# Technip Energies BV (TE.PA)

Canonical: https://gigainvestors.com/s/TE.PA

Analysis as of: 2026-10-16T07:37:06.559Z. Financial observations: FY2017–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 29.94 per share; close as of 2026-10-15.

Estimated value: low EUR 58.88 per share, central EUR 63.60 per share, high EUR 69.88 per share. Buy at or below the central value EUR 63.60 per share. Valuation as of 2026-10-16T07:37:06.559Z; scenarios are not confidence intervals.

Expected annual return: 59.5% at the stated quote. About 59.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 9 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.06×

- FY2019: 0.12×

- FY2020: 0.09×

- FY2021: 0.09×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.07×

- FY2025: 0.06×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.5%

- ROIC, second-lowest year: 9.4%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 14.2%

- Recent gross margin (lower of latest and 3-year median): 13.4%

- Years with nonpositive capital: 9

- Capital spending / revenue: 0.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 12.5%

- FY2018: 8.9%

- FY2019: 16.4%

- FY2020: 13.8%

- FY2021: 15.2%

- FY2022: 13.3%

- FY2023: 11.0%

- FY2024: 10.3%

- FY2025: 9.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.6B

- Net income, five-year total: EUR 1.6B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.0 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.03×

- FY2022: 1.09×

- FY2023: 1.00×

- FY2024: 0.94×

- FY2025: 0.95×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 12.5% vs 10.3%

- Per-share earnings: 0.33 to 2.04 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.1%

- Per-share value growth: 35.7%

- Per-share value change: EUR 1.71

- Per-share value, starting three-year median: EUR 0.33

- Per-share value, ending three-year median: EUR 2.04

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 1.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 12.5%

- ROIC, last three-year median: 10.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.33

- FY2018: EUR -0.47

- FY2019: EUR 0.81

- FY2020: EUR 1.15

- FY2021: EUR 1.44

- FY2022: EUR 1.68

- FY2023: EUR 1.68

- FY2024: EUR 2.18

- FY2025: EUR 2.04

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.82×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.09×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.1%

- FY2018: -7.3%

- FY2019: -10.3%

- FY2020: -8.0%

- FY2021: -8.2%

- FY2022: 1.3%

- FY2023: -0.9%

- FY2024: -4.9%

- FY2025: -3.0%

## Holders

## Price story

Down 26% since Apr 2026 · sales +7.2%

Story as of 2026-10-16T10:00:08.609Z; price observation 2026-10-15.

Price needs cash profits to shrink 26% a year for ten years

- 2025-08-29: Technip Energies, JGC Win Abadi LNG FEED Contracts ([finance.yahoo.com](https://finance.yahoo.com/news/technip-energies-jgc-win-abadi-095717004.html))

- 2026-04-14: Technip Energies awarded two FEED contracts by SOGARA for refinery complex in Gabon ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/technip-energies-awarded-two-feed-160000247.html))

### Sales · FY2024–2025

sales +7.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 7.2B 

- FY2018: EUR 5.4B 

- FY2019: EUR 5.8B 

- FY2020: EUR 5.7B 

- FY2021: EUR 6.4B 

- FY2022: EUR 6.3B 

- FY2023: EUR 6.0B 

- FY2024: EUR 6.7B 

- FY2025: EUR 7.2B 

### Gross margin · FY2025

gross margin 13.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 13.8% 

- FY2018: 17.8% 

- FY2019: 21.7% 

- FY2020: 17.6% 

- FY2021: 14.2% 

- FY2022: 14.1% 

- FY2023: 15.4% 

- FY2024: 13.7% 

- FY2025: 13.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas equipment & services; annual sales are EUR 7.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2025: revenue 7203800000; grossProfit 964200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TE.PA: Technip Energies N.V., together with its subsidiaries, operates as an engineering and technology company in Europe, Central Asia, Africa, the Middle East, the Asia Pacific, and the Americas. It operates in two segments, Technology, Products & Services and Project Delivery. The company offers consulting solutions, such as advisory, project management consultancy, operations and maintenance, and T.EN, a digital service; engineering studies for pressure vessels, rotating equipment, instrumentation, electrical facilities, computing, piping, civil works, and cost control and scheduling for facilities and revamps; and sourcing and procurement solutions. It also provides transport and installation, construction management, and commissioning solutions; T.EN loading systems; CO2Connect, a marine loading arm to transfer CO2under the T.EN brand; Beyond LS, a digital platform; and monitoring, automation, and inspection solutions. In addition, the company offers silica and zeolite-based solutions under the Alpha and Opal brands; Capture.Now, a set of decarbonization solutions to capture and transform carbon; Canopy by T.EN, a suite of post-combustion carbon capture solutions; BlueH2, which produces low-carbon hydrogen from fossil sources; and SnapLNG by T.EN, which combines a compact modular design for mid-scale LNG trains. Further, it provides iLNGP, which performs functions of an LNG terminal and a gas power plant; iRPB, which reduces capital expenditures and a deployment schedule; Cyxense Commander, an open environment for robotics fleet management; CyXense Surveyor platform, a unified software for safety and security management; and CyXense Expert, an image acquisition and analysis software. Additionally, the company offers SPYRO for ethylene producers. Technip Energies N.V. was incorporated in 2019 and is headquartered in Nanterre, France.

### Why customers stay

Margins ranged from 13.4% to 15.4% during 2023–25; it earns 12.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2023: grossProfit / revenue = 15.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2024: grossProfit / revenue = 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2025: grossProfit / revenue = 13.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); 9-year return on capital observations [[2017,0.1252655873468418],[2018,0.08850285616847131],[2019,0.1636413145539906],[2020,0.13798518204768975],[2021,0.1517511288022969],[2022,0.13307749007369968],[2023,0.1099670907636769],[2024,0.10336807150133615],[2025,0.09444044408873893]]; median 0.1252655873468418. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 14% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); Gross margin observations: [[2021,0.14180020827828466],[2022,0.14076054948028588],[2023,0.1537744020254514]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back EUR 45 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2017: growth capex 0; upkeep 19000000; owner earnings 82300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2019: growth capex 0; upkeep 37200000; owner earnings 187060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2020: growth capex 0; upkeep 31300000; owner earnings 248040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2021: growth capex 0; upkeep 49600000; owner earnings 250740000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2022: growth capex 0; upkeep 46700000; owner earnings 328360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2023: growth capex 0; upkeep 48400000; owner earnings 296640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2024: growth capex 0; upkeep 84600000; owner earnings 367140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2025: growth capex 0; upkeep 89400000; owner earnings 344940000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); Dividend observations: [[2017,1181100000],[2018,697200000],[2019,412900000],[2020,500000],[2021,79000000],[2022,79000000],[2023,91200000],[2024,101500000],[2025,150200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); FY2025: cash repurchases 45000000 EUR.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TE.PA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 26% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:06.559Z); Ten-year compound average after fade. Initial solved rate -0.3661536560094344. Price 29.94; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2021-02: EUR 10.69 per share

- 2021-03: EUR 12.95 per share

- 2021-04: EUR 11.85 per share

- 2021-05: EUR 12.52 per share

- 2021-06: EUR 11.56 per share

- 2021-07: EUR 11.43 per share

- 2021-08: EUR 11.07 per share

- 2021-09: EUR 13.60 per share

- 2021-10: EUR 13.33 per share

- 2021-11: EUR 12.00 per share

- 2021-12: EUR 12.82 per share

- 2022-01: EUR 13.55 per share

- 2022-02: EUR 10.09 per share

- 2022-03: EUR 11.05 per share

- 2022-04: EUR 11.59 per share

- 2022-05: EUR 12.06 per share

- 2022-06: EUR 11.90 per share

- 2022-07: EUR 11.53 per share

- 2022-08: EUR 12.48 per share

- 2022-09: EUR 11.62 per share

- 2022-10: EUR 13.07 per share

- 2022-11: EUR 15.09 per share

- 2022-12: EUR 14.67 per share

- 2023-01: EUR 17.81 per share

- 2023-02: EUR 18.35 per share

- 2023-03: EUR 19.66 per share

- 2023-04: EUR 20.13 per share

- 2023-05: EUR 18.55 per share

- 2023-06: EUR 21.11 per share

- 2023-07: EUR 20.73 per share

- 2023-08: EUR 21.37 per share

- 2023-09: EUR 23.57 per share

- 2023-10: EUR 20.65 per share

- 2023-11: EUR 21.33 per share

- 2023-12: EUR 21.16 per share

- 2024-01: EUR 19.30 per share

- 2024-02: EUR 20.13 per share

- 2024-03: EUR 23.41 per share

- 2024-04: EUR 22.24 per share

- 2024-05: EUR 22.10 per share

- 2024-06: EUR 20.94 per share

- 2024-07: EUR 23.60 per share

- 2024-08: EUR 21.48 per share

- 2024-09: EUR 21.62 per share

- 2024-10: EUR 22.84 per share

- 2024-11: EUR 23.26 per share

- 2024-12: EUR 25.70 per share

- 2025-01: EUR 27.48 per share

- 2025-02: EUR 29.94 per share

- 2025-03: EUR 30.14 per share

- 2025-04: EUR 30.10 per share

- 2025-05: EUR 33.34 per share

- 2025-06: EUR 35.74 per share

- 2025-07: EUR 37.88 per share

- 2025-08: EUR 39.48 per share

- 2025-09: EUR 40.08 per share

- 2025-10: EUR 35.22 per share

- 2025-11: EUR 33.68 per share

- 2025-12: EUR 32.48 per share

- 2026-01: EUR 33.04 per share

- 2026-02: EUR 36.62 per share

- 2026-03: EUR 36.58 per share

- 2026-04: EUR 40.30 per share

- 2026-05: EUR 35.46 per share

- 2026-06: EUR 33.12 per share

- 2026-07: EUR 29.90 per share

- 2026-08: EUR 30.10 per share

- 2026-09: EUR 28.54 per share

- 2026-10: EUR 29.94 per share

## Annual estimated value (EUR per share)

- FY2021: low EUR 34.12 per share, central EUR 35.97 per share, high EUR 38.44 per share

- FY2022: low EUR 33.75 per share, central EUR 35.81 per share, high EUR 38.56 per share

- FY2023: low EUR 34.35 per share, central EUR 36.55 per share, high EUR 39.49 per share

- FY2024: low EUR 40.89 per share, central EUR 43.68 per share, high EUR 47.39 per share

- FY2025: low EUR 41.63 per share, central EUR 44.63 per share, high EUR 48.63 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:46.656Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.