# TotalEnergies SE (TTE.PA)

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

Analysis as of: 2026-10-16T07:33:33.470Z. Financial observations: FY1996–FY2025.

Listing currency: EUR. Reporting currency: USD.

## 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 80.21 per share; close as of 2026-10-15.

Estimated value: low EUR 75.39 per share, central EUR 84.23 per share, high EUR 96.01 per share. Buy at or below the central value EUR 84.23 per share. Valuation as of 2026-10-16T07:33:33.470Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% 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: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 1

- Operating margin variation: 0.76×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.05×

- FY2018: 0.08×

- FY2019: 0.09×

- FY2020: -0.04×

- FY2021: 0.21×

- FY2022: 0.24×

- FY2023: 0.21×

- FY2024: 0.12×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 26.7%

- Recent gross margin (lower of latest and 3-year median): 28.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.5%

- ROIC including acquisitions, ten-year median: 8.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.2%

- FY2017: 4.1%

- FY2018: 7.7%

- FY2019: 7.3%

- FY2020: -2.8%

- FY2021: 18.6%

- FY2022: 33.3%

- FY2023: 24.1%

- FY2024: 12.3%

- FY2025: 9.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $76B

- Net income, five-year total: $88B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -7.4 pp

- Working capital / revenue, final three-year average: 2.3%

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

- FY2021: 1.06×

- FY2022: 0.99×

- FY2023: 0.75×

- FY2024: 0.80×

- FY2025: 0.68×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.1% vs 12.3%

- Per-share earnings: 2.26 to 6.85 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -5.4%

- Market cap gain: -$14B

- Cumulative retained earnings: $49B

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -5.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.9%

- Per-share value change: $4.59

- Per-share value, starting three-year median: $2.26

- Per-share value, ending three-year median: $6.85

- Buybacks concentrated in cheaper years (correlation): 0.48

- Average buyback yield: 3.6%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $37B

- Cumulative net income, 10 years: $118B

- ROIC, first three-year median: 4.1%

- ROIC, last three-year median: 12.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.26

- FY2017: $3.13

- FY2018: $4.04

- FY2019: $4.25

- FY2020: -$2.52

- FY2021: $6.14

- FY2022: $8.34

- FY2023: $9.01

- FY2024: $6.85

- FY2025: $6.03

### accounting: pass

- Sloan accruals: -5.3%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.5%

- FY2017: -5.6%

- FY2018: -5.2%

- FY2019: -4.9%

- FY2020: -8.3%

- FY2021: -4.8%

- FY2022: -8.7%

- FY2023: -6.8%

- FY2024: -5.3%

- FY2025: -5.3%

## Holders

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 0.2% a year for ten years · "TotalEnergies to Cut Costs While Boosting Oil, Gas Output Through 2030" (finance.yahoo.com, Sep 2025) · sales -6.8%

Story as of 2026-10-16T09:59:56.670Z; price observation 2026-10-15.

Price needs cash profits to grow 0.2% a year for ten years

- 2025-10-30: TotalEnergies' Cash Flow Snaps Back as Oil Prices Cool ([finance.yahoo.com](https://finance.yahoo.com/news/totalenergies-cash-flow-snaps-back-161354565.html))

- 2025-11-01: TotalEnergies (ENXTPA:TTE): Net Margin Slips, Undervaluation Focuses Debate on Dividend Risks ([finance.yahoo.com](https://finance.yahoo.com/news/totalenergies-enxtpa-tte-net-margin-151936571.html))

- 2026-01-29: French energy giant TotalEnergies resumes Mozambique $20 billion project as insurgency slows ([finance.yahoo.com](https://finance.yahoo.com/news/french-energy-giant-totalenergies-resumes-154313796.html))

- 2026-02-11: TotalEnergies halves buybacks as low oil, gas prices weigh on profits ([finance.yahoo.com](https://finance.yahoo.com/video/totalenergies-halves-buybacks-low-oil-114618485.html))

- 2026-03-16: TotalEnergies Cuts Output as Middle East Conflict Hits Gulf Assets ([finance.yahoo.com](https://finance.yahoo.com/news/totalenergies-cuts-output-middle-east-042328180.html))

- 2026-07-23: TotalEnergies Q2 Profit Jumps 68% as Refining and Trading Strength Offset Gas Weakness ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/totalenergies-q2-profit-jumps-68-204237395.html))

### Sales · FY2024–2025

sales -6.8%; source https://filings.xbrl.org/529900S21EQ1BO4ESM68/2025-12-31/ESEF/GB/0/529900S21EQ1BO4ESM68-2025-12-31/reports/529900S21EQ1BO4ESM68-2025-12-31.xhtml; observed 2026-04-07.

- FY2016: $128B 

- FY2017: $149B 

- FY2018: $184B 

- FY2019: $176B 

- FY2020: $120B 

- FY2021: $185B 

- FY2022: $263B 

- FY2023: $219B 

- FY2024: $196B 

- FY2025: $182B 

### Gross margin · FY2025

gross margin 28.4%; source https://filings.xbrl.org/529900S21EQ1BO4ESM68/2025-12-31/ESEF/GB/0/529900S21EQ1BO4ESM68-2025-12-31/reports/529900S21EQ1BO4ESM68-2025-12-31.xhtml; observed 2026-04-07.

- FY2016: 24.0% 

- FY2017: 22.4% 

- FY2018: 23.9% 

- FY2019: 25.0% 

- FY2020: 16.4% 

- FY2021: 35.8% 

- FY2022: 35.6% 

- FY2023: 34.7% 

- FY2024: 28.4% 

- FY2025: 28.4% 

## Owner memo

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

### How it makes money

Operates in oil & gas integrated; annual sales are USD 182.3 billion.

- Source: https://filings.xbrl.org/529900S21EQ1BO4ESM68/2025-12-31/ESEF/GB/0/529900S21EQ1BO4ESM68-2025-12-31/reports/529900S21EQ1BO4ESM68-2025-12-31.xhtml (filed 2026-04-07); FY2025: revenue 182344000000; grossProfit 51847000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 28.4% to 34.7% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 34.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 28.4%.

- Source: https://filings.xbrl.org/529900S21EQ1BO4ESM68/2025-12-31/ESEF/GB/0/529900S21EQ1BO4ESM68-2025-12-31/reports/529900S21EQ1BO4ESM68-2025-12-31.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 28.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.031677792929373096],[2017,0.04081520968623837],[2018,0.07669939693830215],[2019,0.0726246010523021],[2020,-0.02823270897071879],[2021,0.18644438963504414],[2022,0.3329343320604458],[2023,0.24077727557652337],[2024,0.12309097336790006],[2025,0.09672549770155721]]; median 0.08671244731992968. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 36% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/529900S21EQ1BO4ESM68/2025-12-31/ESEF/GB/0/529900S21EQ1BO4ESM68-2025-12-31/reports/529900S21EQ1BO4ESM68-2025-12-31.xhtml (filed 2026-04-07); Gross margin observations: [[2021,0.3575289491642926],[2022,0.35646956059397666],[2023,0.3466806732284364]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 0; upkeep 18106000000; owner earnings 2513000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 13767000000; owner earnings 11475000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 2496000000; upkeep 14584000000; owner earnings 11446000000. Growth capex / owner earnings = 0.21806744714310677.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 0; upkeep 11810000000; owner earnings 15617600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 0; upkeep 10764000000; owner earnings 4613800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 0; upkeep 12343000000; owner earnings 17301000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 3469000000; upkeep 12221000000; owner earnings 20756600000. Growth capex / owner earnings = 0.1671275642446258.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 0; upkeep 17722000000; owner earnings 16205800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 0; upkeep 14909000000; owner earnings 12609633000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/529900S21EQ1BO4ESM68/2025-12-31/ESEF/GB/0/529900S21EQ1BO4ESM68-2025-12-31/reports/529900S21EQ1BO4ESM68-2025-12-31.xhtml (filed 2026-04-07); FY2025: growth capex 0; upkeep 17644173000; owner earnings 8954627000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,2661000000],[2017,2643000000],[2018,4913000000],[2019,6641000000],[2020,6688000000],[2021,8228000000],[2022,9986000000],[2023,7517000000],[2024,7717000000],[2025,8452093000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/529900S21EQ1BO4ESM68/2025-12-31/ESEF/GB/0/529900S21EQ1BO4ESM68-2025-12-31/reports/529900S21EQ1BO4ESM68-2025-12-31.xhtml (filed 2026-04-07); FY2025: cash repurchases 8028499000 USD.

### Are managers owners

Insiders own 8.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TTE.PA SharesStats.PercentInsiders = 8.862 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate -0.010075513050621543. Price 80.21; FX 0.891837899543379; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.3052812365822241 → FY2025 4.115177849264706. Closing-price date 2026-10-15.

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

- 2016-10: EUR 43.72 per share

- 2016-11: EUR 44.96 per share

- 2016-12: EUR 48.72 per share

- 2017-01: EUR 46.66 per share

- 2017-02: EUR 47.05 per share

- 2017-03: EUR 47.42 per share

- 2017-04: EUR 47.17 per share

- 2017-05: EUR 47.27 per share

- 2017-06: EUR 43.29 per share

- 2017-07: EUR 42.96 per share

- 2017-08: EUR 43.45 per share

- 2017-09: EUR 45.45 per share

- 2017-10: EUR 47.87 per share

- 2017-11: EUR 47.41 per share

- 2017-12: EUR 46.05 per share

- 2018-01: EUR 46.64 per share

- 2018-02: EUR 46.97 per share

- 2018-03: EUR 46.13 per share

- 2018-04: EUR 52.33 per share

- 2018-05: EUR 52.05 per share

- 2018-06: EUR 52.21 per share

- 2018-07: EUR 55.86 per share

- 2018-08: EUR 53.87 per share

- 2018-09: EUR 55.84 per share

- 2018-10: EUR 51.96 per share

- 2018-11: EUR 49.17 per share

- 2018-12: EUR 46.18 per share

- 2019-01: EUR 47.98 per share

- 2019-02: EUR 49.99 per share

- 2019-03: EUR 49.52 per share

- 2019-04: EUR 49.55 per share

- 2019-05: EUR 46.64 per share

- 2019-06: EUR 49.28 per share

- 2019-07: EUR 47.04 per share

- 2019-08: EUR 45.39 per share

- 2019-09: EUR 47.89 per share

- 2019-10: EUR 47.14 per share

- 2019-11: EUR 47.64 per share

- 2019-12: EUR 49.20 per share

- 2020-01: EUR 44.15 per share

- 2020-02: EUR 38.38 per share

- 2020-03: EUR 35.39 per share

- 2020-04: EUR 32.85 per share

- 2020-05: EUR 33.63 per share

- 2020-06: EUR 33.98 per share

- 2020-07: EUR 31.30 per share

- 2020-08: EUR 33.10 per share

- 2020-09: EUR 29.20 per share

- 2020-10: EUR 25.82 per share

- 2020-11: EUR 35.83 per share

- 2020-12: EUR 35.30 per share

- 2021-01: EUR 34.90 per share

- 2021-02: EUR 38.38 per share

- 2021-03: EUR 39.78 per share

- 2021-04: EUR 36.83 per share

- 2021-05: EUR 37.91 per share

- 2021-06: EUR 38.16 per share

- 2021-07: EUR 36.70 per share

- 2021-08: EUR 37.35 per share

- 2021-09: EUR 41.34 per share

- 2021-10: EUR 43.37 per share

- 2021-11: EUR 40.61 per share

- 2021-12: EUR 44.63 per share

- 2022-01: EUR 50.22 per share

- 2022-02: EUR 45.59 per share

- 2022-03: EUR 46.03 per share

- 2022-04: EUR 47.23 per share

- 2022-05: EUR 55.59 per share

- 2022-06: EUR 50.37 per share

- 2022-07: EUR 49.76 per share

- 2022-08: EUR 50.69 per share

- 2022-09: EUR 48.28 per share

- 2022-10: EUR 55.10 per share

- 2022-11: EUR 60.31 per share

- 2022-12: EUR 58.65 per share

- 2023-01: EUR 56.98 per share

- 2023-02: EUR 58.57 per share

- 2023-03: EUR 54.36 per share

- 2023-04: EUR 57.94 per share

- 2023-05: EUR 53.08 per share

- 2023-06: EUR 52.55 per share

- 2023-07: EUR 55.26 per share

- 2023-08: EUR 58.07 per share

- 2023-09: EUR 62.31 per share

- 2023-10: EUR 63.20 per share

- 2023-11: EUR 62.26 per share

- 2023-12: EUR 61.60 per share

- 2024-01: EUR 60.10 per share

- 2024-02: EUR 58.99 per share

- 2024-03: EUR 63.47 per share

- 2024-04: EUR 68.59 per share

- 2024-05: EUR 67.01 per share

- 2024-06: EUR 62.33 per share

- 2024-07: EUR 62.48 per share

- 2024-08: EUR 62.19 per share

- 2024-09: EUR 58.50 per share

- 2024-10: EUR 57.40 per share

- 2024-11: EUR 54.97 per share

- 2024-12: EUR 53.37 per share

- 2025-01: EUR 56.39 per share

- 2025-02: EUR 57.78 per share

- 2025-03: EUR 59.66 per share

- 2025-04: EUR 51.16 per share

- 2025-05: EUR 51.66 per share

- 2025-06: EUR 52.10 per share

- 2025-07: EUR 52.02 per share

- 2025-08: EUR 53.50 per share

- 2025-09: EUR 51.73 per share

- 2025-10: EUR 53.95 per share

- 2025-11: EUR 56.80 per share

- 2025-12: EUR 55.59 per share

- 2026-01: EUR 61.15 per share

- 2026-02: EUR 67.28 per share

- 2026-03: EUR 80.91 per share

- 2026-04: EUR 79.29 per share

- 2026-05: EUR 75.18 per share

- 2026-06: EUR 68.03 per share

- 2026-07: EUR 76.42 per share

- 2026-08: EUR 75.53 per share

- 2026-09: EUR 75.70 per share

- 2026-10: EUR 79.89 per share

## Annual estimated value (EUR per share)

- FY2018: low EUR 21.24 per share, central EUR 22.96 per share, high EUR 25.25 per share

- FY2019: low EUR 49.61 per share, central EUR 55.16 per share, high EUR 62.55 per share

- FY2020: low EUR 35.64 per share, central EUR 39.12 per share, high EUR 43.75 per share

- FY2021: low EUR 62.00 per share, central EUR 69.16 per share, high EUR 78.70 per share

- FY2022: low EUR 93.31 per share, central EUR 104.61 per share, high EUR 119.42 per share

- FY2023: low EUR 81.34 per share, central EUR 91.06 per share, high EUR 103.99 per share

- FY2024: low EUR 71.69 per share, central EUR 80.15 per share, high EUR 91.42 per share

- FY2025: low EUR 71.07 per share, central EUR 79.41 per share, high EUR 90.51 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 2026-10-15T06:39:19.139Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900S21EQ1BO4ESM68/2025-12-31/ESEF/GB/0/529900S21EQ1BO4ESM68-2025-12-31/reports/529900S21EQ1BO4ESM68-2025-12-31.xhtml); period 2025-12-31, filed 2026-04-07.

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.