SHEL
Shell plc
SHEL's fundamentals are strong: earnings per share more than doubled and its operating margin rose 3 points to 12%. At 11x earnings, it's trading below its usual 12x. Analysts expect that strong growth to continue, though they disagree widely on how much.
SHEL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Healthy |
SHEL's revenue, profitability, cash flow and balance sheet are all currently healthy.
SHEL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7x | $63.76 | -35% |
| Current | 11x | $98.56 | — |
| Fair | 12x | $110 | +12% |
| Expensive | 16x | $142 | +44% |
Historical ranges are pointers, not guarantees.
SHEL's PE is in its fair range at 11x.
SHEL Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for SHEL, with profitability improving. However, they disagree widely on these estimates.
SHEL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $9.06 | +108% |
| Q1 2026 | $6.42 | +51% |
| Q4 2025 | $5.92 | +18% |
| Q3 2025 | $4.80 | -1.2% |
| Q2 2025 | $4.36 | -22% |
| Q1 2025 | $4.26 | -21% |
| Q4 2024 | $5.02 | -11% |
| Q3 2024 | $4.86 | -42% |
SHEL earned $9.06 per share over the past year, up 108% from the year before.
SHEL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $94.7B | +45% |
| Q1 2026 | $69.7B | +0.7% |
| Q4 2025 | $64.1B | -3.3% |
| Q3 2025 | $68.2B | -4.1% |
| Q2 2025 | $65.4B | -12% |
| Q1 2025 | $69.2B | -4.5% |
| Q4 2024 | $66.3B | -16% |
| Q3 2024 | $71.1B | -6.9% |
SHEL's revenue is growing: $94.7B last quarter, up 45% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 16% | +6.8 points |
| Q1 2026 | 15% | +1.2 points |
| Q4 2025 | 4.9% | +1.3 points |
| Q3 2025 | 11% | +0.9 points |
| Q2 2025 | 9.2% | -1.6 points |
| Q1 2025 | 14% | -0.4 points |
| Q4 2024 | 3.6% | -4.8 points |
| Q3 2024 | 10% | -3.9 points |
SHEL's operating margin was 16% last quarter, up 6.8 points from the same quarter a year ago.
SHEL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $17.4B | +168% |
| Q1 2026 | $2.3B | -58% |
| Q4 2025 | $4.2B | -37% |
| Q3 2025 | $7.7B | -23% |
| Q2 2025 | $6.5B | -28% |
| Q1 2025 | $5.5B | -41% |
| Q4 2024 | $6.7B | +19% |
| Q3 2024 | $10B | +41% |
SHEL still generates free cash flow, though less than at its 2026 peak: $31.5B over the past year.
SHEL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -33.4M shares |
| 1 year | -6.1% | -184M shares |
| 3 years | -18% | -609M shares |
| 5 years | -28% | -1.1B shares |
| Available history | -30% | -1.2B shares |
SHEL has 2.8B diluted shares, down 6.1% from a year ago, with $13.2B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $3B |
| Q1 2026 | $3.2B |
| Q4 2025 | $3.4B |
| Q3 2025 | $3.6B |
| Q2 2025 | $3.5B |
| Q1 2025 | $4.1B |
| Q4 2024 | $3.9B |
| Q3 2024 | $3.5B |
SHEL spent $13.2B buying back its own shares over the past year, down 12% from the year before.
SHEL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | 0.9x | Very low |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 0.8x | Very low |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 0.7x | Very low |
| Q3 2024 | 0.5x | Very low |
SHEL's net debt is less than a year of its operating earnings (EBITDA).
SHEL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.5 | Neutral |
| Stochastic | 65.8 | Neutral |
SHEL's weekly RSI is 57 (neutral) and its Stochastic is 66 (neutral).
SHEL PE vs Energy Sector
| Metric | SHEL | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 17% below |
| PE % | 38 | 61 | 23 pts below |
SHEL is trading at 11x earnings, a 17% discount to the Energy sector's median of 13x.
SHEL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $101.7 | 3.1% below |
| 20 week MA | $94.4 | 4.4% above |
| 50 week MA | $86.8 | 14% above |
| 100 week MA | $78.1 | 26% above |
| 200 week MA | $71.6 | 38% above |
SHEL's trend is up, with a small recent dip: it's below only its 8-week average, and 38% above its 200-week average.
SHEL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $59.1 | $35.8 | -39% |
| 2021 | $35.8 | $43.8 | +22% |
| 2022 | $43.8 | $57.8 | +32% |
| 2023 | $57.8 | $65.8 | +14% |
| 2024 | $65.8 | $61.7 | -6.2% |
| 2025 | $61.7 | $72.8 | +18% |
| 2026 YTD | $72.8 | $98.6 | +35% |
SHEL has finished higher in four of the last six years. It's up 35% so far in 2026.