olivLaw · European equity research
TotalEnergies SE TTE.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
TotalEnergies SE is an integrated energy group active in exploration and production, LNG, power, refining, chemicals and marketing of petroleum products, in about 50 countries. Amid the energy transition, the company aims to support growth on two pillars, hydrocarbons and electricity, while reducing emissions from its operations.
At the close of 05 Nov 2026, TotalEnergies SE (TTE.L) stock was 84.00 EUR (+2.44% on the day), with beta 0.16, 52-week range 52.56–89.50 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.5
- neutral
- Bollinger (20, 2)
- 76.35 – 89.15
- in the upper half of the band · %B 0.60 · band width 15.5%
- SMA 50 / 200
- 79.60 / 73.81
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.47 / 1.67
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.9% | −0.6% | +11.5 pp | — |
| 3 months | +8.4% | −4.2% | +12.6 pp | — |
| 6 months | +11.9% | +4.3% | +7.6 pp | — |
| Year to date | +48.6% | +7.5% | +41.1 pp | — |
| 1 year | +59.5% | +9.9% | +49.6 pp | +5.8% |
| 3 years | +33.9% | +49.8% | −15.9 pp | +26.3% |
| 5 years | +93.7% | +42.8% | +50.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 237.1 bn | 214.6 bn | 201.2 bn |
| Revenue YoY | unavailable | −9.5% | −6.2% |
| Net income | 21.4 bn | 15.8 bn | 13.1 bn |
| Net income YoY | unavailable | −26.3% | −16.7% |
| Diluted EPS | 8.67 | 6.69 | 5.78 |
| Diluted EPS YoY | unavailable | −22.8% | −13.6% |
| net % | 9.0% | 7.3% | 6.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 26.2 bn USD
- Financial debt
- 49.0 bn USD
- Net debt
- 22.8 bn USD
- Equity
- 117.5 bn USD
- Total assets
- 291.1 bn USD
- Debt / equity
- 0.42x
- Current ratio
- 0.97x
- ROE
- 11.0%
- ROA
- 4.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 27.3 bn | 25.8 bn | 26.2 bn | esef· 07 Apr 2026verified |
| Inventories | 19.3 bn | 18.9 bn | 16.7 bn | esef· 07 Apr 2026verified |
| Current assets | 99.5 bn | 96.6 bn | 89.5 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 108.9 bn | 109.1 bn | 114.7 bn | esef· 07 Apr 2026verified |
| Total assets | 283.7 bn | 285.5 bn | 291.1 bn | esef· 07 Apr 2026verified |
| Long-term debt | 40.5 bn | 43.5 bn | 49.0 bn | esef· 07 Apr 2026verified |
| Current liabilities | 88.8 bn | 88.0 bn | 92.6 bn | esef· 07 Apr 2026verified |
| Equity | 119.5 bn | 120.3 bn | 117.5 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 2.5 bn | 2.3 bn | 2.2 bn | esef· 07 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 40.7 bn | 30.9 bn | 27.3 bn | esef· 07 Apr 2026verified |
| Investing cash flow | -16.5 bn | -17.3 bn | -18.1 bn | esef· 07 Apr 2026verified |
| Financing cash flow | -29.7 bn | -14.4 bn | -9.9 bn | esef· 07 Apr 2026verified |
| Share repurchases | 9.2 bn | 8.0 bn | 7.7 bn | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 65.25 – 100.64 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E65.25 – 100.64 (Mid 83.38)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.5% | 43 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 14 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial14/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial43/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TotalEnergies SE (TTE.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 201.2 bn USD in 2025; YoY growth -6.2%; net margin 6.5%; ROE 11.3%.
The estimated value range is 65.25–100.64 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for TTE.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TotalEnergies SE is an integrated energy group active in exploration and production, LNG, power, refining, chemicals and marketing of petroleum products, in about 50 countries. Amid the energy transition, the company aims to support growth on two pillars, hydrocarbons and electricity, while reducing emissions from its operations 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Stranded asset riskhigh
If hydrocarbon demand falls faster than current scenarios, some high-cost assets might not be fully recovered 1.
- Price volatilityhigh
Oil, gas and LNG prices are volatile, and the sensitivity of results to these prices remains significant 1.
- Physical climate risksmedium
Refineries and petrochemical plants could be affected by flooding, drought and water stress 1.
- Sanctions riskmedium
European and international sanctions linked to Russia could affect assets and projects in the region 1.
- Project execution risklow
Start-ups planned for 2026, including projects in Qatar and Brazil, could be delayed or exceed budget 1.
Investment thesis
What would need to be true (bull case)
- If hydrocarbon and electricity production grows as planned and costs stay disciplined, the company could generate strong cash flow 1.
- Electricity integration could add a growth source more stable than traditional segments 1.
- Recognition in transparency and transition rankings could support access to finance from sustainability-minded investors 1.
What would break the thesis
- If oil and gas prices fall below base-case scenarios, hydrocarbon segment results could be significantly affected 1.
- Large transition investments could weigh on shareholder returns if projects do not deliver the expected profitability 1.
- Geopolitical and sanctions risks could lead to asset write-downs or project losses 1.
What to watch
- Oil and gas production growth against the planned increase2026
- Completion of the EPH acquisition and its effect on Integrated Powermid-2026
- Refining & Chemicals results against refinery utilization ratesQ1 2026
- Gearing ratio and cash flow against year-end targets2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company reports financially across five business segments: Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals and Marketing & Services, plus a Corporate segment for holdings. For fiscal 2025, external sales were 201.196 billion USD and net income attributable to TotalEnergies shareholders was 13.127 billion USD 1. The company measures performance through adjusted net operating income, which excludes special items, the inventory valuation effect and changes in fair value 1.
Cash flow from operating activities was 27.343 billion USD in 2025, and total expenditures were 22.2 billion USD 1. The reporting structure follows operational performance before consolidation, and inter-segment sale prices approximate market prices 1.
The 2026 strategy rests on two growth pillars, hydrocarbons and electricity, with a target of a 70% reduction in methane emissions versus 2020 1.
Segments
Exploration & Production
The segment conducts oil and natural gas exploration and production, as well as carbon storage, in about 50 countries 1. For 2025 it generated adjusted net operating income of 8.399 billion USD 1.
Market context
Oil markets remained volatile at the start of 2026 in an evolving geopolitical context, and global oil demand could grow by about 0.9 million barrels per day, according to the IEA 1. European gas prices on forward markets were around 11-12 USD/MBtu for the first quarter 1.
The company bases its sensitivity tests on scenarios of 60 USD/b Brent and 10 USD/MBtu TTF, and includes an internal CO2 price of 100 USD/t in its investment criteria 1.
Trends
- Energy transition and long-term demandmixed
IEA scenarios differ significantly on the outlook for oil and gas demand, and if demand declines faster than estimated, high-cost assets could become stranded 1.
- Rising electricity demandtailwind
Extending gas-to-power integration in Europe, including the EPH acquisition, could support growth in Integrated Power 1.
- Physical climate risksheadwind
Assessments show refineries and petrochemical plants are more exposed to climate risks than other assets, mainly due to water dependence and flooding vulnerability 1.
- Geopolitics and sanctionsheadwind
Activity in Russia has been wound down since the invasion of Ukraine, and sanctions uncertainty could affect projects such as Arctic LNG 2 1.
Competitive position
The main competitors named in the source are integrated oil and energy companies used as reference peers in extra-financial analysis 1. Comparison centers on segment performance, production costs and energy transition capacity 1.
The company is compared with rivals pursuing similar transition strategies, and its positioning in transparency and biodiversity rankings suggests comparatively good sector performance if these assessments hold 1.
- ExxonMobilXOM
US-listed integrated oil company, named as a reference peer in TotalEnergies' extra-financial analysis 1.
- ChevronCVX
US-listed integrated oil company, named as a reference peer in TotalEnergies' extra-financial analysis 1.
- Shell
UK-based oil and gas company, named as a reference peer and present in Brazil 1.
- Equinor
Norway-based energy company, named as a reference peer in extra-financial analysis 1.
News & filings
In the press
- ADNOC Gas to Supply LNG to TotalEnergies Under Five-Year DealOil Price · 03 Nov 2026 · EN
- TotalEnergies назвала кризис в Ормузском проливе возможным катализатором энергопереходаInterfax Russia (RU) · 03 Nov 2026 · RU
- TotalEnergies Now Sees Oil Demand Peaking Between 2035 and 2040Oil Price · 02 Nov 2026 · EN
- TotalEnergies to Acquire 30% Stake in Two Major Malaysian Gas FieldsOil Price · 02 Nov 2026 · EN
- TotalEnergies to buy 30% stake in two Malaysian offshore gas fieldsCNA (Channel NewsAsia) · 02 Nov 2026 · EN
- Глава TotalEnergies назвал цены на газ в Европе опасным политическим сигналомInterfax Russia (RU) · 29 Oct 2026 · RU
- TotalEnergies Profit Doubles as War Boosts Refining and TradingOil Price · 29 Oct 2026 · EN
- TotalEnergies increases LNG sales by 4% in first nine monthsTASS (RU, EN) · 29 Oct 2026 · EN
- Războaiele scumpesc carburanții și aduc profituri record companiilor petroliere. TotalEnergies a câștigat 8,3 miliarde de dolari în trei luniMediafax · 29 Oct 2026 · RO
- TotalEnergies в III квартале увеличила чистую прибыль в 2,2 разаInterfax Russia (RU) · 29 Oct 2026 · RU
- Михельсон : TotalEnergies планирует распределять газ с « Ямал СПГ » вне ЕСSurge — GDELT DOC · 22 Oct 2026 · RO
- Михельсон: TotalEnergies планирует поставлять газ с «Ямал СПГ» на рынки вне ЕСKommersant (RU) · 22 Oct 2026 · RU
- Михельсон сообщил о планах TotalEnergies распределять газ с "Ямал СПГ" на рынках вне ЕСInterfax Russia (RU) · 22 Oct 2026 · RU
- TotalEnergies Eyes Massive Profit Windfall as Refining Margins SoarOil Price · 15 Oct 2026 · EN
- TotalEnergies Pledges More Price Cuts to Ease Diesel-Surge PainBloomberg Markets · 12 Oct 2026 · EN
- TotalEnergies Targets 3% Annual Oil and Gas Growth Through 2030Oil Price · 28 Sept 2026 · EN
- TotalEnergies Lifts Payout as Rising Oil Prices Boost ProfitBloomberg Markets · 28 Sept 2026 · EN
- TotalEnergies refused support for rescue efforts during deadly Mozambique attack, inquest hearsPolitico EU · 24 Sept 2026 · EN
- TotalEnergies, AMNI take FID on Nigeria’s Ima gas fieldYahoo Finance — News · 23 Sept 2026 · EN
- TotalEnergies to Develop Offshore Gas Field to Boost Nigeria LNG SupplyOil Price · 23 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / TotalEnergies SE · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.