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Shell plc (SHEL) stock

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NYSE: SHEL NYSE Oil & Gas Exploration & Production

C Fundamentals grade

Shell plc is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$100

Valuation models combined (3)

Base case. Range ~$66–$120. Weighted average of 3 models (price-to-earnings vs peers, residual income, justified price-to-book).

Price vs value

Modestly overvalued

The price is inside our value range, 0% above our base value.

Price used: $104.94, November 2, 2026

Shell plc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds652 adding, 690 cuttingOf 80 active managers that changed their stake, 39 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Shell files

Where Shell stands after its latest Filing

Revenue for the twelve months was $266.9bn, down 6.1% on a year earlier, a smaller fall than the 10.2% decline a quarter earlier. Free-cash-flow margin held at 8.0%. The diluted share count is down 6.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $107 a share, against a share price of $109.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Where it stands out: change in share count of -6.5% ranks 2 of 48 oil & gas exploration & production companies we cover. Where it lags: days sales outstanding of 61 days ranks 34 of 42 oil & gas exploration & production companies we cover.

Current signal Net income rising while operating cash flow falls: TTM net income grew 10.8% while operating cash flow fell 21.6% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 6.5% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 6.1% over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 61 days ranks 34 of 42 oil & gas exploration & production companies we cover (median 41 days).

Latest results

Earnings per share
$3.86 against an average estimate of $3.67: beat by 5.1%
Next report
October 29, 2026; average EPS estimate $3.62

Shell's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.5%
  • 1 week-1.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$267B
Net margin
6.7%
EPS (TTM, diluted)
$6.00

Growth

Revenue growth
−6.1%
Change in growth rate
+4.1 pts
Share count change
−6.5%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for SHEL from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Shell plc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$100
Price used
$104.32close November 3, 2026
Implied change
▲ +0%
Uncertainty
Medium

How we got here: the combined value of 3 valuation models built for a business like Shell plc (see the models table below and how they are combined) , with a 7.74% cost of equity. The models span ~$66–~$120; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Shell plc as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.62 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. — Does not apply: no standardised measure of proved reserves in the company's tagged filings
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$66 ~$53–$98 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$120 ~$80–$200 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$100–$160 Included
Combined value Weighted average of the models that apply: the primary model (proved-reserve net asset value) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$100 ~$66–$120 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Shell plc with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current — — $350.4bn +31%
Next — — $328.3bn −6%

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.67 $3.86 +5.1%
Jun 2026 $3.18 $3.52 +10.6%
Mar 2026 $2.21 $2.44 +10.2%
Dec 2025 $1.29 $1.14 −11.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

16 analysts, Nov 2026
Buy744%
Hold956%
Sell00%

Monthly trend

  1. Nov 20266916
  2. Oct 20266916
  3. Sep 202661016

Counts of recommendations published by analysts covering Shell plc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.2%
of tradable shares
Days to cover
2.98
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
13%
of shares
Held by insiders
0.0%
of shares
Employees
84,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Shell plc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Not enough history

There is not enough price history to measure realised volatility.

  • Puts and calls are priced at about the same implied volatility.
  • Why: not enough price history to measure realised volatility.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

SHEL Shell plc Grade C $105.14

Own 100 shares, sell the $115 call expiring December 18, 2026 (46 days) for $0.75 a share — $75.00 per contract.

Previous session · Bid $0.75, ask $0.90, quoted Mon 2 Nov, 17:35 New York time with SHEL at $105.14. Option prices move with the shares: check the live chain at your broker before trading.

  • If SHEL ends below $115: you keep your shares and the $75.00 — 0.7% extra on the position, 5.7% a year at that pace.
  • If it ends above $115: your shares are sold at $115, a total return of 10.1% including the premium — at or above our value of ~$100.
$1.1k $0 −$2.1k Our value $100 Break-even $104.39 Price $105.14
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$75.00
Annualised
5.7%
Break-even
$104.39
Max gain
$1,061
Chance of selling
~19%

Collar

Own the shares, buy the $100 put and sell the $115 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.30 a share ($130 per contract of 100 shares).
  • Worst case at expiry: -6.1%, if the shares fall below $100 (-4.9% from today).
  • Best case at expiry: +8.1%, if the shares rise above $115 (+9.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $100: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Shell plc in five measures

Fundamentals grade C
Growth Profitability Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Shell plc
$100B $200B $300B $400B FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY15 Q4: $265B Revenue (TTM), FY16 Q4: $233.6B Revenue (TTM), FY17 Q4: $305.2B Revenue (TTM), FY18 Q4: $388.4B Revenue (TTM), FY19 Q4: $344.9B Revenue (TTM), FY20 Q4: $180.5B Revenue (TTM), FY21 Q4: $261.5B Revenue (TTM), FY22 Q4: $381.3B Revenue (TTM), FY23 Q4: $316.6B Revenue (TTM), FY24 Q4: $284.3B Revenue (TTM), FY25 Q4: $266.9B $266.9B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY15 Q4 $265B
FY16 Q4 $233.6B
FY17 Q4 $305.2B
FY18 Q4 $388.4B
FY19 Q4 $344.9B
FY20 Q4 $180.5B
FY21 Q4 $261.5B
FY22 Q4 $381.3B
FY23 Q4 $316.6B
FY24 Q4 $284.3B
FY25 Q4 $266.9B
Revenue growth, TTM YoY Shell plc
-50% 0% 50% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue growth, TTM YoY, FY16 Q4: -11.8% Revenue growth, TTM YoY, FY17 Q4: 30.6% Revenue growth, TTM YoY, FY18 Q4: 27.3% Revenue growth, TTM YoY, FY19 Q4: -11.2% Revenue growth, TTM YoY, FY20 Q4: -47.6% Revenue growth, TTM YoY, FY21 Q4: 44.8% Revenue growth, TTM YoY, FY22 Q4: 45.8% Revenue growth, TTM YoY, FY23 Q4: -17.0% Revenue growth, TTM YoY, FY24 Q4: -10.2% Revenue growth, TTM YoY, FY25 Q4: -6.1% -6.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY16 Q4 -11.8%
FY17 Q4 30.6%
FY18 Q4 27.3%
FY19 Q4 -11.2%
FY20 Q4 -47.6%
FY21 Q4 44.8%
FY22 Q4 45.8%
FY23 Q4 -17.0%
FY24 Q4 -10.2%
FY25 Q4 -6.1%
FCF margin (TTM) Shell plc
-5% 0% 5% 10% FY15 Q4 FY16 Q4 FY17 Q4 FY18 Q4 FCF margin (TTM), FY15 Q4: 1.2% FCF margin (TTM), FY16 Q4: -1.9% FCF margin (TTM), FY17 Q4: 3.1% FCF margin (TTM), FY18 Q4: 8.0% 8.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY15 Q4 1.2%
FY16 Q4 -1.9%
FY17 Q4 3.1%
FY18 Q4 8.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 265.0 233.6 305.2 388.4 344.9 180.5 261.5 381.3 316.6 284.3 266.9
Net income 1.9 4.6 13.0 23.4 15.8 −21.7 20.1 42.3 19.4 16.1 17.8
Growth (year on year)
Revenue — −11.8% +30.6% +27.3% −11.2% −47.6% +44.8% +45.8% −17.0% −10.2% −6.1%
Net income — — — +79.9% −32.2% −236.9% — +110.5% −54.2% −16.9% +10.8%
Margins
Net margin 0.7% 2.0% 4.3% 6.0% 4.6% −12.0% 7.7% 11.1% 6.1% 5.7% 6.7%
Cash flow
Cash from operations 29.8 20.6 35.7 53.1 42.2 34.1 45.1 68.4 54.2 54.7 42.9
Balance sheet
Cash 31.8 19.1 20.3 26.7 18.1 31.8 37.0 40.2 38.8 39.1 30.2
Total debt 0.0 92.5 85.7 — 96.4 108.0 89.1 83.8 81.5 77.1 75.6
Net debt (negative = net cash) −31.8 73.3 65.4 −26.7 78.4 76.2 52.1 43.5 42.8 38.0 45.4
Diluted shares 3,197m 3,946m 4,150m 4,174m 4,056m 3,898m 3,903m 3,705m 3,400m 3,182m 2,974m
Returned to shareholders
Buybacks — — — 3.9 10.2 1.7 2.9 18.4 14.6 13.9 13.9
Total returned — — — 3.9 10.2 1.7 2.9 18.4 14.6 13.9 13.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · December 31, 2025
What it owns · $370.4bn
Short-term assets $107.2bnLonger-term assets $263.2bn
What it owes, and who funded it · $369.4bn
Short-term liabilities $82.4bnLonger-term liabilities $112.6bnShareholders' equity $174.4bn
  • Short-term assets cover short-term liabilities $107.2bn of assets due within a year against $82.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $107.2bn short-term assets against $112.6bn of longer-dated liabilities.
  • More cash than debt $30.2bn of cash against $75.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 43% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 59% to 43% over five years.
  • A year's operating cash flow covers at least 20% of debt $42.9bn of operating cash flow against $75.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Shell plc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$13.9B
Buybacks, last 3 fiscal years
$42.4B
Diluted share count
−6.5%
year over year
R&D spending
0.4%
of revenue
Days sales outstanding
61 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated SHEL PBR COP SU CVE CNQ Median
Revenue, last 12 months $266.9bn $89.2bn $63.3bn $37.5bn $35.6bn $27.8bn $1.4bn
Revenue growth, last 12 months −6.1% −2.4% 9.6% −6.4% −10.2% 6.6% 10.6%
Gross margin — 47.6% 62.0% — — — 75.2%
Net margin 6.7% 22.0% 14.7% 11.3% 7.9% 27.9% 10.1%
Cash from operations / revenue 16.1% 40.4% 34.6% — 16.6% 39.0% 42.4%
Free-cash-flow margin 8.0% 16.9% 16.0% — −4.0% 14.8% 19.3%
Free-cash-flow margin, 3-year average — — 17.6% — — 19.8% 19.1%
Stock pay / revenue — — — 0.0% — 0.5% 1.5%
Change in share count −6.5% — 0.3% −4.4% −2.3% −2.0% 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth -6.1% 10.6% 44 of 57
Change in growth rate Growth +4.1pp +4.9pp 33 of 57
Net margin Profitability 6.7% 10.1% 36 of 57
Long-term debt as % of assets Balance sheet 18.0% 17.6% 23 of 43
Change in share count Balance sheet -6.5% 0.4% 2 of 48
Days sales outstanding Balance sheet 61 days 41 days 34 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$28.9B
Institutions reporting
1,524
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
90 / 154

Top buyers and sellers, Q2 2026: 652 institutions bought and 690 sold ; the biggest buyer was Goldman Sachs Group Inc (+5.6M shares) and the biggest seller FMR LLC (−10.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $6.8B 87.3M 23.5% ▼ 10.5%
Fisher Asset Management, LLC $2.1B 27.6M 7.4% ▲ 0.6%
Dimensional Fund Advisors LP $2B 25.4M 6.8% ▲ 2.7%
Morgan Stanley $836M 10.8M 2.9% ▲ 11.4%
Goldman Sachs Group Inc $819M 10.6M 2.8% ▲ 112.1%
Price T Rowe Associates Inc $763M 9.8M 2.6% ▼ 6.9%
Orbis Allan Gray Ltd $686M 8.8M 2.4% ▲ 115.1%
Mawer Investment Management Ltd. $621M 8.0M 2.2% ▲ 12.5%
Bank Of America Corp $598M 7.7M 2.1% ▲ 1.9%
Arrowstreet Capital, Limited Partnership $522M 6.7M 1.8% ▼ 6.5%
Franklin Resources Inc $519M 6.7M 1.8% ▼ 8.5%
Hotchkis & Wiley Capital Management LLC $481M 6.2M 1.7% ▲ 0.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Shell plc's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 14 trades and filings

No trades in Shell plc disclosed in the last 12 months; 14 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 14, 2025, filed November 21, 2025
  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 9, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Shell plc was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Shell plc in brief

What does Shell plc do?
Shell plc is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is Shell plc's stock ticker?
Shell plc trades under the ticker SHEL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Shell plc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Shell plc reported revenue of $267B, 6.1% lower than a year earlier, according to its SEC filings.
Who are Shell plc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Fisher Asset Management, LLC and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Shell plc buying back stock, and does it pay a dividend?
Shell plc spent $13.9B on share repurchases over the trailing twelve months, and its diluted share count fell 6.5% over the year.
How much debt does Shell plc have?
Shell plc's debt-to-equity ratio is 43.4%, from its latest balance sheet (58.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Shell plc's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to Shell plc are Petrobras - Petroleo Brasileiro SA, ConocoPhillips, Suncor Energy Inc, Cenovus Energy Inc. and Canadian Natural Resources Ltd. The side-by-side comparison below sets their revenue, margins and growth against Shell plc's.