Chevron vs Shell
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The short version
- Shell is the larger business, with $266.9B of revenue in fiscal 2025 against $189.0B for Chevron.
- Shell grew revenue faster (β6.1%, against β6.8%).
- Shell earned a higher return on the capital invested in it (9.6%, against 6.7%).
| Latest fiscal year | CVX Β· FY25 | SHEL Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $460.6B | $643.5B |
| Revenue | $189.0B | $266.9B |
| Free cash flow | $16.6B | β |
| Net income | $12.3B | $17.8B |
| Growth | ||
| Revenue growth | β6.8% | β6.1% |
| 5-year growth | 14.8% | 8.1% |
| Share count change | 2.2% | β6.5% |
| Profitability | ||
| Gross margin | 42.8% | β |
| Operating margin | β | β |
| Net margin | 6.5% | 6.7% |
| FCF margin | 8.8% | β |
| Return on capital | 6.7% | 9.6% |
| Return on equity | 7.3% | 10.1% |
| Balance sheet | ||
| Net debt | $33.5B | $45.4B |
| Net debt / EBITDA | 0.8x | 0.8x |
| Dividends and buybacks | $24.8B | $22.4B |
| Valuation & quality | ||
| P/E | 22.4x | β |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
CVX $114.5B
SHEL $233.6B
FY17
CVX $141.7B
SHEL $305.2B
FY18
CVX $166.3B
SHEL $388.4B
FY19
CVX $146.5B
SHEL $344.9B
FY20
CVX $94.7B
SHEL $180.5B
FY21
CVX $162.5B
SHEL $261.5B
FY22
CVX $246.3B
SHEL $381.3B
FY23
CVX $200.9B
SHEL $316.6B
FY24
CVX $202.8B
SHEL $284.3B
FY25
CVX $189.0B
SHEL $266.9B
CVX
SHEL
Operating margin
FY16
CVX β
SHEL β
FY17
CVX β
SHEL β
FY18
CVX β
SHEL β
FY19
CVX β
SHEL β
FY20
CVX β
SHEL β
FY21
CVX β
SHEL β
FY22
CVX β
SHEL β
FY23
CVX β
SHEL β
FY24
CVX β
SHEL β
FY25
CVX β
SHEL β
CVX
SHEL
Free cash flow
FY16
CVX β$5.4B
SHEL β
FY17
CVX $6.9B
SHEL β
FY18
CVX $16.8B
SHEL β
FY19
CVX $13.2B
SHEL β
FY20
CVX $1.7B
SHEL β
FY21
CVX $21.1B
SHEL β
FY22
CVX $37.6B
SHEL β
FY23
CVX $19.8B
SHEL β
FY24
CVX $15.0B
SHEL β
FY25
CVX $16.6B
SHEL β
CVX
SHEL
Return on capital
FY16
CVX β0.9%
SHEL β
FY17
CVX 5.3%
SHEL 6.3%
FY18
CVX 8.7%
SHEL 10.3%
FY19
CVX 1.9%
SHEL 7.5%
FY20
CVX β3.4%
SHEL β7.2%
FY21
CVX 10.3%
SHEL 10.0%
FY22
CVX 22.1%
SHEL 19.4%
FY23
CVX 12.8%
SHEL 9.6%
FY24
CVX 10.5%
SHEL 8.5%
FY25
CVX 6.7%
SHEL 9.6%
CVX
SHEL
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.