Shell (SHEL) Return on Capital Employed [ROCE] (2009 - 2026)
Shell's Return on Capital Employed [ROCE] was 15.97% in Q3 2026, up 5.26 percentage points from 10.71% a year earlier but down 1.82 percentage points from the prior quarter.
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Analysis
Shell (SHEL) Return on Capital Employed [ROCE] (2009 - 2026) Analysis & Trends
For FY2025, Return on Capital Employed [ROCE] at Shell came in at -12.03%, up 41.93 percentage points from FY2024.
- Return on Capital Employed [ROCE] has now increased for three consecutive years, with a five-year change of +34.09 percentage points (FY2020 to FY2025).
- In earlier years, Return on Capital Employed [ROCE] was -53.96% in FY2024 (+2.79 pp), -56.75% in FY2023 (+4.50 pp), -61.26% in FY2022 (-8.52 pp) and -52.73% in FY2021 (-6.61 pp).
- Quarterly Return on Capital Employed [ROCE] has moved between -24.81% (Q2 2024) and 17.79% (Q2 2026) over five years.
- Compared with a year earlier, Return on Capital Employed [ROCE] has increased for seven straight quarters, with an average year-over-year change of +17.61 percentage points over the last eight quarters.
- The best year-over-year quarter for Return on Capital Employed [ROCE] over five years was Q2 2025 (a gain of 38.05 percentage points); the worst was Q2 2024 (a drop of 16.29 percentage points).
- Per Business Quant data, SHEL's Return on Capital Employed [ROCE] in the three quarters before Q3 2026 was 17.79% (Q2 2026), 12.05% (Q1 2026) and 14.61% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 686.62 Bn | 644.76 Bn | - | 14.97% |
| 2 | Chevron | 416.14 Bn | 383.18 Bn | 31.26 Bn | 13.86% |
| 3 | Shell | 291.71 Bn | 151.98 Bn | - | 15.97% |
| 4 | TotalEnergies SE | 192.78 Bn | 63.86 Bn | 31,614.00 | 26.08% |
| 5 | Eni Spa | 167.56 Bn | 107.19 Bn | - | 7.67% |
| 6 | Conocophillips | 165.53 Bn | 138.24 Bn | 12.81 Bn | 28.17% |
| 7 | Equinor Asa | 108.87 Bn | 21.72 Bn | 4.49 Bn | - |
| 8 | Canadian Natural Resources | 101.39 Bn | 95.29 Bn | 9.35 Bn | - |
| 9 | Phillips 66 | 97.45 Bn | 81.24 Bn | 10.69 Bn | 26.83% |
| 10 | Suncor Energy | 83.77 Bn | 64.46 Bn | - | 7.13% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 15.97% |
| Jun 30, 2026 | 17.79% |
| Mar 31, 2026 | 12.05% |
| Dec 31, 2025 | 14.61% |
| Sep 30, 2025 | 10.71% |
| Jun 30, 2025 | 13.24% |
| Mar 31, 2025 | -4.34% |
| Dec 31, 2024 | -23.35% |
| Sep 30, 2024 | -20.94% |
| Jun 30, 2024 | -24.81% |
| Mar 31, 2024 | -20.64% |
| Dec 31, 2023 | -14.04% |
| Sep 30, 2023 | -9.41% |
| Jun 30, 2023 | -8.53% |
| Mar 31, 2023 | -5.56% |
| Dec 31, 2022 | -7.34% |
| Sep 30, 2022 | -5.43% |
| Jun 30, 2022 | -13.82% |
| Mar 31, 2022 | -9.13% |
| Dec 31, 2021 | -11.91% |
API Access
Shell Return on Capital Employed [ROCE] API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=return-on-capital-employed-%5Broce%5D&ticker=SHEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "ticker": "SHEL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=return-on-capital-employed-%5Broce%5D&ticker=SHEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();