EQNR vs SHEL: Equinor ASA ADR and Shell PLC ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Shell PLC ADR is the larger company, worth $290.4B, about 2.7 times Equinor ASA ADR.
- Equinor ASA ADR grew revenue faster over the last year (+2.6% vs -6.1%).
- On earnings, Equinor ASA ADR is the cheaper stock (22.2x vs 33.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EQNR | SHEL |
|---|---|---|
| Market cap | $109.1B | $290.4B |
| Share price | $43.01 | $100.18 |
| Revenue (last fiscal year) | $106.5B | $266.9B |
| Free cash flow (last fiscal year) | $6.0B | — |
| Revenue growth, last year | +2.6% | -6.1% |
| Revenue growth per year, last 5 fiscal years | +4.0% | +0.5% |
| Operating margin | 23.8% | — |
| Net margin | 4.7% | 6.7% |
| Return on equity | 12.5% | 9.8% |
| P/E (trailing) | 22.2x | 33.4x |
| Price / free cash flow | 18.2x | 13.3x |
| EV / EBITDA | 3.34x | 5.73x |
| FCF growth the price implies | 3.8% | — |
| Dividend yield | 3.5% | 1.4% |
| Debt / equity | 2.26x | 1.13x |
| Fundamental grade | D | C |
| Superinvestors holding it | 2 | 9 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Equinor ASA ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $90.9B | $20.8B | 37.0% |
| 2022 | $150.8B | $26.4B | 52.3% |
| 2023 | $107.2B | $18.7B | 33.4% |
| 2024 | $103.8B | $7.3B | 29.8% |
| 2025 | $106.5B | $6.0B | 23.8% |
Shell PLC ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $261.5B | — | — |
| 2022 | $381.3B | — | — |
| 2023 | $316.6B | — | — |
| 2024 | $284.3B | — | — |
| 2025 | $266.9B | — | — |
Where the revenue comes from
Equinor ASA ADR · by segments, 2025
MMP$104.8B70%
E&P Norway$34.4B23%
E&P International$5.1B3%
E&P USA$4.3B3%
REN$192M0%
Other$132M0%
Shell PLC ADR · by segments, 2025
Marketing$111.9B42%
Chemicals and Products$77.1B29%
Integrated Gas$38.5B14%
Renewables and Energy Solutions$34.4B13%
Upstream$5.1B2%
Corporate$39M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EQNR in InvestinglyQuestions
Which is bigger, Equinor ASA ADR or Shell PLC ADR?
Shell PLC ADR (SHEL), at $290.4B against $109.1B.
Is EQNR or SHEL cheaper?
By trailing P/E, Equinor ASA ADR (22.2x) is cheaper than Shell PLC ADR (33.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, EQNR or SHEL?
Equinor ASA ADR: revenue grew +2.6% over the last year, against -6.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.