NYSE · Energy

Shell plc

SHEL · Oil & Gas Integrated

$89.26

▲ 0.28 (0.31%)

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Mr. Market is currently offering Shell plc at $89.26.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability D

Gross Profit Margin 15.9%

Operating Margin 10.3%

Net Income Margin 6.7%

Fin. Health C

Years to Pay Off Debt 4.2 yrs

Working Capital vs Long-Term Debt -$17.4B

Working Capital $24.8B

Valuation F

Margin of Safety 2.9%

Price-to-Book 1.43x

Cash Flow C

Free Cash Flow $23.9B

CapEx % of Net Income 106.2%

Owner Earnings $59.0B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $248.9B

Enterprise Value $550.2B

P/E (TTM) 14.88

Dividend Yield 1.63%

Exchange NYSE

Key Margins

Gross Profit 15.9%

Operating Margin 10.3%

Net Margin 6.7%

Company Info

Sector Energy

Industry Oil & Gas Integrated

Employees 84000

Country United Kingdom

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Shell plc at $89.26.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $89.26, the stock trades below its Graham Number of $91.89 — suggesting a margin of safety exists.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Shell plc

Shell plc operates as an energy and petrochemical company in Europe, Asia, Oceania, Africa, the United States, and other parts of the Americas. It operates through the following segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions. The company explores for and extracts natural gas to produce liquefied natural gas or convert it into gas-to-liquids (GTL) fuels and other products; explores for and extracts crude oil, natural gas, and natural gas liquids; and operates marketing and transportation of oil, gas, and liquids, supported by the infrastructure required to deliver them to market or to process them within Shell's chemical manufacturing plants and refineries. It is also involved in marketing, which includes mobility, lubricants, and sectors focused on decarbonization; operates a retail network, including electric vehicle charging, convenience retail, and the wholesale commercial fuels business for transport and industry; sells products for road transport and machinery in manufacturing, mining, power generation, agriculture, and construction; and provides low-carbon energy solutions, such as biofuels, to a broad range of commercial customers, including those in the aviation, marine, and agriculture sectors. In addition, the company offers chemicals and products, including chemicals manufacturing plants with their own marketing network, and refineries that turn crude oil and other feedstocks into a range of oil products, which are moved and marketed around the world for domestic, industrial, and transport use; and operates a pipeline business, trading, and optimization of crude oil, oil products, and petrochemicals. The company was formerly known as Royal Dutch Shell plc and changed its name to Shell plc in January 2022. Shell plc was founded in 1897 and is headquartered in London, United Kingdom.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	15.9% ▼	16.2%	14.9%	20.7%	N/A
Operating Margin %	10.3% ▼	10.5%	9.7%	16.6%	N/A
Net Income %	6.7% ▲	5.7%	6.1%	11.1%	N/A
Diluted EPS	6.00 ▲	5.06	5.70	11.42	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$370.4B	$387.6B	$406.3B	$443.0B	N/A
Total Debt	$75.6B ↓	$77.1B	$81.5B	$83.8B	N/A
Working Capital	$24.8B ▼	$32.9B	$38.6B	$44.6B	N/A
Years to Pay Debt	4.24	4.79	4.21	1.98	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$23.9B ▼	$35.1B	$31.2B	$45.8B
Owner Earnings	$59.0B	$58.4B	$65.5B	$87.3B
CapEx % of Net Income	106.2%	121.8%	118.8%	53.4%

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items			84,411	622,533	1,858,140
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	53,404,000	57,700,000	60,149,000	90,715,000
Total Unusual Items	3,260,000	-217,000	212,000	1,839,000
Total Unusual Items Excluding Goodwill	3,260,000	-217,000	212,000	1,839,000
Net Income From Continuing Operation Net Minority Interest	17,837,000	16,094,000	19,359,000	42,309,000
Reconciled Depreciation	22,167,000	22,703,000	23,106,000	22,393,000
Reconciled Cost Of Revenue	224,391,000	238,371,000	269,413,000	302,535,000
EBITDA	56,664,000	57,483,000	60,361,000	92,554,000
EBIT	34,497,000	34,780,000	37,255,000	70,161,000
Net Interest Income	-2,781,000	-2,486,000	-2,315,000	-4,300,000
Interest Expense	4,741,000	4,858,000	4,628,000	5,346,000
Interest Income	1,960,000	2,372,000	2,313,000	1,046,000
Normalized Income	15,848,400	16,256,750	19,231,411	41,092,533
Net Income From Continuing And Discontinued Operation	17,837,000	16,094,000	19,359,000	42,309,000
Total Expenses	239,304,000	254,320,000	285,883,000	318,205,000
Diluted Average Shares	2,974,300	3,181,850	3,399,900	3,705,250
Basic Average Shares	2,945,400	3,149,800	3,366,750	3,673,750
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	17,837,000	16,094,000	19,359,000	42,309,000
Net Income Common Stockholders	17,837,000	16,094,000	19,359,000	42,309,000
Net Income	17,837,000	16,094,000	19,359,000	42,309,000
Minority Interests	-282,000	-427,000	-277,000	-565,000
Net Income Including Noncontrolling Interests	18,119,000	16,521,000	19,636,000	42,874,000
Net Income Continuous Operations	18,119,000	16,521,000	19,636,000	42,874,000
Tax Provision	11,637,000	13,401,000	12,991,000	21,941,000
Pretax Income	29,756,000	29,922,000	32,627,000	64,815,000
Other Non Operating Income Expenses	532,000	582,000	677,000	319,000
Special Income Charges	3,190,000	-288,000	257,000	1,768,000
Other Special Charges	-3,190,000	288,000	-257,000	-1,768,000
Write Off				-1,126,000	-3,851,000
Impairment Of Capital Assets			8,185,000		-3,851,000
Net Non Operating Interest Income Expense	-2,781,000	-2,486,000	-2,315,000	-4,300,000
Total Other Finance Cost			-259,000	649,000	-28,000
Interest Expense Non Operating	4,741,000	4,858,000	4,628,000	5,346,000
Interest Income Non Operating	1,960,000	2,372,000	2,313,000	1,046,000
Operating Income	27,582,000	29,992,000	30,737,000	63,109,000
Operating Expense	14,913,000	15,949,000	16,470,000	15,670,000
Other Operating Expenses	1,136,000	2,411,000	1,750,000	1,712,000
Research And Development	1,170,000	1,099,000	1,287,000	1,075,000
Selling General And Administration	12,607,000	12,439,000	13,433,000	12,883,000
General And Administrative Expense	12,607,000	12,439,000	13,433,000	12,883,000
Gross Profit	42,495,000	45,941,000	47,207,000	78,779,000
Cost Of Revenue	224,391,000	238,371,000	269,413,000	302,535,000
Total Revenue	266,886,000	284,312,000	316,620,000	381,314,000
Operating Revenue	266,886,000	284,312,000	316,620,000	381,314,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	28,745	30,800	0	0
Ordinary Shares Number	5,689,892	6,084,231	6,524,109	7,003,503
Share Issued	5,718,636	6,115,031	6,524,109	7,003,503
Net Debt	17,080,000	10,540,000	15,518,000	16,062,000
Total Debt	75,643,000	77,078,000	81,541,000	83,795,000
Tangible Book Value	147,720,000	152,795,000	159,694,000	164,771,000
Invested Capital	221,102,000	226,683,000	240,439,000	246,624,000
Working Capital	24,758,000	32,892,000	38,648,000	44,627,000
Net Tangible Assets	147,720,000	152,795,000	159,694,000	164,771,000
Capital Lease Obligations	28,933,000	28,702,000	27,709,000	27,643,000
Common Stock Equity	174,392,000	178,307,000	186,607,000	190,472,000
Total Capitalization	216,585,000	219,763,000	235,151,000	242,004,000
Total Equity Gross Minority Interest	175,319,000	180,168,000	188,362,000	192,597,000
Minority Interest	927,000	1,861,000	1,755,000	2,125,000
Stockholders Equity	174,392,000	178,307,000	186,607,000	190,472,000
Other Equity Interest	1,359,000	1,417,000	1,308,000	1,140,000
Treasury Stock	847,000	803,000	997,000	726,000
Retained Earnings	153,528,000	158,834,000	165,915,000	169,482,000
Additional Paid In Capital	457,000	424,000	390,000	350,000
Capital Stock	477,000	510,000	544,000	584,000
Common Stock	477,000	510,000	544,000	584,000
Total Liabilities Net Minority Interest	195,031,000	207,441,000	217,908,000	250,427,000
Total Non Current Liabilities Net Minority Interest	112,616,000	112,407,000	122,441,000	129,116,000
Other Non Current Liabilities				-1,000	1,000
Derivative Product Liabilities	1,108,000	2,185,000	2,301,000	3,563,000
Non Current Pension And Other Postretirement Benefit Plans	7,136,000	6,752,000	7,549,000	7,296,000
Non Current Accrued Expenses				253,000	364,000
Tradeand Other Payables Non Current	4,463,000	3,290,000	3,103,000	3,432,000
Non Current Deferred Taxes Liabilities	11,983,000	13,505,000	15,347,000	16,186,000
Long Term Debt And Capital Lease Obligation	66,515,000	65,448,000	71,610,000	74,794,000
Long Term Capital Lease Obligation	24,322,000	23,992,000	23,066,000	23,262,000
Long Term Debt	42,193,000	41,456,000	48,544,000	51,532,000
Long Term Provisions	21,411,000	21,227,000	22,531,000	23,845,000
Current Liabilities	82,415,000	95,034,000	95,467,000	121,311,000
Other Current Liabilities				-1,000	1,000
Current Debt And Capital Lease Obligation	9,128,000	11,630,000	9,931,000	9,001,000
Current Capital Lease Obligation	4,611,000	4,710,000	4,643,000	4,381,000
Current Debt	4,517,000	6,920,000	5,288,000	4,620,000
Current Provisions	5,884,000	4,469,000	4,041,000	2,910,000
Payables	49,996,000	54,102,000	58,524,000	69,271,000
Other Payable	15,846,000	16,248,000	17,406,000	18,500,000
Total Tax Payable	6,010,000	8,087,000	6,527,000	8,139,000
Accounts Payable	28,140,000	29,767,000	34,591,000	42,632,000
Total Assets	370,350,000	387,609,000	406,270,000	443,024,000
Total Non Current Assets	263,177,000	259,683,000	272,155,000	277,086,000
Other Non Current Assets				1,000
Defined Pension Benefit	5,052,000	10,003,000	9,151,000	10,200,000
Non Current Prepaid Assets				2,160,000	1,520,000
Non Current Deferred Taxes Assets	8,173,000	6,857,000	6,454,000	7,815,000
Financial Assets	619,000	374,000	801,000	582,000
Investmentin Financial Assets	1,557,000	2,255,000	3,246,000	3,362,000
Held To Maturity Securities	39,000	37,000	28,000	21,000
Available For Sale Securities	1,478,000	2,121,000	2,890,000	2,841,000
Financial Assets Designatedas Fair Value Through Profitor Loss Total	40,000	97,000	328,000	500,000
Long Term Equity Investment	27,775,000	23,445,000	24,457,000	23,864,000
Investmentsin Joint Venturesat Cost		15,783,000	17,382,000	17,056,000	15,767,000
Investmentsin Associatesat Cost		7,662,000	7,075,000	6,808,000	7,648,000
Goodwill And Other Intangible Assets	26,672,000	25,512,000	26,913,000	25,701,000
Other Intangible Assets	11,010,000	9,480,000	10,253,000	9,662,000
Goodwill	15,662,000	16,032,000	16,660,000	16,039,000
Net PPE	185,077,000	185,219,000	194,835,000	198,642,000
Accumulated Depreciation	-259,861,000	-245,527,000	-260,235,000	-236,319,000
Gross PPE	444,938,000	430,746,000	455,070,000	434,961,000
Other Properties	161,389,000	150,507,000	160,765,000	146,380,000
Properties	283,549,000	280,239,000	294,305,000	288,581,000
Current Assets	107,173,000	127,926,000	134,115,000	165,938,000
Other Current Assets				-1,000
Hedging Assets Current	9,114,000	9,673,000	15,098,000	24,437,000
Assets Held For Sale Current	1,030,000	9,857,000	951,000	2,851,000
Restricted Cash	586,000	1,274,000	460,000	156,000
Prepaid Assets	4,322,000	5,713,000	6,156,000	14,511,000
Inventory	22,216,000	23,426,000	26,019,000	31,894,000
Other Inventories	2,699,000	1,602,000	2,108,000	2,557,000
Finished Goods	17,925,000	20,211,000	22,232,000	27,823,000
Raw Materials	1,592,000	1,613,000	1,679,000	1,514,000
Other Receivables	7,996,000	8,526,000	10,098,000	12,096,000
Taxes Receivable	2,080,000	391,000	558,000	363,000
Accounts Receivable	30,005,000	31,041,000	36,273,000	39,334,000
Allowance For Doubtful Accounts Receivable	-1,052,000	-527,000	-600,000	-1,055,000
Gross Accounts Receivable	31,057,000	31,568,000	36,873,000	40,389,000
Cash Cash Equivalents And Short Term Investments	29,630,000	37,836,000	38,314,000	40,090,000
Cash And Cash Equivalents	29,630,000	37,836,000	38,314,000	40,090,000
Cash Equivalents			32,888,000	33,638,000
Cash Financial			5,886,000	6,608,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	23,916,000	35,086,000	31,198,000	45,814,000
Repurchase Of Capital Stock	-13,879,000	-13,898,000	-14,617,000	-18,437,000
Repayment Of Debt	-11,806,000	-9,672,000	-10,650,000	-8,459,000
Issuance Of Debt	2,920,000	363,000	1,029,000	269,000
Issuance Of Capital Stock	-1,300,000	-789,000	-889,000	-593,000
Capital Expenditure	-18,947,000	-19,601,000	-22,993,000	-22,600,000
End Cash Position	30,216,000	39,110,000	38,774,000	40,246,000
Other Cash Adjustment Outside Changein Cash				1,000
Beginning Cash Position	39,110,000	38,774,000	40,246,000	36,970,000
Effect Of Exchange Rate Changes	866,000	-761,000	306,000	-736,000
Changes In Cash	-9,760,000	1,097,000	-1,778,000	4,012,000
Financing Cash Flow	-35,812,000	-38,435,000	-38,235,000	-41,954,000
Net Other Financing Charges	1,238,000	-609,000	701,000	-3,764,000
Interest Paid Cff	-4,104,000	-4,557,000	-4,441,000	-3,677,000
Cash Dividends Paid	-8,472,000	-8,668,000	-8,393,000	-7,405,000
Common Stock Dividend Paid	-8,472,000	-8,668,000	-8,393,000	-7,405,000
Net Common Stock Issuance	-15,179,000	-14,687,000	-15,506,000	-19,030,000
Common Stock Payments	-13,879,000	-14,687,000	-14,617,000	-18,437,000
Common Stock Issuance	-1,300,000	-789,000	-889,000	-593,000
Net Issuance Payments Of Debt	-9,148,000	-9,619,000	-9,832,000	-7,872,000
Net Short Term Debt Issuance	-262,000	-310,000	-211,000	318,000
Net Long Term Debt Issuance	-8,886,000	-9,309,000	-9,621,000	-8,190,000
Long Term Debt Payments	-11,806,000	-9,672,000	-10,650,000	-8,459,000
Long Term Debt Issuance	2,920,000	363,000	1,029,000	269,000
Investing Cash Flow	-16,811,000	-15,155,000	-17,734,000	-22,448,000
Net Other Investing Changes	-238,000	738,000	1,444,000	-580,000
Interest Received Cfi	1,956,000	2,399,000	2,124,000	906,000
Net Investment Purchase And Sale	-49,000	502,000	-146,000	-143,000
Sale Of Investment	33,000	582,000	51,000	117,000
Purchase Of Investment	-82,000	-80,000	-197,000	-260,000
Net Business Purchase And Sale	-681,000	-814,000	-728,000	-1,462,000
Sale Of Business	1,205,000	590,000	474,000	511,000
Purchase Of Business	-1,886,000	-1,404,000	-1,202,000	-1,973,000
Net PPE Purchase And Sale	1,148,000	1,621,000	2,565,000	1,431,000
Sale Of PPE	1,148,000	1,621,000	2,565,000	1,431,000
Capital Expenditure Reported	-18,947,000	-19,601,000	-22,993,000	-22,600,000
Operating Cash Flow	42,863,000	54,687,000	54,191,000	68,414,000
Taxes Refund Paid	-11,638,000	-12,002,000	-13,712,000	-13,120,000
Dividend Received Cfo	4,572,000	3,632,000	3,674,000	4,398,000
Change In Working Capital	-1,803,000	2,062,000	7,145,000	-5,434,000
Change In Payable	-5,959,000	-5,789,000	-11,581,000	11,915,000
Change In Inventory	1,916,000	1,273,000	6,325,000	-8,360,000
Change In Receivables	2,240,000	6,578,000	12,401,000	-8,989,000
Other Non Cash Items	1,547,000	3,126,000	2,030,000	5,161,000
Depreciation And Amortization	22,167,000	22,703,000	23,106,000	22,393,000
Depreciation	22,167,000	22,703,000	23,106,000	22,393,000
Pension And Employee Benefit Expense	-341,000	-326,000	-37,000	417,000
Gain Loss On Investment Securities	-3,288,000	2,772,000	-5,969,000	-3,261,000
Net Income From Continuing Operations	29,756,000	29,922,000	32,627,000	64,815,000

These metrics estimate what Shell plc is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$91.89

Margin of Safety

2.9%

Market Cap ÷ Company Value

1.24

P/B Ratio

1.43

Warren's Owner Earnings

$59.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$266.9B

vs > $1.5B revenue

❌ Strong Financial Condition

1.30x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.63%

vs Uninterrupted dividends

❌ Earnings Growth

-47.5% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

14.9x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.43x P/B (P/E×P/B: 21.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-31.51

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$109.91

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	106.2%	121.8%	118.8%	53.4%
Repurchase of Capital Stock	-$13.9B	-$13.9B	-$14.6B	-$18.4B
Free Cash Flow	$23.9B ▼	$35.1B ▲	$31.2B ▼	$45.8B •
Warren's Owner Earnings	$59.0B	$58.4B	$65.5B	$87.3B

Peers & Industry Comparison

Oil & Gas Integrated — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
SHEL	$89.26	$248.9B	14.88	15.9%	6.7%	$266.9B
XOM Exxon Mobil Corporation	$153.69	$638.8B	25.9	29.8%	7.8%	$326.0B
CVX Chevron Corporation	$192.28	$383.0B	33.5	42.4%	5.9%	$185.7B
BP BP p.l.c.	$46.94	$120.9B	38.2	28.9%	1.7%	$193.0B
TTE TotalEnergies SE	$92.30	$205.5B	13.7	38.4%	8.2%	$184.0B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.00%

Low — management has little skin in the game

Return on Equity (ROE)

10.2%

Adequate — returns are moderate

Return on Assets (ROA)

4.8%

Fair — average asset utilization

Share Buybacks (Latest Year)

$13.9B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-1.9% YoY

Debt is declining — management is deleveraging

Leadership Team

Wael Sawan

CEO & Director

Age 51

Pay: $6,305,159

0.035% of net income

Sinead Gorman

CFO & Director

Age 48

Pay: $4,143,700

0.023% of net income

Graham Robert van't Hoff

Executive Vice President of Chemicals

Age 63

Brian Paul Eggleston

Executive Vice President of Finance Downstream

Roland Alexander Ilube

Senior Vice President of Finance Mobility

Top Institutional Holders

Institution	% Owned	Shares
FMR, LLC	3.48%	98,411,280
Fisher Asset Management, LLC	0.96%	27,142,785
Dimensional Fund Advisors LP	0.84%	23,690,755
Morgan Stanley	0.34%	9,549,023
Price (T.Rowe) Associates Inc	0.30%	8,531,869
Mawer Investment Management Ltd.	0.29%	8,075,089
Bank of America Corporation	0.28%	7,830,944
Blackrock Inc.	0.27%	7,525,146

Risk Analysis

Beta (Market Risk)

-0.24

Defensive — moves inversely to the market

Short Interest

0.8% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.43x

Conservative balance sheet — low financial risk

Current Ratio