Shell plc (SHEL) Key Metrics
SHEL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $303.39B
- Enterprise value
- $309.47B
- P/E (TTM)
- 11.8 10-yr median 12.3
- Forward P/E
- 9.6
- PEG ratio
- 1.59
- Price / sales
- 1.0 10-yr median 0.7
- Price / book
- 1.5 10-yr median 1.2
- EV / EBITDA
- 4.6 10-yr median 5.0
- Dividend yield
- 2.93% $3.12 a year
- Beta
- −0.19
SHEL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSHEL valuation Price multiples at each fiscal year-end price.
SHEL returns How much profit the business earns on the capital it uses.
SHEL per-share figures Results divided by the shares outstanding at year-end.
SHEL financial health Debt, liquidity and how easily interest is covered.
SHEL efficiency & capital use Working capital cycle and where the cash goes.
SHEL valuation history
SHEL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SHEL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SHEL cash returned to shareholders
SHEL price vs earnings per share
SHEL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $218.55B | $199.34B | $223.71B | $211.01B | $169.41B | $136.97B | $239.24B | $243.24B | $276.81B | $214.58B |
| Enterprise value | $292.91B | $237.37B | $266.58B | $254.56B | $221.52B | $213.15B | $317.61B | $293.32B | $342.17B | $287.92B |
| P/E ratio | 12.3 | 12.4 | 11.6 | 5.0 | 8.4 | — | 15.1 | 10.4 | 21.3 | 46.9 |
| Price / sales | 0.8 | 0.7 | 0.7 | 0.6 | 0.6 | 0.8 | 0.7 | 0.6 | 0.9 | 0.9 |
| Price / book | 1.3 | 1.1 | 1.2 | 1.1 | 1.0 | 0.9 | 1.3 | 1.2 | 1.4 | 1.1 |
| Price / free cash flow | 9.1 | 5.7 | 7.2 | 4.6 | 6.5 | 7.8 | 12.5 | 8.1 | 18.7 | — |
| Price / operating cash flow | 5.1 | 3.6 | 4.1 | 3.1 | 3.8 | 4.0 | 5.7 | 4.6 | 7.8 | 10.4 |
| EV / sales | 1.1 | 0.8 | 0.8 | 0.7 | 0.8 | 1.2 | 0.9 | 0.8 | 1.1 | 1.2 |
| EV / EBITDA | 5.2 | 4.1 | 4.4 | 2.8 | 3.9 | 95.8 | 5.8 | 4.8 | 7.1 | 8.4 |
| EV / free cash flow | 12.2 | 6.8 | 8.5 | 5.6 | 8.5 | 12.2 | 16.5 | 9.8 | 23.1 | — |
| Earnings yield | 8.2% | 8.1% | 8.7% | 20.1% | 11.9% | −15.8% | 6.6% | 9.6% | 4.7% | 2.1% |
| Free cash flow yield | 10.9% | 17.6% | 13.9% | 21.7% | 15.4% | 12.8% | 8.0% | 12.4% | 5.3% | −0.7% |
| Dividend yield | 3.9% | 4.3% | 3.8% | 3.5% | 3.7% | 5.4% | 6.4% | 6.4% | 3.9% | 4.5% |
| Shareholder yield (dividends + buybacks) | 10.2% | 11.7% | 10.7% | 12.5% | 5.6% | 6.9% | 11.1% | 8.5% | 4.2% | 4.6% |
| Share price at fiscal year-end | $73.48 | $62.65 | $65.80 | $56.95 | $43.40 | $35.14 | $58.98 | $58.27 | $66.71 | $54.38 |
| Per share | ||||||||||
| Revenue per share | $89.73 | $89.35 | $93.13 | $102.91 | $66.99 | $46.32 | $85.02 | $93.04 | $73.55 | $59.20 |
| Earnings per share | $6.00 | $5.06 | $5.69 | $11.42 | $5.15 | −$5.56 | $3.91 | $5.59 | $3.13 | $1.16 |
| Operating cash flow per share | $14.41 | $17.19 | $15.94 | $18.46 | $11.56 | $8.75 | $10.40 | $12.72 | $8.59 | $5.22 |
| Free cash flow per share | $8.04 | $11.03 | $9.18 | $12.36 | $6.69 | $4.49 | $4.74 | $7.20 | $3.57 | −$0.38 |
| Cash per share | $10.16 | $12.29 | $11.40 | $10.86 | $9.47 | $8.17 | $4.45 | $6.41 | $4.90 | $4.85 |
| Book value per share | $58.63 | $56.04 | $54.89 | $51.41 | $44.06 | $39.85 | $45.97 | $47.59 | $46.84 | $47.30 |
| Tangible book value per share | $49.67 | $48.02 | $46.97 | $44.47 | $37.73 | $34.02 | $40.18 | $41.94 | $41.01 | $41.23 |
| Dividends per share | $2.85 | $2.72 | $2.47 | $2.00 | $1.60 | $1.90 | $3.75 | $3.76 | $2.62 | $2.45 |
| Capex per share | $6.37 | $6.16 | $6.76 | $6.10 | $4.87 | $4.25 | $5.66 | $5.51 | $5.02 | $5.60 |
| Debt per share | $35.16 | $24.24 | $24.01 | $22.62 | $22.82 | $27.71 | $23.77 | $18.40 | $20.64 | $23.44 |
| Shares outstanding | 2.97B | 3.18B | 3.40B | 3.71B | 3.90B | 3.90B | 4.06B | 4.17B | 4.15B | 3.95B |
| Change in shares outstanding | −6.5% | −6.4% | −8.2% | −5.1% | +0.1% | −3.9% | −2.8% | +0.6% | +5.2% | +23.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.1% | 8.8% | 10.3% | 23.3% | 12.3% | −12.7% | 8.2% | 11.9% | 6.8% | 2.6% |
| Return on invested capital (ROIC) | 7.2% | 7.4% | 8.0% | 18.2% | 6.8% | −8.1% | 5.8% | 8.2% | 4.4% | 0.9% |
| Return on assets (ROA) | 4.7% | 4.1% | 4.6% | 10.0% | 5.1% | −5.5% | 3.9% | 5.8% | 3.2% | 1.2% |
| Return on tangible assets | 5.2% | 4.4% | 5.1% | 10.1% | 5.3% | −6.1% | 4.2% | 6.2% | 3.4% | 1.2% |
| Free cash flow margin | 9.0% | 12.3% | 9.9% | 12.0% | 10.0% | 9.7% | 5.6% | 7.7% | 4.9% | −0.6% |
| Income quality (OCF / net income) | 2.40 | 3.40 | 2.80 | 1.62 | 2.24 | — | 2.66 | 2.27 | 2.75 | 4.51 |
| Financial health | ||||||||||
| Total debt | $104.58B | $77.14B | $81.64B | $83.80B | $89.09B | $108.01B | $96.42B | $76.82B | $85.67B | $92.48B |
| Cash & short-term investments | $30.22B | $39.11B | $38.77B | $40.25B | $36.97B | $31.83B | $18.05B | $26.74B | $20.31B | $19.13B |
| Net debt | $74.36B | $38.03B | $42.87B | $43.55B | $52.12B | $76.18B | $78.37B | $50.08B | $65.35B | $73.35B |
| Debt / equity | 0.60 | 0.43 | 0.44 | 0.44 | 0.52 | 0.70 | 0.52 | 0.39 | 0.44 | 0.50 |
| Debt / assets | 0.28 | 0.20 | 0.20 | 0.19 | 0.22 | 0.28 | 0.24 | 0.19 | 0.21 | 0.22 |
| Net debt / EBITDA | 1.31 | 0.66 | 0.71 | 0.47 | 0.92 | 34.26 | 1.42 | 0.82 | 1.35 | 2.15 |
| Current ratio | 1.30 | 1.35 | 1.40 | 1.37 | 1.35 | 1.25 | 1.16 | 1.25 | 1.20 | 1.17 |
| Quick ratio | 1.03 | 1.10 | 1.13 | 1.10 | 1.08 | 0.98 | 0.86 | 0.98 | 0.88 | 0.88 |
| Interest coverage | 5.8 | 6.2 | 6.6 | 11.8 | 6.2 | -6.1 | 5.0 | 8.7 | 3.9 | 0.7 |
| Working capital | $24.76B | $32.89B | $38.65B | $44.63B | $33.22B | $18.25B | $13.06B | $19.67B | $15.64B | $12.74B |
| Invested capital | $248.75B | $216.34B | $229.47B | $234.02B | $224.08B | $231.49B | $264.85B | $248.73B | $259.71B | $259.99B |
| Tangible asset value | $148.65B | $154.66B | $161.45B | $166.90B | $150.63B | $135.83B | $166.98B | $178.95B | $173.63B | $164.54B |
| Net current asset value | −$87.86B | −$79.52B | −$83.79B | −$84.49B | −$100.29B | −$128.78B | −$121.18B | −$99.18B | −$113.88B | −$136.19B |
| Graham number | $88.95 | $79.86 | $83.86 | $114.92 | $71.45 | — | $63.56 | $77.39 | $57.41 | $35.13 |
| Graham net-net per share | −$40.43 | −$41.86 | −$40.82 | −$44.42 | −$39.26 | −$41.74 | −$39.68 | −$33.23 | −$36.95 | −$43.95 |
| Capital allocation | ||||||||||
| Dividends paid | $8.47B | $8.67B | $8.39B | $7.41B | $6.25B | $7.42B | $15.20B | $15.68B | $10.88B | $9.68B |
| Share buybacks (net) | $13.88B | $14.69B | $15.51B | $19.03B | $3.17B | $2.08B | $11.36B | $5.06B | $717.0M | $160.0M |
| Dividend payout ratio | 47.5% | 53.9% | 43.4% | 17.5% | 31.1% | — | 95.9% | 67.1% | 83.8% | 211.5% |
| Dividends + buybacks / free cash flow | 93.5% | 66.6% | 76.6% | 57.7% | 36.1% | 54.3% | 138.3% | 69.0% | 78.3% | — |
| Capex / revenue | 7.1% | 6.9% | 7.3% | 5.9% | 7.3% | 9.2% | 6.7% | 5.9% | 6.8% | 9.5% |
| Capex / operating cash flow | 44.2% | 35.8% | 42.4% | 33.0% | 42.1% | 48.6% | 54.5% | 43.3% | 58.5% | 107.3% |
| Capex / depreciation | 0.85 | 0.86 | 1.00 | 1.01 | 0.71 | 0.32 | 0.80 | 1.06 | 0.79 | 0.88 |
| Stock-based compensation / revenue | — | — | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.3% | 0.3% |
| R&D / revenue | 0.4% | 0.4% | 0.4% | 0.3% | 0.3% | 0.5% | 0.3% | 0.3% | 0.3% | 0.4% |
| SG&A / revenue | 4.7% | 4.4% | 4.2% | 3.4% | 4.3% | 5.5% | 3.0% | 2.9% | 3.4% | 5.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 51.9 | 43.5 | 43.8 | 35.6 | 39.7 | 53.0 | 30.7 | 27.4 | 33.8 | 37.9 |
| Days of inventory on hand | 37.1 | 37.9 | 39.2 | 34.5 | 36.2 | 41.0 | 26.8 | 24.6 | 31.0 | 31.8 |
| Days payables outstanding | 71.2 | 49.3 | 52.3 | 46.3 | 45.9 | 49.2 | 35.4 | 33.8 | 40.5 | 43.8 |
| Cash conversion cycle (days) | 17.8 | 32.0 | 30.7 | 23.8 | 29.9 | 44.8 | 22.0 | 18.2 | 24.4 | 25.8 |
| Receivables turnover | 7.04 | 8.40 | 8.33 | 10.24 | 9.19 | 6.89 | 11.90 | 13.33 | 10.81 | 9.64 |
| Payables turnover | 5.13 | 7.41 | 6.98 | 7.88 | 7.95 | 7.42 | 10.30 | 10.81 | 9.02 | 8.33 |
| Inventory turnover | 9.83 | 9.64 | 9.30 | 10.59 | 10.09 | 8.89 | 13.64 | 14.83 | 11.76 | 11.49 |
| Asset turnover | 0.70 | 0.72 | 0.75 | 0.90 | 0.67 | 0.46 | 0.86 | 0.96 | 0.75 | 0.62 |
| Average receivables | $37.91B | $33.85B | $38.00B | $37.24B | $28.46B | $26.20B | $28.98B | $29.13B | $28.24B | $24.24B |
| Average payables | $43.77B | $32.18B | $38.61B | $38.38B | $28.40B | $26.08B | $29.92B | $31.77B | $30.63B | $25.93B |
| Average inventory | $22.82B | $24.72B | $28.96B | $28.58B | $22.36B | $21.76B | $22.59B | $23.17B | $23.50B | $18.80B |
| Intangibles / total assets | 7.2% | 6.6% | 6.6% | 5.8% | 6.1% | 6.0% | 5.8% | 5.9% | 5.9% | 5.8% |
Computed from SHEL's annual financial statements (latest annual report filed March 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SHEL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Shell traded at 12.3 times earnings, against a 10-year median of 12.3. Based on the latest twelve months, the trailing P/E is 11.8 and the forward P/E is 9.6. Shell earned a return on equity of 10.1% and a return on invested capital of 7.2% in fiscal 2025. It ended the year with $104.6 billion of debt and $30.2 billion in cash and short-term investments, net debt of $74.4 billion. It returned $22.4 billion to shareholders: $8.5 billion in dividends and $13.9 billion in share buybacks, 93% of free cash flow. The share count fell 24.6% from 3.95B to 2.97B over 9 years.
See the SHEL income statement, the SHEL chart for price history, or the SHEL stock overview for the latest quote and news.
SHEL key metrics FAQ
What is Shell's P/E ratio?
Shell's trailing P/E ratio is 11.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.6. At the end of fiscal 2025 it was 12.3, compared with a 10-year median of 12.3.
What is Shell's EV/EBITDA?
Shell's enterprise value was 5.2 times EBITDA at the end of fiscal 2025 (enterprise value $292.9 billion, EBITDA $56.7 billion); the current EV/EBITDA is 4.6.
What is Shell's return on equity?
Shell's return on equity (ROE) was 10.1% in fiscal 2025: net income of $17.8 billion on average shareholders' equity of $176.3 billion.
What is Shell's ROIC?
Shell's return on invested capital was 7.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Shell have?
Shell had total debt of $104.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.60 and $74.4 billion of net debt (1.31 times EBITDA).
What is Shell's dividend yield?
Shell's forward dividend yield is 2.93%. Shell paid $8.5 billion in dividends in fiscal 2025 ($2.85 per share), a payout ratio of 47.5%.
Does Shell buy back its shares?
Yes. Shell spent $13.9 billion on net share repurchases in fiscal 2025 Shares outstanding changed −6.5% over the year, to 2.97B..
What is Shell's free cash flow yield?
Shell generated $23.9 billion of free cash flow in fiscal 2025, a free cash flow yield of 10.9% on its market value at year-end ($218.6 billion).
What is Shell's current ratio?
Shell's current ratio was 1.30 at the end of fiscal 2025: current assets were 1.30 times current liabilities.