Shell plc

SHEL

NYSE · Integrated Oil & Gas

$93.93

At close - Sep 22, 4:00 PM EDT - USD

Market Cap$261.89B

P/E15.7x

52W High$99.16

Volume5.97M

VCP Research Verdict2026Q2

Robust Cash Generation Offsets Cyclical Margin Volatility

Shell's investment case is anchored in its ability to generate substantial free cash flow, with a trailing twelve-month FCF margin of approximately 10%, supporting a consistent shareholder return program averaging over $5 billion per quarter. However, the comp...

GrowthMixed

ProfitabilityModerate

ValuationAttractive

TechnicalsHealthy

Explore valuation models

MARKET ACTION

SHEL price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue growth has normalized with a -6.1% year-over-year decline in the most recent quarter, while gross margins have recovered to 19.5% but remain structurally below peers like Chevron, indicating persistent cost pressures.

Analyst Consensus+11.4% target

Buy(13 analysts)

8 Buy5 Hold0 Sell

The Bull Case

Upside Catalysts

Undervaluation and Upside Potential

Shell's stock may be undervalued, with a DCF analysis indicating a fair value around $127.25, significantly higher than its recent trading price of approximately $89.46.

Financial Strength

Shell has a strong market capitalization of approximately $253.34 billion and a low debt-to-equity ratio of 0.38, indicating financial stability.

LNG Growth and Strategic Discipline

Shell's focus on LNG as a core earnings engine and its 'Value over Volume' approach are seen as key for cash returns, supported by demand for its combined gas and renewables offering.

The Bear Case

Key Downside Risks

Earnings and Revenue Concerns

Shell has reported EPS below consensus estimates and revenue that fell short of expectations, raising concerns about future growth.

Market Oversupply and Cost Pressures

Potential LNG oversupply could lead to cost pressures, limiting revenue and earnings, with some analysts believing this could compress LNG margins.

Reduced Reinvestment and Technical Capability

Heavy cost-cutting and large buybacks might squeeze technical capability and reinvestment, potentially affecting future project quality and returns.

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

SHEL+27.57%

S&P 500 (^GSPC)+13.20%

1-Year Return

SHEL+36.46%

S&P 500 (^GSPC)+15.98%

3-Year Return

SHEL+58.89%

S&P 500 (^GSPC)+80.63%

5-Year Return

SHEL+158.94%

S&P 500 (^GSPC)+76.56%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y High

15.7x

Forward P/EExpansion

8.3x

EV/EBITDA100th %ile

6.8x

FCF YieldCash Flow

9.1%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

15.7x

11.5x

100th· High

EV/EBITDA

6.8x

4.9x

100th· High

Price/FCF

11.0x

6.5x

100th· High

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$82.92-11.7%

Base (Fair)$176.39+86.6%

Bull$251.69+168.0%

$82.92 Bear$176.39 Base$251.69 Bull

Current Market Price: $93.93

Trades at a 46.7% discount to Base DCF ($176.39)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue

$266.89B-6.1% YoY

Net income

$17.84B+10.8% YoY

Free cash flow

$23.92B-31.8% YoY

Operating margin

10.3%-0.2 pts YoY

ROIC (TTM)8.8%

Avg ROIC 5Y-

ROE (TTM)10%

Piotroski Score5 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate10/12 (83%)

Revenue Beat Rate7/12 (58%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q3 2026Latest Jul 30, 2026	$3.52+9.0% vs $3.23	$94.7B+9.8% vs $86.2B
Q2 2026 May 7, 2026	$2.44+14.0% vs $2.14	$69.7B-10.1% vs $77.5B
Q1 2026 Feb 5, 2026	$1.14-5.8% vs $1.21	$64.1B+2.3% vs $62.6B
Q4 2025 Oct 30, 2025	$1.86+8.1% vs $1.72	$67.7B+0.0% vs $67.7B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

5 Stories

PRNewsWire·1d ago

Eco Wave Power CEO Inna Braverman Invited as Luminary Speaker at Inaugural Futures: Ocean Forum in Rhode Island; Visit to include Discussions with Rhode Island Authorities on Potential Commercial Wave Energy Project following U.S. Coastline Feasibility Study with Shell

NEW YORK, Sept. 22, 2026 /PRNewswire/ -- Eco Wave Power Global AB (publ) (NASDAQ: WAVE) ("Eco Wave Power" or the "Company"), a pioneering onshore wave energy technology company, today announced that Founder and Chief Executive Officer Inna Braverman has been invited to participate as a Luminary Speaker at the inaugural Futures: Ocean Forum, taking place on September 24, 2026, in Newport, Rhode Island.

Zacks Investment Research·1d ago

Shell (SHEL) Stock Dips While Market Gains: Key Facts

In the closing of the recent trading day, Shell (SHEL) stood at $93.27, denoting a -1.34% move from the preceding trading day.

Zacks Investment Research·2d ago

Shell Eyes Major LNG Canada Phase 2 Expansion to Boost Global Supply

SHEL's LNG Canada partners may decide on Phase 2 as early as October, potentially doubling export capacity to 28 mtpa and adding long-term cash-flow growth.

Proactive Investors·2d ago

BP and Shell fall as oil slides on Saudi supply recovery and Iran talks

BP PLC (LSE:BP.) and Shell PLC (LSE:SHEL, NYSE:SHEL) fell in early London trading as crude oil prices dropped more than 2% amid recovering Saudi Arabian exports and hopes of renewed US-Iran diplomacy.

Filtered for Shell plcMore Headlines

Compare before deciding

Benchmark SHEL against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Shell plc (SHEL)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
SHELShell plcCurrent	$93.93	$261.89B	15.66	-6.13%	6.68%	10.04%	3.03%
XOMExxon Mobil Corporation	$158.69	$657.76B	23.69	-4.52%	9.07%	12.34%	—
CVXChevron Corporation	$202.43	$403.16B	30.53	-4.64%	9.87%	10.66%	—
BPBP p.l.c.	$43.10	$112.54B	2112.75	0.08%	2.51%	7.19%	—
TTETotalEnergies SE	$89.85	$200.1B	15.55	-6.78%	9.07%	14.5%	—
EEni S.p.A.	$53.26	$77.16B	29.77	-7.48%	6.42%	10.08%	—

Compare SHEL vs Peers

Shell plc (SHEL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs XOM

Most directly comparable listed peer for SHEL.

Scale Benchmark

vs CVX

Larger-name benchmark to compare SHEL against a more recognizable public peer.

Peer Set

Compare Top 5

vs XOM, CVX, BP, TTE

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SHEL Frequently Asked Questions

Shell plc (SHEL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Shell plc's revenue?

Shell plc (SHEL) reported $296.60B in revenue for fiscal year 2025. This represents a 217% increase from $93.69B in 1998.

How fast is Shell plc growing?

Shell plc (SHEL) saw revenue decline by 6.1% over the past year.

Is SHEL profitable?

Yes, Shell plc (SHEL) is profitable, generating $25.97B in net income for fiscal year 2025 (6.7% net margin).

Dividend & Returns

Does SHEL pay dividends?

Yes, Shell plc (SHEL) pays a dividend with a yield of 3.03%. This makes it attractive for income-focused investors.

What is SHEL's return on equity?

Shell plc (SHEL) has a return on equity (ROE) of 10.0%. This is reasonable for most industries.

What is Shell plc's free cash flow?

Shell plc (SHEL) generated $31.55B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in SHEL back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q3 2026Latest

Jul 30, 2026

$3.52+9.0%

vs $3.23

$94.7B+9.8%

vs $86.2B

Q2 2026

May 7, 2026

$2.44+14.0%

vs $2.14

$69.7B-10.1%

vs $77.5B

Q1 2026

Feb 5, 2026

$1.14-5.8%

vs $1.21

$64.1B+2.3%

vs $62.6B

Q4 2025

Oct 30, 2025

$1.86+8.1%

vs $1.72

$67.7B+0.0%

vs $67.7B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

SHELShell plcCurrent

$93.93

$261.89B

15.66

-6.13%

6.68%

10.04%

3.03%

XOMExxon Mobil Corporation

$158.69

$657.76B

23.69

-4.52%

9.07%

12.34%

—

CVXChevron Corporation

$202.43

$403.16B

30.53

-4.64%

9.87%

10.66%

—

BPBP p.l.c.

$43.10

$112.54B

2112.75

0.08%

2.51%

7.19%

—

TTETotalEnergies SE

$89.85

$200.1B

15.55

-6.78%

9.07%

14.5%

—

EEni S.p.A.

$53.26

$77.16B

29.77

-7.48%

6.42%

10.08%

—