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Shell USD

At a glance: strengths & risks
✓Revenue growing (+45% y/y, Q2 2026)✓Profit growing (+200% y/y, Q2 2026)✓Margins improving (19%→24%, Q2 2026)✓Low leverage (0.7x EBITDA)

Sector: Integrated oil & gas

COMM_SHEL

Price chart

95.05 USDDay -0.09%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
95.05 USD · -0.09%
Market cap
282.7 bn USD

Growth

Δ revenue y/y
44.7%
Δ EBITDA y/y
80.7%

Multiples

P/E (LTM)
10.9x
3y avg: 11.8x
P/B (FY)
1.6x
P/E (ann.)
6.5x
EV/EBITDA (LTM)
5.1x
3y avg: 4.3x
EV/EBITDA (ann.)
3.7x

Cash return

Dividend yield
3.2%
FCF yield (LTM)
3.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+7.3%
↓ details

Liquidity

Daily turnover (listing)
930.6 mln USD

Shares: yahoo_fundamentals_timeseries/SHEL

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK94.7
y/y 44.7%
15.2
y/y 152.4%
5.6
y/y 1.8%
20.7
y/y 80.7%
10.8
y/y 200.5%
21.4-4.0380.5
y/y -1.9%
180.8
y/y -0.2%
24.4%≈ 21.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK69.7
y/y —
10.4
y/y —
5.7
y/y —
16.1
y/y —
5.7
y/y —
6.1-3.8380.6
y/y —
173.6
y/y —
13.1%21.9Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL64.1
y/y —
3.2
y/y —
5.8
y/y —
8.9
y/y —
4.1
y/y —
9.4-5.2370.4
y/y -4.5%
174.4
y/y -2.2%
10.3%36.8Yahoo Finance
2025-09-30Q3 2025 (3M)OK68.2
y/y —
7.7
y/y —
5.8
y/y —
13.6
y/y —
5.3
y/y —
12.2-4.6377.7
y/y —
175.8
y/y —
4.0%≈ 27.0Yahoo Finance
2025-06-30Q2 2025 (3M)OK65.4
y/y —
6.0
y/y —
5.5
y/y —
11.5
y/y —
3.6
y/y —
11.9-5.5387.9
y/y —
181.1
y/y —
8.0%-22.2Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL284.3
y/y -10.2%
30.0
y/y -2.4%
26.9
y/y -14.1%
56.9
y/y -8.3%
16.5
y/y -15.9%
54.7-19.6387.6
y/y -4.6%
178.3
y/y -4.4%
9.1%27.0Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL316.6
y/y —
30.7
y/y —
31.3
y/y —
62.0
y/y —
19.6
y/y —
54.2-23.0406.3
y/y —
186.6
y/y —
—33.7Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)4 696
Long-term debt (incl. LT leases)40 355
− Cash & equivalents23 117
Net debt21 934

Net debt / LTM EBITDA: 0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0100 000200 000300 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-25%0%25%50%75%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

010 00020 00030 00040 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-40 000-20 000020 00040 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.37x of reported net profit; after capex, 1.45x.
year20212022202320242025
cash flow / profit2.19x1.60x2.76x3.31x2.37x
accruals, % of assets-6.0%-5.8%-8.5%-9.8%-6.7%
Last twelve months (to 2025-Q3): 1.89x of profit came back as operating cash flow.
net debt / EBITDA 0.7x · capex 0.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d
Q2 2026-062 455 000
−8.5%
H1 2026-062 603 000
−5.7%
Q1 2026-032 752 000
Q2 2025-062 682 000
H1 2025-062 760 000

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.sec.gov/Archives/edgar/data/1306965/000162828026050763/shel-20260630.htm

Key-commodity price — Brent

Current 100spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +7.3% ▲ +0.9 pp 1d

Main driver: Brent +30% vs LTM; revenue ×1.12 vs costs ×1.04; EBITDA 62 216→72 090; at 4.4× EV/EBITDA → +7%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+15%99.6976.5180.81+30%+6%
Nat. gas in Europe (Dutch TTF) (rev)+4%871.69443.18476.91+97%+8%
US Crack Spread (oil refining) (rev)+3%65.1630.5930.87+113%+1%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue296 601
LTM EBITDA62 216
LTM cash costs (revenue − EBITDA)234 385
2 · Revenue projection
Revenue multiplier — spot×1.118 (+12%)
= Spot revenue331 610
Revenue multiplier — 3y price×1.012 (+1%)
= 3-year-price revenue300 090
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs243 760
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs243 760
4 · EBITDA projection (revenue − costs)
= Spot EBITDA87 850
= 3-year-price EBITDA56 330
Conservative EBITDA = min(spot, avg)72 090
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)4.4x
Target EV = EV/EBITDA × conservative EBITDA317 196
Net debt21 934
Target market cap = EV − net debt303 299
Current market cap282 707

Upside = target market cap ÷ current − 1 = +7.3%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2021 FY261 504229 620+13.9%56 75068 352-17.0%
2022 FY381 314300 374+26.9%83 34487 429-4.7%
2023 FY316 620359 668-12.0%63 91749 779+28.4%
2024 FY284 312311 013-8.6%56 79448 174+17.9%
2025 FY266 886278 977-4.3%55 05542 358+30.0%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -6% vs -10% the year before — a +4.1 pp move. 3-year CAGR -11%.
revenue growth by year: 2023 -17% · 2024 -10% · 2025 -6%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.1x · target 75th pct (3y) 4.6x · LTM avg 4.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Integrated oil & gas. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
OMVglobal26.24.1x
YPFglobal19.64.1x
Ecopetrolglobal33.95.3x
TotalEnergiesglobal192.25.5x
Eniglobal82.117.5x
Group median5.3x
Group average7.3x
This companyglobal282.75.1x

Group median 5.3x; this company 5.1x — a 4% discount.

Group average 7.3x; against the average this company is at a 30% discount. The average sits 37% above the median: Eni (17.5x) skews the group.

At the adjusted group median the market cap would be +4% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.4x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-140.7812 USDEx-dividend: 0.7812 USD per sharePaidYahoo Finance (ex-div)
2026-05-220.7812 USDEx-dividend: 0.7812 USD per sharePaidYahoo Finance (ex-div)
2026-02-200.744 USDEx-dividend: 0.744 USD per sharePaidYahoo Finance (ex-div)
2025-11-140.716 USDEx-dividend: 0.716 USD per sharePaidYahoo Finance (ex-div)
2025-08-150.716 USDEx-dividend: 0.716 USD per sharePaidYahoo Finance (ex-div)
2025-05-160.716 USDEx-dividend: 0.716 USD per sharePaidYahoo Finance (ex-div)
2025-02-140.716 USDEx-dividend: 0.716 USD per sharePaidYahoo Finance (ex-div)
2024-11-150.688 USDEx-dividend: 0.688 USD per sharePaidYahoo Finance (ex-div)
2024-08-160.688 USDEx-dividend: 0.688 USD per sharePaidYahoo Finance (ex-div)
2024-05-160.688 USDEx-dividend: 0.688 USD per sharePaidYahoo Finance (ex-div)
2024-02-150.688 USDEx-dividend: 0.688 USD per sharePaidYahoo Finance (ex-div)
2023-11-160.662 USDEx-dividend: 0.662 USD per sharePaidYahoo Finance (ex-div)
2023-08-100.662 USDEx-dividend: 0.662 USD per sharePaidYahoo Finance (ex-div)
2023-05-180.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2023-02-160.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2022-11-090.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2022-08-110.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2022-05-190.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)
2021-11-100.48 USDEx-dividend: 0.48 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Shell — from primary filings.

Frequently asked questions

What is Shell's P/E ratio?
Shell trades at a P/E of 10.9x (price to trailing 12-month earnings).
What is Shell's EV/EBITDA?
Shell trades at 5.1x EV/EBITDA.
What is Shell's P/B ratio?
Shell trades at a P/B of 1.6x.
What is Shell's dividend yield?
Shell's trailing 12-month dividend yield is 3.2%.
What is Shell's return on equity (ROE)?
Shell's ROE is 24.4%.
What is Shell's market capitalization?
Shell's market cap is 282.7 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map