# TotalEnergies SE (EPA:TTE)

As of Sun 8 Nov 2026 12:00 UTC (weekly snapshot). Full report: https://standard-equity.report/EPA/TTE

Price €79.73 (EUR), market cap €175.9B, Energy - Oil & Gas Integrated.

## Valuation

- SE Reference Value (expected value, DCF): €122.52 (central 50% range €101.50 to €148.08), +54% against the price; range width moderate
- SE Grade: 1 of 3 (Value 3, Quality 3, Moat 1)
- Consensus Rating: Buy (Strong buy 11, Buy 3, Hold 7, Sell 1, Strong sell 0)
- Consensus Price (mean): €89.78, +13% against the price

## Key metrics

Financials in USD. Peer percentile: 100 = best in the peer group.

| Metric | Now | 5Y median | 10Y median | Peers |
|---|---|---|---|---|
| Revenue | $214.4B | CAGR 8.8% | CAGR 4.0% | P77 |
| Revenue growth | 16.8% | -6.8% | -4.3% | P47 |
| Gross margin | 39.2% | 35.6% | 34.7% | P70 |
| Operating margin | 17.0% | 13.1% | 10.4% | P63 |
| Net margin | 10.5% | 8.1% | 6.8% | P60 |
| FCF yield | 11.8% | 14.9% | 8.8% | P57 |
| FCF margin | 11.1% | 9.8% | 6.8% | P57 |
| FCF / net income | 1.06x | 1.13x | 1.05x | P53 |
| ROIC | 14.3% | 10.6% | 8.4% | P50 |
| ROE | 18.1% | 14.9% | 10.7% | P57 |
| ROA | 6.6% | 5.5% | 4.5% | P43 |
| EPS | $10.01 | CAGR -0.5% | CAGR 9.6% | - |
| EPS growth | 57.6% | 10.1% | 10.1% | P43 |
| Book value per share | $59.26 | CAGR 5.4% | CAGR 2.6% | - |
| FCF per share | $10.59 | CAGR 27.5% | CAGR 5.4% | - |
| Dividend per share | $4.09 | CAGR 4.3% | CAGR 4.8% | - |
| Dividend yield | 4.6% | 5.6% | 5.6% | P59 |
| Payout ratio | 41.4% | 49.8% | 69.1% | P54 |
| Diluted shares | 2,206.7M | CAGR -3.2% | CAGR -0.8% | P64 |
| Buyback yield | -0.3% | 4.3% | 0.6% | P64 |
| Debt/equity | 0.46x | 0.52x | 0.53x | P40 |
| Enterprise value | $235.8B | CAGR 3.0% | CAGR 1.9% | P80 |
| Long-term debt | $49.09B | CAGR -4.0% | CAGR 1.4% | P80 |

## Company Note (Q3 2026)

Written by AI from the data above.

**TotalEnergies had a standout third quarter** as record refining margins and higher throughput gave the downstream its best quarter ever, while integrated LNG more than doubled on 20% higher LNG prices and gas trading gains. Revenue rose 41.1% and diluted EPS rose 123.2% from a year earlier. Geographic diversification held the Middle East production hit to around 5%. Earnings power is running well ahead of what the shares price in: SE fair value of €123 is 53.7% above the price.

**Management raised full-year cash flow** from operations guidance to above $42 billion, possibly around $43 billion. Net investments of $15 billion and the 40% cash return to shareholders were both maintained, with a possible uplift to the final dividend. Production growth excluding the Middle East is held at more than 3%. Projects include Mopane drilling in Namibia this month and Kingfisher in Uganda in the first half of 2027. Pressed on hybrid refinancing, the CEO said the company is under no pressure to act.

**Analysts expect EPS growth** of 85.4% in FY2026 on revenue growth of 19.0%, followed by a 10.3% EPS decline in FY2027. That pattern matches a strong year that consensus does not expect to repeat. Our projection is more cautious, at $10.61 for FY2026 against consensus of $12.77, within an interval of plus or minus 43%. The price implies revenue shrinking 9.4% a year, against the 19.0% consensus for FY2026. EPS has beaten estimates in 4 of the last 8 quarters.

**Returns have eased** from their FY2022 highs. ROIC moved from 16.1% in FY2022 to 8.0% in FY2025, and ROE fell from 18.4% to 11.3% over the same span, both worse. Operating margin now stands at 17.0%, above its 13.1% five-year median and in the 63rd percentile of peers, though it fell 6.8 points over the three years to FY2025. Gross margin has been steady at 39.2%. The faded three-year return trend is what holds Quality back.

**The shares trade** on a trailing P/E of 8.9x against a ten-year median of 10.4x. SE fair value of €123 is 53.7% above the price, at medium confidence. The star- and recency-weighted analyst target of €90 sits 12.6% above the price. For the price to hold, refining and LNG strength needs to carry cash flow toward the $43 billion level management has flagged. Full-year operating cash flow falling short of $42 billion would show it is not.

**The SE Score** is 1 of 3. Quality earns three stars because free cash flow has reached 121% of net income over five years and net debt is only 0.5x EBITDA. Moat earns one star, as ROIC has topped 15% in just one of the last ten years, with a ten-year median of 8%. Value earns three stars, with SE fair value 53.7% above the price, but the price left the overall score at one star because the Moat cannot carry it higher.

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Weekly snapshot, not live data. For information only, not investment advice. Methodology: https://standard-equity.report/methodology