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Shell

SHEL
53
Oil & Gas Integrated · Energy
Also trades as: SHEL.L
Price
$93.33
-0.32 (-0.34%)
Market Cap
$260.21B
Exchange
New York Stock Exchange
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Strong
Cash Flow
Strong
Stability
Mixed
Valuation
Good
Dividends
Good

Share count falling — buybacks

23.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 3.90B (2021) → 2.97B (2025)

Winston Score History

The full picture

Shell is one of the largest energy companies in the world. It finds and drills for oil and natural gas underground, then refines and sells those fuels to consumers, businesses, airlines, and industrial customers. Shell also sells natural gas in liquid form (called LNG) to countries around the world, and it operates thousands of gas stations under the Shell brand.

Shell makes money by selling oil, natural gas, refined fuels like gasoline and diesel, and chemicals made from petroleum. It operates in more than 70 countries, with major production in the Americas, Europe, Asia, and the Middle East, generating over $300 billion in annual revenue. Its size, global infrastructure, and long-term supply contracts give it a competitive edge over smaller rivals. The biggest risk Shell faces is the global shift toward electric vehicles and renewable energy, which could reduce long-term demand for the fossil fuels that drive nearly all of its revenue.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+44.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+218.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1.2B/ year

Rising (+6% vs prior year)

0.4% of revenue

Below sector average (1%)

R&D investment increasing — building for the future

Insider Activity

0.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$31.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Shell grew revenue 45% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
19.5%
Thin — 19.5% gross margin
Profit after running costs
Operating Margin
16.0%
Healthy — 16.0% operating margin
Return on the money invested
ROCE
20.2%
Exceptional — 20.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+9.0%
Steady sales growth (+9.0% YoY)
Profit growth
EPS YoY
+106.8%
Earnings growing fast (+106.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
189%
Turns 189% of profit into real cash
Spare cash per sale
FCF Margin
10.6%
Modest free cash flow (10.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
7.10x
Adequate interest coverage (7.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
10.2x
Attractive valuation — P/E 10.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.3
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
3.29%
Moderate income — 3.29% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+6.6%
Dividend growing modestly (6.6% YoY)

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