Equinor
EQNR Β· Integrated Oil & Gas
$48.82
οΏ½οΏ½Shell
SHEL Β· Integrated Oil & Gas
$108.18
οΏ½οΏ½The short version
- Shell is the larger business, with $266.9B of revenue in fiscal 2025 against $106.5B for Equinor, about 2.5 times as much.
- Equinor grew revenue faster (2.6%, against β6.1%).
- Equinor earned a higher return on the capital invested in it (25.1%, against 9.6%).
| Latest fiscal year | EQNR Β· FY25 | SHEL Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $127.0B | $643.5B |
| Revenue | $106.5B | $266.9B |
| Free cash flow | $6.0B | β |
| Net income | $5.0B | $17.8B |
| Growth | ||
| Revenue growth | 2.6% | β6.1% |
| 5-year growth | 18.4% | 8.1% |
| Share count change | β8.0% | β6.5% |
| Profitability | ||
| Gross margin | 48.2% | β |
| Operating margin | 23.8% | β |
| Net margin | 4.7% | 6.7% |
| FCF margin | 5.6% | β |
| Return on capital | 25.1% | 9.6% |
| Return on equity | 12.2% | 10.1% |
| Balance sheet | ||
| Net debt | $10.8B | $45.4B |
| Net debt / EBITDA | 0.3x | 0.8x |
| Dividends and buybacks | $6.2B | $22.4B |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | β | 5 |
FY16
EQNR $45.9B
SHEL $233.6B
FY17
EQNR $61.2B
SHEL $305.2B
FY18
EQNR $79.6B
SHEL $388.4B
FY19
EQNR $64.4B
SHEL $344.9B
FY20
EQNR $45.8B
SHEL $180.5B
FY21
EQNR $90.9B
SHEL $261.5B
FY22
EQNR $150.8B
SHEL $381.3B
FY23
EQNR $107.2B
SHEL $316.6B
FY24
EQNR $103.8B
SHEL $284.3B
FY25
EQNR $106.5B
SHEL $266.9B
EQNR
SHEL
FY16
EQNR 0.2%
SHEL β
FY17
EQNR 22.5%
SHEL β
FY18
EQNR 25.3%
SHEL β
FY19
EQNR 14.5%
SHEL β
FY20
EQNR β7.5%
SHEL β
FY21
EQNR 37.0%
SHEL β
FY22
EQNR 52.3%
SHEL β
FY23
EQNR 33.4%
SHEL β
FY24
EQNR 29.8%
SHEL β
FY25
EQNR 23.8%
SHEL β
EQNR
SHEL
FY16
EQNR β$3.4B
SHEL β
FY17
EQNR $4.0B
SHEL β
FY18
EQNR $8.3B
SHEL β
FY19
EQNR $3.5B
SHEL β
FY20
EQNR $1.9B
SHEL β
FY21
EQNR $20.8B
SHEL β
FY22
EQNR $26.4B
SHEL β
FY23
EQNR $18.7B
SHEL β
FY24
EQNR $7.3B
SHEL β
FY25
EQNR $6.0B
SHEL β
EQNR
SHEL
FY16
EQNR β
SHEL β
FY17
EQNR 12.1%
SHEL 6.3%
FY18
EQNR 17.7%
SHEL 10.3%
FY19
EQNR 8.4%
SHEL 7.5%
FY20
EQNR β5.1%
SHEL β7.2%
FY21
EQNR 38.4%
SHEL 10.0%
FY22
EQNR 95.6%
SHEL 19.4%
FY23
EQNR 40.9%
SHEL 9.6%
FY24
EQNR 33.7%
SHEL 8.5%
FY25
EQNR 25.1%
SHEL 9.6%
EQNR
SHEL
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.