NYSE · Energy

TotalEnergies SE

TTE · Oil & Gas Integrated

$80.43

▼ -1.69 (-2.06%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 38.3%

Operating Margin 20.5%

Net Income Margin 11.7%

Fin. Health

D⤢

Years to Pay Off Debt 11.0 yrs

Working Capital vs Long-Term Debt -$43.5B

Working Capital $8.0B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 1.46x

Cash Flow

F⤢

Free Cash Flow -$1.3B

CapEx % of Net Income 79.5%

Owner Earnings $14.6B

Profitability

Gross Profit Margin 38.3%

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 20.5%

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 11.7%

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

Years to Pay Off Debt 11.0 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 $8.0B

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.

Cash Flow

Free Cash Flow -$1.3B

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 79.5%

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 $14.6B

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.

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

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.

Market Data

Market Cap $178.9B

Enterprise Value $216.7B

P/E (TTM) 11.93

Dividend Yield 5.01%

Exchange NYSE

Key Margins

Gross Profit 38.3%

Operating Margin 20.5%

Net Margin 11.7%

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 $80.43.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $80.43, the stock trades at a 41% premium to its Graham Number of $57.20. 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.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	38.3%▲	26.5%•	N/A
Operating Margin %	20.5%▲	7.6%•	N/A
Net Income %	11.7%▲	6.3%•	N/A
Diluted EPS	2.64▲	1.30•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$314.6B	$291.1B	N/A
Total Debt	$64.0B▲	$60.1B•	N/A
Working Capital	$8.0B▲	-$3.1B•	N/A
Years to Pay Debt	11.02	20.67	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$1.3B▼	$6.3B•	N/A
Owner Earnings	$14.6B	$11.1B	N/A
CapEx % of Net Income	79.5%	142.9%	N/A

Income Statement

	2026	2025	2024
Tax Rate For Calcs	0	0
Normalized EBITDA	14,660,000	8,963,000
Net Income From Continuing Operation Net Minority Interest	5,810,000	2,906,000
Reconciled Depreciation	4,149,000	3,996,000
Reconciled Cost Of Revenue	30,553,000	33,757,000
EBITDA	14,660,000	8,963,000
EBIT	10,511,000	4,967,000
Net Interest Income	-498,000	-113,000
Interest Expense	791,000	209,000
Interest Income	222,000	233,000
Normalized Income	5,810,000	2,906,000
Net Income From Continuing And Discontinued Operation	5,810,000	2,906,000
Total Expenses	39,361,000	42,448,000
Diluted Average Shares	2,167,910	2,218,321	2,300,000
Basic Average Shares	2,167,910	2,218,321	2,300,000
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	5,810,000	2,906,000
Net Income Common Stockholders	5,810,000	2,906,000
Net Income	5,810,000	2,906,000
Minority Interests	-122,000	-22,000
Net Income Including Noncontrolling Interests	5,932,000	2,928,000
Net Income Continuous Operations	5,932,000	2,928,000
Tax Provision	3,788,000	1,830,000
Pretax Income	9,720,000	4,758,000
Other Income Expense	63,000	1,394,000
Other Non Operating Income Expenses	-754,000	-1,115,000
Earnings From Equity Interest	817,000	759,000
Net Non Operating Interest Income Expense	-498,000	-113,000
Total Other Finance Cost	-71,000	137,000
Interest Expense Non Operating	791,000	209,000
Interest Income Non Operating	222,000	233,000
Operating Income	10,155,000	3,477,000
Operating Expense	8,808,000	8,691,000
Other Operating Expenses	8,808,000	8,691,000
Gross Profit	18,963,000	12,168,000
Cost Of Revenue	30,553,000	33,757,000
Total Revenue	49,516,000	45,925,000
Excise Taxes	4,647,000	4,699,000
Operating Revenue	54,163,000	50,624,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	54,903	63,703
Ordinary Shares Number	2,133,497	2,142,883
Share Issued	2,188,400	2,206,586
Net Debt	38,315,000	34,043,000
Total Debt	64,008,000	60,071,000
Tangible Book Value	86,154,000	98,238,000
Invested Capital	186,549,000	173,078,000
Working Capital	7,970,000	-3,094,000
Net Tangible Assets	86,154,000	98,238,000
Capital Lease Obligations		1,876,000	2,095,000
Common Stock Equity	122,541,000	114,883,000
Total Capitalization	173,967,000	162,916,000
Total Equity Gross Minority Interest	125,237,000	117,523,000
Minority Interest	2,696,000	2,640,000
Stockholders Equity	122,541,000	114,883,000
Gains Losses Not Affecting Retained Earnings	-13,900,000	-14,033,000
Foreign Currency Translation Adjustments	-13,900,000	-14,033,000
Treasury Stock	3,883,000	4,003,000
Additional Paid In Capital	133,317,000	125,860,000
Capital Stock	7,007,000	7,059,000
Common Stock	7,007,000	7,059,000
Total Liabilities Net Minority Interest	189,325,000	173,532,000
Total Non Current Liabilities Net Minority Interest	85,083,000	80,969,000
Other Non Current Liabilities	18,693,000	3,834,000
Derivative Product Liabilities		962,000	2,313,000
Employee Benefits	1,974,000	2,018,000
Non Current Deferred Liabilities	12,990,000	12,634,000
Non Current Deferred Taxes Liabilities	12,990,000	12,634,000
Long Term Debt And Capital Lease Obligation	51,426,000	48,033,000
Long Term Debt	51,426,000	48,033,000
Long Term Provisions		13,488,000	15,386,000
Current Liabilities	104,242,000	92,563,000
Other Current Liabilities	1,455,000	27,890,000
Current Debt And Capital Lease Obligation	12,582,000	12,038,000
Current Capital Lease Obligation		1,876,000	2,095,000
Current Debt	12,582,000	10,162,000
Other Current Borrowings	12,582,000	10,162,000
Payables And Accrued Expenses	90,205,000	52,635,000
Current Accrued Expenses		4,143,000	3,158,000
Payables	90,205,000	48,492,000
Other Payable	47,512,000
Total Tax Payable		10,427,000	12,561,000
Accounts Payable	42,693,000	38,065,000
Total Assets	314,562,000	291,055,000
Total Non Current Assets	202,350,000	201,586,000
Other Non Current Assets	2,640,000	288,000
Non Current Deferred Assets	2,986,000	3,358,000
Non Current Deferred Taxes Assets	2,986,000	3,358,000
Non Current Note Receivables		9,666,000	8,708,000
Financial Assets		812,000	546,000
Investments And Advances	44,097,000	35,423,000
Other Investments	2,097,000
Investmentin Financial Assets	2,877,000	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	39,123,000	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	36,387,000	16,645,000
Other Intangible Assets		4,144,000	3,123,000
Goodwill		12,501,000	11,265,000
Net PPE	116,240,000	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	112,212,000	89,469,000
Other Current Assets	33,877,000	105,000
Hedging Assets Current		81,000	29,000
Assets Held For Sale Current	1,560,000	4,276,000
Restricted Cash		2,050,000	1,804,000
Prepaid Assets		2,260,000	2,481,000
Inventory	23,932,000	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	22,977,000	36,870,000
Other Receivables		14,171,000	17,224,000
Taxes Receivable		4,140,000	4,289,000
Accounts Receivable	22,977,000	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	29,866,000	27,164,000
Other Short Term Investments	4,173,000	3,012,000
Cash And Cash Equivalents	25,693,000	24,152,000
Cash Equivalents			8,369,000
Cash Financial			17,475,000

Cash Flow

	2026	2025	2024
Free Cash Flow	-1,260,000	6,318,000
Repurchase Of Capital Stock	-775,000	-1,506,000
Repayment Of Debt	-154,000	-304,000
Issuance Of Debt	5,335,000	793,000
Issuance Of Capital Stock	0	0
Capital Expenditure	-4,621,000	-4,153,000
End Cash Position	25,693,000	26,202,000
Beginning Cash Position	26,202,000	23,415,000
Effect Of Exchange Rate Changes	-64,000	-6,000
Changes In Cash	-445,000	2,793,000
Financing Cash Flow	506,000	-4,244,000
Cash Flow From Continuing Financing Activities	506,000	-4,244,000
Net Other Financing Charges	-494,000	918,000
Cash Dividends Paid	-2,123,000	-2,160,000
Common Stock Dividend Paid	-2,123,000	-2,160,000
Net Common Stock Issuance	-775,000	-1,506,000
Common Stock Payments	-775,000	-1,506,000
Common Stock Issuance	0	0
Net Issuance Payments Of Debt	3,898,000	-1,496,000
Net Short Term Debt Issuance	-1,283,000	-1,985,000
Net Long Term Debt Issuance	5,181,000	489,000
Long Term Debt Payments	-154,000	-304,000
Long Term Debt Issuance	5,335,000	793,000
Investing Cash Flow	-4,312,000	-3,434,000
Cash Flow From Continuing Investing Activities	-4,312,000	-3,434,000
Net Other Investing Changes	24,000	-300,000
Net Investment Purchase And Sale	7,000	321,000
Sale Of Investment	7,000	321,000	220,000
Purchase Of Investment
Net Business Purchase And Sale	97,000	-32,000
Sale Of Business	397,000	451,000
Purchase Of Business	-300,000	-483,000
Net Intangibles Purchase And Sale	-4,440,000	-3,423,000
Sale Of Intangibles	181,000	730,000
Purchase Of Intangibles	-4,621,000	-4,153,000
Operating Cash Flow	3,361,000	10,471,000
Cash Flow From Continuing Operating Activities	3,361,000	10,471,000
Change In Working Capital	-6,968,000	3,867,000
Change In Other Working Capital	-6,968,000		5,201,000
Other Non Cash Items	755,000	-386,000
Depreciation Amortization Depletion	4,149,000	3,996,000
Depreciation And Amortization	4,149,000	3,996,000
Depreciation	4,149,000	3,996,000
Operating Gains Losses	-507,000	-858,000
Earnings Losses From Equity Investments	-187,000	-203,000
Net Income From Continuing Operations	5,932,000	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: $47.9B ▲ $49.5B +3.4%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 29.3% ▲ 38.3% +9.0pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 21.2% ▲ 20.5% -0.7pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 8.0% ▲ 11.7% +3.7pp

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.

$49.5B/qtr (≈$198.1B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.08x 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.

-$1.3B

vs Positive

Operating Cash Flow

$3.4B

Latest quarter · Buffett's cash reality check

ROIC

3.8%

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

1.4x

Net Assets: $125.2B

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.

Peers & Industry Comparison

Oil & Gas Integrated — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
TTE	$80.43	$178.9B	11.93	38.3%	11.7%	$49.5B
XOM Exxon Mobil Corporation	$137.81	$571.2B	23.2	29.8%	7.8%	$326.0B
CVX Chevron Corporation	$173.63	$345.8B	30.2	42.4%	5.9%	$185.7B
BP BP p.l.c.	$39.10	$100.7B	31.8	28.9%	1.7%	$193.0B
SHEL Shell PLC	$78.81	$218.5B	12.3	25.9%	7.0%	$267.3B

"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)

4.7%

Weak — poor returns on equity

Return on Assets (ROA)

1.8%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$7.7B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+6.6% YoY

Debt is roughly stable

Leadership Team

Patrick Pouyanne

Chairman & CEO

Age 62

Pay: $4,826,198

0.083% 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
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)

0.04

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: $57.39 Current: $80.43 High: $94.17

Currently at 63% of 52-week range

TotalEnergies SE

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry Comparison

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis