NYSE · Energy

TotalEnergies SE

TTE · Oil & Gas Integrated

$92.30

▼ -0.48 (-0.52%)

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Mr. Market is currently offering TotalEnergies SE at $92.30.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 28.4%

Operating Margin 10.9%

Net Income Margin 7.2%

Fin. Health F

Years to Pay Off Debt 4.6 yrs

Working Capital vs Long-Term Debt -$51.1B

Working Capital -$3.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.79x

Cash Flow C

Free Cash Flow $10.4B

CapEx % of Net Income 129.1%

Owner Earnings $43.9B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $205.5B

Enterprise Value $235.0B

P/E (TTM) 13.69

Dividend Yield 4.43%

Exchange NYSE

Key Margins

Gross Profit 28.4%

Operating Margin 10.9%

Net Margin 7.2%

Company Info

Sector Energy

Industry Oil & Gas Integrated

Employees 94847

Country France

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering TotalEnergies SE at $92.30.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $92.30, the stock trades at a 13% premium to its Graham Number of $81.92. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About TotalEnergies SE

TotalEnergies SE, an integrated energy company, produces and markets oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables, and electricity in France, the United States, Europe, Brazil, India, and internationally. The company was formerly known as TOTAL SE and changed its name to TotalEnergies SE in June 2021. TotalEnergies SE was incorporated in 1924 and is headquartered in Courbevoie, France.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	28.4% ▲	28.4%	28.5%	30.8%
Operating Margin %	10.9% ▼	12.3%	14.1%	18.9%
Net Income %	7.2% ▼	8.1%	9.8%	7.8%
Diluted EPS	5.78 ▼	6.69	8.67	7.85

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$291.1B	$285.5B	$283.7B	$303.9B	N/A
Total Debt	$60.1B ↑	$51.2B	$47.9B	$57.0B	N/A
Working Capital	-$3.1B ▼	$8.6B	$10.7B	$15.9B	N/A
Years to Pay Debt	4.58	3.25	2.24	2.78	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$10.4B ▼	$15.9B	$23.0B	$31.7B	N/A
Owner Earnings	$43.9B	$43.8B	$52.9B	$49.9B	N/A
CapEx % of Net Income	129.1%	94.6%	82.9%	76.4%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	437,500	380,750	931,922	-213,500
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	37,104,000	40,754,000	48,343,000	59,896,000
Total Unusual Items	1,750,000	1,523,000	2,439,000	-854,000
Total Unusual Items Excluding Goodwill	1,750,000	1,523,000	2,439,000	-854,000
Net Income From Continuing Operation Net Minority Interest	13,127,000	15,758,000	21,384,000	20,526,000
Reconciled Depreciation	13,847,000	13,107,000	13,818,000	13,680,000
Reconciled Cost Of Revenue	130,497,000	140,078,000	156,572,000	182,099,000
EBITDA	38,854,000	42,277,000	50,782,000	59,042,000
EBIT	25,007,000	29,170,000	36,964,000	45,362,000
Net Interest Income	-1,127,000	-290,000	-84,000	-609,000
Interest Expense	2,558,000	2,364,000	2,153,000	2,076,000
Interest Income	1,115,000	1,786,000	1,801,000	1,143,000
Normalized Income	11,814,500	14,615,750	19,876,922	21,166,500
Net Income From Continuing And Discontinued Operation	13,127,000	15,758,000	21,384,000	20,526,000
Total Expenses	162,419,000	171,505,000	188,088,000	213,617,000
Diluted Average Shares	2,247,774	2,337,982	2,452,294	2,594,943
Basic Average Shares	2,247,774	2,337,982	2,452,294	2,594,943
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	13,127,000	15,758,000	21,384,000	20,526,000
Net Income Common Stockholders	13,127,000	15,758,000	21,384,000	20,526,000
Net Income	13,127,000	15,758,000	21,384,000	20,526,000
Minority Interests	-230,000	-273,000	-126,000	-518,000
Net Income Including Noncontrolling Interests	13,357,000	16,031,000	21,510,000	21,044,000
Net Income Continuous Operations	13,357,000	16,031,000	21,510,000	21,044,000
Tax Provision	9,092,000	10,775,000	13,301,000	22,242,000
Pretax Income	22,449,000	26,806,000	34,811,000	43,286,000
Other Income Expense	3,651,000	2,991,000	4,038,000	-5,798,000
Other Non Operating Income Expenses	-652,000	-107,000	-246,000	-3,052,000
Special Income Charges	1,568,000	1,497,000	3,059,000	-369,000
Gain On Sale Of Ppe	1,568,000	1,497,000	3,059,000	-369,000
Earnings From Equity Interest	2,553,000	1,575,000	1,845,000	-1,892,000
Gain On Sale Of Security	182,000	26,000	-620,000	-485,000
Net Non Operating Interest Income Expense	-1,127,000	-290,000	-84,000	-609,000
Total Other Finance Cost	-316,000	-288,000	-268,000	-324,000
Interest Expense Non Operating	2,558,000	2,364,000	2,153,000	2,076,000
Interest Income Non Operating	1,115,000	1,786,000	1,801,000	1,143,000
Operating Income	19,925,000	24,105,000	30,857,000	49,693,000
Operating Expense	31,922,000	31,427,000	31,516,000	31,518,000
Other Operating Expenses	31,922,000	31,427,000	31,516,000	31,518,000
Gross Profit	51,847,000	55,532,000	62,373,000	81,211,000
Cost Of Revenue	130,497,000	140,078,000	156,572,000	182,099,000
Total Revenue	182,344,000	195,610,000	218,945,000	263,310,000
Excise Taxes	18,852,000	18,940,000	18,183,000	17,689,000
Operating Revenue	201,196,000	214,550,000	237,128,000	280,999,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	63,703	149,530	60,543	137,188
Ordinary Shares Number	2,142,883	2,248,150	2,351,709	2,481,944
Share Issued	2,206,586	2,397,680	2,412,252	2,619,131
Net Debt	34,043,000	23,305,000	18,886,000	22,557,000
Total Debt	60,071,000	51,244,000	47,870,000	57,020,000
Tangible Book Value	98,238,000	103,470,000	104,031,000	100,746,000
Invested Capital	173,078,000	167,007,000	162,902,000	167,307,000
Working Capital	-3,094,000	8,611,000	10,744,000	15,946,000
Net Tangible Assets	98,238,000	103,470,000	104,031,000	100,746,000
Capital Lease Obligations	1,876,000	2,095,000	1,721,000	1,437,000
Common Stock Equity	114,883,000	117,858,000	116,753,000	111,724,000
Total Capitalization	162,916,000	159,078,000	155,033,000	153,242,000
Total Equity Gross Minority Interest	117,523,000	120,255,000	119,453,000	114,570,000
Minority Interest	2,640,000	2,397,000	2,700,000	2,846,000
Stockholders Equity	114,883,000	117,858,000	116,753,000	111,724,000
Gains Losses Not Affecting Retained Earnings	-14,033,000	-15,259,000	-13,701,000	-12,836,000
Foreign Currency Translation Adjustments	-14,033,000	-15,259,000	-13,701,000	-12,836,000
Treasury Stock	4,003,000	9,956,000	4,019,000	7,554,000
Additional Paid In Capital	125,860,000	135,496,000	126,857,000	123,951,000
Capital Stock	7,059,000	7,577,000	7,616,000	8,163,000
Common Stock	7,059,000	7,577,000	7,616,000	8,163,000
Total Liabilities Net Minority Interest	173,532,000	165,232,000	164,201,000	189,294,000
Total Non Current Liabilities Net Minority Interest	80,969,000	77,272,000	75,416,000	79,516,000
Other Non Current Liabilities	3,834,000	4,486,000	4,858,000	3,379,000
Derivative Product Liabilities	962,000	2,313,000	2,198,000	3,746,000
Employee Benefits	2,018,000	1,753,000	1,993,000	1,829,000
Non Current Deferred Liabilities	12,634,000	12,114,000	11,688,000	11,021,000
Non Current Deferred Taxes Liabilities	12,634,000	12,114,000	11,688,000	11,021,000
Long Term Debt And Capital Lease Obligation	48,033,000	41,220,000	38,280,000	41,518,000
Long Term Debt	48,033,000	41,220,000	38,280,000	41,518,000
Long Term Provisions	13,488,000	15,386,000	16,399,000	18,023,000
Current Liabilities	92,563,000	87,960,000	88,785,000	109,778,000
Other Current Liabilities	27,890,000	22,285,000	21,070,000	35,841,000
Current Debt And Capital Lease Obligation	12,038,000	10,024,000	9,590,000	15,502,000
Current Capital Lease Obligation	1,876,000	2,095,000	1,721,000	1,437,000
Current Debt	10,162,000	7,929,000	7,869,000	14,065,000
Other Current Borrowings	10,162,000	7,929,000	7,869,000	14,065,000
Payables And Accrued Expenses	52,635,000	55,651,000	58,125,000	58,435,000
Current Accrued Expenses	4,143,000	3,158,000	2,816,000	2,309,000
Payables	48,492,000	52,493,000	55,309,000	56,126,000
Total Tax Payable	10,427,000	12,561,000	13,974,000	14,780,000
Accounts Payable	38,065,000	39,932,000	41,335,000	41,346,000
Total Assets	291,055,000	285,487,000	283,654,000	303,864,000
Total Non Current Assets	201,586,000	188,916,000	184,125,000	178,140,000
Other Non Current Assets	288,000	154,000	330,000	301,000
Non Current Deferred Assets	3,358,000	3,202,000	3,418,000	5,049,000
Non Current Deferred Taxes Assets	3,358,000	3,202,000	3,418,000	5,049,000
Non Current Note Receivables	9,666,000	8,708,000	6,784,000	5,570,000
Financial Assets	812,000	546,000	673,000	813,000
Investments And Advances	35,423,000	32,973,000	30,921,000	27,375,000
Investmentin Financial Assets	4,758,000	5,101,000	5,026,000	3,219,000
Available For Sale Securities	2,430,000	3,599,000	3,424,000	1,797,000
Financial Assets Designatedas Fair Value Through Profitor Loss Total	2,328,000	1,502,000	1,602,000	1,422,000
Long Term Equity Investment	30,665,000	27,872,000	25,895,000	24,156,000
Investmentsin Joint Venturesat Cost	19,801,000	17,485,000	16,411,000	14,623,000
Investmentsin Associatesat Cost	10,864,000	10,387,000	9,484,000	9,533,000
Goodwill And Other Intangible Assets	16,645,000	14,388,000	12,722,000	10,978,000
Other Intangible Assets	4,144,000	3,123,000	2,771,000	2,328,000
Goodwill	12,501,000	11,265,000	9,951,000	8,650,000
Net PPE	135,394,000	128,945,000	129,277,000	128,054,000
Accumulated Depreciation	-197,537,000	-195,882,000	-199,298,000	-202,011,000
Gross PPE	332,931,000	324,827,000	328,575,000	330,065,000
Construction In Progress	5,886,000	4,382,000	5,262,000	3,960,000
Other Properties	12,923,000	12,059,000	12,344,000	10,401,000
Machinery Furniture Equipment	43,482,000	39,315,000	38,769,000	37,002,000
Buildings And Improvements	10,487,000	9,390,000	9,529,000	10,230,000
Land And Improvements	2,826,000	2,598,000	2,837,000	3,089,000
Properties				265,383,000	266,381,000
Current Assets	89,469,000	96,571,000	99,529,000	125,724,000
Other Current Assets	105,000	71,000	60,000	63,000
Hedging Assets Current	81,000	29,000	91,000	2,000
Assets Held For Sale Current	4,276,000	1,977,000	2,101,000	568,000
Restricted Cash	2,050,000	1,804,000	1,807,000	2,352,000
Prepaid Assets	2,260,000	2,481,000	1,731,000	1,455,000
Inventory	16,663,000	18,868,000	19,317,000	22,936,000
Other Inventories	2,668,000	2,365,000	3,212,000	3,787,000
Finished Goods	11,642,000	13,396,000	12,923,000	14,438,000
Raw Materials	2,353,000	3,107,000	3,182,000	4,711,000
Receivables	36,870,000	40,794,000	42,801,000	59,120,000
Other Receivables	14,171,000	17,224,000	15,281,000	28,479,000
Taxes Receivable	4,140,000	4,289,000	4,078,000	6,263,000
Accounts Receivable	18,559,000	19,281,000	23,442,000	24,378,000
Allowance For Doubtful Accounts Receivable	-899,000	-902,000	-892,000	-826,000
Gross Accounts Receivable	19,458,000	20,183,000	24,334,000	25,204,000
Cash Cash Equivalents And Short Term Investments	27,164,000	32,351,000	33,428,000	41,580,000
Other Short Term Investments	3,012,000	6,507,000	6,165,000	8,554,000
Cash And Cash Equivalents	24,152,000	25,844,000	27,263,000	33,026,000
Cash Equivalents		8,369,000	10,307,000	18,153,000	7,798,000
Cash Financial		17,475,000	16,956,000	14,873,000	13,544,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	10,390,000	15,945,000	22,957,000	31,677,000
Repurchase Of Capital Stock	-7,714,000	-7,995,000	-9,167,000	-7,711,000
Repayment Of Debt	-1,624,000	-802,000	-1,454,000	-379,000
Issuance Of Debt	8,163,000	7,563,000	189,000	1,148,000
Issuance Of Capital Stock	492,000	521,000	383,000	370,000
Capital Expenditure	-16,953,000	-14,909,000	-17,722,000	-15,690,000
Interest Paid Supplemental Data	3,051,000	2,934,000	2,883,000	2,292,000
Income Tax Paid Supplemental Data	9,622,000	10,561,000	12,688,000	14,486,000
End Cash Position	26,202,000	25,844,000	27,263,000	33,026,000
Beginning Cash Position	25,844,000	27,263,000	33,026,000	21,342,000
Effect Of Exchange Rate Changes	1,080,000	-516,000	-258,000	-1,295,000
Changes In Cash	-722,000	-903,000	-5,505,000	12,979,000
Financing Cash Flow	-9,934,000	-14,425,000	-29,730,000	-19,272,000
Cash Flow From Continuing Financing Activities	-9,934,000	-14,425,000	-29,730,000	-19,272,000
Net Other Financing Charges	3,023,000	-853,000	2,125,000	3,359,000
Cash Dividends Paid	-8,121,000	-7,717,000	-7,517,000	-9,986,000
Common Stock Dividend Paid	-8,121,000	-7,717,000	-7,517,000	-9,986,000
Net Common Stock Issuance	-7,222,000	-7,474,000	-8,784,000	-7,341,000
Common Stock Payments	-7,714,000	-7,995,000	-9,167,000	-7,711,000
Common Stock Issuance	492,000	521,000	383,000	370,000
Net Issuance Payments Of Debt	2,386,000	1,619,000	-15,554,000	-5,304,000
Net Short Term Debt Issuance	-4,153,000	-5,142,000	-14,289,000	-6,073,000
Net Long Term Debt Issuance	6,539,000	6,761,000	-1,265,000	769,000
Long Term Debt Payments	-1,624,000	-802,000	-1,454,000	-379,000
Long Term Debt Issuance	8,163,000	7,563,000	189,000	1,148,000
Investing Cash Flow	-18,131,000	-17,332,000	-16,454,000	-15,116,000
Cash Flow From Continuing Investing Activities	-18,131,000	-17,332,000	-16,454,000	-15,116,000
Net Other Investing Changes	-788,000	-1,098,000	-1,323,000	1,758,000
Net Investment Purchase And Sale	329,000	347,000	490,000	577,000
Sale Of Investment	329,000	347,000	490,000	577,000
Net Business Purchase And Sale	-2,432,000	-2,399,000	-1,688,000	-2,301,000
Sale Of Business	855,000	2,167,000	3,561,000	835,000
Purchase Of Business	-3,287,000	-4,566,000	-5,249,000	-3,136,000
Net Intangibles Purchase And Sale	-15,240,000	-14,182,000	-13,933,000	-15,150,000
Sale Of Intangibles	1,713,000	727,000	3,789,000	540,000
Operating Cash Flow	27,343,000	30,854,000	40,679,000	47,367,000
Cash Flow From Continuing Operating Activities	27,343,000	30,854,000	40,679,000	47,367,000
Change In Working Capital	1,284,000	2,364,000	6,091,000	1,191,000
Change In Other Working Capital					962,000
Change In Other Current Assets	3,266,000	-3,556,000	14,860,000	-3,523,000
Change In Payables And Accrued Expense	-6,236,000	2,239,000	-12,234,000	11,791,000
Change In Payable	-6,236,000	2,239,000	-12,234,000	11,791,000
Change In Account Payable	-3,198,000	-889,000	572,000	5,313,000
Change In Inventory	2,848,000	-203,000	3,159,000	-3,805,000
Change In Receivables	1,406,000	3,884,000	306,000	-3,272,000
Changes In Account Receivables	1,406,000	3,884,000	306,000	-3,272,000
Other Non Cash Items	422,000	535,000	1,250,000	432,000
Provisionand Write Offof Assets	617,000	-373,000	257,000	2,177,000
Deferred Tax	307,000	563,000	556,000	2,417,000
Deferred Income Tax	307,000	563,000	556,000	2,417,000
Depreciation Amortization Depletion	13,847,000	13,107,000	13,818,000	13,680,000
Depreciation And Amortization	13,847,000	13,107,000	13,818,000	13,680,000
Depreciation	13,847,000	13,107,000	13,818,000	13,680,000
Operating Gains Losses	-2,491,000	-1,373,000	-2,803,000	6,426,000
Earnings Losses From Equity Investments	-923,000	124,000	649,000	6,057,000
Net Income From Continuing Operations	13,357,000	16,031,000	21,510,000	21,044,000

These metrics estimate what TotalEnergies SE is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$81.92

Margin of Safety

Market Cap ÷ Company Value

1.39

P/B Ratio

1.79

Warren's Owner Earnings

$43.9B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$182.3B

vs > $1.5B revenue

❌ Strong Financial Condition

0.97x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

4.43%

vs Uninterrupted dividends

❌ Earnings Growth

-26.4% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

13.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.79x P/B (P/E×P/B: 24.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-37.76

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$99.43

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	129.1%	94.6%	82.9%	76.4%	N/A
Repurchase of Capital Stock	-$7.7B	-$8.0B	-$9.2B	-$7.7B	N/A
Free Cash Flow	$10.4B ▼	$15.9B ▼	$23.0B ▼	$31.7B •	N/A •
Warren's Owner Earnings	$43.9B	$43.8B	$52.9B	$49.9B	N/A

Peers & Industry Comparison

Oil & Gas Integrated — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
TTE	$92.30	$205.5B	13.69	28.4%	7.2%	$182.3B
XOM Exxon Mobil Corporation	$153.69	$638.8B	25.9	29.8%	7.8%	$326.0B
CVX Chevron Corporation	$192.28	$383.0B	33.5	42.4%	5.9%	$185.7B
BP BP p.l.c.	$46.94	$120.9B	38.2	28.9%	1.7%	$193.0B
SHEL Shell PLC	$89.26	$248.9B	14.9	25.4%	6.7%	$266.9B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

8.85%

Moderate — some alignment with shareholders

Return on Equity (ROE)

11.4%

Adequate — returns are moderate

Return on Assets (ROA)

4.5%

Fair — average asset utilization

Share Buybacks (Latest Year)

$7.7B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+17.2% YoY

Debt is growing — management is leveraging up

Leadership Team

Patrick Pouyanne

Chairman & CEO

Age 62

Pay: $4,883,246

0.037% of net income

Jean-Pierre Sbraire

Chief Financial Officer

Age 60

Renaud Lions

Senior Vice President of Investor Relations

Jacques-Emmanuel Saulnier

Senior Vice President of Corporate Communications

Bernard Pinatel

President of Downstream and President of Marketing & Services

Age 63

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	3.28%	81,863,403
Capital International Investors	2.11%	52,668,676
Massachusetts Financial Services Co.	1.62%	40,380,511
Deutsche Bank AG	1.62%	40,393,172
Caisse Des Depots Et Consignations	1.22%	30,368,297
NORGES BANK	1.18%	29,401,947
JPMORGAN CHASE & CO	1.17%	29,225,535
Goldman Sachs Group Inc	0.91%	22,853,347

Risk Analysis

Beta (Market Risk)

0.06

Low volatility — more stable than the market

Short Interest

0.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.51x

Conservative balance sheet — low financial risk

Current Ratio

1.08x

Adequate liquidity

52-Week Price Range

Low: $57.08 Current: $92.30 High: $93.67

Currently at 96% of 52-week range

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