Comprehensive Stock Comparison
Compare Equinor ASA (EQNR) 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 | EQNR | 3.6% revenue growth vs SHEL's -5.9% |
| Value | EQNR | Lower P/E (11.4x vs 13.4x) |
| Quality / Margins | SHEL | 6.7% net margin vs EQNR's 4.7% |
| Stability / Safety | EQNR | Beta 0.49 vs SHEL's 0.64 |
| Dividends | EQNR | 6.2% yield, vs SHEL's 3.4% |
| Momentum (1Y) | EQNR | +33.0% vs SHEL's +28.1% |
| Efficiency (ROA) | SHEL | 4.8% ROA vs EQNR's 3.8%, ROIC 9.9% vs 30.7% |
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
Equinor is a Norwegian integrated energy company that explores for, produces, refines, and markets oil and natural gas while expanding into renewable energy. It generates most revenue from oil and gas production—primarily from Norwegian continental shelf operations—with additional income from refining, marketing, and emerging renewables like offshore wind. The company's key advantage is its dominant position in Norway's prolific oil and gas fields, combined with government backing and decades of expertise in harsh offshore environments.
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
SHEL leads in 1 of 6 categories (Financial Metrics). EQNR leads in 1 (Profitability & Efficiency). 4 tied.
Financial Metrics (TTM)
SHEL is the larger business by revenue, generating $267.5B annually — 2.5x EQNR's $106.2B. Profitability is closely matched — net margins range from 6.7% (SHEL) to 4.7% (EQNR).
| Metric | EQNREquinor ASA | SHELShell plc |
|---|---|---|
| RevenueTrailing 12 months | $106.2B | $267.5B |
| EBITDAEarnings before interest/tax | $37.2B | $53.0B |
| Net IncomeAfter-tax profit | $5.0B | $17.8B |
| Free Cash FlowCash after capex | $6.0B | $22.7B |
| Gross MarginGross profit ÷ Revenue | +33.7% | +16.7% |
| Operating MarginEBIT ÷ Revenue | +25.7% | +11.5% |
| Net MarginNet income ÷ Revenue | +4.7% | +6.7% |
| FCF MarginFCF ÷ Revenue | +5.6% | +8.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | -3.4% | -1.7% |
| EPS Growth (YoY)Latest quarter vs prior year | -28.8% | +3.7% |
Valuation Metrics
At 13.9x trailing earnings, SHEL trades at a 9% valuation discount to EQNR's 15.3x P/E. On an enterprise value basis, EQNR's 2.8x EV/EBITDA is more attractive than SHEL's 5.9x.
| Metric | EQNREquinor ASA | SHELShell plc |
|---|---|---|
| Market CapShares × price | $74.5B | $235.8B |
| Enterprise ValueMkt cap + debt − cash | $102.9B | $310.1B |
| Trailing P/EPrice ÷ TTM EPS | 15.30x | 13.87x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.35x | 13.40x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 2.77x | 5.85x |
| Price / SalesMarket cap ÷ Revenue | 0.70x | 0.88x |
| Price / BookPrice ÷ Book value/share | 1.92x | 1.42x |
| Price / FCFMarket cap ÷ FCF | 12.42x | 10.81x |
Profitability & Efficiency
EQNR delivers a 12.4% return on equity — every $100 of shareholder capital generates $12 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 EQNR's 0.83x. On the Piotroski fundamental quality scale (0–9), SHEL scores 6/9 vs EQNR's 5/9, reflecting solid financial health.
| Metric | EQNREquinor ASA | SHELShell plc |
|---|---|---|
| ROE (TTM)Return on equity | +12.4% | +10.2% |
| ROA (TTM)Return on assets | +3.8% | +4.8% |
| ROICReturn on invested capital | +30.7% | +9.9% |
| ROCEReturn on capital employed | +27.8% | +10.6% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 6 |
| Debt / EquityFinancial leverage | 0.83x | 0.60x |
| Net DebtTotal debt minus cash | $28.4B | $74.4B |
| Cash & Equiv.Liquid assets | $5.0B | $30.2B |
| Total DebtShort + long-term debt | $33.4B | $104.6B |
| Interest CoverageEBIT ÷ Interest expense | 18.46x | 6.98x |
Total Returns (with DRIP)
A $10,000 investment in SHEL five years ago would be worth $23,319 today (with dividends reinvested), compared to $21,062 for EQNR. Over the past 12 months, EQNR leads with a +33.0% total return vs SHEL's +28.1%. The 3-year compound annual growth rate (CAGR) favors SHEL at 14.7% vs EQNR's 7.1% — a key indicator of consistent wealth creation.
| Metric | EQNREquinor ASA | SHELShell plc |
|---|---|---|
| YTD ReturnYear-to-date | +22.6% | +11.7% |
| 1-Year ReturnPast 12 months | +33.0% | +28.1% |
| 3-Year ReturnCumulative with dividends | +23.0% | +51.0% |
| 5-Year ReturnCumulative with dividends | +110.6% | +133.2% |
| 10-Year ReturnCumulative with dividends | +209.4% | +146.2% |
| CAGR (3Y)Annualised 3-year return | +7.1% | +14.7% |
Risk & Volatility
EQNR is the less volatile stock with a 0.49 beta — it tends to amplify market swings less than SHEL's 0.64 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | EQNREquinor ASA | SHELShell plc |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.49x | 0.64x |
| 52-Week HighHighest price in past year | $29.93 | $83.67 |
| 52-Week LowLowest price in past year | $21.41 | $58.55 |
| % of 52W HighCurrent price vs 52-week peak | +99.6% | +99.8% |
| RSI (14)Momentum oscillator 0–100 | 64.0 | 60.8 |
| Avg Volume (50D)Average daily shares traded | 4.4M | 4.8M |
Analyst Outlook
Wall Street rates EQNR as "Hold" and SHEL as "Buy". Consensus price targets imply 176.6% upside for EQNR (target: $83) vs 2.6% for SHEL (target: $86). For income investors, EQNR offers the higher dividend yield at 6.19% vs SHEL's 3.42%.
| Metric | EQNREquinor ASA | SHELShell plc |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $82.50 | $85.67 |
| # AnalystsCovering analysts | 23 | 12 |
| Dividend YieldAnnual dividend ÷ price | +6.2% | +3.4% |
| Dividend StreakConsecutive years of raises | 0 | 4 |
| Dividend / ShareAnnual DPS | $1.85 | $2.85 |
| Buyback YieldShare repurchases ÷ mkt cap | +8.0% | +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 |
|---|---|---|---|
| Equinor ASA (EQNR) | 100 | 162.8 | +62.8% |
| Shell plc (SHEL) | 100 | 168.93 | +68.9% |
Shell plc (SHEL) returned +133% over 5 years vs Equinor ASA (EQNR)'s +111%. A $10,000 investment in SHEL 5 years ago would be worth $23,319 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Equinor ASA (EQNR) | $45.7B | $106.2B | +132.4% |
| Shell plc (SHEL) | $233.6B | $267.5B | +14.5% |
Equinor ASA's revenue grew from $45.7B (2016) to $106.2B (2025) — a 9.8% CAGR. 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 |
|---|---|---|---|
| Equinor ASA (EQNR) | -6.4% | 4.8% | +174.5% |
| Shell plc (SHEL) | 2.0% | 6.7% | +241.3% |
Equinor ASA's net margin went from -6% (2016) to 5% (2025). Shell plc's net margin went from 2% (2016) to 7% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Equinor ASA (EQNR) | 15.3 | 12.1 | -20.9% |
| Shell plc (SHEL) | 21.4 | 12.2 | -43.0% |
Equinor ASA has traded in a 4x–36x P/E range over 8 years; current trailing P/E is ~15x. 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 |
|---|---|---|---|
| Equinor ASA (EQNR) | -0.91 | 1.95 | +314.3% |
| Shell plc (SHEL) | 1.16 | 6.02 | +419.0% |
Equinor ASA's EPS grew from $-0.91 (2016) to $1.95 (2025). Shell plc's EPS grew from $1.16 (2016) to $6.02 (2025) — a 20% CAGR.
Chart 6Free Cash Flow — 5 Years
Equinor ASA generated $6B FCF in 2025 (-71% vs 2021). Shell plc generated $22B FCF in 2025 (-16% vs 2021).
EQNR vs SHEL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is EQNR or SHEL a better buy right now?
Shell plc (SHEL) offers the better valuation at 13.9x trailing P/E (13.4x forward), making it the more compelling value choice. Analysts rate Shell plc (SHEL) a "Buy" — based on 12 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 — EQNR or SHEL?
On trailing P/E, Shell plc (SHEL) is the cheapest at 13.9x versus Equinor ASA at 15.3x. On forward P/E, Equinor ASA is actually cheaper at 11.4x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — EQNR or SHEL?
Over the past 5 years, Shell plc (SHEL) delivered a total return of +133.2%, compared to +110.6% for Equinor ASA (EQNR). A $10,000 investment in SHEL five years ago would be worth approximately $23K today (assuming dividends reinvested). Over 10 years, the gap is even starker: EQNR returned +209.4% 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 — EQNR or SHEL?
By beta (market sensitivity over 5 years), Equinor ASA (EQNR) is the lower-risk stock at 0.49β versus Shell plc's 0.64β — meaning SHEL is approximately 30% more volatile than EQNR relative to the S&P 500. On balance sheet safety, Shell plc (SHEL) carries a lower debt/equity ratio of 60% versus 83% for Equinor ASA — giving it more financial flexibility in a downturn.
05Which has better profit margins — EQNR or SHEL?
Shell plc (SHEL) is the more profitable company, earning 6.7% net margin versus 4.8% for Equinor ASA — meaning it keeps 6.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: EQNR leads at 25.7% versus 11.5% for SHEL. At the gross margin level — before operating expenses — EQNR leads at 26.8%, 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 EQNR or SHEL more undervalued right now?
On forward earnings alone, Equinor ASA (EQNR) trades at 11.4x forward P/E versus 13.4x for Shell plc — 2.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for EQNR: 176.6% to $82.50.
07Which pays a better dividend — EQNR or SHEL?
All stocks in this comparison pay dividends. Equinor ASA (EQNR) offers the highest yield at 6.2%, versus 3.4% for Shell plc (SHEL).
08Is EQNR or SHEL better for a retirement portfolio?
For long-horizon retirement investors, Equinor ASA (EQNR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.49), 6.2% yield, +209.4% 10Y return). Both have compounded well over 10 years (EQNR: +209.4%, 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 EQNR 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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