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 $284.5B against $101.7B — 2.8× the size. Shell PLC Unsponsored ADR trades at the lower P/E: 8.6× against 8.8×. Shell PLC Unsponsored ADR grew revenue faster over the last twelve months: 20.0% against 11.8%. Shell PLC Unsponsored ADR has the higher net margin (9.96% vs 9.71%) and the lower return on invested capital (15.2% vs 54.5%). Across the 21 metrics below, Shell PLC Unsponsored ADR leads on 11 and Equinor ASA on 10.

Valuation

Metric EQNR SHEL Oil & Gas Integrated median
P/E 8.84 8.60 8.84
P/S 0.83 0.86 1.10
P/B 2.25 1.41 1.43
Price to free cash flow 7.34 6.98 8.19
EV/EBITDA 1.99 3.86 4.43
EV/Sales 0.83 0.94 1.48
Earnings yield 11.31% 11.63% 9.76%
Free cash flow yield 13.62% 14.33% 7.35%

Profitability

Metric EQNR SHEL Oil & Gas Integrated median
Gross margin 53.58% 28.15% 39.93%
Operating margin 32.26% 16.71% 17.07%
Net margin 9.71% 9.96% 10.24%
Free cash flow margin 11.34% 12.28% 11.16%
Return on equity 27.58% 17.34% 14.86%
Return on assets 8.34% 8.19% 7.07%
Return on invested capital 54.52% 15.18% 12.85%

Growth

Metric EQNR SHEL Oil & Gas Integrated median
Revenue growth (TTM) 11.76% 19.99% 13.45%
EPS growth (last fiscal year) (37.62%) 18.58% (14.54%)
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 0.53 0.38 0.53
Current ratio 1.16 1.38 1.19
Net debt to EBITDA 0.18 0.61 0.80

Dividend

Metric EQNR SHEL Oil & Gas Integrated median
Dividend yield 3.56% — 3.83%
Payout ratio 0.32 — 0.34

Size

Metric EQNR SHEL Oil & Gas Integrated median
Market cap 101.70b 284.46b 47.17b

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