Shell plc (SHEL) — Tangible Net Worth Ratio
Shell plc (SHEL) has a Tangible Net Worth Ratio of 93.7% as of December 2025. This metric is calculated by deducting intangible assets (GBX11.01 Billion) from net assets (GBX175.38 Billion) and expressing it as a percentage of total net assets. A higher ratio means that more of the company's equity is backed by tangible, balance-sheet-verifiable assets rather than goodwill, patents, or brand value. See SHEL current assets to equity ratio to evaluate short-term liquidity relative to the company's equity base.
Tangible NW Ratio
Net Assets (Equity)
Intangible Assets
Total Assets
Shell plc Tangible Net Worth Ratio (1998–2025)
This chart shows how Shell plc's Tangible Net Worth Ratio has changed across 28 annual periods from 1998 to 2025. As of December 2025, the ratio stands at 93.7%, reflecting net assets of GBX175.38 Billion with intangible assets of GBX11.01 Billion GBX. See Shell plc defensive liquidity buffer to measure how many days the company can operate on defensive assets alone.
Annual Tangible Net Worth Ratio for Shell plc (1998–2025)
The table below presents the year-by-year Tangible Net Worth Ratio for Shell plc from 1998 to 2025, covering 28 annual filings. Each row shows net assets, intangible assets, total assets, the tangible net worth ratio, and the change in percentage points versus the prior year. For the full company profile including market capitalisation, see how much is Shell plc worth.
| Year | Tangible NW Ratio | Net Assets (GBX) | Intangible Assets | Total Assets | Change (pp) |
|---|---|---|---|---|---|
| 2025 | 93.7% | GBX175.38 Billion | GBX11.01 Billion | GBX370.49 Billion | ▼ -1.0 pp |
| 2024 | 94.7% | GBX180.17 Billion | GBX9.48 Billion | GBX387.61 Billion | ▲ +0.2 pp |
| 2023 | 94.6% | GBX188.36 Billion | GBX10.25 Billion | GBX406.27 Billion | ▼ -0.4 pp |
| 2022 | 95.0% | GBX192.60 Billion | GBX9.66 Billion | GBX443.02 Billion | ▲ +0.6 pp |
| 2021 | 94.4% | GBX175.33 Billion | GBX9.77 Billion | GBX404.38 Billion | ▼ -0.1 pp |
| 2020 | 94.5% | GBX158.54 Billion | GBX8.67 Billion | GBX379.27 Billion | ▼ -0.6 pp |
| 2019 | 95.1% | GBX190.46 Billion | GBX9.28 Billion | GBX404.34 Billion | ▲ +0.0 pp |
| 2018 | 95.1% | GBX202.53 Billion | GBX9.87 Billion | GBX399.19 Billion | ▲ +0.4 pp |
| 2017 | 94.7% | GBX197.81 Billion | GBX10.52 Billion | GBX407.10 Billion | ▲ +0.5 pp |
| 2016 | 94.2% | GBX188.51 Billion | GBX10.98 Billion | GBX411.27 Billion | ▼ -3.2 pp |
| 2015 | 97.4% | GBX164.12 Billion | GBX4.27 Billion | GBX340.16 Billion | ▲ +0.1 pp |
| 2014 | 97.3% | GBX172.79 Billion | GBX4.68 Billion | GBX353.12 Billion | ▼ -1.7 pp |
| 2013 | 99.0% | GBX181.15 Billion | GBX1.83 Billion | GBX357.51 Billion | ▲ +0.0 pp |
| 2012 | 98.9% | GBX176.18 Billion | GBX1.85 Billion | GBX350.29 Billion | ▲ +1.6 pp |
| 2011 | 97.4% | GBX171.00 Billion | GBX4.52 Billion | GBX345.26 Billion | ▲ +0.7 pp |
| 2010 | 96.6% | GBX149.78 Billion | GBX5.04 Billion | GBX322.56 Billion | ▲ +0.5 pp |
| 2009 | 96.1% | GBX138.13 Billion | GBX5.36 Billion | GBX292.18 Billion | ▲ +0.0 pp |
| 2008 | 96.1% | GBX128.87 Billion | GBX5.02 Billion | GBX282.40 Billion | ▲ +0.4 pp |
| 2007 | 95.7% | GBX125.97 Billion | GBX5.37 Billion | GBX269.47 Billion | ▼ -2.6 pp |
| 2006 | 98.4% | GBX114.94 Billion | GBX1.88 Billion | GBX235.28 Billion | ▲ +2.8 pp |
| 2005 | 95.6% | GBX97.92 Billion | GBX4.35 Billion | GBX219.52 Billion | ▲ +0.5 pp |
| 2004 | 95.0% | GBX91.38 Billion | GBX4.53 Billion | GBX187.45 Billion | ▼ -5.0 pp |
| 2003 | 100.0% | GBX79.70 Billion | GBX0.00 | GBX168.09 Billion | ▲ +0.0 pp |
| 2002 | 100.0% | GBX67.61 Billion | GBX0.00 | GBX153.46 Billion | ▲ +0.0 pp |
| 2001 | 100.0% | GBX63.11 Billion | GBX0.00 | GBX111.54 Billion | ▲ +0.0 pp |
| 2000 | 100.0% | GBX59.97 Billion | GBX0.00 | GBX122.50 Billion | ▲ +0.0 pp |
| 1999 | 100.0% | GBX59.01 Billion | GBX0.00 | GBX113.88 Billion | ▲ +0.0 pp |
| 1998 | 100.0% | GBX57.66 Billion | GBX0.00 | GBX110.07 Billion | — |