# Shell (SHEL.LSE)

Canonical: https://gigainvestors.com/s/SHEL.LSE

Analysis as of: 2026-10-16T07:33:31.031Z. Financial observations: FY1998–FY2025.

Listing currency: GBX. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 3,908.00 per share; close as of 2026-10-15.

Estimated value: low GBX 2,853.34 per share, central GBX 3,200.02 per share, high GBX 3,661.53 per share. Buy at or below the central value GBX 3,200.02 per share. Valuation as of 2026-10-16T07:33:31.031Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 1

- Operating margin variation: 1.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.05×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: -0.14×

- FY2021: 0.09×

- FY2022: 0.17×

- FY2023: 0.10×

- FY2024: 0.11×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.1%

- ROIC, second-lowest year: 0.8%

- Typical minus recent gross margin: -3.5 pp

- Typical gross margin (annual median): 12.6%

- Recent gross margin (lower of latest and 3-year median): 16.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.1%

- ROIC including acquisitions, ten-year median: 6.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.8%

- FY2017: 4.7%

- FY2018: 8.9%

- FY2019: 6.0%

- FY2020: -9.3%

- FY2021: 7.4%

- FY2022: 19.2%

- FY2023: 9.4%

- FY2024: 9.7%

- FY2025: 8.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $102B

- Net income, five-year total: $116B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.1 pp

- Working capital / revenue, final three-year average: 7.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.12×

- FY2022: 0.87×

- FY2023: 0.72×

- FY2024: 0.84×

- FY2025: 0.86×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.7% vs 9.4%

- Per-share earnings: 0.56 to 2.92 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.0%

- Ordinary dilution, 5-year annual growth: -5.7%

- Market cap gain: -$32B

- Cumulative retained earnings: $15B

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -5.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 22.9%

- Per-share value change: $2.36

- Per-share value, starting three-year median: $0.56

- Per-share value, ending three-year median: $2.92

- Buybacks concentrated in cheaper years (correlation): 0.65

- Average buyback yield: 4.1%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $23B

- Cumulative net income, 10 years: $151B

- ROIC, first three-year median: 4.7%

- ROIC, last three-year median: 9.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.56

- FY2017: $1.55

- FY2018: $2.82

- FY2019: $1.99

- FY2020: -$2.79

- FY2021: $2.59

- FY2022: $5.94

- FY2023: $2.92

- FY2024: $2.59

- FY2025: $3.14

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 1.52×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.28×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.9%

- FY2017: -5.6%

- FY2018: -7.4%

- FY2019: -6.5%

- FY2020: -14.7%

- FY2021: -6.2%

- FY2022: -5.9%

- FY2023: -8.6%

- FY2024: -10.0%

- FY2025: -6.3%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Bloomstran](https://gigainvestors.com/SA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 3.7% a year for ten years · sales -6.1%

Story as of 2026-10-16T09:59:56.534Z; price observation 2026-10-15.

Price needs cash profits to grow 3.7% a year for ten years

- 2025-10-30: Shell profit jumps on stronger trading and higher volumes; new $3.5 bln buyback ([finance.yahoo.com](https://finance.yahoo.com/news/shell-profit-jumps-stronger-trading-075627768.html))

- 2026-02-05: Shell profits slump by more than a fifth amid oil price rout ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/shell-profits-slump-more-fifth-073459124.html))

- 2026-04-08: Shell cuts gas production outlook blaming Middle East conflict ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/shell-cuts-gas-production-outlook-065942887.html))

- 2026-05-10: Shell Faces Supply Shock Warning And Tax Pressure As Valuation Gap Widens ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/shell-faces-supply-shock-warning-120439232.html))

- 2026-07-30: Shell half-year earnings soar to £12.6bn on Iran war oil price volatility ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/shell-half-earnings-soar-12-064810676.html))

- 2026-10-08: Shell (LSE:SHEL) Could Be 7% Undervalued Following Its Production Guidance Upgrade ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/shell-lse-shel-could-7-171239764.html))

### Sales · FY2024–2025

sales -6.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $234B 

- FY2017: $305B 

- FY2018: $388B 

- FY2019: $345B 

- FY2020: $181B 

- FY2021: $262B 

- FY2022: $381B 

- FY2023: $317B 

- FY2024: $284B 

- FY2025: $267B 

### Gross margin · FY2025

gross margin 17%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 7.5% 

- FY2017: 9.5% 

- FY2018: 11.6% 

- FY2019: 10.7% 

- FY2021: 13.7% 

- FY2022: 20.7% 

- FY2023: 14.9% 

- FY2024: 16.2% 

- FY2025: 17.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas integrated; annual sales are USD 266.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2025: revenue 266886000000; grossProfit 45424435000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SHEL.LSE: Shell plc operates as an energy and petrochemical company in Europe, Asia, Oceania, Africa, the United States, and other parts of the Americas. It operates through the following segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, and Renewables and Energy Solutions. The company explores for and extracts natural gas to produce liquefied natural gas or convert it into gas-to-liquids (GTL) fuels and other products; explores for and extracts crude oil, natural gas, and natural gas liquids; and operates marketing and transportation of oil, gas, and liquids, supported by the infrastructure required to deliver them to market or to process them within Shell's chemical manufacturing plants and refineries. It is also involved in marketing, which includes mobility, lubricants, and sectors focused on decarbonization; operates a retail network, including electric vehicle charging, convenience retail, and the wholesale commercial fuels business for transport and industry; sells products for road transport and machinery in manufacturing, mining, power generation, agriculture, and construction; and provides low-carbon energy solutions, such as biofuels, to a broad range of commercial customers, including those in the aviation, marine, and agriculture sectors. In addition, the company offers chemicals and products, including chemicals manufacturing plants with their own marketing network, and refineries that turn crude oil and other feedstocks into a range of oil products, which are moved and marketed around the world for domestic, industrial, and transport use; and operates a pipeline business, trading, and optimization of crude oil, oil products, and petrochemicals. The company was formerly known as Royal Dutch Shell plc and changed its name to Shell plc in January 2022. Shell plc was founded in 1897 and is headquartered in London, United Kingdom.

### Why customers stay

Margins ranged from 14.9% to 17% during 2023–25; it earns 8.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2023: grossProfit / revenue = 14.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2024: grossProfit / revenue = 16.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2025: grossProfit / revenue = 17%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); 10-year return on capital observations [[2016,0.008165723331981642],[2017,0.04662521024580771],[2018,0.08906567666454343],[2019,0.05950726141078838],[2020,-0.09276889534883721],[2021,0.0736777017922923],[2022,0.1915089803075412],[2023,0.09388121910418586],[2024,0.09732460672867149],[2025,0.08741486166046147]]; median 0.08054628172637689. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 15.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2016: growth capex 0; upkeep 22116000000; owner earnings 5551000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2017: growth capex 0; upkeep 20845000000; owner earnings 18355000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2018: growth capex 876000000; upkeep 22135000000; owner earnings 23352000000. Growth capex / owner earnings = 0.03751284686536485.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2019: growth capex 0; upkeep 22971000000; owner earnings 15464600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2020: growth capex 0; upkeep 16585000000; owner earnings 8495000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2021: growth capex 0; upkeep 19000000000; owner earnings 22520600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2022: growth capex 207000000; upkeep 22393000000; owner earnings 36780400000. Growth capex / owner earnings = 0.0056279975204184835.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2023: growth capex 0; upkeep 22993000000; owner earnings 13930200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2024: growth capex 0; upkeep 19601000000; owner earnings 13455600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2025: growth capex 0; upkeep 19344514000; owner earnings 15713203000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); Dividend observations: [[2016,9677000000],[2017,10877000000],[2018,15675000000],[2019,15198000000],[2020,7424000000],[2021,6253000000],[2022,7405000000],[2023,8393000000],[2024,8668000000],[2025,8648724000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); FY2025: cash repurchases 15497460000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SHEL.LSE SharesStats.PercentInsiders = 0.211 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://filings.xbrl.org/21380068P1DRHMJ8KU70/2025-12-31/ESEF/NL/0/shel-2025-12-31-en/reports/shel-2025-12-31-en.xhtml (filed 2026-03-18); risks, such as macroeconomic, competitive and country risks, and internal risks associated with growing

and maturing our business opportunities through our portfolio of businesses and joint arrangements, as follows:

a. Macroeconomic risks:

￮ The prices of crude oil, natural gas, oil products, chemicals and power are affected by supply and demand, both globally and regionally.

Factors that influence supply and demand include operational issues; natural disasters; pandemics; political instability; geopolitical tensions,

including conflicts; macroeconomic conditions, including inflation and tariffs (such as those announced by the USA); actions by major oil and

gas producing countries; and technological uncertainties. These have in the past resulted in, and similar events could in the future result in,

material price fluctuations. Government decisions may affect the prices of energy products. These include price caps and tariffs, and policies

which speed up or slow down the adoption of low-carbon products and technologies.

￮ In a low oil and gas price environment, we have generated, and could in the future again generate, less revenue from our Integrated Gas and

Upstream businesses, and parts of those businesses could become less profitable or incur losses. Low oil and gas prices have also resulted, and

could result in the future, in the debooking of proved oil or gas reserves, if they become uneconomic in this type of price environment. Prolonged

periods of low oil and gas prices, or rising costs, have resulted, and could result in the future, in projects being delayed or cancelled. Assets

have been impaired in the past, and there could be impairments in the future. Low oil and gas prices have affected, and could affect in the

future, our ability to maintain our long-term capital investment and shareholder distribution programmes.

￮ Under high oil and gas prices, our entitlement to proved reserves under some production-sharing contracts has been, and could be in the

future, reduced. Higher prices could also reduce demand for our products, which could result in lower profitability in certain businesses in the

Group, particularly in our Chemicals and Products, and Marketing businesses. Some of the reduction in demand could be permanent. Higher

prices can also lead to more capacity being built, potentially resulting in an oversupplied market which could negatively affect our businesses.

￮ We use a range of commodity price and margin assumptions to evaluate the robustness of our capital allocation across our different projects

and commercial opportunities. Due to volatility in macroeconomic conditions, actual results have differed from our assumptions and may do

so in the future. Such differences could result in returns being lower than planned.

b. Competitive risks:

￮ We face competition in all our businesses, which is amplified by

### What the price says

The price assumes cash profits grow 3.7% yearly over ten years; actual growth was 21.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:31.031Z); Ten-year compound average after fade. Initial solved rate 0.03949481101629859. Price 3908; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.39307367403874627 → FY2025 2.709313067917306. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 2,038.50 per share

- 2016-11: GBX 2,026.00 per share

- 2016-12: GBX 2,242.50 per share

- 2017-01: GBX 2,147.50 per share

- 2017-02: GBX 2,079.50 per share

- 2017-03: GBX 2,096.00 per share

- 2017-04: GBX 2,002.50 per share

- 2017-05: GBX 2,100.00 per share

- 2017-06: GBX 2,035.00 per share

- 2017-07: GBX 2,133.00 per share

- 2017-08: GBX 2,127.00 per share

- 2017-09: GBX 2,248.50 per share

- 2017-10: GBX 2,365.50 per share

- 2017-11: GBX 2,357.50 per share

- 2017-12: GBX 2,480.00 per share

- 2018-01: GBX 2,462.50 per share

- 2018-02: GBX 2,301.00 per share

- 2018-03: GBX 2,233.50 per share

- 2018-04: GBX 2,531.00 per share

- 2018-05: GBX 2,607.00 per share

- 2018-06: GBX 2,629.00 per share

- 2018-07: GBX 2,615.00 per share

- 2018-08: GBX 2,501.50 per share

- 2018-09: GBX 2,636.50 per share

- 2018-10: GBX 2,500.50 per share

- 2018-11: GBX 2,370.00 per share

- 2018-12: GBX 2,307.50 per share

- 2019-01: GBX 2,362.00 per share

- 2019-02: GBX 2,349.50 per share

- 2019-03: GBX 2,413.50 per share

- 2019-04: GBX 2,450.00 per share

- 2019-05: GBX 2,461.00 per share

- 2019-06: GBX 2,572.50 per share

- 2019-07: GBX 2,594.00 per share

- 2019-08: GBX 2,275.50 per share

- 2019-09: GBX 2,384.00 per share

- 2019-10: GBX 2,233.00 per share

- 2019-11: GBX 2,211.00 per share

- 2019-12: GBX 2,235.00 per share

- 2020-01: GBX 1,994.40 per share

- 2020-02: GBX 1,661.40 per share

- 2020-03: GBX 1,419.00 per share

- 2020-04: GBX 1,325.00 per share

- 2020-05: GBX 1,259.20 per share

- 2020-06: GBX 1,287.00 per share

- 2020-07: GBX 1,121.60 per share

- 2020-08: GBX 1,106.80 per share

- 2020-09: GBX 963.90 per share

- 2020-10: GBX 965.40 per share

- 2020-11: GBX 1,271.20 per share

- 2020-12: GBX 1,297.80 per share

- 2021-01: GBX 1,338.00 per share

- 2021-02: GBX 1,444.80 per share

- 2021-03: GBX 1,413.80 per share

- 2021-04: GBX 1,365.00 per share

- 2021-05: GBX 1,345.60 per share

- 2021-06: GBX 1,446.80 per share

- 2021-07: GBX 1,443.20 per share

- 2021-08: GBX 1,431.60 per share

- 2021-09: GBX 1,655.00 per share

- 2021-10: GBX 1,681.00 per share

- 2021-11: GBX 1,577.00 per share

- 2021-12: GBX 1,621.80 per share

- 2022-01: GBX 1,886.60 per share

- 2022-02: GBX 1,972.00 per share

- 2022-03: GBX 2,108.50 per share

- 2022-04: GBX 2,173.00 per share

- 2022-05: GBX 2,376.50 per share

- 2022-06: GBX 2,134.00 per share

- 2022-07: GBX 2,179.00 per share

- 2022-08: GBX 2,290.00 per share

- 2022-09: GBX 2,246.50 per share

- 2022-10: GBX 2,404.00 per share

- 2022-11: GBX 2,444.00 per share

- 2022-12: GBX 2,326.00 per share

- 2023-01: GBX 2,374.00 per share

- 2023-02: GBX 2,526.50 per share

- 2023-03: GBX 2,308.50 per share

- 2023-04: GBX 2,452.00 per share

- 2023-05: GBX 2,220.50 per share

- 2023-06: GBX 2,342.50 per share

- 2023-07: GBX 2,366.00 per share

- 2023-08: GBX 2,411.50 per share

- 2023-09: GBX 2,606.00 per share

- 2023-10: GBX 2,646.50 per share

- 2023-11: GBX 2,560.00 per share

- 2023-12: GBX 2,571.50 per share

- 2024-01: GBX 2,447.00 per share

- 2024-02: GBX 2,457.00 per share

- 2024-03: GBX 2,625.00 per share

- 2024-04: GBX 2,863.00 per share

- 2024-05: GBX 2,811.50 per share

- 2024-06: GBX 2,834.00 per share

- 2024-07: GBX 2,840.00 per share

- 2024-08: GBX 2,681.00 per share

- 2024-09: GBX 2,425.00 per share

- 2024-10: GBX 2,578.50 per share

- 2024-11: GBX 2,531.50 per share

- 2024-12: GBX 2,476.00 per share

- 2025-01: GBX 2,678.50 per share

- 2025-02: GBX 2,636.00 per share

- 2025-03: GBX 2,825.00 per share

- 2025-04: GBX 2,440.50 per share

- 2025-05: GBX 2,449.50 per share

- 2025-06: GBX 2,553.50 per share

- 2025-07: GBX 2,711.00 per share

- 2025-08: GBX 2,724.00 per share

- 2025-09: GBX 2,646.50 per share

- 2025-10: GBX 2,847.50 per share

- 2025-11: GBX 2,783.50 per share

- 2025-12: GBX 2,740.00 per share

- 2026-01: GBX 2,794.00 per share

- 2026-02: GBX 3,073.50 per share

- 2026-03: GBX 3,583.00 per share

- 2026-04: GBX 3,326.00 per share

- 2026-05: GBX 3,118.00 per share

- 2026-06: GBX 2,933.00 per share

- 2026-07: GBX 3,383.50 per share

- 2026-08: GBX 3,344.50 per share

- 2026-09: GBX 3,569.50 per share

- 2026-10: GBX 3,865.50 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 553.79 per share, central GBX 611.76 per share, high GBX 688.93 per share

- FY2017: low GBX 665.32 per share, central GBX 739.38 per share, high GBX 837.98 per share

- FY2018: low GBX 1,089.44 per share, central GBX 1,215.87 per share, high GBX 1,384.18 per share

- FY2019: low GBX 1,732.36 per share, central GBX 1,989.90 per share, high GBX 2,296.00 per share

- FY2020: low GBX 1,171.29 per share, central GBX 1,295.21 per share, high GBX 1,460.17 per share

- FY2021: low GBX 1,973.59 per share, central GBX 2,203.28 per share, high GBX 2,509.05 per share

- FY2022: low GBX 2,994.23 per share, central GBX 3,359.52 per share, high GBX 3,845.79 per share

- FY2023: low GBX 2,218.95 per share, central GBX 2,474.07 per share, high GBX 2,813.68 per share

- FY2024: low GBX 2,188.70 per share, central GBX 2,434.59 per share, high GBX 2,761.92 per share

- FY2025: low GBX 2,554.72 per share, central GBX 2,862.37 per share, high GBX 3,271.93 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:16.546Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 54,269 SHEL shares; USD 4,208,018 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Matthew McLennan](https://gigainvestors.com/FE): 1,073,265 SHEL shares; USD 83,221,000 reported position value; 0.14% of portfolio; add; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 8,132 SHEL shares; USD 631,000 reported position value; 0.01% of portfolio; hold; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 2,581,244 SHEL shares; USD 200,150,000 reported position value; 0.59% of portfolio; reduce; quarter 2026 Q2.
- [Christopher Bloomstran](https://gigainvestors.com/SA): 4,968 SHEL shares; USD 385,000 reported position value; 0.04% of portfolio; hold; quarter 2026 Q2.