The stability of equilibrium of a transversely isotropic thick cylindrical shell under axial compression is investigated. The problem is treated by making appropriate use of the three-dimensional theory of elasticity. The results are compared with the critical loads furnished by classical shell theories. For the isotropic material cases considered, the elasticity approach predicts a lower critical load than the shell theories, the percentage reduction being larger with increasing thickness. However, both the Flu¨gge and Danielson and Simmonds theories predict critical loads much closer to the elasticity value than the Donnell theory. Moreover, the values of n, m (number of circumferential waves and number of axial half-waves, respectively, at the critical point) for both the elasticity, and the Flu¨gge and the Danielson and Simmonds theories, show perfect agreement, unlike the Donnell shell theory.