Shell

SHELL.AS

Oil & Gas Integrated · Energy

Price

€39.91

-0.37 (-0.92%)

Market Cap

€222.55B

Exchange

Euronext Amsterdam

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Strong

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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 individuals, businesses, airlines, and governments. Shell also operates thousands of gas stations globally under its well-known red-and-yellow brand.

Shell makes money by selling oil, natural gas, refined fuels, and chemicals, as well as through its growing liquefied natural gas (LNG) business, where it is one of the world's top traders and suppliers. The company operates in over 70 countries, generating hundreds of billions in annual revenue, which gives it significant scale advantages over smaller competitors. The biggest risk Shell faces is the long-term global shift away from fossil fuels toward renewable energy, which could reduce demand for its core products over the coming decades.

Growth Profile

For growth stock investors

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

Revenue Growth

+43.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+235.1% YoY

YoY Growth Rate

EPS growth accelerating

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

1.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$69.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Shell grew revenue 43% 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

20.1%

Thin — 20.1% gross margin

Profit after running costs

Operating Margin

16.8%

Healthy — 16.8% operating margin

Return on the money invested

ROCE

22.1%

Exceptional — 22.1% 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

+10.3%

Steady sales growth (+10.3% YoY)

Profit growth

EPS YoY

+109.7%

Earnings growing fast (+109.7% 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

147%

Turns 147% of profit into real cash

Spare cash per sale

FCF Margin

6.3%

Modest free cash flow (6.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

10.40x

Comfortably covers interest (10.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.8x

Attractive valuation — P/E 8.8

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

Cheaper or dearer next year

P/E vs Forward

-1.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.33%

Moderate income — 3.33% yield

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

Dividend record

Dividend Growth

+27.5%

Dividend growing fast (27.5% YoY)

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