| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 92 | 10.6x | 17.8x | Top tier | |
Growth | 52 | 9.0% | 7.1% | Around median | |
Quality | 57 | 9.1% | 4.5% | Around median | |
Safety | 77 | 0.6x | 2.6x | Top tier | |
Capital Return | 52 | 1.48% | 2.12% | Around median | |
Momentum | 92 | 25.4% | 2.9% | Top tier | |
Sentiment | 87 | 8 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Shell plc operates across an integrated energy value chain encompassing Integrated Gas and liquefied natural gas, exploration and production, refining and chemicals, marketing, trading, and product flow optimization. Its model relies on producing, transporting, processing, and marketing energy molecules, then using its trading network and assets to shift supplies between markets and products; in Q2 fiscal year 2026, refineries shifted production toward middle distillates such as jet fuel, while supplies from LNG Canada, Nigeria, Trinidad and Tobago, and some third-party purchases offset part of the liquefied natural gas volumes lost from Qatar.
Shell reported adjusted earnings of $9.8 billion in Q2 fiscal year 2026, versus $4.2 billion in the corresponding period, cash flow from operations exceeding $21 billion, and free cash flow of approximately $17 billion. The call did not disclose consolidated revenue or margin for the quarter, but operating performance included refinery utilization at a record 102%, LNG Canada reaching full capacity after shipping more than 100 cargoes, another record production level in Brazil, and the Pennsylvania Petrochemicals complex posting its best performance to that date.
According to EDGAR filings, fiscal year 2025 revenue was approximately $266.9 billion and net income was $18.1 billion, compared with revenue of $284.3 billion and net income of $16.5 billion in fiscal year 2024; revenue therefore declined by approximately 6.1% while net income increased by approximately 9.7%. This divergence points to improved mix profitability and operating discipline despite lower sales, while the Q2 fiscal year 2026 mix was supported by strength in Integrated Gas, refining, and trading, and chemicals shifted to a positive contribution to free cash flow.
The average analyst price target is $102.88, with a wide range between $88 and $122.4 and a consensus rating of “Buy”; the average is above the 52-week range high of $94.9, while the low end is below that high. No earnings multiple is available in the data, so the stock's valuation rests on the strength of cash flow and capital returns versus risks from Qatar, weaker chemical spreads, and regulatory execution of the ARC transaction; the wide dispersion of targets also reveals meaningful differences in estimates of the sustainability of Q2 fiscal year 2026 earnings.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
Shell delivered adjusted earnings of $9.8 billion in Q2 fiscal year 2026, versus $4.2 billion in the corresponding period. Cash flow from operations exceeded $21 billion, and free cash flow reached approximately $17 billion. The company reduced net debt to approximately $42 billion, or $12 billion excluding leases. It also announced a $3 billion share buyback program on July 30, 2026 that is expected to be completed by the Q3 fiscal year 2026 results announcement in October 2026.
Qatar represented 20% of the liquefied natural gas volumes referenced in the July 30, 2026 call, so its disruption had a significant impact in Q2 fiscal year 2026. Shell offset part of the shortfall with additional volumes from Nigeria and Trinidad and Tobago, and with LNG Canada reaching full capacity after more than 100 cargoes. The trading team also purchased near-record third-party volumes and redirected some cargoes between customers and markets. Price risk management and portfolio optimization helped keep total liquefied natural gas production near its previous level despite the loss of Qatari volumes.
Automated analysis for informational purposes only — not investment advice.
The acquisition received overwhelming support from ARC Resources shareholders, but was still awaiting final approval under the Investment Canada Act on July 30, 2026. Shell expects ARC to add approximately $1.5 billion annually to free cash flow after completion. It also expects the acquisition to increase production growth through 2030 from nearly 1% annually to approximately 4% compared with fiscal year 2025. Fiscal year 2026 capital expenditure guidance of $24 to $26 billion includes approximately $4 billion for the acquisition and related expenses.
Shell's refinery utilization rate reached a record 102% in Q2 fiscal year 2026, benefiting from limited maintenance and higher margins. Management linked this performance to integration between traders and operators, feedstock selection, and shifting production toward jet fuel and higher-value middle distillates. However, it explained that Q3 fiscal year 2026 includes more maintenance, so the rate may vary from quarter to quarter. The refining margin environment remained positive, while chemical spreads began to weaken and market volatility declined.
Management said on July 30, 2026 that Qatar's liquefied natural gas facilities could return more quickly once safe corridors and terminal, storage, and shipping capacity were available. Pearl GTL Train 1 can be restarted within weeks because it was not damaged by hostilities. For the damaged Pearl GTL Train 2, management expected repairs to be completed and the facility to be ready by the end of Q1 fiscal year 2027, with operations remaining contingent on the ability to export. The shortage of Pearl volumes also affects the lubricants business, which management expected to be more challenging in Q3 fiscal year 2026.
The analyst consensus on SHEL is “Buy,” and the average price target is $102.88. The target range extends from $88 to $122.4, reflecting clear differences in estimates of the sustainability of earnings and cash flows. The average is above the 52-week range high of $94.9, while the lowest target is within the annual range of $68.625 to $94.9. The data does not include an earnings multiple, so the targets should be viewed alongside Q2 fiscal year 2026 adjusted earnings of $9.8 billion and the risks related to Qatar, chemicals, and the ARC transaction.
