Rankings Oil & gas TotalEnergies
TotalEnergies
78
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−6
- The Middle East and Hormuz−4
- Quality of growth−3
Strengths
- Buybacks+2
- Dividend policy+1
- Strong balance sheet+1
How the score is built
From 100 to 78, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 83.55 EUR
- Median analyst target
- 89.77 EUR
- Upside to median
- +7.4%
- Analysts
- 22
- Target range
- 78.07 – 99.75 EUR
- 52-week change
- +55%
- P/E (trailing)
- 9.4
- Forward P/E
- 8.0
- PEG
- 0.87
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−11 of −30
- −2ROIC and marginROIC 10.3% TTM and only 8.1% in 2025 vs 14.3–16.1% in 2022–2023; the operating margin was 10.8% in 2025 and has only been lifted to 13.6% TTM by an oil price around 100 USD. The return swings with the commodity price and has not become stronger.
- −3Quality of growthRevenue fell three years in a row (USD 263bn in 2022 to 182bn in 2025), and the lift to 196bn TTM and expected +17% in 2026 comes from price, not volume: about 15% of oil and gas production (Qatar, Iraq, UAE offshore) is shut down due to the conflict, and analysts expect EPS −8% in 2027.
- −2Moat and pricing powerAs an oil and gas producer, TotalEnergies is a price taker; refining and marketing (over 90% of revenue) are low-margin. The integrated LNG business gives some advantage, but no real pricing power.
- −2Future segmentIntegrated Power is to grow over 20% a year to 100–120 TWh in 2030, but the segment's revenue has fallen from USD 27.3bn (2022–2023) to 18.9bn TTM, and the power business has far lower returns than oil and gas.
- −2Capital allocationIn 2025 the company distributed USD 17.3bn (dividend 8.4 + buyback 8.9) vs FCF of 11.6bn; the difference was borrowed, and net debt rose from USD 17.1bn (2023) to 32.2bn (2025).
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −6Multiples vs own historyTrailing P/E 11.4 vs. 7.5–10.7 in 2021–2025, EV/EBITDA 5.5 vs. 2.9–5.4 and P/B 1.55 vs. 1.04–1.36 – all above the top of own range; forward P/E 8.3 vs. 4.9–9.4 is in the upper part. The share has risen 44% over 52 weeks.
- −3Earnings at a cyclical peakThe low forward P/E rests on EPS +65% in 2026 at Brent around USD 100 (Q2 average USD 103.8); the company's own distribution framework is set at 60–70 USD. At a normalised oil price the multiple is substantially higher.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35
- −4The Middle East and HormuzProduction in Qatar, Iraq and offshore UAE – about 15% of output and about 10% of upstream cash flow – is shut or being shut down because of the war between the US/Israel and Iran; lifting still depends on exports through the Strait of Hormuz.
- −2Mozambique LNG (execution)The USD 20 bn project is only about 40% complete after a four-year pause due to the insurgency in Cabo Delgado; a full restart was announced in January 2026, and in May 2026 Mozambique disputes claims of USD 2 bn in extra costs.
- −2Litigation and reputationConvicted of misleading climate marketing in France (October 2025) and ordered to publish the ruling for 180 days; Mozambique's attorney general has opened a criminal investigation into allegations of abuses at the LNG project.
Plus
Only documented strengths. · 4 findings+5 of +15
- +2BuybacksTTM: dividend 8.9 + buybacks 6.1 = USD 15.1bn vs. FCF 17.4bn; the share count has fallen 4.1% over a year, and the buyback is raised to USD 2.5bn in Q4 2026 (from 1.5bn in Q3).
- +1Dividend policyOn 28/9-2026 the board adopted a policy of raising the dividend by more than 5% a year for the financial years 2026–2030 and distributing at least 40% of cash flow.
- +1Strong balance sheetNet debt/EBITDA 0.79 and gearing 13.1% at June, expected below 10% at the end of 2026; interest cover 10x.
- +1Diversified baseProduction growth in 2026 comes mainly from outside the Middle East, so the higher oil price more than offsets the loss of Middle Eastern barrels; Q2 adjusted net income USD 6.0 bn vs 5.4 bn in Q1.
Caveats
What the score does not capture, or where the data is weak.
Accounts in USD, share price in EUR. Forward P/E and analysts' EPS (11.35 USD for 2026) are adjusted figures; reported EPS TTM is 8.02 USD. 2026 earnings are based on Brent around 100 USD due to the war with Iran, while the company's own distribution framework is set at 60–70 USD. French special tax/windfall tax and details on the exploration in Mozambique have not been examined further.
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