Latest Ratios: P/E Ratio 8.6x · EV/EBITDA 5.1x · 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 | $276.3B | $218.6B | $199.3B | $223.7B | $211.0B | $169.4B | $137.0B | $239.2B | $243.2B | $276.8B | $214.6B |
| Enterprise Value | $350.6B | $292.9B | $237.4B | $266.6B | $254.6B | $221.5B | $213.2B | $317.6B | $293.3B | $342.2B | $287.9B |
| P/E Ratio → | 8.56 | 12.25 | 12.38 | 11.54 | 4.99 | 8.44 | — | 15.12 | 10.41 | 21.38 | 46.88 |
| P/S Ratio | 0.86 | 0.82 | 0.70 | 0.71 | 0.55 | 0.65 | 0.76 | 0.69 | 0.63 | 0.91 | 0.92 |
| P/B Ratio | 1.68 | 1.25 | 1.11 | 1.19 | 1.10 | 0.97 | 0.86 | 1.26 | 1.20 | 1.40 | 1.14 |
| P/FCF | 7.51 | 9.14 | 5.68 | 7.17 | 4.61 | 6.49 | 7.82 | 12.46 | 8.09 | 18.70 | — |
| P/OCF | 6.45 | 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 | 5.08 | 5.89 | 4.50 | 4.95 | 2.98 | 4.88 | — | 6.61 | 5.55 | 8.20 | 10.52 |
| EV / EBIT | 12.71 | 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 | 2.9% | 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 | 11.7% | 8.2% | 8.1% | 8.7% | 20.1% | 11.8% | — | 6.6% | 9.6% | 4.7% | 2.1% |
| FCF Yield | 13.3% | 10.9% | 17.6% | 13.9% | 21.7% | 15.4% | 12.8% | 8.0% | 12.4% | 5.3% | — |
| Buyback Yield | 5.0% | 6.4% | 7.4% | 6.9% | 9.0% | 1.9% | 1.5% | 4.7% | 2.1% | 0.3% | 0.1% |
| Total Shareholder Yield | 7.9% | 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 8.6x. The historical average is 23.1x. This places it at the 27th percentile of its historical range.
Shell plc's current EV/EBITDA is 5.1x. 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 8.6x. This is at the 27th 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 2.87% 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
Commodity price and margin volatility
Discounted Multiples Reflect Earnings Volatility
Based on reported figures, Shell trades at 16.69 trailing P/E but only 7.85 forward P/E, a compression that implies the market expects sharply higher near-term earnings after the recent swing in net income.
The gap between trailing and forward P/E suggests investors are pricing in a continuation of the 2026Q3 earnings rebound rather than the weaker 2025 trough. At 7.11 EV/EBITDA and 1.70 P/B against a 2.8% dividend yield, the stock screens inexpensive relative to the cyclical peak, though peers such as ExxonMobil at 24.66 P/E and Chevron at 32.11 P/E suggest a persistent discount that may reflect European listing and transition-related pressures. Investors should monitor whether forward estimates prove durable given commodity sensitivity.
Margin Recovery Still Below Earlier Peaks
As reported in financial statements, net margin rose to 13.0% in 2026Q3 from 1.4% a year earlier, yet operating margin of 19.0% and gross margin of 21.7% remain sensitive to the commodity cycle.
The expansion from 2024Q4 lows indicates strong operating leverage, but the quarter-to-quarter swings in gross margin from 10.3% to 21.7% point to earnings driven by price realization rather than structural cost improvement. The net margin of 13.0% in 2026Q3 exceeds the 8.9% at ExxonMobil and 7.2% at TotalEnergies, which may indicate a favorable reporting period or identified-item effects that warrant adjustment before treating it as run-rate earning power. Using operating margin as the cleaner gauge of earning power appears more defensible given the non-operating noise in net income.
Returns Recovering From Compressed Base
Based on Shell's reported figures, ROIC climbed from 0.8% in 2024Q4 to 5.7% in 2026Q3, but remains below TotalEnergies at 9.9% and BP at 9.8%, suggesting returns are still rebuilding.
The trajectory indicates returns are recovering rather than compounding steadily, with ROE moving from 0.5% to 6.3% over the same window. The improvement appears driven primarily by margin expansion rather than asset efficiency, since asset turnover remained near 0.17 to 0.25 throughout. Investors should monitor whether ROIC can sustain levels above 5% through a normalized commodity environment, as the current figures may overstate durable returns.
Stable Current Ratio Masks Cash Volatility
As reported in financial statements, the current ratio held between 1.27 and 1.43 across all ten quarters, while quick ratio stayed near 1.0 to 1.1, indicating consistent short-term coverage despite swings in cash balances.
The stability of current and quick ratios suggests Shell maintains a structurally adequate working capital position, even as cash fluctuated from roughly $23B to $42B across the period. Because inventory dependence appears modest given the gap between current and quick ratios, liquidity does not rest heavily on inventory conversion. Under a severe commodity downturn, the principal test would be whether operating cash flow can cover distributions of roughly $5B per quarter without drawing down the cash buffer.
Reported Gearing May Understate Exposure
The reported debt-to-equity ratio of 0.38 in 2026Q3 appears conservative, yet it peaked at 0.60 in 2025Q4, suggesting headline leverage is sensitive to period-end timing and may not fully reflect total obligations.
The 0.60 reading at 2025Q4 indicates that the most commonly quoted leverage figure can move materially within a single year, which weakens its reliability as a sole gauge of balance sheet risk. The debt-to-equity figure is likely to be a narrow net-debt or reported-debt measure, and it does not capture lease, decommissioning, or other long-dated obligations that are material for an integrated energy major. Using net debt to EBITDA and a multi-quarter average of leverage would better represent the true financial position.