SHEL · LSE · Oil & Gas
Shell plc is one of the world’s largest integrated energy and petrochemical companies, with operations spanning oil and gas exploration, production, liquefied natural gas, refining, trading, marketing, chemicals, power,…
Current price
103.61p
▲ +0.62p (0.60%) today
ET&A View
Last reviewed 17 September 2026
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Shell has evolved into a more focused and financially disciplined integrated energy company, combining a highly competitive upstream portfolio with global leadership in LNG, substantial refining and marketing operations and…
Business Health
Is the business financially healthy?
Mixed
The balance sheet stands out. Watch revenue and earnings.
Overall
Revenue
$296.6bn · ↓ −6% last year
Earnings
$26.0bn · ↑ +11% last year
Margins
Keeps 17% of sales as operating profit
Cash generation
$23.9bn spare cash a year · 8% of sales
Balance sheet
Debt ≈ 0.7 years of earnings
Dividend
3.0% yield · Pays out 33% of earnings · covered 3.1×
Investor View
Open a section for the detail behind the quick view.
Shell has evolved into a more focused and financially disciplined integrated energy company, combining a highly competitive upstream portfolio with global leadership in LNG, substantial refining and marketing operations…
The complete ET&A view
See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2025 | $266.9bn | −6.1% | 10.3% | $17.8bn | $6.00 | $23.9bn |
| FY2024 | $284.3bn | −10.2% | 10.5% | $16.1bn | $5.06 | $35.1bn |
| FY2023 | $316.6bn | −17.0% | 9.7% | $19.4bn | $5.70 | $31.2bn |
| FY2022 | $381.3bn | — | 16.6% | $42.3bn | $11.42 | $45.8bn |
Investors who want regular income
Also suits: Investors who want a mix of growth and stability
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Compare Shell plc with any company → The model’s own peer calculations are in the Research View.
Shell plc is one of the world’s largest integrated energy and petrochemical companies, with operations spanning oil and gas exploration, production, liquefied natural gas, refining, trading, marketing, chemicals, power, and low-carbon energy solutions. The company serves customers across more than 70 countries and plays a major role in the global supply of transport fuels, natural gas, lubricants, petrochemicals, and energy products.
Shell combines a large traditional oil and gas business with growing exposure to the energy transition. Its core hydrocarbon operations continue to generate significant cash flow, while its integrated gas, trading, renewables, power, biofuels, hydrogen, and electric mobility activities give it a broader position across both today’s energy system and the cleaner energy system of the future. This makes Shell a major global energy company with exposure to conventional energy, LNG, petrochemicals, and long-term decarbonisation themes.
Oil & Gas · United Kingdom
For detailed analysis. Each section opens on its own.
As of 14 October 2026
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
Use the 5Y and Max ranges on the price chart at the top of the page.
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.
ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.
Powered by the ET&A Company Assessment FrameworkSee the full framework →
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
Profitable · Sound · Strong
Context — not part of the score
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
Based on the factors that could be measured (45% of the model).
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on 3-year average revenue growth, on ET&A's growth scale. | 2.0 / 10 | Weak |
| Earnings |
Rated on 3-year average earnings growth, on ET&A's growth scale. | 2.0 / 10 | Weak |
| Margins |
The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak). | 5.8 / 10 | Good |
| Cash generation |
Free cash flow as a share of sales, on ET&A's cash-generation scale. | 6.9 / 10 | Good |
| Balance sheet |
Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale. | 7.8 / 10 | Strong |
| Dividend |
Dividend yield on ET&A's income scale. Not part of the overall health rating. | 6.0 / 10 | Good |
| Overall | Average of the 5 rated areas | 4.9 / 10 | Average |
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
No research notes have been published for Shell plc yet.
Need deeper analysis on Shell plc? ET&A Professional includes full company notes, valuations and models — or commission bespoke research.
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