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olivLaw · US equity research

TotalEnergies SE TTE

Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)

90.46USD−2.42% · 1 dayClose 04 Nov 2026

TotalEnergies SE is an integrated energy group active in hydrocarbon exploration and production, LNG, electricity and refining and marketing. In 2025 it reported IFRS net income of 13.1 billion dollars in an environment of lower oil prices, and its strategy aims to combine hydrocarbon growth with electricity expansion.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, TotalEnergies SE (TTE) stock was 90.46 USD (−2.42% on the day), with market capitalisation 199.6 bn USD, P/E 15.7 on diluted EPS of 5.78 USD over the last 12 months, dividend yield 2.74%, beta 0.21, 52-week range 60.99–95.33 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
199.6 bn USD
shares as of 31 Dec 2025
P/E (TTM)
15.7
Diluted EPS TTM 5.78 · TTM to 31 Dec 2025
E/P (TTM)
6.39%
TTM to 31 Dec 2025
Dividend yield
2.74%
DPS 12m 2.48
Beta (2y)
0.21
Volatility (1y) 25%
52-week range
60.9995.33

Price history

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Technical reading

RSI (14)
48.9
neutral
Bollinger (20, 2)
85.96 – 95.78
in the lower half of the band · %B 0.46 · band width 10.8%
SMA 50 / 200
89.71 / 85.69
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
1.16 / 1.12
MACD above 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

CompanyS&P 500vs S&P 500Vertical median
1 month+7.2%−1.1%+8.3 pp—
3 months+6.8%−0.5%+7.2 pp—
6 months+0.6%+4.4%−3.8 pp—
Year to date+38.3%+12.3%+26.0 pp—
1 year+47.7%+13.5%+34.1 pp+16.0%
3 years+36.1%+76.4%−40.3 pp+0.5%
5 years+80.9%+63.7%+17.2 pp—
Max drawdown (1y)
−20.1%
05 May 2026 → 01 Jul 2026
Max drawdown (5y)
−28.4%
26 Apr 2024 → 08 Apr 2025
Compound annual growth (5y)
+12.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

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.

Today's P/E sits at the 78 percentile of its own 9-quarter history (min 7.8, median 11.3, max 20.3; quarters with earnings only).

Fiscal years

Fiscal year⚠ 20182019202020212022202320242025
Revenue209.4 bn200.3 bn140.7 bn205.9 bn281.0 bn237.1 bn214.6 bn201.2 bn
Revenue YoY—−4.3%−29.8%+46.3%+36.5%−15.6%−9.5%−6.2%
Net income11.4 bn11.3 bn-7.2 bn16.0 bn20.5 bn21.4 bn15.8 bn13.1 bn
Net income YoY—−1.6%−164.3%unavailable+28.0%+4.2%−26.3%−16.7%
Diluted EPS4.244.17-2.905.927.858.676.695.78
Diluted EPS YoY—−1.7%−169.5%unavailable+32.6%+10.4%−22.8%−13.6%
net %5.5%5.6%-5.1%7.8%7.3%9.0%7.3%6.5%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

The series breaks before 2018: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
26.2 bn USD
Financial debt
56.6 bn USD
Net debt
30.4 bn USD
Equity
117.5 bn USD
Total assets
291.1 bn USD
Debt / equity
0.48x
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

Revenue
2023
237.1 bn
2024
214.6 bn
2025
201.2 bn

SEC (XBRL)· 27 Mar 2026verified

Research & development
2023
774.0 m
2024
805.0 m
2025
810.0 m

SEC (XBRL)· 27 Mar 2026verified

Operating income
2023
—
2024
—
2025
—

SEC (XBRL)· 24 Mar 2023verified

Income tax
2023
13.3 bn
2024
10.8 bn
2025
9.1 bn

SEC (XBRL)· 27 Mar 2026verified

Net income
2023
21.4 bn
2024
15.8 bn
2025
13.1 bn

SEC (XBRL)· 27 Mar 2026verified

Diluted EPS
2023
8.67
2024
6.69
2025
5.78

SEC (XBRL)· 27 Mar 2026verified

Balance sheet · USD

Cash
2023
27.3 bn
2024
25.8 bn
2025
26.2 bn

SEC (XBRL)· 27 Mar 2026verified

Inventories
2023
19.3 bn
2024
18.9 bn
2025
16.7 bn

SEC (XBRL)· 27 Mar 2026verified

Current assets
2023
99.5 bn
2024
96.6 bn
2025
89.5 bn

SEC (XBRL)· 27 Mar 2026verified

Property, plant & equipment, net
2023
—
2024
—
2025
—

SEC (XBRL)· 24 Mar 2023verified

Goodwill
2023
10.0 bn
2024
11.3 bn
2025
12.5 bn

SEC (XBRL)· 27 Mar 2026verified

Total assets
2023
283.7 bn
2024
285.5 bn
2025
291.1 bn

SEC (XBRL)· 27 Mar 2026verified

Short-term debt
2023
2.4 bn
2024
4.5 bn
2025
7.6 bn

SEC (XBRL)· 27 Mar 2026verified

Long-term debt
2023
40.5 bn
2024
43.5 bn
2025
49.0 bn

SEC (XBRL)· 27 Mar 2026verified

Current liabilities
2023
88.8 bn
2024
88.0 bn
2025
92.6 bn

SEC (XBRL)· 27 Mar 2026verified

Equity
2023
119.5 bn
2024
120.3 bn
2025
117.5 bn

SEC (XBRL)· 27 Mar 2026verified

Shares outstanding at year end
2023
2.4 bn
2024
2.4 bn
2025
2.2 bn

SEC (XBRL)· 27 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
40.7 bn
2024
30.9 bn
2025
27.3 bn

SEC (XBRL)· 27 Mar 2026verified

Investing cash flow
2023
-16.5 bn
2024
-17.3 bn
2025
-18.1 bn

SEC (XBRL)· 27 Mar 2026verified

Financing cash flow
2023
-29.7 bn
2024
-14.4 bn
2025
-9.9 bn

SEC (XBRL)· 27 Mar 2026verified

Share repurchases
2023
9.2 bn
2024
8.0 bn
2025
7.7 bn

SEC (XBRL)· 27 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-6.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-10.5%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
7.4%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-16.7%
computed by olivLawFY 2025
Net income CAGR 3Y
-13.8%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-13.6%
computed by olivLawFY 2025
EPS CAGR 3Y
-9.7%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
6.5%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
11.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
4.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
30.4 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.5x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
27.3 bn USD
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
199.6 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
230.0 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
15.2x
computed by olivLawFY 2025
P/E (TTM)
15.7x
computed by olivLawFY 2025
Earnings yield
6.4%
computed by olivLawFY 2025
P/B
1.7x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
1.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
1.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
2.7%
computed by olivLawFY 2025
Shareholder yield (distributions)
3.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

90.46 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 199.6 bn USD

Key indicators

Market capitalisation
199.6 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
15.7x
computed by olivLawFY 2025
P/B
1.7x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
11.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
6.5%
computed by olivLawFY 2025
Revenue growth (YoY)
-6.2%
computed by olivLawFY 2025
Dividend yield
2.7%
computed by olivLawFY 2025

Coverage and freshness

21/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 27 Mar 2026
verified 251

Score by group

44% · Insufficient data

Estimated value range

Low
41.06
USD per share
Mid
45.73
USD per share
High
55.72
USD per share
Price: 90.46 USD
The price is above the range
Potential to the central value: -49.5% (value / price − 1)
Margin of safety: -97.8% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

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: 32.59 – 67.61 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/E49.53 – 67.61 (Mid 54.07)
    20 companies used · median multiple 9.4x · quartiles 8.6x – 11.7x
    AMPY, APA, AR, CHRD, CNX, CRK, DVN, EOG, EQT, EXE, GPRK, HESM, INR, MGY, MTDR, OVV, OXY, PR, REPX, VIST
  • Dividend discount (DDM)32.59 – 43.83 (Mid 37.38)
Multiple comparisons use the SIC vertical: Crude Petroleum & Natural Gas (SIC 1311)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

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: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality6.5%42 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-10.5%0 (on a fixed band)19%
EPS CAGR 3Y · Growth-9.7%0 (on a fixed band)19%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.0x14 (on a fixed band)10%
P/E (TTM) · Valuation15.7x9 (vs peers)24%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns3.9%55 (on a fixed band)14%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial14/100 · 1/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality· partial42/100 · 1/3 factors with a value
  • Returns· partial55/100 · 1/2 factors with a value
  • Valuation· partial9/100 · 1/3 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). 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 41.06–55.72 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 45.73 USD, the price of 90.46 USD leaves a potential of -49.5% (value / price − 1) and a margin of safety of -97.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% 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

  • Revenue CAGR 3Y: -10.5%
  • EPS CAGR 3Y: -9.7%
  • Current ratio: 1.0x
  • P/E (TTM): 15.7x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
15.7x
vertical median 9.7x
above median (+61.9%)
EV/EBITDA
—
vertical median 5.0x
P/S
1.0x
vertical median 1.8x
below median (−44.1%)
P/B
1.7x
vertical median 1.3x
above median (+31.6%)
ROE
11.3%
vertical median 10.3%
above median (+9.4%)
Net margin
6.5%
vertical median 10.8%
below median (−39.7%)
EBIT margin
—
vertical median 19.0%
Revenue YoY
-6.2%
vertical median 5.5%
below median (−214.0%)
Net debt/EBITDA
—
vertical median 0.9x
Dividend yield
2.7%
vertical median 2.7%
at median

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TTETotalEnergies SE199.6 bn15.711.3%6.5%−6.2%+48% / +36%
EOGEog Resources, Inc.77.1 bn11.422.5%25.4%−4.5%+36% / +19%
OXYOccidental Petroleum Corporation57.3 bn8.618.9%33.7%−1.9%+37% / −3%
FANGDiamondback Energy, Inc.51.1 bn25.05.3%11.0%+35.8%+20% / +18%
DVNDevon Energy Corp48.5 bn10.511.5%16.7%+7.8%+19% / −2%
EQTEqt Corporation32.9 bn12.510.9%28.4%+63.9%−14% / +31%
EXEExpand Energy Corporation20.2 bn7.614.6%19.8%+186.3%−28% / +9%
PRPermian Resources Corporation18.8 bn14.911.5%21.5%+1.3%+55% / +71%
OVVOvintiv Inc.16.8 bn12.712.1%12.8%−2.7%+53% / +41%
APAApa Corporation15.6 bn9.425.9%—unavailable+78% / +24%
ARAntero Resources Corporation11.5 bn8.417.6%21.7%+22.0%+3% / +58%
CHRDChord Energy Corporation7.2 bn8.910.3%13.4%−7.1%+41% / −18%
MTDRMatador Resources Company6.2 bn8.612.8%19.9%+5.5%+19% / −13%
VISTVista Energy, S.A.B. de C.V.5.9 bn13.433.3%29.0%+41.0%+26% / +101%
MGYMagnolia Oil & Gas Corp5.5 bn13.020.5%28.8%−0.3%+1% / +9%
CNXCNX Resources Corporation5.1 bn5.820.4%35.2%+76.8%−7% / +72%
CRGYCrescent Energy Company5.0 bn79.81.3%1.3%+22.1%+24% / +3%
CRCCalifornia Resources Corp4.3 bn—-15.5%-18.1%+14.7%+1% / −6%
HESMHess Midstream LP4.1 bn10.9—23.2%+8.4%−6% / −2%
CRKComstock Resources, Inc.3.9 bn7.621.1%23.3%+77.0%−50% / +36%
TALOTalos Energy Inc.2.6 bn—-18.1%-18.4%−9.8%+36% / +12%
KOSKosmos Energy Ltd.1.3 bn—-58.8%-27.4%−23.1%+101% / −67%
REPXRiley Exploration Permian, Inc.948.6 m9.216.8%17.3%−4.4%+57% / +74%
AESIAtlas Energy Solutions Inc.843.0 m—-12.1%-13.0%+3.7%−22% / −61%
VTSVitesse Energy, Inc.618.1 m—-7.6%-15.4%+13.2%−31% / −38%

1- and 3-year price returns: for TTE 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

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
49.78
Total return -45% · Per year -45%
88.45
Total return -2% · Per year -2%
133.84
Total return 48% · Per year 48%
3 years
39.53
Total return -56% · Per year -24%
79.83
Total return -12% · Per year -4%
133.84
Total return 48% · Per year 14%
5 years
31.39
Total return -65% · Per year -19%
72.04
Total return -20% · Per year -4%
133.84
Total return 48% · Per year 8%
What moves the 3-year price the most
  • Exit P/E± 19.96
  • Net margin± 13.97
  • Annual revenue growth± 12.62
  • Annual dilution± 1.17

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.

Possibly outdated: the newest document it read is from 27 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (29 Oct 2026), 6-K (01 Oct 2026), 6-K (01 Sept 2026), 6-K (03 Aug 2026), 6-K (23 Jul 2026).

In brief

TotalEnergies SE is an integrated energy group active in hydrocarbon exploration and production, LNG, electricity and refining and marketing. In 2025 it reported IFRS net income of 13.1 billion dollars in an environment of lower oil prices, and its strategy aims to combine hydrocarbon growth with electricity expansion.

SWOT

Strengths

  • The company maintains a return on capital regarded as the best among the majors and a balance sheet described as solid.
  • Full integration of the value chain, from production to marketing, gives flexibility in the face of price changes.
  • Low production costs support the competitiveness of upstream operations.

Weaknesses

  • Financial results depend heavily on oil and gas prices, which fell in 2025.
  • The power segment has a lower return on capital than hydrocarbons, which could weigh on overall profitability.
  • Refinery utilization was below potential in 2025, and recovery depends on the availability of certain units.

Opportunities

  • LNG projects in Qatar and on the North American Pacific coast could support volume growth in coming years.
  • The acquisition of flexible generation assets in Europe could accelerate gas-to-power integration.
  • Developing electricity from diverse sources could widen the revenue base beyond hydrocarbons.

Threats

  • Volatility in oil and gas prices, influenced by OPEC+ decisions and geopolitical tensions, could affect results.
  • Climate regulation and policy could change costs and access to new projects.
  • Intense competition in LNG and power markets could compress margins.

Risks

  • Hydrocarbon priceshigh

    Lower oil and gas prices reduce revenues from exploration, production and LNG directly, and the effect on results can be significant.

  • Geopolitical risk and Russia exposurehigh

    The document addresses the company's situation in Russia and the effects of the invasion of Ukraine, factors that can affect assets and operations.

  • Project executionmedium

    Delays in bringing 2026 projects online could postpone production and cash flow growth.

  • Refining marginsmedium

    Volatile margins and the availability of refining units can influence results in the Downstream segment.

  • Climate regulationlow

    Changes in emissions-related policy and regulation could raise operating costs.

Investment thesis

What would need to be true (bull case)

  • If projects started in 2025 and those planned for 2026 keep their schedule, production growth could support cash flow.
  • Integration across the LNG and power chain could support steadier results than those of more exposed peers.
  • Cost discipline and a solid balance sheet could allow shareholder distributions to continue.

What would break the thesis

  • If oil prices stay below the 60 dollar per barrel level, cash flow could be lower than expected.
  • The shift toward electricity could carry lower returns than hydrocarbons, which could slow profitability gains.
  • Geopolitical exposure and climate regulation could add uncertainty for future projects.

What to watch

  • Oil and gas production growth against the announced increase2026
  • Start-up of the Lapa, Ratawi and North Field East projects2026
  • Completion of the EPH acquisition and rise in power capacitymid-2026
  • Year-end gearing ratio against the target of around 15%end-2026

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.

Possibly outdated: the newest document it read is from 27 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (29 Oct 2026), 6-K (01 Oct 2026), 6-K (01 Sept 2026), 6-K (03 Aug 2026), 6-K (23 Jul 2026).

The business

TotalEnergies operates through four business segments: Exploration & Production, Integrated LNG, Integrated Power and Downstream, which includes Refining & Chemicals and Marketing & Services. In 2025 the company invested 17.1 billion dollars, of which 37% went to new oil and gas projects, according to its annual report. The integrated model seeks to capture value along the full chain, from reservoir to customer.

The company maintained a ROACE of 12.6% in 2025, which it presents as the best among the majors for the fourth consecutive year. Its strategy rests on two growth pillars, hydrocarbons and electricity, with a target to increase total energy production by 5% in 2026.

On the balance sheet, the company ended 2025 with a gearing ratio of 15%, which the document describes as a solid financial position. The Board proposed a final 2025 dividend of 0.85 euro per share, bringing the full-year 2025 dividend to 3.40 euro per share.

Segments

Exploration & Production

The exploration and production segment generated adjusted net operating income of 8.4 billion dollars in 2025, and the company expects oil and gas production to rise 3% in 2026. Operating costs were held at 5 dollars per barrel, which could support its competitive advantage if operational discipline is maintained.

Integrated Power

The power segment produced 48 TWh in 2025, up 17% year on year, and the company plans to exceed 60 TWh in 2026. The acquisition of 50% of the EPH portfolio of flexible generation assets, with more than 14 GW of gross capacity, could accelerate gas-to-power integration in Europe.

Market context

European refining margins were 7.1 dollars per barrel in 2025, above the 2024 level, and the company anticipates refinery utilization of around 88% in the first quarter of 2026. Gas and LNG price trends remain a central factor for the downstream and LNG segments.

Trends

  • Oil and gas price volatilityheadwind

    Lower oil prices in 2025 weighed on hydrocarbon revenues, and geopolitical uncertainty keeps the market volatile. If prices stay below expected levels, upstream results could be affected.

  • Rising demand for LNG and electricitytailwind

    The document points to growing global demand, supported by activity in non-OECD countries, and the company's LNG and electricity projects could benefit from this dynamic.

  • Operational efficiency and coststailwind

    The company kept production costs at 5 dollars per barrel and reduced methane emissions, and cost discipline could support margins if prices remain volatile.

  • European gas pricesmixed

    European gas prices on forward markets are elevated because of winter consumption and low storage levels, which could affect the margins of the LNG and power segments.

Competitive position

The company operates in a sector dominated by large integrated oil majors that compete on production, costs and return on capital. The document presents it as a leader among the majors on ROACE, but competition for LNG projects and power markets remains intense.

In power and LNG, the company competes with other global players developing generation capacity and supply chains. Its integration advantage could support its position if projects keep their start-up schedule.

  • Exxon Mobil CorporationXOM

    Large integrated oil major, comparable in scale of exploration, production and refining.

  • Chevron CorporationCVX

    Integrated oil company with international production activities and LNG chains.

  • Shell plc

    Large integrated energy group with strong LNG and power activities, a direct competitor in these segments.

  • BP p.l.c.

    Integrated energy company active in oil, gas and the energy transition, comparable in several segments.

News & filings

In the press

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / TotalEnergies SE · 27 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.