Comprehensive Stock Comparison
Compare Petróleo Brasileiro S.A. - Petrobras (PBR) vs Shell plc (SHEL) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | SHEL | -5.9% revenue growth vs PBR's -13.4% |
| Value | PBR | Lower P/E (7.2x vs 13.4x) |
| Quality / Margins | PBR | 16.2% net margin vs SHEL's 6.7% |
| Stability / Safety | SHEL | Beta 0.64 vs PBR's 0.65, lower leverage |
| Dividends | PBR | 34.2% yield, vs SHEL's 3.4% |
| Momentum (1Y) | PBR | +32.8% vs SHEL's +28.1% |
| Efficiency (ROA) | PBR | 6.1% ROA vs SHEL's 4.8%, ROIC 15.7% vs 9.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Petrobras is Brazil's state-controlled integrated oil and gas company that explores for, produces, refines, and distributes petroleum products. It generates revenue primarily from upstream oil and gas production (roughly 60% of operating income) and downstream refining and marketing operations (about 30%), with the remainder from gas and power distribution. The company's key advantage is its dominant position in Brazil's deepwater pre-salt oil fields—among the world's most productive and lowest-cost reserves—combined with its integrated infrastructure network across the country.
Shell is a global integrated energy company that explores for, produces, refines, and markets oil, natural gas, and petrochemical products. It generates revenue primarily through its upstream oil and gas production (~40% of earnings), integrated gas and LNG operations (~30%), and downstream marketing and chemicals businesses (~30%). The company's competitive advantage lies in its massive scale, integrated value chain—from production to retail—and leading positions in liquefied natural gas and deepwater exploration.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
PBR leads in 4 of 6 categories (Financial Metrics, Valuation Metrics). SHEL leads in 1 (Risk & Volatility). 1 tied.
Financial Metrics (TTM)
SHEL is the larger business by revenue, generating $267.5B annually — 3.1x PBR's $86.4B. PBR is the more profitable business, keeping 16.2% of every revenue dollar as net income compared to SHEL's 6.7%.
| Metric | PBRPetróleo Brasilei… | SHELShell plc |
|---|---|---|
| RevenueTrailing 12 months | $86.4B | $267.5B |
| EBITDAEarnings before interest/tax | $35.9B | $53.0B |
| Net IncomeAfter-tax profit | $14.0B | $17.8B |
| Free Cash FlowCash after capex | $16.7B | $22.7B |
| Gross MarginGross profit ÷ Revenue | +48.1% | +16.7% |
| Operating MarginEBIT ÷ Revenue | +25.3% | +11.5% |
| Net MarginNet income ÷ Revenue | +16.2% | +6.7% |
| FCF MarginFCF ÷ Revenue | +19.4% | +8.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +0.5% | -1.7% |
| EPS Growth (YoY)Latest quarter vs prior year | +2.2% | +3.7% |
Valuation Metrics
At 7.1x trailing earnings, PBR trades at a 49% valuation discount to SHEL's 13.9x P/E. On an enterprise value basis, PBR's 3.1x EV/EBITDA is more attractive than SHEL's 5.9x.
| Metric | PBRPetróleo Brasilei… | SHELShell plc |
|---|---|---|
| Market CapShares × price | $61.9B | $235.8B |
| Enterprise ValueMkt cap + debt − cash | $118.9B | $310.1B |
| Trailing P/EPrice ÷ TTM EPS | 7.11x | 13.87x |
| Forward P/EPrice ÷ next-FY EPS est. | 7.23x | 13.40x |
| PEG RatioP/E ÷ EPS growth rate | 0.17x | — |
| EV / EBITDAEnterprise value multiple | 3.12x | 5.85x |
| Price / SalesMarket cap ÷ Revenue | 0.68x | 0.88x |
| Price / BookPrice ÷ Book value/share | 0.90x | 1.42x |
| Price / FCFMarket cap ÷ FCF | 2.65x | 10.81x |
Profitability & Efficiency
PBR delivers a 17.5% return on equity — every $100 of shareholder capital generates $17 in annual profit, vs $10 for SHEL. SHEL carries lower financial leverage with a 0.60x debt-to-equity ratio, signaling a more conservative balance sheet compared to PBR's 1.02x. On the Piotroski fundamental quality scale (0–9), SHEL scores 6/9 vs PBR's 5/9, reflecting solid financial health.
| Metric | PBRPetróleo Brasilei… | SHELShell plc |
|---|---|---|
| ROE (TTM)Return on equity | +17.5% | +10.2% |
| ROA (TTM)Return on assets | +6.1% | +4.8% |
| ROICReturn on invested capital | +15.7% | +9.9% |
| ROCEReturn on capital employed | +15.4% | +10.6% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 6 |
| Debt / EquityFinancial leverage | 1.02x | 0.60x |
| Net DebtTotal debt minus cash | $57.0B | $74.4B |
| Cash & Equiv.Liquid assets | $3.3B | $30.2B |
| Total DebtShort + long-term debt | $60.3B | $104.6B |
| Interest CoverageEBIT ÷ Interest expense | 7.96x | 6.98x |
Total Returns (with DRIP)
A $10,000 investment in PBR five years ago would be worth $40,394 today (with dividends reinvested), compared to $23,319 for SHEL. Over the past 12 months, PBR leads with a +32.8% total return vs SHEL's +28.1%. The 3-year compound annual growth rate (CAGR) favors PBR at 28.0% vs SHEL's 14.7% — a key indicator of consistent wealth creation.
| Metric | PBRPetróleo Brasilei… | SHELShell plc |
|---|---|---|
| YTD ReturnYear-to-date | +39.5% | +11.7% |
| 1-Year ReturnPast 12 months | +32.8% | +28.1% |
| 3-Year ReturnCumulative with dividends | +109.6% | +51.0% |
| 5-Year ReturnCumulative with dividends | +303.9% | +133.2% |
| 10-Year ReturnCumulative with dividends | +789.5% | +146.2% |
| CAGR (3Y)Annualised 3-year return | +28.0% | +14.7% |
Risk & Volatility
SHEL is the less volatile stock with a 0.64 beta — it tends to amplify market swings less than PBR's 0.65 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | PBRPetróleo Brasilei… | SHELShell plc |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.65x | 0.64x |
| 52-Week HighHighest price in past year | $16.92 | $83.67 |
| 52-Week LowLowest price in past year | $11.03 | $58.55 |
| % of 52W HighCurrent price vs 52-week peak | +98.3% | +99.8% |
| RSI (14)Momentum oscillator 0–100 | 72.7 | 60.8 |
| Avg Volume (50D)Average daily shares traded | 20.2M | 4.8M |
Analyst Outlook
Wall Street rates PBR as "Buy" and SHEL as "Buy". Consensus price targets imply 2.6% upside for SHEL (target: $86) vs -6.6% for PBR (target: $16). For income investors, PBR offers the higher dividend yield at 34.20% vs SHEL's 3.42%.
| Metric | PBRPetróleo Brasilei… | SHELShell plc |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $15.53 | $85.67 |
| # AnalystsCovering analysts | 22 | 12 |
| Dividend YieldAnnual dividend ÷ price | +34.2% | +3.4% |
| Dividend StreakConsecutive years of raises | 0 | 4 |
| Dividend / ShareAnnual DPS | $5.69 | $2.85 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.6% | +6.5% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Petróleo Brasileiro… (PBR) | 100 | 120.34 | +20.3% |
| Shell plc (SHEL) | 100 | 168.93 | +68.9% |
Petróleo Brasileiro… (PBR) returned +304% over 5 years vs Shell plc (SHEL)'s +133%. A $10,000 investment in PBR 5 years ago would be worth $40,394 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Petróleo Brasileiro… (PBR) | $81.4B | $91.4B | +12.3% |
| Shell plc (SHEL) | $233.6B | $267.5B | +14.5% |
Shell plc's revenue grew from $233.6B (2016) to $267.5B (2025) — a 1.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Petróleo Brasileiro… (PBR) | -5.9% | 8.2% | +238.6% |
| Shell plc (SHEL) | 2.0% | 6.7% | +241.3% |
Shell plc's net margin went from 2% (2016) to 7% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Petróleo Brasileiro… (PBR) | 38.3 | 5.5 | -85.6% |
| Shell plc (SHEL) | 21.4 | 12.2 | -43.0% |
Petróleo Brasileiro S.A. - Petrobras has traded in a 1x–56x P/E range over 7 years; current trailing P/E is ~7x. Shell plc has traded in a 5x–21x P/E range over 8 years; current trailing P/E is ~14x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Petróleo Brasileiro… (PBR) | -0.22 | 2.34 | +1163.6% |
| Shell plc (SHEL) | 1.16 | 6.02 | +419.0% |
Shell plc's EPS grew from $1.16 (2016) to $6.02 (2025) — a 20% CAGR.
Chart 6Free Cash Flow — 5 Years
Petróleo Brasileiro S.A. - Petrobras generated $23B FCF in 2024 (-26% vs 2021). Shell plc generated $22B FCF in 2025 (-16% vs 2021).
PBR vs SHEL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is PBR or SHEL a better buy right now?
Petróleo Brasileiro S.A. - Petrobras (PBR) offers the better valuation at 7.1x trailing P/E (7.2x forward), making it the more compelling value choice. Analysts rate Petróleo Brasileiro S.A. - Petrobras (PBR) a "Buy" — based on 22 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — PBR or SHEL?
On trailing P/E, Petróleo Brasileiro S.A. - Petrobras (PBR) is the cheapest at 7.1x versus Shell plc at 13.9x. On forward P/E, Petróleo Brasileiro S.A. - Petrobras is actually cheaper at 7.2x.
03Which is the better long-term investment — PBR or SHEL?
Over the past 5 years, Petróleo Brasileiro S.A. - Petrobras (PBR) delivered a total return of +303.9%, compared to +133.2% for Shell plc (SHEL). A $10,000 investment in PBR five years ago would be worth approximately $40K today (assuming dividends reinvested). Over 10 years, the gap is even starker: PBR returned +789.5% versus SHEL's +146.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — PBR or SHEL?
By beta (market sensitivity over 5 years), Shell plc (SHEL) is the lower-risk stock at 0.64β versus Petróleo Brasileiro S.A. - Petrobras's 0.65β — meaning PBR is approximately 1% more volatile than SHEL relative to the S&P 500. On balance sheet safety, Shell plc (SHEL) carries a lower debt/equity ratio of 60% versus 102% for Petróleo Brasileiro S.A. - Petrobras — giving it more financial flexibility in a downturn.
05Which has better profit margins — PBR or SHEL?
Petróleo Brasileiro S.A. - Petrobras (PBR) is the more profitable company, earning 8.2% net margin versus 6.7% for Shell plc — meaning it keeps 8.2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PBR leads at 28.1% versus 11.5% for SHEL. At the gross margin level — before operating expenses — PBR leads at 50.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is PBR or SHEL more undervalued right now?
On forward earnings alone, Petróleo Brasileiro S.A. - Petrobras (PBR) trades at 7.2x forward P/E versus 13.4x for Shell plc — 6.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SHEL: 2.6% to $85.67.
07Which pays a better dividend — PBR or SHEL?
All stocks in this comparison pay dividends. Petróleo Brasileiro S.A. - Petrobras (PBR) offers the highest yield at 34.2%, versus 3.4% for Shell plc (SHEL).
08Is PBR or SHEL better for a retirement portfolio?
For long-horizon retirement investors, Petróleo Brasileiro S.A. - Petrobras (PBR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.65), 34.2% yield, +789.5% 10Y return). Both have compounded well over 10 years (PBR: +789.5%, SHEL: +146.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between PBR and SHEL?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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