BP vs Shell
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KIRAβs take AI analyst
I put BP and Shell side by side, using each oneβs latest annual report. Here is what stands out:
- Shell is the larger business, with $266.9B of revenue in fiscal 2025 against $192.5B for BP.
- BP grew revenue faster (β1.1%, against β6.1%).
- Shell earned a higher return on the capital invested in it (9.6%, against 6.5%).
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
BP
BP
3/6
Revenue growth5-year growthNet debt / EBITDA
Shell
SHEL
3/6
Net marginReturn on capitalReturn on equity
Side by side
Best in the row
| Latest fiscal year | BP FY25 | SHEL FY25 |
|---|---|---|
| Size | ||
| Market cap | β | $636.0B |
| Revenue | $192.5B | $266.9B |
| Free cash flow | $11.3B | β |
| Net income | $55.0M | $17.8B |
| Growth | ||
| Revenue growth | β1.1% | β6.1% |
| 5-year growth | 12.0% | 8.1% |
| Share count change | β | β6.5% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 6.6% | β |
| Net margin | 0.0% | 6.7% |
| FCF margin | 5.9% | β |
| Return on capital | 6.5% | 9.6% |
| Return on equity | 0.1% | 10.1% |
| Balance sheet | ||
| Net debt | $21.4B | $45.4B |
| Net debt / EBITDA | 0.7x | 0.8x |
| Dividends and buybacks | $9.5B | $22.4B |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | β | 5 |
Ten years
Revenue
FY16
BP $186.6B
SHEL $233.6B
FY17
BP $244.6B
SHEL $305.2B
FY18
BP $303.7B
SHEL $388.4B
FY19
BP $163.5B
SHEL $344.9B
FY20
BP $109.1B
SHEL $180.5B
FY21
BP $164.2B
SHEL $261.5B
FY22
BP $248.9B
SHEL $381.3B
FY23
BP $213.0B
SHEL $316.6B
FY24
BP $194.6B
SHEL $284.3B
FY25
BP $192.5B
SHEL $266.9B
BP
SHEL
Operating margin
FY16
BP β0.2%
SHEL β
FY17
BP 3.9%
SHEL β
FY18
BP 6.4%
SHEL β
FY19
BP 7.2%
SHEL β
FY20
BP β19.9%
SHEL β
FY21
BP 11.0%
SHEL β
FY22
BP 7.3%
SHEL β
FY23
BP 12.8%
SHEL β
FY24
BP 5.8%
SHEL β
FY25
BP 6.6%
SHEL β
BP
SHEL
Free cash flow
FY16
BP β$6.0B
SHEL β
FY17
BP $2.4B
SHEL β
FY18
BP $6.2B
SHEL β
FY19
BP $10.4B
SHEL β
FY20
BP β$144M
SHEL β
FY21
BP $12.7B
SHEL β
FY22
BP $28.9B
SHEL β
FY23
BP $17.8B
SHEL β
FY24
BP $12.0B
SHEL β
FY25
BP $11.3B
SHEL β
BP
SHEL
Return on capital
FY16
BP β
SHEL β
FY17
BP 3.5%
SHEL 6.3%
FY18
BP 7.9%
SHEL 10.3%
FY19
BP 4.2%
SHEL 7.5%
FY20
BP β12.6%
SHEL β7.2%
FY21
BP 8.1%
SHEL 10.0%
FY22
BP 8.1%
SHEL 19.4%
FY23
BP 17.8%
SHEL 9.6%
FY24
BP 5.6%
SHEL 8.5%
FY25
BP 6.5%
SHEL 9.6%
BP
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.