.81%
EPS NQ rev (3m)-0.78%
EPS NY rev (1m)-1.39%
EPS NY rev (3m)-7.04%
Revenue NQ rev (1m)9.51%
Revenue NQ rev (3m)7.93%
Revenue NY rev (1m)-0.17%
Revenue NY rev (3m)-1.23%
Valuation
Industry RankSector Rank
PE 13.92
Fwd PE 13.76
P/S 0.46
P/FCF 5.15
P/OCF 2.87
P/B 0.71
P/tB 0.83
EV/EBITDA 2.97
EPS(TTM)2.69
EY7.18%
EPS(NY)2.72
Fwd EY7.27%
FCF(TTM)7.27
FCFY19.42%
OCF(TTM)13.03
OCFY34.8%
SpS81.13
BVpS53.01
TBVpS44.9
PEG (NY)11.83
PEG (5Y)0.36
Graham Number56.64
Profitability
Industry RankSector Rank
ROA 4.82%
ROE 10.23%
ROCE 10.67%
ROIC 6.19%
ROICexc 6.92%
ROICexgc 7.72%
OM 11.51%
PM (TTM) 6.68%
GM 25.4%
FCFM 8.96%
ROA(3y)4.58%
ROA(5y)5.65%
ROE(3y)9.88%
ROE(5y)12.71%
ROIC(3y)6.63%
ROIC(5y)7.06%
ROICexc(3y)7.53%
ROICexc(5y)8.03%
ROICexgc(3y)8.37%
ROICexgc(5y)8.89%
ROCE(3y)11.43%
ROCE(5y)12.19%
ROICexgc growth 3Y-16.58%
ROICexgc growth 5Y88.73%
ROICexc growth 3Y-16.97%
ROICexc growth 5Y87.78%
OM growth 3Y-9.31%
OM growth 5Y70.64%
PM growth 3Y-15.55%
PM growth 5YN/A
GM growth 3Y-0.15%
GM growth 5Y3.06%
F-Score5
Asset Turnover0.72
Health
Industry RankSector Rank
Debt/Equity 0.38
Debt/FCF 3.16
Debt/EBITDA 1.19
Cap/Depr 74.89%
Cap/Sales 7.1%
Interest Coverage 7.48
Cash Conversion 76.53%
Profit Quality 134.09%
Current Ratio 1.3
Quick Ratio 1.03
Altman-Z 2.11
F-Score5
WACC6.98%
ROIC/WACC0.89
Cap/Depr(3y)73.77%
Cap/Depr(5y)82.77%
Cap/Sales(3y)7.09%
Cap/Sales(5y)6.89%
Profit Quality(3y)171.08%
Profit Quality(5y)150.28%
High Growth Momentum
Growth
EPS 1Y (TTM)-16.29%
EPS 3Y-16.62%
EPS 5Y38.24%
EPS Q2Q%-4.92%
EPS Next Y1.18%
EPS Next 2Y7.77%
EPS Next 3Y9.17%
EPS Next 5Y16.34%
Revenue 1Y (TTM)-6.13%
Revenue growth 3Y-11.21%
Revenue growth 5Y8.13%
Sales Q2Q%-3.3%
Revenue Next Year-3.55%
Revenue Next 2Y1.17%
Revenue Next 3Y2.9%
Revenue Next 5Y-0.64%
EBIT growth 1Y-7.86%
EBIT growth 3Y-19.48%
EBIT growth 5Y84.52%
EBIT Next Year62.13%
EBIT Next 3Y19.44%
EBIT Next 5Y15.43%
FCF growth 1Y-31.83%
FCF growth 3Y-19.48%
FCF growth 5Y6.42%
OCF growth 1Y-21.62%
OCF growth 3Y-14.43%
OCF growth 5Y4.68%

SHELL PLC / SHELL.AS FAQ

What is the ChartMill fundamental rating of SHELL PLC (SHELL.AS) stock?

ChartMill assigns a fundamental rating of 5 / 10 to SHELL.AS.


Can you provide the valuation status for SHELL PLC?

ChartMill assigns a valuation rating of 5 / 10 to SHELL PLC (SHELL.AS). This can be considered as Fairly Valued.


Can you provide the profitability details for SHELL PLC?

SHELL PLC (SHELL.AS) has a profitability rating of 4 / 10.


What are the PE and PB ratios of SHELL PLC (SHELL.AS) stock?

The Price/Earnings (PE) ratio for SHELL PLC (SHELL.AS) is 13.92 and the Price/Book (PB) ratio is 0.71.


What is the earnings growth outlook for SHELL PLC?

The Earnings per Share (EPS) of SHELL PLC (SHELL.AS) is expected to grow by 1.18% in the next year.