EQNR vs. SHEL: Equinor vs. Shell Stock Comparison

November 11, 2026

How do Equinor (EQNR) and Shell (SHEL) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Equinor (EQNR) and Shell (SHEL) are both classified in the Integrated Oil & Gas sub-industry within the broader Oil, Gas & Consumable Fuels industry, placing them in the closest GICS peer bucket.

Both Equinor (EQNR) and Shell (SHEL) trade as ADRs — their core financials are comparable, but keep FX, depositary-program fees, and dividend withholding in view for each.

Company profile comparison for Equinor (EQNR) and Shell (SHEL)
Profile Item	EQNR	SHEL
Name	Equinor ASA Sponsored ADR	Shell plc American Depositary Shares (Each representing two Ordinary shares)
Country/Region	Norway	United Kingdom
GICS Sector	Energy	Energy
GICS Industry Group	Energy	Energy
GICS Industry	Oil, Gas & Consumable Fuels	Oil, Gas & Consumable Fuels
GICS Sub-Industry	Integrated Oil & Gas	Integrated Oil & Gas
Market Capitalization	99.39 billion USD	280.59 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	June 18, 2001	March 12, 1984
Security Type	ADR	ADR

Price Performance

Cumulative Growth

EQNR

SHEL

GSPC

Equinor (EQNR) vs. Shell (SHEL), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Equinor (EQNR) and Shell (SHEL). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Equinor (EQNR) and Shell (SHEL). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Equinor (EQNR) and Shell (SHEL)
Metric	EQNR	SHEL
Total Return (1Y)	78.03%	36.30%
Total Return (3Y, Annualized)	17.56%	19.93%
Total Return (5Y, Annualized)	17.66%	21.02%

Risk Profile

Drawdown History

EQNR

SHEL

GSPC

Equinor (EQNR) vs. Shell (SHEL), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Equinor (EQNR) and Shell (SHEL). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Equinor (EQNR) and Shell (SHEL)
Metric	EQNR	SHEL
Volatility (1Y, Annualized)	40.50%	23.60%
Beta (5Y)	0.18	0.10
Max Drawdown (5Y)	-34.57%	-25.04%
Avg. Volume (3M)	3.77M	6.01M

Risk-Adjusted Performance

Risk-Return Positioning

EQNR and SHEL are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Equinor (EQNR) and Shell (SHEL)
Metric	EQNR	SHEL
Sharpe Ratio (1Y)	1.82	1.36
Sortino Ratio (1Y)	2.76	1.99

Profitability

ROE (TTM)

Equinor (EQNR) at 27.57% sits in the top ROE quartile, while Shell (SHEL) at 17.43% is closer to the peer norm — stronger capital efficiency for EQNR.

EQNR

Energy industry group

27.57%

Max: 53.85%
EQNR: 27.57%
Q3: 24.79%
Median: 12.85%
Q1: 2.03%
Min: -29.09%

SHEL

Energy industry group

17.43%

Max: 53.85%
Q3: 24.79%
SHEL: 17.43%
Median: 12.85%
Q1: 2.03%
Min: -29.09%

Equinor (EQNR) vs. Shell (SHEL): A comparison of their ROE against the Energy industry group benchmark.

Net Margin (TTM)

Both Equinor (EQNR) at 9.79% and Shell (SHEL) at 10.18% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

EQNR

Energy industry group

9.79%

Max: 56.92%
Q3: 22.92%
Median: 10.10%
EQNR: 9.79%
Q1: 0.07%
Min: -27.38%

SHEL

Energy industry group

10.18%

Max: 56.92%
Q3: 22.92%
SHEL: 10.18%
Median: 10.10%
Q1: 0.07%
Min: -27.38%

Equinor (EQNR) vs. Shell (SHEL): A comparison of their net margin against the Energy industry group benchmark.

Operating Margin (TTM)

Equinor (EQNR) at 37.00% operates in the top operating margin quartile, ahead of Shell (SHEL) at 18.76%, which runs around its industry’s norm.

EQNR

Energy industry group

37.00%

Max: 71.31%
EQNR: 37.00%
Q3: 33.75%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

SHEL

Energy industry group

18.76%

Max: 71.31%
Q3: 33.75%
SHEL: 18.76%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

Equinor (EQNR) vs. Shell (SHEL): A comparison of their operating margin against the Energy industry group benchmark.

Profitability Metrics

Profitability metrics for Equinor (EQNR) and Shell (SHEL)
Metric	EQNR	SHEL
ROE (TTM)	27.57%	17.43%
ROA (TTM)	17.10%	7.67%
Net Margin (TTM)	9.79%	10.18%
Operating Margin (TTM)	37.00%	18.76%
Gross Margin (TTM)	43.18%	26.93%

Growth

Revenue Growth

Both Equinor (EQNR) at 3.24% and Shell (SHEL) at -6.13% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Equinor (EQNR) vs. Shell (SHEL): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Equinor (EQNR) at -37.62% and Shell (SHEL) at 18.58% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Equinor (EQNR) vs. Shell (SHEL): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Equinor (EQNR) and Shell (SHEL)
Metric	EQNR	SHEL
Revenue Growth (YoY)	3.24%	-6.13%
Revenue Growth (3Y CAGR)	-10.78%	-11.21%
EPS Growth (YoY)	-37.62%	18.58%
EPS Growth (3Y CAGR)	-40.11%	-19.31%

Financial Strength

Current Ratio (MRQ)

Both Equinor (EQNR) at 1.18 and Shell (SHEL) at 1.38 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

EQNR

Energy industry group

1.18

Max: 3.64
Q3: 2.21
Median: 1.41
EQNR: 1.18
Q1: 0.88
Min: 0.24

SHEL

Energy industry group

1.38

Max: 3.64
Q3: 2.21
Median: 1.41
SHEL: 1.38
Q1: 0.88
Min: 0.24

Equinor (EQNR) vs. Shell (SHEL): A comparison of their current ratio against the Energy industry group benchmark.

Debt / Equity (MRQ)

Both Equinor (EQNR) at 0.66 and Shell (SHEL) at 0.38 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

EQNR

Energy industry group

0.66

Max: 1.75
Q3: 0.93
EQNR: 0.66
Median: 0.54
Q1: 0.30
Min: 0.00

SHEL

Energy industry group

0.38

Max: 1.75
Q3: 0.93
Median: 0.54
SHEL: 0.38
Q1: 0.30
Min: 0.00

Equinor (EQNR) vs. Shell (SHEL): A comparison of their debt-to-equity ratio against the Energy industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Equinor (EQNR) and Shell (SHEL)
Metric	EQNR	SHEL
Current Ratio (MRQ)	1.18	1.38
Debt / Equity (MRQ)	0.66	0.38
Net Debt / EBITDA	0.12	0.59

Dividends

Dividend Yield (TTM)

Equinor (EQNR) at 3.67% delivers top-quartile income for its industry, while Shell (SHEL) at 1.54% pays a more typical yield — both are credible income propositions, EQNR the richer one.

EQNR

Energy industry group

3.67%

Max: 8.57%
EQNR: 3.67%
Q3: 3.58%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

SHEL

Energy industry group

1.54%

Max: 8.57%
Q3: 3.58%
Median: 1.71%
SHEL: 1.54%
Q1: 0.00%
Min: 0.00%

Equinor (EQNR) vs. Shell (SHEL): A comparison of their dividend yield against the Energy industry group benchmark.

Dividend Payout Ratio (TTM)

Both Equinor (EQNR) at 31.54% and Shell (SHEL) at 26.24% keep payout ratio within their industries’ typical mid-ranges — dividend policies that share earnings without consuming too much of them.

EQNR

Energy industry group

31.54%

Max: 133.24%
Q3: 53.31%
EQNR: 31.54%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

SHEL

Energy industry group

26.24%

Max: 133.24%
Q3: 53.31%
SHEL: 26.24%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

Equinor (EQNR) vs. Shell (SHEL): A comparison of their payout ratio against the Energy industry group benchmark.

Dividend Metrics

Dividend metrics for Equinor (EQNR) and Shell (SHEL)
Metric	EQNR	SHEL
Dividend Yield (TTM)	3.67%	1.54%
Dividend Payout Ratio (TTM)	31.54%	26.24%

Valuation

P/E Ratio (TTM)

Both Equinor (EQNR) at 8.71 and Shell (SHEL) at 8.60 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

EQNR

Energy industry group

8.71

Max: 39.54
Q3: 21.72
Median: 12.19
EQNR: 8.71
Q1: 7.71
Min: 2.99

SHEL

Energy industry group

8.60

Max: 39.54
Q3: 21.72
Median: 12.19
SHEL: 8.60
Q1: 7.71
Min: 2.99

Equinor (EQNR) vs. Shell (SHEL): A comparison of their P/E ratio against the Energy industry group benchmark.

P/S Ratio (TTM)

Both Equinor (EQNR) at 0.82 and Shell (SHEL) at 0.87 fetch a relatively low price per dollar of sales, landing in the cheaper P/S ratio quartile of their industries.

EQNR

Energy industry group

0.82

Max: 5.40
Q3: 2.85
Median: 1.69
Q1: 0.88
EQNR: 0.82
Min: 0.00

SHEL

Energy industry group

0.87

Max: 5.40
Q3: 2.85
Median: 1.69
Q1: 0.88
SHEL: 0.87
Min: 0.00

Equinor (EQNR) vs. Shell (SHEL): A comparison of their P/S ratio against the Energy industry group benchmark.

P/B Ratio (MRQ)

Shell (SHEL) at 1.43 sits near its industry’s typical P/B ratio, while Equinor (EQNR) at 4.44 prices above its benchmark range — EQNR looks rich relative to book.

EQNR

Energy industry group

4.44

EQNR: 4.44
Max: 4.21
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

SHEL

Energy industry group

1.43

Max: 4.21
Q3: 2.38
Median: 1.51
SHEL: 1.43
Q1: 1.08
Min: 0.01

Equinor (EQNR) vs. Shell (SHEL): A comparison of their P/B ratio against the Energy industry group benchmark.

Valuation Metrics

Valuation metrics for Equinor (EQNR) and Shell (SHEL)
Metric	EQNR	SHEL
P/E Ratio (TTM)	8.71	8.60
P/S Ratio (TTM)	0.82	0.87
P/B Ratio (MRQ)	4.44	1.43
Free Cash Flow Yield (TTM)	32.55%	10.35%