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STOCK COMPARISON

Chevron vs Shell: Fair Value & Quality

Both stocks run through our valuation models. Here is how Chevron (CVX) and Shell (SHEL) compare, as of Oct 30, 2026.

As of Oct 30, 2026, Fair Value Calculator sees Shell as the less overvalued of the two: Chevron trades at $236 versus a fair value of $92.05 (−60.9%), while Shell trades at £40.37 versus £33.22 (−17.7%).
Chevron
CVX · USD · Energy
−60.9%
upside to fair value
overvalued
Price$236
Fair Value$92.05
Quality50/100
Fair ValueQualityUptrend
Shell
SHEL.LSE · GBP · Energy
−17.7%
upside to fair value
overvalued
Price£40.37
Fair Value£33.22
Quality63/100
Fair ValueQualityUptrend
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

ChevronShell
Valuation
22.7×P/E (TTM)9.6×
14.9×Forward P/E (FY2027)9.3×
14.7×Median P/E at FY-end (ex one-offs where documented)4.9×
2.22×P/S (TTM)0.95×
2.49×P/B1.75×
9.8×EV/EBITDA4.7×
1.02×PEG1.75×
−60.9%Fair value upside−17.7%
3.0%Dividend yield2.7%
$6.98Dividend per share£1.08
Profitability
21.9%Operating margin18.8%
12.2%Return on equity17.4%
3.8%Return on assets4.9%
Growth
53.5%Revenue growth (YoY)36.2%
-9.2%Avg. growth/yr (3Y)n/a
14.3%Avg. growth/yr (5Y)n/a
+9.5%Value creation/yr−20.3%
Balance & size
13.7×Interest coverage (EBIT/interest)6.6×
0.21×Debt / equity0.24×
$465BMarket cap$305B
weakGrowth qualitymixed
Chevron, median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), reported earnings: 14.7. Shell, median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 4.9.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

Shell leads: 6 to 7 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Chevron Shell
ProfitabilityHow much profit the company makes from its sales and capital
35
39
Quality GrowthAre margins and returns getting better?
24
41
CashflowDo the profits arrive as real cash?
59
58
Financial strengthDebt, balance sheet and risk of trouble
77
60
InvestmentDoes it invest with discipline instead of growing at any price?
64
91
Low VolatilityHow calm the share price moves, does not count
89
91
Price momentumPrice momentum of the last 3 to 12 months, does not count
77
71
Near the 52-week highDistance to the 52-week high, does not count
99
93
New sharesBuys back shares or issues new ones?
41
100

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyChevronPrice $236ShellPrice £40.37
DCF Models−55.4%below the price$105−7.9%close to the price£37.17
Earnings-Based−72.5%below the price$64.83−42.4%below the price£23.27
Dividend Discount−57.3%below the price$101−70.5%below the price£11.91
Multiples−61.4%below the price$91.01−18.4%below the price£32.95
Asset-Based−73.6%below the price$62.12−67.8%below the price£12.99
Growth DCF−47.2%below the price$124+3.7%close to the price£41.85
Economic Profit−72.2%below the price$65.56−39.3%below the price£24.50
Growth Earnings−70.5%below the price$69.50−36.1%below the price£25.79
Matching families8 of 8
Minimum−73.6%below the price$62.12−70.5%below the price£11.91
Maximum−47.2%below the price$124+3.7%close to the price£41.85
Median−65.9%below the price$80.26−37.7%below the price£25.14
Geometric mean−64.9%below the price$82.71−40.1%below the price£24.17
Ahead family by family1 of 87 of 8

Minimum, maximum, median and geometric mean only use the families both stocks have (matching families: 8 of 8), so a family without a value on one side does not distort the comparison. Ahead in a family is the stock whose fair value there sits higher relative to its price. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Family by family: Shell is ahead in 7 of 8 shared families, Chevron in 1.

Chevron: 24 of 24 models see the stock below the current price.

Shell: 19 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Chevron
Price $236
Fair Value $92.05
Bear $67.21Bull $120
Shell
Price £40.37
Fair Value £33.22
Bear £22.17Bull £41.91

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Chevron · Energy

Quality score50 · below median
Fair value upside−60.9% · bottom 25%

Shell · Energy

Quality score63 · Top 25%
Fair value upside−17.7% · below median

Bottom line

As of Oct 30, 2026, Fair Value Calculator sees Shell as the less overvalued of the two: Chevron trades at $236 versus a fair value of $92.05 (−60.9%), while Shell trades at £40.37 versus £33.22 (−17.7%).

Shell has the higher quality score (63/100).

Open Shell live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.