olivLaw · European equity research
Shell plc SHEL.L
United Kingdom · London Stock Exchange · ISIN GB00BP6MXD84 · Vertical: Listed companies from United Kingdom
Shell plc is an integrated energy group active in producing and selling oil, natural gas, oil products and chemicals, while shifting toward lower-carbon products. The company describes its strategy as tied to a competitive and resilient supply chain and to sustaining hydrocarbon output amid volatile prices. Oil and gas production available for sale was 1,022 million boe in 2025.
At the close of 05 Nov 2026, Shell plc (SHEL.L) stock was 37.84 GBP (−0.30% on the day), with beta 0.04, 52-week range 25.62–40.38 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.8
- neutral
- Bollinger (20, 2)
- 37.62 – 40.62
- in the lower half of the band · %B 0.07 · band width 7.7%
- SMA 50 / 200
- 36.93 / 33.06
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.52 / 0.85
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.6% | −0.6% | +4.3 pp | — |
| 3 months | +14.1% | −4.2% | +18.3 pp | — |
| 6 months | +20.6% | +4.3% | +16.3 pp | — |
| Year to date | +38.1% | +7.5% | +30.6 pp | — |
| 1 year | +32.1% | +9.9% | +22.2 pp | +5.8% |
| 3 years | +41.5% | +49.8% | −8.3 pp | +26.3% |
| 5 years | +124.8% | +42.8% | +82.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 316.6 bn | 284.3 bn | 266.9 bn |
| Revenue YoY | unavailable | −10.2% | −6.1% |
| Net income | 19.4 bn | 16.1 bn | 17.8 bn |
| Net income YoY | unavailable | −16.9% | +10.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 6.1% | 5.7% | 6.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 30.2 bn USD
- Financial debt
- 66.5 bn USD
- Net debt
- 36.3 bn USD
- Equity
- 175.3 bn USD
- Total assets
- 370.4 bn USD
- Debt / equity
- 0.38x
- Current ratio
- 1.30x
- ROE
- 10.0%
- ROA
- 4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 316.6 bn | 284.3 bn | 266.9 bn | esef· 18 Mar 2026verified |
| Research & development | 1.3 bn | 1.1 bn | 1.2 bn | esef· 18 Mar 2026verified |
| Pre-tax income | 32.6 bn | 29.9 bn | 29.8 bn | esef· 18 Mar 2026verified |
| Income tax | 13.0 bn | 13.4 bn | 11.6 bn | esef· 18 Mar 2026verified |
| Net income | 19.4 bn | 16.1 bn | 17.8 bn | esef· 18 Mar 2026verified |
| Dividend per share | 1.24 | 1.38 | 1.43 | esef· 18 Mar 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 38.8 bn | 39.1 bn | 30.2 bn | esef· 18 Mar 2026verified |
| Receivables | — | 45.9 bn | 44.6 bn | esef· 18 Mar 2026verified |
| Inventories | — | 23.4 bn | 22.2 bn | esef· 18 Mar 2026verified |
| Current assets | — | 127.9 bn | 107.2 bn | esef· 18 Mar 2026verified |
| Goodwill | — | 16.0 bn | 15.7 bn | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 9.5 bn | 11.0 bn | esef· 18 Mar 2026verified |
| Total assets | — | 387.6 bn | 370.4 bn | esef· 18 Mar 2026verified |
| Accounts payable | — | 60.7 bn | 57.8 bn | esef· 18 Mar 2026verified |
| Long-term debt | — | 65.4 bn | 66.5 bn | esef· 18 Mar 2026verified |
| Current liabilities | — | 95.0 bn | 82.4 bn | esef· 18 Mar 2026verified |
| Total liabilities | — | 207.4 bn | 195.0 bn | esef· 18 Mar 2026verified |
| Equity | 188.4 bn | 180.2 bn | 175.3 bn | esef· 18 Mar 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 54.2 bn | 54.7 bn | 42.9 bn | esef· 18 Mar 2026verified |
| Investing cash flow | -17.7 bn | -15.2 bn | -16.8 bn | esef· 18 Mar 2026verified |
| Financing cash flow | -38.2 bn | -38.4 bn | -35.8 bn | esef· 18 Mar 2026verified |
| Share repurchases | 14.6 bn | 13.9 bn | 13.9 bn | esef· 18 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 18.82 – 25.31 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)18.82 – 25.31 (Mid 21.59)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.7% | 43 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 42 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial42/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial43/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SHELL PLC (SHEL.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 266.9 bn USD in 2025; YoY growth -6.1%; net margin 6.7%; ROE 10.1%.
The estimated value range is 18.82–25.31 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for SHEL.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Shell plc is an integrated energy group active in producing and selling oil, natural gas, oil products and chemicals, while shifting toward lower-carbon products. The company describes its strategy as tied to a competitive and resilient supply chain and to sustaining hydrocarbon output amid volatile prices 1. Oil and gas production available for sale was 1,022 million boe in 2025 1.
SWOT
Strengths
- An integrated portfolio spanning production, refining, marketing and chemicals, backed by a substantial proved reserves base 1.
- A structured risk governance process, with regular impact and likelihood reviews at Board and management level 1.
- Measurable environmental commitments, with reported progress on fresh water reduction and reusable or recyclable packaging 1.
Weaknesses
- Dependence on volatile oil and gas prices makes revenues and profitability hard to forecast 1.
- Some projects run in joint arrangements, which can reduce control over risks and operational decisions 1.
- The decline in proved reserves during 2025 points to a challenge in replacing production over the long term 1.
Opportunities
- Developing lower-emission products, including EV charging and GTL fuels, could open new revenue streams 1.
- Digital technologies and artificial intelligence could improve operational efficiency and how the company competes 1.
- Circular economy initiatives in plastics and packaging could create new value chains if recycling projects expand 1.
Threats
- Changing tariffs, sanctions and regulations could raise costs or limit market access 1.
- Competition from state-owned companies with preferential access to resources could reduce gains from bidding 1.
- Environmental incidents such as hydrocarbon spills could bring clean-up costs, fines and reputational harm 1.
Risks
- Price volatilityhigh
Prices of oil, gas and oil products can swing sharply, affecting revenues and the ability to sustain investment 1.
- Country riskhigh
Operations in countries with varying political and fiscal stability could face expropriation, extra taxes or renegotiated contracts 1.
- Project delivery and reservesmedium
Difficulties in developing complex projects and replacing reserves could lead to impairments and delays 1.
- Competitionmedium
Commodity-type competition and state-backed rivals could weigh on margins and on winning new projects 1.
- Environmental and regulatory riskmedium
Spills, emissions and changing environmental rules could add costs and affect the licence to operate 1.
Investment thesis
What would need to be true (bull case)
- If energy prices remain favourable and the company keeps lowering costs, revenues from the integrated portfolio could support shareholder distributions 1.
- Expanding lower-emission products and EV charging could open new growth sources if these initiatives develop 1.
- Progress on water management and recyclable packaging could strengthen the company's reputation and its social licence to operate 1.
What would break the thesis
- If oil and gas prices fall for a prolonged period, projects could be postponed and revenues could decline 1.
- If proved reserves keep shrinking, long-term production could become harder to sustain 1.
- Competition from state-owned companies and government-backed utilities could limit returns on new projects 1.
What to watch
- Trend in production and proved reserves compared with the 2025 levelnext 10-K
- Impact of Middle East tensions on operations2027
- Progress of lower-emission projects and EV charging2027
- Changes in rules on tariffs, sanctions and taxesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Shell operates through several integrated businesses, from exploration and production to refining, marketing and chemicals. The 2025 annual report shows the group manages a shared portfolio of projects, many of them run in joint arrangements or through associates 1. The company asks its suppliers to follow the Shell General Business Principles and Shell Supplier Principles 1.
Environmental goals include reducing fresh water use and managing waste, along with circularity efforts in packaging and plastics. In 2025 Shell reported that it used reusable or recyclable packaging for its products, and it reached 21% recycled plastic content in Shell-branded plastic packaging 1. The company says it aims to maintain and improve these practices as it adjusts its portfolio 1.
On governance, Shell reports risks tied to its portfolio, to delivering capital projects and replacing proved oil and gas reserves, and to country and regulatory conditions 1. The company also supports social investment focused on energy access, skills development and STEM education 1.
Segments
Market context
Prices for oil, natural gas and oil products are shaped by global and regional supply and demand, and the report warns that geopolitical tensions and tariffs could move these prices 1. In a low price environment, revenues from Integrated Gas and Upstream could fall, while high prices could weaken demand for some products 1.
Product markets are described as partly commodity-type, and competition from state-owned entities and energy suppliers with access to finance could affect returns 1. The company also notes that generative artificial intelligence could change how competitors improve efficiency 1.
Trends
- Energy price volatilitymixed
Oil and gas prices reflect geopolitical tensions, inflation and government decisions, which makes investment planning harder 1. If prices stay high, revenues could benefit, but added demand and new capacity could later reduce profitability 1.
- Energy transitionmixed
The company is expanding lower-emission offers, including electric vehicle charging and fuels such as GTL and LNG, which could open new markets 1. At the same time, regulatory pressure and falling demand for hydrocarbons could weigh on core revenues 1.
- Geopolitical tensionsheadwind
Conflicts and tensions in the Middle East are described as uncertain and could affect operations in the region and beyond 1. Tariffs and sanctions could also change costs and market access 1.
- Digitalisation and artificial intelligencemixed
Advances in artificial intelligence and quantum computing are treated as emerging risks, but also as opportunities to transform how Shell operates 1. They could improve operational efficiency while raising cyber security risks 1.
Competitive position
Shell says it faces competition in all its businesses, intensified by the energy transition and competing products 1. The company seeks to differentiate its services and products, though many compete in commodity-type markets 1.
Shell also competes with state-owned hydrocarbon companies and state-backed utilities, which can access financial resources and local markets and may act on political motives 1. This could leave the company at a disadvantage when bidding for new leases or projects 1.
- State-owned hydrocarbon entities
Government-controlled companies with access to financial resources and local markets, named in the report as rivals in bidding 1.
- State-backed utility entities
Energy providers with government backing that may accept returns below competitive levels 1.
- Oil products and chemicals producers
Rivals in commodity-type product markets, where keeping costs low is essential 1.
- New technology providers
Companies that could shift market dynamics through new technologies, including generative artificial intelligence 1.
News & filings
In the press
- Israeli army shells agricultural land in southern Syria’s QuneitraAnadolu Agency (TR, EN) · 06 Nov 2026 · EN
- Kitty 0.50 Picks Up Where You Left Off After a System RestartIt's FOSS · 06 Nov 2026 · EN
- Главы КМГ и "Транснефти" обсудили перспективы сотрудничества в транзите нефтиInterfax Russia (RU) · 06 Nov 2026 · RU
- Jared Kushner, ginerele lui Trump, propune cinci obiective pentru o „arhitectură de securitate europeană mai amplă”G4Media · 06 Nov 2026 · RO
- Chinese space firm builds wooden rocket nose cone for cheaper, frequent launchesSouth China Morning Post — China · 06 Nov 2026 · EN
- Рынки акций Европы не показали единой динамики в четвергInterfax Russia (RU) · 06 Nov 2026 · RU
- How Novaya Gazeta journalists tried to buy a nuclear warhead in 1990s RussiaMeduza English (independent RU/exile) · 05 Nov 2026 · EN
- Get root on a musl Linux system by slamming it with an overly long passwordThe Register · 05 Nov 2026 · EN
- Russian attacks kill nine civilians in Kherson, Donetsk, Zaporizhzhia, and Sumy oblasts in a dayEuromaidan Press (UA, EN) · 05 Nov 2026 · EN
- This Overlooked Linux mv Option Replaces Three Commands With OneIt's FOSS · 05 Nov 2026 · EN
- Mechanically Tunable Quantum Transport in Graphene Nanoribbons with Antiaromatic MotifsJournal of the American Chemical Society · 05 Nov 2026 · EN
- Bandgap and Interface Engineering of Ag–Au–S Quantum Dots toward Bright Near-Infrared Emission and Deep-Tissue BioimagingACS Nano · 05 Nov 2026 · EN
- Russian forces shell Marhanets, four injuredUkrinform (UA, EN) · 05 Nov 2026 · EN
- Australia approves seabed site where a Japanese company will store carbon pollutionPhys.org · 05 Nov 2026 · EN
- Рынки акций Европы в среду закрылись уверенным ростомInterfax Russia (RU) · 05 Nov 2026 · RU
- The Pentagon needs more ammo for the Iran war. Small communities are paying the price.Defense News (US, EN) · 04 Nov 2026 · EN
- Layering pentru sporturi de iarnă: cum te îmbraci corect ca să nu transpiri și să nu înghețiLibertatea.ro · 04 Nov 2026 · RO
- Security updates for WednesdayLWN.net · 04 Nov 2026 · EN
- Weapon or wine bottle? China disputes reports of artillery shell in Papua New GuineaBBC World News · 04 Nov 2026 · EN
- Man under police probe for alleged cheating over use of shell companies to avoid rentCNA (Channel NewsAsia) · 04 Nov 2026 · EN
Annual reports (ESEF)
- Annual report 202518 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Shell plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.