Equinor vs Shell
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KIRA’s take AI analyst
I put Equinor and Shell side by side, using each one’s latest annual report. Here is what stands out:
- 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 −6.1%).
- Equinor earned a higher return on the capital invested in it (25.1%, against 9.6%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Equinor
EQNR
6/7
Revenue growth5-year growthReturn on capitalReturn on equityNet debt / EBITDAShare count change
Shell
SHEL
1/7
Net margin
Side by side
Best in the row
| Latest fiscal year | EQNR FY25 | SHEL FY25 |
|---|---|---|
| Size | ||
| Market cap | $125.1B | $636.0B |
| Revenue | $106.5B | $266.9B |
| Free cash flow | $6.0B | — |
| Net income | $5.0B | $17.8B |
| Growth | ||
| Revenue growth | 2.6% | −6.1% |
| 5-year growth | 18.4% | 8.1% |
| Share count change | −8.0% | −6.5% |
| Profitability | ||
| Gross margin | 48.2% | — |
| Operating margin | 23.8% | — |
| Net margin | 4.7% | 6.7% |
| FCF margin | 5.6% | — |
| 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 | — | — |
| Piotroski F-score | — | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.