Total Engy Serv Inc. (TSE:TOT)
TSX:TOT
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Total Energy Services
(TSX:TOT)
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Rating:79Outperform
Price Target:
C$25.00
▲(63.51% Upside)
Action:ReiteratedDate:03/12/26
The score is driven primarily by strengthening financial performance and a conservative balance sheet, supported by attractive valuation (low P/E) and positive technical trend. Offsetting factors are earnings-call margin/EBITDA pressures and regional softness in North American operations, which temper the outlook despite strong backlog and liquidity.
Positive Factors
Conservative Balance Sheet
Low leverage and declining debt provide durable financial flexibility, reducing refinancing and interest-rate vulnerability. This strengthens the company's ability to fund backlog execution, sustain operations through cyclicality, and pursue selective capex or M&A without compromising liquidity.
Negative Factors
Margin Pressure / EBITDA Decline
Falling EBITDA and meaningful margin compression signal structural margin risks from mix shifts to lower-margin segments and rising costs. If persistently lower margins continue, they will constrain free cash flow, reduce reinvestment capacity, and limit the company's ability to improve returns in future cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Low leverage and declining debt provide durable financial flexibility, reducing refinancing and interest-rate vulnerability. This strengthens the company's ability to fund backlog execution, sustain operations through cyclicality, and pursue selective capex or M&A without compromising liquidity.
Read all positive factors
Total Energy Services (TOT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$812.19M
Dividend Yield2.57%
Average Volume (3M)53.61K
Price to Earnings (P/E)7.5
Beta (1Y)0.32
Revenue Growth15.58%
EPS Growth47.55%
CountryCA
Employees2,051
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.63
Shares Outstanding36,437,540
10 Day Avg. Volume54,344
30 Day Avg. Volume53,612
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)0.93
Price to Sales (P/S)0.52
P/FCF Ratio5.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$24.00Price Target Upside56.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.25
Revenue Forecast (FY)C$1.14B
Total Energy Services Business Overview & Revenue Model
Company Description
Total Energy Services Inc. provides various products and services to the oil and natural gas industry primarily in Canada, the United States, and Australia. It operates through four segments: Contract Drilling Services, Rentals and Transportation ...
How the Company Makes Money
Total Energy Services makes money by selling oilfield services and renting specialized equipment used in drilling and producing oil and natural gas. Its key revenue streams typically include: (1) Contract drilling revenue earned by operating drill...
Total Energy Services Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong revenue growth in key segments, a solid financial position, and significant achievements in the Australian market. However, these were counterbalanced by decreased EBITDA, margin pressures, and challenges in North American operations, particularly in the U.S. well servicing sector.Positive Updates
Increased Revenue in Key Segments
Consolidated third quarter revenue increased by 8% year-over-year. CPS segment revenue increased by $15.2 million, Well Servicing by $6.2 million, and RTS segment by $1.6 million.
Negative Updates
Decreased EBITDA and Margin Pressures
Third quarter EBITDA decreased by $7.6 million compared to 2024. The consolidated gross margin dropped by 209 basis points, with CPS segment EBITDA declining by 22%.
Read all updates
Q3-2025 Updates
Positive
Negative
Increased Revenue in Key Segments
Consolidated third quarter revenue increased by 8% year-over-year. CPS segment revenue increased by $15.2 million, Well Servicing by $6.2 million, and RTS segment by $1.6 million.
Read all positive updates
Company Guidance
During the Total Energy Services Third Quarter 2025 Conference Call, substantial guidance was provided, highlighting a diversified business performance. Total Energy reported an 8% year-over-year increase in consolidated third-quarter revenue, primarily driven by specific segment growth with the CPS segment contributing $15.2 million, Well Servicing adding $6.2 million, and the RTS segment contributing $1.6 million. Despite this revenue growth, EBITDA decreased by $7.6 million compared to 2024 due to lower margins in the CPS and Well Servicing segments, a $1.8 million negative foreign exchange impact, and a $1.5 million increase in share-based compensation. Geographically, 48% of revenue was generated in Canada, 27% in the United States, and 25% in Australia. The company's gross margin was 22%, down 209 basis points from the previous year, attributed to increased revenue from lower-margin segments. Financially, Total Energy maintained a strong position with $115.5 million in positive working capital and $57.1 million in cash as of September 30, 2025. The company’s senior bank debt to EBITDA ratio was 0.25, with a bank interest coverage ratio of 36.47x. Looking ahead, Total Energy is focusing on capitalizing on strong North American demand for compression equipment and executing significant upgrades in Australia to meet ongoing market needs.Total Energy Services Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.06B | 906.78M | 892.40M | 759.81M | 431.58M |
| Gross Profit | 151.91M | 135.09M | 133.34M | 91.19M | 25.42M |
| EBITDA | 184.33M | 171.84M | 168.96M | 131.32M | 85.97M |
| Net Income | 74.22M | 60.80M | 41.63M | 38.01M | -428.00K |
Balance Sheet | |||||
| Total Assets | 1.00B | 937.71M | 861.66M | 878.62M | 813.52M |
| Cash, Cash Equivalents and Short-Term Investments | 59.64M | 38.42M | 47.94M | 34.06M | 33.37M |
| Total Debt | 82.14M | 126.49M | 108.76M | 134.79M | 202.65M |
| Total Liabilities | 398.79M | 366.67M | 330.90M | 356.59M | 320.08M |
| Stockholders Equity | 600.93M | 570.80M | 530.24M | 521.47M | 492.88M |
Cash Flow | |||||
| Free Cash Flow | 101.35M | 74.83M | 70.70M | 86.67M | 60.59M |
| Operating Cash Flow | 195.06M | 165.92M | 145.95M | 143.40M | 89.58M |
| Investing Cash Flow | -71.80M | -132.88M | -66.83M | -42.26M | -14.25M |
| Financing Cash Flow | -102.04M | -42.56M | -65.24M | -100.44M | -64.95M |
Total Energy Services Technical Analysis
Positive
15.29
Price Trends
18.94
Positive
16.88
Positive
14.69
Positive
Market Momentum
1.05
Positive
60.11
Neutral
25.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TOT, the sentiment is Positive. The current price of 15.29 is below the 20-day moving average (MA) of 21.45, below the 50-day MA of 18.94, and above the 200-day MA of 14.69, indicating a bullish trend. The MACD of 1.05 indicates Positive momentum. The RSI at 60.11 is Neutral, neither overbought nor oversold. The STOCH value of 25.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TOT.
Total Energy Services Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | C$812.19M | 7.49 | 12.57% | 2.57% | 15.58% | 47.55% | |
76 Outperform | C$1.52B | 10.23 | 19.03% | 3.57% | 9.24% | 6.35% | |
75 Outperform | C$3.71B | 13.15 | 25.37% | 1.29% | 5.79% | -5.08% | |
71 Outperform | C$669.14M | 12.37 | 3.06% | ― | -8.13% | -28.00% | |
67 Neutral | C$190.58M | 6.13 | 15.59% | ― | -0.39% | -86.01% | |
67 Neutral | C$64.65M | 8.76 | 11.40% | 3.26% | 15.91% | -2.15% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
TSE:TOT
Total Energy Services
22.29
13.81
162.88%
TSE:CEU
CES Energy Solutions
17.69
12.00
210.95%
TSE:CFW
Calfrac Well Services
6.70
3.50
109.11%
TSE:TCW
Trican Well Service
7.24
3.54
95.78%
TSE:SHLE
Source Energy Services Ltd
14.57
7.40
103.21%
TSE:MCB
McCoy Global
2.41
0.04
1.77%
Total Energy Services Corporate Events
Financial Disclosures
Total Energy Sets May 13 Call to Review Q1 2026 Results
Neutral
Apr 7, 2026
Total Energy Services Inc. has scheduled a conference call and webcast for May 13, 2026, to discuss its financial results for the first quarter ended March 31, 2026, with President and CEO Daniel Halyk set to host. The event, open to shareholders ...
Dividends
Total Energy Services Declares Quarterly Dividend of C$0.12 per Share
Positive
Mar 13, 2026
Total Energy Services Inc. announced that its board has declared a quarterly dividend of C$0.12 per common share for the quarter ending March 31, 2026, payable on April 15, 2026, to shareholders of record as of March 31. The designation of these d...
Financial Disclosures
Total Energy Services Sets March 11 Call to Discuss Q4 2025 Results
Neutral
Feb 2, 2026
Total Energy Services Inc. has scheduled a conference call and webcast for March 11, 2026, at 9:00 a.m. Mountain Time, to discuss its financial results for the fourth quarter ended December 31, 2025, with President and CEO Daniel Halyk hosting. Th...
Business Operations and StrategyDividends
Total Energy Services Sets $55.8 Million 2026 Capex Budget and Raises Dividend
Positive
Jan 13, 2026
Total Energy Services Inc. has set a preliminary 2026 capital expenditure budget of $55.8 million, split between $34.8 million of maintenance capital and $21.0 million of growth capital, to be funded from cash on hand and operating cash flow. The ...
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.