Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin13.3%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin9.5%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt11.5 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$43.5B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$6.1B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book1.51x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$6.6B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income77.8%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$12.8B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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. Its Exploration & Production segment engages in the activities of exploration and production of oil and natural gas, as well as carbon storage. The company's Integrated LNG segment is involved in the upstream and midstream LNG activities, as well as biogas and synthetic methane activities, as well as gas trading. Its Integrated Power segment engages in the generation, storage, electricity trading, and B2B-B2C distribution of gas and electricity. The company's Refining & Chemicals segment is involved in the industrial hub activities comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil supply, trading and marine shipping, as well as hydrogen activities. Its Marketing & Services segment engages in the marketing activities in the field of petroleum products as well as corresponding supply and logistics activities. 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.
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. Its Exploration & Production segment engages in the activities of exploration and production of oil and natural gas, as well as carbon storage. The company's Integrated LNG segment is involved in the upstream and midstream LNG activities, as well as biogas and synthetic methane activities, as well as gas trading. Its Integrated Power segment engages in the generation, storage, electricity trading, and B2B-B2C distribution of gas and electricity. The company's Refining & Chemicals segment is involved in the industrial hub activities comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil supply, trading and marine shipping, as well as hydrogen activities. Its Marketing & Services segment engages in the marketing activities in the field of petroleum products as well as corresponding supply and logistics activities. 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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering TotalEnergies SE at $87.20.
The business passes only 3 of 6 of Graham's defensive criteria — well below his required standard.
At $87.20, the stock trades at a 56% premium to its Graham Number of $56.00. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q2 2026
Q4 2025
Gross Profit %
27.5%▲
26.5%
Operating Margin %
13.3%▲
7.6%
Net Income %
9.5%▲
6.3%
Diluted EPS
2.41▲
1.30
Balance Sheet Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Total Assets
$313.8B
$291.1B
N/A
Total Debt
$62.7B▲
$60.1B•
N/A
Working Capital
$6.1B▲
-$3.1B•
N/A
Years to Pay Debt
11.53
20.67
N/A
Cash Flow Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Free Cash Flow
$6.6B▲
$6.3B•
N/A
Owner Earnings
$12.8B
$11.1B
N/A
CapEx % of Net Income
77.8%
142.9%
N/A
Income Statement
2026
2025
Tax Rate For Calcs
0
0
Normalized EBITDA
12,543,000
8,963,000
Net Income From Continuing Operation Net Minority Interest
5,438,000
2,906,000
Reconciled Depreciation
3,097,000
3,996,000
Reconciled Cost Of Revenue
41,383,000
33,757,000
EBITDA
12,543,000
8,963,000
EBIT
9,446,000
4,967,000
Net Interest Income
-274,000
-113,000
Interest Expense
817,000
209,000
Interest Income
245,000
233,000
Normalized Income
5,438,000
2,906,000
Net Income From Continuing And Discontinued Operation
5,438,000
2,906,000
Total Expenses
49,516,000
42,448,000
Diluted Average Shares
2,228,689
2,218,321
Basic Average Shares
2,228,689
2,218,321
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
5,438,000
2,906,000
Net Income Common Stockholders
5,438,000
2,906,000
Net Income
5,438,000
2,906,000
Minority Interests
-37,000
-22,000
Net Income Including Noncontrolling Interests
5,475,000
2,928,000
Net Income Continuous Operations
5,475,000
2,928,000
Tax Provision
3,154,000
1,830,000
Pretax Income
8,629,000
4,758,000
Other Income Expense
1,322,000
1,394,000
Other Non Operating Income Expenses
51,000
-1,115,000
Earnings From Equity Interest
1,271,000
759,000
Net Non Operating Interest Income Expense
-274,000
-113,000
Total Other Finance Cost
-298,000
137,000
Interest Expense Non Operating
817,000
209,000
Interest Income Non Operating
245,000
233,000
Operating Income
7,581,000
3,477,000
Operating Expense
8,133,000
8,691,000
Other Operating Expenses
8,133,000
8,691,000
Gross Profit
15,714,000
12,168,000
Cost Of Revenue
41,383,000
33,757,000
Total Revenue
57,097,000
45,925,000
Excise Taxes
4,674,000
4,699,000
Operating Revenue
61,771,000
50,624,000
Balance Sheet
2026
2025
2024
Treasury Shares Number
57,468
63,703
Ordinary Shares Number
2,224,189
2,142,883
Share Issued
2,281,657
2,206,586
Net Debt
35,030,000
34,043,000
Total Debt
62,708,000
60,071,000
Tangible Book Value
92,777,000
98,238,000
Invested Capital
191,116,000
173,078,000
Working Capital
6,059,000
-3,094,000
Net Tangible Assets
92,777,000
98,238,000
Capital Lease Obligations
1,876,000
2,095,000
Common Stock Equity
128,408,000
114,883,000
Total Capitalization
177,933,000
162,916,000
Total Equity Gross Minority Interest
130,953,000
117,523,000
Minority Interest
2,545,000
2,640,000
Stockholders Equity
128,408,000
114,883,000
Gains Losses Not Affecting Retained Earnings
-14,146,000
-14,033,000
Foreign Currency Translation Adjustments
-14,146,000
-14,033,000
Treasury Stock
4,624,000
4,003,000
Additional Paid In Capital
139,898,000
125,860,000
Capital Stock
7,280,000
7,059,000
Common Stock
7,280,000
7,059,000
Total Liabilities Net Minority Interest
182,808,000
173,532,000
Total Non Current Liabilities Net Minority Interest
83,602,000
80,969,000
Other Non Current Liabilities
18,734,000
3,834,000
Derivative Product Liabilities
962,000
2,313,000
Employee Benefits
1,996,000
2,018,000
Non Current Deferred Liabilities
13,347,000
12,634,000
Non Current Deferred Taxes Liabilities
13,347,000
12,634,000
Long Term Debt And Capital Lease Obligation
49,525,000
48,033,000
Long Term Debt
49,525,000
48,033,000
Long Term Provisions
13,488,000
15,386,000
Current Liabilities
99,206,000
92,563,000
Other Current Liabilities
1,477,000
27,890,000
Current Debt And Capital Lease Obligation
13,183,000
12,038,000
Current Capital Lease Obligation
1,876,000
2,095,000
Current Debt
13,183,000
10,162,000
Other Current Borrowings
13,183,000
10,162,000
Payables And Accrued Expenses
84,546,000
52,635,000
Current Accrued Expenses
4,143,000
3,158,000
Payables
84,546,000
48,492,000
Other Payable
43,108,000
Total Tax Payable
10,427,000
12,561,000
Accounts Payable
41,438,000
38,065,000
Total Assets
313,761,000
291,055,000
Total Non Current Assets
208,496,000
201,586,000
Other Non Current Assets
2,573,000
288,000
Non Current Deferred Assets
2,939,000
3,358,000
Non Current Deferred Taxes Assets
2,939,000
3,358,000
Non Current Note Receivables
9,666,000
8,708,000
Financial Assets
812,000
546,000
Investments And Advances
49,464,000
35,423,000
Other Investments
2,099,000
Investmentin Financial Assets
2,702,000
4,758,000
Available For Sale Securities
2,430,000
3,599,000
Financial Assets Designatedas Fair Value Through Profitor Loss Total
2,328,000
1,502,000
Long Term Equity Investment
44,663,000
30,665,000
Investmentsin Joint Venturesat Cost
19,801,000
17,485,000
Investmentsin Associatesat Cost
10,864,000
10,387,000
Goodwill And Other Intangible Assets
35,631,000
16,645,000
Other Intangible Assets
4,144,000
3,123,000
Goodwill
12,501,000
11,265,000
Net PPE
117,889,000
135,394,000
Accumulated Depreciation
-197,537,000
-195,882,000
Gross PPE
332,931,000
324,827,000
Construction In Progress
5,886,000
4,382,000
Other Properties
12,923,000
12,059,000
Machinery Furniture Equipment
43,482,000
39,315,000
Buildings And Improvements
10,487,000
9,390,000
Land And Improvements
2,826,000
2,598,000
Current Assets
105,265,000
89,469,000
Other Current Assets
28,976,000
105,000
Hedging Assets Current
81,000
29,000
Assets Held For Sale Current
2,015,000
4,276,000
Restricted Cash
2,050,000
1,804,000
Prepaid Assets
2,260,000
2,481,000
Inventory
21,373,000
16,663,000
Other Inventories
2,668,000
2,365,000
Finished Goods
11,642,000
13,396,000
Raw Materials
2,353,000
3,107,000
Receivables
21,184,000
36,870,000
Other Receivables
14,171,000
17,224,000
Taxes Receivable
4,140,000
4,289,000
Accounts Receivable
21,184,000
18,559,000
Allowance For Doubtful Accounts Receivable
-899,000
-902,000
Gross Accounts Receivable
19,458,000
20,183,000
Cash Cash Equivalents And Short Term Investments
31,717,000
27,164,000
Other Short Term Investments
4,039,000
3,012,000
Cash And Cash Equivalents
27,678,000
24,152,000
Cash Equivalents
8,369,000
Cash Financial
17,475,000
Cash Flow
2026
2025
2024
Free Cash Flow
6,626,000
6,318,000
Repurchase Of Capital Stock
-1,511,000
-1,506,000
Repayment Of Debt
-40,000
-304,000
Issuance Of Debt
84,000
793,000
Issuance Of Capital Stock
363,000
0
Capital Expenditure
-4,232,000
-4,153,000
End Cash Position
27,678,000
26,202,000
Beginning Cash Position
25,693,000
23,415,000
Effect Of Exchange Rate Changes
-329,000
-6,000
Changes In Cash
2,314,000
2,793,000
Financing Cash Flow
-5,268,000
-4,244,000
Cash Flow From Continuing Financing Activities
-5,268,000
-4,244,000
Net Other Financing Charges
-76,000
918,000
Cash Dividends Paid
-2,094,000
-2,160,000
Common Stock Dividend Paid
-2,094,000
-2,160,000
Net Common Stock Issuance
-1,148,000
-1,506,000
Common Stock Payments
-1,511,000
-1,506,000
Common Stock Issuance
363,000
0
Net Issuance Payments Of Debt
-1,950,000
-1,496,000
Net Short Term Debt Issuance
-1,994,000
-1,985,000
Net Long Term Debt Issuance
44,000
489,000
Long Term Debt Payments
-40,000
-304,000
Long Term Debt Issuance
84,000
793,000
Investing Cash Flow
-3,276,000
-3,434,000
Cash Flow From Continuing Investing Activities
-3,276,000
-3,434,000
Net Other Investing Changes
622,000
-300,000
Net Investment Purchase And Sale
266,000
321,000
Sale Of Investment
266,000
321,000
Purchase Of Investment
Net Business Purchase And Sale
-432,000
-32,000
Sale Of Business
135,000
451,000
Purchase Of Business
-567,000
-483,000
Net Intangibles Purchase And Sale
-3,732,000
-3,423,000
Sale Of Intangibles
500,000
730,000
Purchase Of Intangibles
-4,232,000
-4,153,000
Operating Cash Flow
10,858,000
10,471,000
Cash Flow From Continuing Operating Activities
10,858,000
10,471,000
Change In Working Capital
1,663,000
3,867,000
Change In Other Working Capital
5,201,000
Other Non Cash Items
954,000
-386,000
Depreciation Amortization Depletion
3,097,000
3,996,000
Depreciation And Amortization
3,097,000
3,996,000
Depreciation
3,097,000
3,996,000
Operating Gains Losses
-331,000
-858,000
Earnings Losses From Equity Investments
-65,000
-203,000
Net Income From Continuing Operations
5,475,000
2,928,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $44.7B▲ $57.1B+27.8%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 27.4%▲ 27.5%+0.1pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 17.0%▲ 13.3%-3.7pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 6.0%▲ 9.5%+3.5pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$57.1B/qtr (≈$228.4B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.06x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$6.6B
vs Positive
Operating Cash Flow
$10.9B
Latest quarter · Buffett's cash reality check
ROIC
2.8%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
1.5x
Net Assets: $131.0B
Asset Context — Oil & Gas Integrated
Asset-heavy businesses (energy, industrials, utilities, REITs) have physical assets with real replacement value — book value and Net Assets are more meaningful here than for technology or consumer brand companies. A low Market Cap / Net Assets ratio may indicate genuine undervaluation.
⚠️Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.
"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
8.86%
Moderate — some alignment with shareholders
Return on Equity (ROE)
4.2%
Weak — poor returns on equity
Return on Assets (ROA)
1.7%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$7.7B
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-2.0% YoY
Debt is declining — management is deleveraging
Leadership Team
Patrick Pouyanne
Chairman & CEO
Age 62
Pay: $4,803,295
0.088% of net income
Jean-Pierre Sbraire
Chief Financial Officer
Age 60
Renaud Lions
Senior Vice President of Investor Relations
Bernard Pinatel
President of Downstream and President of Marketing & Services
Age 63
Catherine Remy
President of People & Social Engagement
Age 47
Top Institutional Holders
Institution
% Owned
Shares
Amundi
8.30%
207,395,270
Vanguard Capital Management LLC
2.25%
56,109,159
Capital International Investors
2.10%
52,493,616
Capital World Investors
1.94%
48,349,190
Deutsche Bank AG
1.72%
42,925,687
JPMORGAN CHASE & CO
1.32%
33,012,133
Caisse Des Depots Et Consignations
1.22%
30,368,297
Goldman Sachs Group Inc
1.09%
27,239,924
Risk Analysis
Beta (Market Risk)
0.06
Low volatility — more stable than the market
Short Interest
0.3% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
0.48x
Conservative balance sheet — low financial risk
Current Ratio
1.06x
Adequate liquidity
52-Week Price Range
Low: $57.39Current: $87.20High: $94.17
Currently at 81% of 52-week range
TotalEnergies SE (TTE) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $56.00. Margin of safety: 0%. Gross profit margin: 27.5%. Operating margin: 13.3%. Net margin: 9.5%. Market cap: $193.6B. Sector: Energy. Industry: Oil & Gas Integrated. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.