TotalEnergies SE (TTE) AI Stock Analysis

• Market Cap: €143.91B
• Dividend Yield: 5.87%
• Average Volume (3M): 4.61M
• Price to Earnings (P/E): 13.0
• Beta (1Y): 0.57
• Revenue Growth: -11.20%
• EPS Growth: -13.26%
• Country: FR
• Employees: 95,393
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Integrated
• EPS (TTM): 1.47
• Shares Outstanding: 2,188,400,400
• 10 Day Avg. Volume: 4,152,678
• 30 Day Avg. Volume: 4,611,156
• PEG Ratio: -1.08
• Price to Book (P/B): 1.28
• Price to Sales (P/S): 0.77
• P/FCF Ratio: 13.57
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €65.95
• Price Target Upside: -1.97% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 18
• EPS Forecast (FY): 6.57
• Revenue Forecast (FY): €171.62B

• Rating: 73 Outperform
• Price Target: €72.00 ▲(7.02% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is led by solid financials with improved leverage but tempered by cyclical earnings and declining post-2022 free cash flow. Valuation is supportive with a high dividend yield and moderate P/E. Technicals show strong trend strength, though overbought signals add near-term risk. Earnings-call guidance is constructive, highlighting resilient cash flow, production growth, and shareholder returns amid tax and LNG headwinds.

Positive Factors

Contracted Renewable Growth

Long-term 15-year PPAs with a major corporate offtaker provide durable contracted revenue and de-risk merchant exposure for utility-scale solar assets. This accelerates TotalEnergies' renewables build-out, diversifies cash flow away from oil cycle risk, and increases visibility on low-carbon earnings over years.

Upstream Production Growth

Sustained upstream growth of >4% and new high‑margin barrels materially boost operating cash flow and strengthen core cash generation. Higher, predictable production enhances resilience to price swings, supports capital discipline, and underpins funding for investments and shareholder returns over the medium term.

Improved Leverage and Balance Sheet Scale

Marked reduction in leverage and a large equity base increase financial flexibility to invest, fund projects, and maintain distributions during commodity cycles. Manageable gearing provides capacity for selective M&A, buybacks, or capex without immediate balance-sheet strain over the medium term.

Negative Factors

Declining Free Cash Flow Momentum

Multi-year decline in free cash flow and weaker cash conversion reduce the firm's internal funding runway. Lower FCF persistence pressures the ability to consistently fund capex, dividends and buybacks without raising leverage or cutting investment, increasing medium-term financing risk.

Cyclical Earnings and Revenue Decline

A pronounced cyclical earnings profile and post‑2022 revenue decline imply volatility in profitability and cash generation. This makes long‑range planning and steady returns harder, and increases the probability of earnings and ROE normalization during weaker commodity cycles over coming quarters.

Regulatory and Political Uncertainty

Potential French tax changes, notably on buybacks, create a structural risk to shareholder return programs and after‑tax profitability. Regulatory unpredictability can constrain capital allocation, reduce net payouts, and complicate multi-year planning for buybacks and dividends across jurisdictions.

TotalEnergies SE Business Overview & Revenue Model

Company Description

TotalEnergies SE operates as an integrated oil and gas company worldwide. The company operates through four segments: Integrated Gas, Renewables & Power; Exploration & Production; Refining & Chemicals; and Marketing & Services. The Integrated Gas, Renewables & Power segment engages in the liquefied natural gas production, shipping, trading, and regasification activities; trading of liquefied petroleum gas (LPG), petcoke and sulfur, natural gas, and electricity; transportation of natural gas; electricity production from natural gas, wind, solar, hydroelectric, and biogas sources; energy storage activities; and development and operation of biomethane production units, as well as provides energy efficiency services. The Exploration & Production segment is involved in the oil and natural gas exploration and production activities. The Refining & Chemicals segment engages in refining petrochemicals, including olefins and aromatics; and polymer derivatives, such as polyethylene, polypropylene, polystyrene, and hydrocarbon resins, as well as biomass conversion and elastomer processing. This segment is also involved in trading and shipping crude oil and petroleum products. The Marketing & Services segment produces and sells lubricants; supplies and markets petroleum products, including bulk fuel, aviation and marine fuel, special fluids, compressed natural gas, LPG, and bitumen; and provides fuel payment solutions. It operates approximately 16,000 service stations and 25,000 EV charge points. As of December 31, 2021, the company had 12,062 Mboe of combined proved reserves of oil and gas. TotalEnergies SE has strategic partnerships with PureCycle Technologies, Plastic Energy, Freepoint Eco-Systems, and Plastic Omnium for various development projects. 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.

How the Company Makes Money

TotalEnergies generates revenue through multiple streams, primarily from the upstream and downstream sectors of the oil and gas industry. In the upstream segment, the company earns money by exploring, producing, and selling crude oil and natural gas. The downstream segment includes refining oil into petroleum products, such as gasoline and diesel, and selling these products through a network of service stations and retail outlets. Additionally, TotalEnergies is investing in renewable energy projects, such as solar and wind, which contribute to its revenue as the demand for clean energy increases. The company also benefits from strategic partnerships and joint ventures that enhance its operational capabilities and expand its market reach, allowing it to capitalize on emerging opportunities in the energy sector.

TotalEnergies SE Financial Statement Overview

Summary

Profitability and scale are solid and leverage has improved, but results are clearly cyclical and free cash flow has trended down since the 2022 peak with weaker cash conversion versus net income in 2023–2024.

Income Statement

Profitability is solid for an integrated oil & gas major, with net margins around ~8–10% in 2021–2024 and strong operating profitability in the same period. However, the earnings and margin profile is clearly cyclical: revenue peaked in 2022 and then declined in 2023–2024, and 2025 shows a much lower gross profit level versus prior years. The 2020 loss highlights downside risk in weaker commodity environments.

Balance Sheet

Leverage looks manageable: debt-to-equity improved meaningfully from ~0.75 (2020) to ~0.41–0.43 (2023–2024), and equity is large and stable versus total assets. That said, absolute debt remains sizable (roughly €48–61B in 2022–2025), and returns on equity have come down from the 2022–2023 highs, suggesting profitability normalization and less cushion if the cycle turns.

Cash Flow

Cash generation is strong, with operating cash flow consistently positive and free cash flow solid across 2021–2025. The key weakness is momentum: free cash flow has declined for multiple years after the 2022 peak (negative growth in 2023, 2024, and 2025), and free cash flow covers only about half of net income in 2023–2024, pointing to variability in cash conversion and increased capital intensity or working-capital swings.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	189.78B	195.61B	218.94B	263.31B	184.63B
Gross Profit	21.81B	55.53B	62.37B	81.21B	52.01B
EBITDA	35.67B	42.28B	50.78B	59.04B	42.07B
Net Income	13.66B	15.76B	21.38B	20.53B	16.03B
Balance Sheet
Total Assets	291.09B	285.49B	283.65B	303.86B	293.46B
Cash, Cash Equivalents and Short-Term Investments	29.54B	30.55B	33.43B	41.77B	33.66B
Total Debt	61.04B	51.24B	47.87B	61.25B	64.55B
Total Liabilities	173.55B	165.23B	164.20B	189.29B	178.46B
Stockholders Equity	114.90B	117.86B	116.75B	111.72B	111.74B
Cash Flow
Free Cash Flow	10.81B	15.95B	22.96B	31.68B	18.07B
Operating Cash Flow	28.46B	30.85B	40.68B	47.37B	30.41B
Investing Cash Flow	-18.57B	-17.33B	-16.45B	-15.12B	-13.66B
Financing Cash Flow	-10.64B	-14.43B	-29.73B	-19.27B	-25.50B

TotalEnergies SE Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 67.28
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:TTE, the sentiment is Positive. The current price of 67.28 is above the 20-day moving average (MA) of 64.42, above the 50-day MA of 59.62, and above the 200-day MA of 53.81, indicating a bullish trend. The MACD of 2.22 indicates Negative momentum. The RSI at 75.85 is Negative, neither overbought nor oversold. The STOCH value of 88.62 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:TTE.

TotalEnergies SE Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GTT	82 Outperform	€7.10B	17.25	77.67%	4.99%	35.00%	24.05%
MAU	77 Outperform	€1.76B	8.18	21.70%	6.70%	-14.28%	-9.30%
EC	75 Outperform	€886.50M	15.93	4.13%	47.20%	-8.54%	47.48%
TTE	73 Outperform	€143.91B	13.00	12.75%	5.87%	-11.20%	-13.26%
TE	69 Neutral	€6.47B	17.97	―	2.64%	17.19%	11.76%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%