Total Engy Serv Inc. (TSE:TOT)
TSX:TOT
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Total Energy Services
(TSX:TOT)
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Rating:82Outperform
Price Target:
C$29.00
▲(89.67% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by strong financial performance (profitability recovery and conservative leverage) and supportive technical momentum (price above all key moving averages with positive MACD). Valuation is also favorable with a low P/E, while the earnings call adds moderate support due to strong backlog and growth investments, tempered by margin compression and operational headwinds.
Positive Factors
Conservative Balance Sheet & Liquidity
Net-cash positioning, strong working capital and extremely low bank-debt leverage provide durable financial flexibility. This supports capex for capacity builds, allows opportunistic debt repayment or buybacks, and materially reduces solvency risk during industry downturns, improving long-term resilience.
Negative Factors
Consolidated Margin Compression
A 260bp margin decline reflects mix shift toward lower-margin fabrication and weaker RTS/CDS margins. If mix and competitive pricing persist, lower structural margins will reduce cash generation per revenue dollar, constrain reinvestment or returns, and heighten sensitivity to activity swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet & Liquidity
Net-cash positioning, strong working capital and extremely low bank-debt leverage provide durable financial flexibility. This supports capex for capacity builds, allows opportunistic debt repayment or buybacks, and materially reduces solvency risk during industry downturns, improving long-term resilience.
Read all positive factors
Total Energy Services (TOT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$992.56M
Dividend Yield2.57%
Average Volume (3M)53.61K
Price to Earnings (P/E)8.6
Beta (1Y)0.14
Revenue Growth18.21%
EPS Growth29.33%
CountryCA
Employees2,051
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)2.15
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)2.33
Revenue Forecast (FY)C$1.16B
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 primarily by providing fee-based services and renting/supplying equipment to exploration and production customers. A major revenue stream is contract drilling, where the company earns day-rate or contract-based dr...
Total Energy Services Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operating and financial picture: strong consolidated revenue growth (+25% YoY), significant CPS momentum (revenue +55%, backlog +68%), material improvements in Well Servicing (EBITDA +110%), and a very healthy balance sheet and liquidity position. Offsetting these positives were margin compression (consolidated gross margin down 260 bps), segment-specific profitability pressures (CDS and RTS EBITDA declines), a sizeable noncash share-based compensation charge (~$6.5M), supply-chain lead-time challenges, and ongoing reactivation costs in the U.S. Overall, the company is positioned for growth with substantial backlog and capacity expansion plans, while managing near-term margin and operational headwinds.Positive Updates
Strong Consolidated Revenue Growth
Consolidated revenue increased 25% year-over-year for Q1 2026, driven primarily by higher activity and CPS segment growth.
Negative Updates
Consolidated Gross Margin Compression
Consolidated gross margin was 22% in Q1 2026, down 260 basis points versus 2025, driven largely by a greater revenue mix contribution from the lower-margin CPS segment and lower margins in RTS and North American CDS and Well Servicing.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Consolidated Revenue Growth
Consolidated revenue increased 25% year-over-year for Q1 2026, driven primarily by higher activity and CPS segment growth.
Read all positive updates
Company Guidance
Management guided that investments and strong demand should drive continued growth: the CPS fabrication backlog of $446.9 million (up $181.5M or 68% YoY) provides visibility into 2027, U.S. Weirton fabrication expansion (expected Q1 2027) should almost double U.S. compression capacity, and a new Australian service rig is scheduled to start in Q1 2027 while an upgraded Australian rig brought active Australian fleet to 13 drilling rigs and 8 service rigs (one drilling rig will be out ~2 months in Q3 for upgrades before a long‑term contract); a Canadian mechanical double is being upgraded to an AC electric triple pad rig with completion expected Q1 2027. Management expects post‑breakup Canadian active drilling rig counts to exceed last year, noted current U.S. active drilling rigs at 4 with increased inquiries (reactivation costs will continue but will be spread over more operating days), and said any Canadian/U.S. activity pickup would also benefit RTS; they warned lead times for major engines are now well over 2–3 years, constraining throughput. The balance sheet supports these plans: $113.4M positive working capital, ~$91.3M cash (~$2.49/share) (cash exceeded bank debt by $46.4M), senior bank debt to bank‑defined EBITDA of -0.19x and bank interest coverage of 51.1x; Q1 free cash deployment included $20.7M capex, $6.5M dividends and buybacks and $10M of bank debt repayment.Total Energy Services Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.13B | 1.06B | 906.78M | 892.40M | 759.81M | 431.58M |
| Gross Profit | 158.42M | 151.91M | 135.09M | 133.34M | 91.19M | 25.42M |
| EBITDA | 187.13M | 184.33M | 171.84M | 168.96M | 131.32M | 85.97M |
| Net Income | 79.39M | 74.22M | 60.80M | 41.63M | 38.01M | -428.00K |
Balance Sheet | ||||||
| Total Assets | 1.07B | 1.00B | 937.71M | 861.66M | 878.62M | 813.52M |
| Cash, Cash Equivalents and Short-Term Investments | 91.37M | 59.64M | 38.42M | 47.94M | 34.06M | 33.37M |
| Total Debt | 71.19M | 82.14M | 126.49M | 108.76M | 134.79M | 202.65M |
| Total Liabilities | 446.23M | 398.79M | 366.67M | 330.90M | 356.59M | 320.08M |
| Stockholders Equity | 623.09M | 600.93M | 570.80M | 530.24M | 521.47M | 492.88M |
Cash Flow | ||||||
| Free Cash Flow | 123.15M | 101.35M | 74.83M | 70.70M | 86.67M | 60.59M |
| Operating Cash Flow | 203.15M | 195.06M | 165.92M | 145.95M | 143.40M | 89.58M |
| Investing Cash Flow | -61.95M | -71.80M | -132.88M | -66.83M | -42.26M | -14.25M |
| Financing Cash Flow | -114.90M | -102.04M | -42.56M | -65.24M | -100.44M | -64.95M |
Total Energy Services Technical Analysis
Positive
15.29
Price Trends
22.75
Positive
19.66
Positive
16.65
Positive
Market Momentum
1.05
Negative
74.60
Negative
91.42
Negative
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 24.14, below the 50-day MA of 22.75, and below the 200-day MA of 16.65, indicating a bullish trend. The MACD of 1.05 indicates Negative momentum. The RSI at 74.60 is Negative, neither overbought nor oversold. The STOCH value of 91.42 is Negative, 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | C$1.69B | 12.71 | 17.25% | 3.57% | 20.60% | 6.72% | |
82 Outperform | C$992.56M | 8.57 | 12.57% | 2.57% | 18.21% | 29.33% | |
71 Outperform | C$3.96B | 19.25 | 26.01% | 1.29% | 6.08% | 24.69% | |
66 Neutral | C$613.21M | 8.66 | 6.49% | ― | -17.68% | 123.13% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
55 Neutral | C$193.33M | -14.73 | 2.93% | ― | -8.55% | -80.24% | |
54 Neutral | C$60.36M | -5.31 | 11.40% | 3.26% | -8.12% | -43.29% |
* Energy Sector Average
TSE:TOT
Total Energy Services
26.42
16.73
172.54%
TSE:CEU
CES Energy Solutions
18.98
13.02
218.24%
TSE:CFW
Calfrac Well Services
6.11
2.99
96.08%
TSE:TCW
Trican Well Service
8.06
3.98
97.40%
TSE:SHLE
Source Energy Services Ltd
14.96
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TSE:MCB
McCoy Global
2.25
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-35.23%
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...
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.