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TotalEnergies SE
(TTE)
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Rating:78Outperform
Price Target:
€87.00
▲(14.62% Upside)
Action:Reiterated
Date:07/26/26
The score is driven primarily by solid financial performance (rebounding earnings with manageable leverage, albeit weaker cash conversion) and supportive valuation (low P/E with a strong dividend). Technicals are positive with price above major moving averages, though momentum indicators look somewhat stretched. The earnings call adds upside due to upgraded cash outlook and higher shareholder returns, tempered by geopolitical and operational disruption risks.
Positive Factors
Strong cash generation
Sustained multi‑segment cash generation strengthens financial flexibility: recurring high quarterly OCF provides capacity to fund disciplined capex, dividends and buybacks while deleveraging. Over months this underpins capital allocation optionality and resilience across cycles.
Negative Factors
Weak cash conversion
Lower FCF-to-profit conversion indicates earnings are not fully translating to cash, reflecting higher reinvestment or working capital swings. This weakens the buffer for payouts and deleveraging in downturns and raises sensitivity of capital returns to cyclical cash flow variation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained multi‑segment cash generation strengthens financial flexibility: recurring high quarterly OCF provides capacity to fund disciplined capex, dividends and buybacks while deleveraging. Over months this underpins capital allocation optionality and resilience across cycles.
Read all positive factors
TotalEnergies SE (TTE) vs. iShares MSCI France ETF (EWQ)
Market Cap
€170.58B
Dividend Yield4.45%
Average Volume (3M)4.61M
Price to Earnings (P/E)10.9
Beta (1Y)0.19
Revenue Growth-2.24%
EPS Growth34.37%
CountryFR
Employees94,847
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)8.05
Shares Outstanding2,281,656,700
10 Day Avg. Volume4,152,678
30 Day Avg. Volume4,611,156
Financial Highlights & Ratios
PEG Ratio-1.08
Price to Book (P/B)1.28
Price to Sales (P/S)0.80
P/FCF Ratio13.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€83.10Price Target Upside9.49% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)10.77
Revenue Forecast (FY)€204.79B
TotalEnergies SE Business Overview & Revenue Model
Company Description
TotalEnergies SE operates as a major global integrated energy corporation. Its diverse activities are structured into four key business segments: Integrated Gas, Renewables & Power; Exploration & Production; Refining & Chemicals; and Marketing & S...
How the Company Makes Money
TotalEnergies makes money primarily by producing, transforming, trading, and selling energy and energy-related products across several major revenue streams. (1) Upstream (Exploration & Production): The company generates revenue by producing crude...
TotalEnergies SE Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive tone: TotalEnergies reported strong operational execution and sizeable cash generation across upstream, downstream and integrated power, exceeded production guidance, deleveraged the balance sheet, and raised shareholder returns. These positives were tempered by meaningful near-term headwinds—notably Middle East-related production and lifting disruptions, a weak Q2 gas trading outcome and regional operational incidents—along with lingering geopolitical and sanctions-related uncertainties. On balance the company demonstrated resilience and optionality, with highlights substantially outweighing the lowlights.Positive Updates
Very strong quarterly cash generation
Second quarter cash flow of $9.8 billion, representing an almost 15% increase versus Q1; company generated roughly $10 billion of cash in the quarter.
Negative Updates
Middle East conflict disrupting production and lifting
Conflict in the Strait of Hormuz caused intermittent closure and high operating risk: estimated production impact ~210,000 boe/d over Q2 (below prior guidance of 360,000 boe/d), physical lifting impacted ~350,000 boe/d, on-ground offloading affected ~15% of production; management expects ongoing 5%–10% production limitations depending on developments.
Read all updates
Q2-2026 Updates
Positive
Negative
Very strong quarterly cash generation
Second quarter cash flow of $9.8 billion, representing an almost 15% increase versus Q1; company generated roughly $10 billion of cash in the quarter.
Read all positive updates
Company Guidance
Management reiterated disciplined capital allocation while upgrading near‑term cash expectations and kept detailed numeric guidance: Q2 cash flow was $9.8bn (management also said “next to $10bn”), adjusted net income $6.0bn, net debt fell by $3.3bn and working capital released $1.2bn, leaving gearing at 13.1% (–2.4pp q/q); interim dividend was raised 5.9% to €0.90/share, buybacks were $1.5bn in Q2 with a further $1.5bn authorized for Q3, and net investments were $3.4bn in the quarter against full‑year CapEx guidance of $15bn (net disposals $1.2bn). Operational and market metrics/guidance included E&P organic production growth >4% (above the 3% annual target) with OpEx < $5/boe, Q2 Middle‑East production impact ~210k boe/d (physical lifting impact ~350k b/d) and an ongoing 5–10% potential constraint range, Brent averaged $104/bbl in Q2 (integrated margins cited around $130/bbl and product margins ~ $35/bbl), TTF averaged $15.6/MMBtu and LNG averaged $10.2/MMBtu in Q2 with an anticipated Q3 LNG selling price > $11.5/MMBtu; Integrated Power generated 14.8 TWh (+28% y/y) and >$700m cash flow (targeting >60 TWh p.a.), Refining & Chemicals adj. NOI $1.8bn/cash flow $2.0bn, Marketing & Services adj. NOI $0.5bn/cash flow ≈$0.85bn, and management now expects full‑year operating cash flow above the April $32bn guidance (management indicated roughly $34.5bn–$38bn as a plausible range) while maintaining project discipline (tested at ~$50/bbl).TotalEnergies SE Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 196.38B | 182.34B | 195.61B | 218.94B | 263.31B | 184.63B |
| Gross Profit | 60.22B | 51.85B | 55.53B | 62.37B | 81.21B | 52.01B |
| EBITDA | 46.56B | 38.85B | 42.28B | 50.78B | 59.04B | 42.07B |
| Net Income | 17.84B | 13.13B | 15.76B | 21.38B | 20.53B | 16.03B |
Balance Sheet | ||||||
| Total Assets | 313.70B | 291.09B | 285.49B | 283.65B | 303.86B | 293.46B |
| Cash, Cash Equivalents and Short-Term Investments | 31.71B | 29.54B | 30.55B | 33.43B | 41.77B | 33.66B |
| Total Debt | 62.70B | 61.04B | 51.24B | 47.87B | 61.25B | 64.55B |
| Total Liabilities | 182.77B | 173.55B | 165.23B | 164.20B | 189.29B | 178.46B |
| Stockholders Equity | 128.38B | 114.90B | 117.86B | 116.75B | 111.72B | 111.74B |
Cash Flow | ||||||
| Free Cash Flow | 16.34B | 10.81B | 15.95B | 22.96B | 31.68B | 18.07B |
| Operating Cash Flow | 33.03B | 28.46B | 30.85B | 40.68B | 47.37B | 30.41B |
| Investing Cash Flow | -13.76B | -18.57B | -17.33B | -16.45B | -15.12B | -13.66B |
| Financing Cash Flow | -11.72B | -10.64B | -14.43B | -29.73B | -19.27B | -25.50B |
TotalEnergies SE Technical Analysis
Positive
75.90
Price Trends
72.20
Positive
74.38
Negative
65.96
Positive
Market Momentum
1.01
Positive
53.49
Neutral
31.97
Neutral
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 75.9 is above the 20-day moving average (MA) of 73.59, above the 50-day MA of 72.20, and above the 200-day MA of 65.96, indicating a bullish trend. The MACD of 1.01 indicates Positive momentum. The RSI at 53.49 is Neutral, neither overbought nor oversold. The STOCH value of 31.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:TTE.
TotalEnergies SE Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | €170.58B | 10.95 | 14.76% | 4.48% | -2.24% | 34.37% | |
66 Neutral | €3.46B | 11.23 | 11.56% | 6.33% | -1.65% | -9.39% | |
66 Neutral | €5.28B | 11.91 | ― | 2.91% | 2.03% | -31.28% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | €1.60B | 4.57 | 30.60% | 4.06% | -31.49% | 65.21% | |
45 Neutral | €855.47M | -9.22 | -8.33% | 4.43% | -36.65% | -187.14% |
* Energy Sector Average
FR:TTE
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49.00%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.