Equinor ASA (EQNR) vs Shell PLC Unsponsored ADR (SHEL)

Equinor ASA and Shell PLC Unsponsored ADR are both Oil & Gas Integrated companies. Shell PLC Unsponsored ADR is the larger, with a market value of $274.6B against $102.3B — 2.7× the size. Shell PLC Unsponsored ADR trades at the lower P/E: 10.5× against 11.5×. Shell PLC Unsponsored ADR grew revenue faster over the last twelve months: 10.1% against 5.78%. Shell PLC Unsponsored ADR has the higher net margin (8.55% vs 7.92%) and the lower return on invested capital (13.1% vs 46.6%). Both pay a dividend; Equinor ASA yields more (9.74% vs 4.38%). Across the 22 metrics below, Shell PLC Unsponsored ADR leads on 13 and Equinor ASA on 9.

Valuation

Metric EQNR SHEL Oil & Gas Integrated median
P/E 11.50 10.46 11.88
P/S 0.90 0.88 1.20
P/B 2.38 1.47 1.56
Price to free cash flow 8.37 8.14 9.74
EV/EBITDA 2.32 4.27 4.94
EV/Sales 0.90 0.99 1.57
Earnings yield 8.70% 9.56% 7.58%
Free cash flow yield 11.95% 12.29% 6.71%

Profitability

Metric EQNR SHEL Oil & Gas Integrated median
Gross margin 51.16% 27.55% 39.18%
Operating margin 28.44% 14.81% 14.90%
Net margin 7.92% 8.55% 8.76%
Free cash flow margin 10.72% 10.81% 9.61%
Return on equity 21.28% 14.24% 12.22%
Return on assets 6.47% 6.76% 6.47%
Return on invested capital 46.59% 13.13% 10.61%

Growth

Metric EQNR SHEL Oil & Gas Integrated median
Revenue growth (TTM) 5.78% 10.06% 5.63%
EPS growth (last fiscal year) (37.62%) 18.58% —
Revenue growth, 5-year CAGR 18.37% 8.36% 12.04%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric EQNR SHEL Oil & Gas Integrated median
Debt to equity 0.56 0.40 0.55
Current ratio 1.18 1.43 1.18
Net debt to EBITDA 0.18 0.61 0.80

Dividend

Metric EQNR SHEL Oil & Gas Integrated median
Dividend yield 9.74% 4.38% 5.01%
Payout ratio 0.12 0.26 0.29

Size

Metric EQNR SHEL Oil & Gas Integrated median
Market cap 102.28b 274.55b 51.12b

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