| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 91 | 11.4x | 17.8x | Top tier | |
Growth | 25 | -0.0% | 7.1% | Bottom tier | |
Quality | 58 | 8.4% | 4.5% | Around median | |
Safety | 73 | 1.0x | 2.6x | Top tier | |
Capital Return | 27 | 1.07% | 2.12% | Bottom tier | |
Momentum | 91 | 42.9% | 2.9% | Top tier | |
Sentiment | 76 | 7 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
TotalEnergies SE operates through an integrated energy model that combines oil and gas production, LNG, refining and petrochemicals, product and service marketing, and electricity generation from renewable sources and flexible gas-fired plants. Earnings and cash flows come from capturing value across these chains, from hydrocarbon production through trading and refining to the sale of fuels, lubricants, and electricity; the impact of this diversification was evident in Q2 FY2026, when exploration and production, refining, and electricity all benefited from higher prices and margins, while gas trading was the main weak point.
In Q2 FY2026, adjusted net income reached $6.0 billion and cash flow reached $9.8 billion, up approximately 15% from the previous quarter, with a return on equity of 15.9% and a return on average capital employed of approximately 14%. Exploration and production recorded adjusted net operating income of $3.2 billion and cash flow of $5.8 billion, and refining and chemicals generated $1.8 billion and $2.0 billion, respectively, while adjusted operating income for marketing and services reached $500 million and its cash flow was approximately $850 million. Integrated Power generated more than $700 million in cash flow, 60% of which came from generation assets and 40% from sales and trading.
The Q2 FY2026 call does not include a revenue figure, so the latest annual revenue metric in EDGAR data remains $201.2 billion in FY2025, compared with $214.6 billion in FY2024. Annual net income declined to $13.4 billion from $16.0 billion, while earnings per share fell to $5.78 from $6.69. Regarding profitability conditions in Q2 FY2026, the average European refining margin increased by $13.5 per barrel from the previous quarter, and operating costs in exploration and production remained below $5 per barrel of oil equivalent.
The analyst consensus is “Buy,” and the average price target is $103, with the highest and lowest targets both at $103; this target is above the 52-week range high of $94.17, while the range low is $57.39. The target is supported by the improvement in cash flow to $9.8 billion in Q2 FY2026 and the decline in gearing to 13.1%, but the narrow target range does not clearly reflect the risks associated with the Strait of Hormuz, weak gas trading, and the annual decline in FY2025 revenue and net income.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
TotalEnergies generated adjusted net income of $6.0 billion and cash flow of $9.8 billion in Q2 FY2026. Results benefited from average Brent of $104 per barrel, a $13.5 per barrel increase in the European refining margin, and underlying production growth of more than 4%. Conversely, weak European gas trading and lifting disruptions equivalent to 350 thousand barrels of oil per day in the Middle East limited the full benefit from this environment.
The conflict's impact on Q2 FY2026 production was approximately 210 thousand barrels of oil equivalent per day, but its impact on actual lifting reached 350 thousand barrels of oil equivalent per day. In July 2026, management estimated Middle East-related production constraints at between 5% and 10%, depending on the severity of the conflict and the ability of tankers to enter and exit. For this reason, on August 24, 2026, the company announced its interest in expanding the Habshan–Fujairah route and supporting an Iraqi pipeline through Syria to provide alternative export outlets.
Automated analysis for informational purposes only — not investment advice.
Net electricity generation increased to 14.8 terawatt-hours in Q2 FY2026, up 28% year over year, with renewable generation growing by approximately 15%. Integrated Power cash flow exceeded $700 million, 60% of which came from generation assets and 40% from sales and trading. The company targets more than 60 terawatt-hours in FY2026, and more than 100 terawatt-hours and $2 billion in free cash flow by FY2030.
The Energía Costa Azul LNG plant in Mexico began operations during Q2 FY2026, and TotalEnergies loaded its first cargo from the plant for Asia. On July 28, 2026, TotalEnergies and Eni made the final investment decision to develop Cronos offshore Cyprus through four subsea wells and connect it to the Zohr and Damietta facilities in Egypt. Cronos gives the company access to approximately 1.4 million tons of LNG in Egypt near the European market, while Energía Costa Azul expands portfolio diversification toward China and Japan.
TotalEnergies reduced its net debt by $3.3 billion during Q2 FY2026, bringing the gearing ratio to 13.1% after an improvement of 2.4 percentage points. It increased the quarterly interim dividend by 5.9% to €0.90 per share, with $1.5 billion in share buybacks in the same quarter and authorization of the same amount for Q3 FY2026. At the same time, net investments reached $3.4 billion, and management confirmed its FY2026 guidance of $15 billion and its target of returning more than 40% of cash flow to shareholders.
The company targets starting production from the Uganda project before the end of FY2026, with initial capacity of approximately 60 thousand barrels per day from Kingfisher and the system reaching full capacity by mid-FY2027. In Suriname, execution was 40% complete in July 2026, with production targeted to begin in the first half of FY2028, while Mozambique LNG was approximately 45% complete and targets its first train in FY2029. In Namibia, the company was preparing to appraise Mopane with three wells in FY2027 and make a final investment decision in FY2028, with Venus and Mopane viewed as a growth platform extending beyond FY2030.
