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Shell

SHEL.L
56
Oil & Gas Integrated · Energy
Also trades as: SHEL USD 105.80 (+0.42%)
Price
3,970.50 GBp
+82.00 (+2.11%)
Market Cap
£225.88B
Exchange
London Stock Exchange
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Strong
15/20
Cash Flow
Strong
8/10
Stability
Strong
7/10
Valuation
Good
6/10
Ownership
Weak
2/15
Dividends
Good
3/5

56 of 100 counted points = Winston Score 56.

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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: 7.81B (2021) → 5.95B (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, refines crude oil into fuels like gasoline and diesel, and sells energy products to drivers, airlines, factories, and utilities. Shell also operates a growing network of electric vehicle charging stations and sells liquefied natural gas (LNG) to power plants and industrial customers across the globe.

Shell makes money by selling oil, natural gas, refined fuels, and chemicals — revenue rises and falls with global commodity prices. The company operates in over 70 countries, employs roughly 90,000 people, and generates hundreds of billions in annual revenue. Its scale, global infrastructure, and long-term supply contracts give it a competitive edge over smaller rivals. The biggest risk Shell faces is the long-term decline in fossil fuel demand as governments push for cleaner energy, while its main growth opportunity lies in expanding its LNG and low-carbon energy businesses.

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

Reported EPS Growth

+240.4% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.57

30 Jun 2026: $1.94

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$1.2B/ year

↑ Rising (+9% vs prior year)

0.4% of revenue

Below sector average (1%)

R&D investment increasing — building for the future

Insider Activity

0.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$69.8B 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
15.5%
Strong — 15.5% 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
+8.6%
Steady sales growth (+8.6% YoY)
Profit growth
EPS YoY
+111.6%
Earnings growing fast (+111.6% 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
183%
Turns 183% of profit into real cash
Spare cash per sale
FCF Margin
10.1%
Modest free cash flow (10.1%)

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
0.40
Conservative — low debt load (0.40)
Covers its interest
Interest Cover
7.70x
Adequate interest coverage (7.7x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
8.7x
Attractive valuation — P/E 8.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-1.6
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.12%
Moderate income — 3.12% yield

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

Dividend record
Dividend Growth
+4.6%
Dividend growing modestly (4.6% YoY)
Payout Ratio
32%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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