Shell plc (SHEL) Fundamental Analysis
Shell plc operates in a cyclical, commodity-sensitive industry, so each quarter is best judged against the cycle rather than in isolation. It is solidly profitable, with a latest net margin of 7%. Cash generation is healthy, funding the business from its own operations. The latest filing shows a mixed picture across the four dimensions.
Beat Index assesses Shell plc across sixteen analysis tabs, spanning revenue and income, margins, cash flow, returns, liquidity and leverage, working capital, intrinsic value, commitments, insider activity, risk, and its latest 20-F reads strongest on cash generation while flagging revenue growth, profit margins and balance-sheet strength for closer review. Every figure is taken as-reported from SEC EDGAR filings, with no vendor adjustments.
At a glance
- PositiveCash Generation: FCF margin 9%
- WatchGrowth: Revenue -6% YoY (cycle)
- ConcernNo red flags in the latest quarter.
Trend matrix, last 4 quarters
| Dimension | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Growth | Revenue -6% YoY (cycle) | Revenue -10% YoY (cycle) | Revenue down -17% YoY | Revenue up 46% YoY |
| Profitability | Net margin 7% | Net margin 6% | Net margin 6% | Net margin 11% |
| Cash Generation | FCF margin 9% | FCF margin 12% | FCF margin 10% | FCF margin 12% |
| Balance Sheet | Debt/equity 0.4x | Debt/equity 0.4x | Debt/equity 0.4x | Debt/equity 0.4x |
Quarterly financials
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $266.89B | $284.31B | $316.62B | $381.31B | $261.50B |
| Cash & equivalents | $30.22B | $39.11B | $38.77B | $40.25B | $36.97B |
| Net income | $17.84B | $16.09B | $19.36B | $42.31B | $20.10B |
| Operating cash flow | $42.86B | $54.69B | $54.19B | $68.41B | $45.10B |
| Free cash flow | $23.92B | $35.09B | $31.20B | $45.81B | $26.10B |
Figures in USD, as reported to the SEC. Longer history is available in the full analysis.
What's inside the full dashboard
Sixteen analysis tabs, all sourced from SEC filings, no estimates.
- Cash Flow: Free cash flow generation and operating cash flow trends.
- Intrinsic Value: Discounted cash flow (DCF) valuation and enterprise multiples.
- Liquidity & Leverage: Balance-sheet strength: assets, liabilities, debt and liquidity ratios.
- Margins: Gross, operating, and net profit margin analysis.
- Returns: Return on equity, return on assets, and return on invested capital.
- Revenue & Income: Revenue growth, composition, and year-over-year income trends.
- Working Capital: Working-capital efficiency, cash conversion and asset-turnover metrics.
- Risk: Debt levels, liquidity ratios, and financial risk indicators.
- Insider: Insider stock transactions and executive activity.
- Commitments: Operating leases, purchase commitments, and future obligations.
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Live valuation, management commentary, and peer comparison, all sourced directly from SEC filings. Free to access.