Chevron vs Shell
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KIRAβs take AI analyst
I put Chevron 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 $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%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Chevron
CVX
1/8
5-year growth
Shell
SHEL
6/8
Revenue growthNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | CVX FY25 | SHEL FY25 |
|---|---|---|
| Size | ||
| Market cap | $458.2B | $636.0B |
| 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 | 22.3x | β |
| Piotroski F-score | 5 | 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.