Latest Ratios: P/E Ratio 15.9x · EV/EBITDA 6.8x · ROE 10.0%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $266.0B | $218.6B | $199.3B | $223.7B | $211.0B | $169.4B | $137.0B | $239.2B | $243.2B | $276.8B | $214.6B |
| Enterprise Value | $340.4B | $292.9B | $237.4B | $266.6B | $254.6B | $221.5B | $213.2B | $317.6B | $293.3B | $342.2B | $287.9B |
| P/E Ratio → | 15.90 | 12.25 | 12.38 | 11.54 | 4.99 | 8.44 | — | 15.12 | 10.41 | 21.38 | 46.88 |
| P/S Ratio | 1.00 | 0.82 | 0.70 | 0.71 | 0.55 | 0.65 | 0.76 | 0.69 | 0.63 | 0.91 | 0.92 |
| P/B Ratio | 1.62 | 1.25 | 1.11 | 1.19 | 1.10 | 0.97 | 0.86 | 1.26 | 1.20 | 1.40 | 1.14 |
| P/FCF | 11.12 | 9.14 | 5.68 | 7.17 | 4.61 | 6.49 | 7.82 | 12.46 | 8.09 | 18.70 | — |
| P/OCF | 6.21 | 5.10 | 3.65 | 4.13 | 3.08 | 3.76 | 4.02 | 5.67 | 4.58 | 7.76 | 10.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.10 | 0.83 | 0.84 | 0.67 | 0.85 | 1.18 | 0.92 | 0.76 | 1.12 | 1.23 |
| EV / EBITDA | 6.84 | 5.89 | 4.50 | 4.95 | 2.98 | 4.88 | — | 6.61 | 5.55 | 8.20 | 10.52 |
| EV / EBIT | 12.34 | 8.49 | 6.83 | 7.16 | 3.63 | 6.63 | — | 10.57 | 7.48 | 15.51 | 31.62 |
| EV / FCF | — | 12.25 | 6.77 | 8.54 | 5.56 | 8.49 | 12.17 | 16.54 | 9.75 | 23.11 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.9% | 15.9% | 16.2% | 14.9% | 20.7% | 13.7% | -7.2% | 10.7% | 11.6% | 9.5% | 7.5% |
| Operating Margin | 10.3% | 10.3% | 10.5% | 9.7% | 16.6% | 8.5% | -14.1% | 6.7% | 8.0% | 5.1% | 1.0% |
| Net Profit Margin | 6.7% | 6.7% | 5.7% | 6.1% | 11.1% | 7.7% | -12.0% | 4.6% | 6.0% | 4.3% | 2.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.0% | 10.0% | 8.7% | 10.2% | 23.0% | 12.0% | -12.4% | 8.1% | 11.7% | 6.7% | 2.6% |
| ROA | 4.7% | 4.7% | 4.1% | 4.6% | 10.0% | 5.1% | -5.5% | 3.9% | 5.8% | 3.2% | 1.2% |
| ROIC | 8.8% | 8.8% | 10.0% | 9.9% | 20.4% | 7.2% | -7.6% | 6.6% | 9.1% | 4.4% | 0.8% |
| ROCE | 9.5% | 9.5% | 9.9% | 9.7% | 20.0% | 7.3% | -8.1% | 7.1% | 9.6% | 4.7% | 0.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.60 | 0.60 | 0.43 | 0.43 | 0.44 | 0.51 | 0.68 | 0.51 | 0.38 | 0.43 | 0.49 |
| Debt / EBITDA | 2.10 | 2.10 | 1.46 | 1.52 | 0.98 | 1.96 | — | 2.01 | 1.45 | 2.05 | 3.38 |
| Net Debt / Equity | — | 0.42 | 0.21 | 0.23 | 0.23 | 0.30 | 0.48 | 0.41 | 0.25 | 0.33 | 0.39 |
| Net Debt / EBITDA | 1.49 | 1.49 | 0.72 | 0.80 | 0.51 | 1.15 | — | 1.63 | 0.95 | 1.57 | 2.68 |
| Debt / FCF | — | 3.11 | 1.08 | 1.37 | 0.95 | 2.00 | 4.35 | 4.08 | 1.67 | 4.41 | — |
| Interest Coverage | 7.28 | 7.28 | 7.16 | 8.05 | 13.12 | 9.27 | -5.41 | 6.59 | 10.96 | 5.62 | 2.60 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.30 | 1.30 | 1.35 | 1.40 | 1.37 | 1.35 | 1.25 | 1.16 | 1.25 | 1.20 | 1.17 |
| Quick Ratio | 1.03 | 1.03 | 1.10 | 1.13 | 1.10 | 1.08 | 0.98 | 0.86 | 0.98 | 0.88 | 0.88 |
| Cash Ratio | 0.37 | 0.37 | 0.41 | 0.41 | 0.33 | 0.39 | 0.43 | 0.23 | 0.34 | 0.25 | 0.26 |
| Asset Turnover | — | 0.72 | 0.73 | 0.78 | 0.86 | 0.65 | 0.48 | 0.85 | 0.97 | 0.75 | 0.57 |
| Inventory Turnover | 10.10 | 10.10 | 10.18 | 10.35 | 9.49 | 8.93 | 9.95 | 12.80 | 16.27 | 10.96 | 9.92 |
| Days Sales Outstanding | — | 60.99 | 40.09 | 42.03 | 37.85 | 48.78 | 44.41 | 32.20 | 25.88 | 36.74 | 40.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.0% | 3.9% | 4.3% | 3.8% | 3.5% | 3.7% | 5.4% | 6.4% | 6.4% | 3.9% | 4.5% |
| Payout Ratio | 47.5% | 47.5% | 53.9% | 43.4% | 17.5% | 31.1% | — | 95.9% | 67.1% | 83.8% | 211.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 8.2% | 8.1% | 8.7% | 20.1% | 11.8% | — | 6.6% | 9.6% | 4.7% | 2.1% |
| FCF Yield | 9.0% | 10.9% | 17.6% | 13.9% | 21.7% | 15.4% | 12.8% | 8.0% | 12.4% | 5.3% | — |
| Buyback Yield | 5.2% | 6.4% | 7.4% | 6.9% | 9.0% | 1.9% | 1.5% | 4.7% | 2.1% | 0.3% | 0.1% |
| Total Shareholder Yield | 8.2% | 10.2% | 11.7% | 10.7% | 12.5% | 5.6% | 6.9% | 11.1% | 8.5% | 4.2% | 4.6% |
| Shares Outstanding | — | $3.0B | $3.2B | $3.4B | $3.7B | $3.9B | $3.9B | $4.1B | $4.2B | $4.1B | $3.9B |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying SHEL stock.
Shell plc's current P/E ratio is 15.9x. The historical average is 23.1x. This places it at the 65th percentile of its historical range.
Shell plc's current EV/EBITDA is 6.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.0x.
Shell plc's return on equity (ROE) is 10.0%. The historical average is 12.9%.
Based on historical data, Shell plc is trading at a P/E of 15.9x. This is at the 65th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Shell plc's current dividend yield is 2.99% with a payout ratio of 47.5%.
Shell plc has 15.9% gross margin and 10.3% operating margin. Operating margin between 10-20% is typical for established companies.
Shell plc's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Cyclical Margin Volatility
Deep Discount to U.S. Supermajor Peers
Shell's forward P/E of 8.22 and EV/EBITDA of 4.17 represent a significant discount to U.S. peers like ExxonMobil (Fwd P/E ~12) and Chevron (Fwd P/E ~15), suggesting the market is pricing in higher regulatory risk and lower growth expectations for the European-listed major.
The valuation gap appears structural rather than cyclical, as Shell trades at a persistent discount to its U.S. counterparts despite comparable or superior returns on capital in recent quarters. This discount may reflect investor concerns over the company's strategic pivot toward renewables and the potential for higher windfall taxes in its core European operating regions. The current P/B of 1.54, while in line with European peers like TotalEnergies, remains well below ExxonMobil's 2.53, indicating the market is not assigning a premium for Shell's dominant LNG trading franchise.
Margin Recovery Masks Structural Cost Disadvantage
Shell's gross margin of 19.5% in 2026Q2, while a recovery from the 10.3% low in 2024Q4, remains structurally below peers like Chevron (30.4%), indicating a persistent cost disadvantage in feedstock procurement and refining complexity that limits true earning power.
The operating margin expansion to 16.0% demonstrates significant operating leverage, but this is largely a function of commodity price recovery rather than structural improvement. The net margin of 11.4% is heavily influenced by non-operating items and derivative gains, making the operating margin a more reliable indicator of core profitability. Investors should monitor whether the company can sustain these margins if refining crack spreads narrow, as the high-fixed-cost structure leaves little room for error.
ROIC Recovery Driven by Cyclical Tailwinds
Shell's ROIC has rebounded sharply from a low of 0.8% in 2024Q4 to 5.1% in 2026Q2, but this recovery appears driven by favorable commodity prices rather than a structural improvement in capital efficiency, as asset turnover remains low at 0.25.
The ROIC trend is highly volatile, mirroring commodity cycles, which suggests the company is not consistently compounding returns on invested capital. The ROE of 6.1% is modest compared to peers like TotalEnergies (14.5%), indicating that Shell's capital allocation may not be generating superior shareholder returns. The key question is whether the company can improve capital efficiency through its strategic focus on higher-return LNG projects, or if returns will remain tethered to volatile commodity markets.
Conservative Leverage Provides Strategic Flexibility
Shell's debt-to-equity ratio of 0.40 and interest coverage of 15.14x in 2026Q2 indicate a conservative leverage profile, providing significant financial flexibility to fund its energy transition and shareholder returns without straining debt service capacity.
The leverage position has improved markedly from the 0.60 ratio seen in 2025Q4, suggesting a strategic deleveraging that strengthens the balance sheet. The robust interest coverage ratio indicates that debt service is comfortable even in a higher-rate environment, reducing refinancing risk. However, the reported 0.60% debt/equity ratio in the company intelligence warrants caution, as it likely reflects a data anomaly that contradicts the typical 15-25% gearing seen in this sector.
The Misleading Debt-to-Equity Ratio
The reported debt-to-equity ratio of 0.40 is the most commonly misapplied metric for Shell, as it likely reflects a specific net-debt calculation that obscures the company's true gross leverage and the significant lease liabilities embedded in its operations.
For an integrated energy major with substantial long-term infrastructure and lease obligations, the standard debt-to-equity ratio can be misleading. A more appropriate metric would be Net Debt / EBITDA, which Shell reports at 3.52x, providing a clearer picture of leverage relative to cash flow generation. The reported 0.60% figure in the company intelligence is almost certainly a data error, as it would imply virtually no debt, which is inconsistent with the company's known capital structure and the $73.1B in total debt reported in the balance sheet analysis.