Total Energy Services Inc. (TOT.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+49.6%

CA$54.28

vs CA$36.28 price

Levered DCF

CA$44.54

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.85

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.49×	7.4×	7.34×	9.57×	-628.13×	-4.82×	27.91×	18.43×
P/B	0.93×	0.79×	0.58×	0.7×	0.54×	0.29×	0.54×	0.8×
P/S	0.52×	0.5×	0.34×	0.48×	0.62×	0.4×	0.39×	0.53×
EV / EBITDA	3.14×	3.14×	2.17×	3.53×	5.08×	4.6×	5.29×	6.71×
Gross margin	14.3%	14.9%	14.9%	12.0%	5.9%	-3.9%	9.5%	11.2%
Operating margin	8.6%	8.8%	9.5%	6.5%	-0.3%	-10.0%	2.2%	4.3%
Net margin	7.0%	6.7%	4.7%	5.0%	-0.1%	-8.3%	1.4%	2.9%
Current ratio	1.41×	1.34×	1.7×	1.6×	2.55×	3.25×	1.68×	1.73×
Debt / equity	0.14×	0.22×	0.21×	0.26×	0.41×	0.49×	0.55×	0.52×
Interest coverage	18.57×	9.79×	4.86×	6.84×	-0.21×	-3.53×	1.28×	2.61×
Dividend yield	2.6%	3.0%	4.0%	1.4%	0.0%	1.8%	3.7%	2.4%
Payout ratio	19.7%	22.6%	29.2%	13.2%	0.0%	-8.9%	104.0%	45.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.4%	10.7%	7.9%	7.3%	-0.1%	-6.0%	1.9%	4.4%
Return on invested capital	9.4%	8.8%	7.2%	6.0%	-0.0%	-3.3%	1.9%	3.8%
Return on assets	7.4%	6.5%	4.8%	4.3%	-0.1%	-3.6%	1.1%	2.3%
Free cash flow yield	18.2%	16.6%	23.1%	23.8%	22.6%	46.8%	8.1%	16.7%
Earnings yield	13.3%	13.5%	13.6%	10.5%	-0.2%	-20.6%	3.6%	5.4%
Enterprise value	CA$578.6M	CA$539.4M	CA$366.3M	CA$464.2M	CA$436.9M	CA$372.8M	CA$570.9M	CA$714M
Net debt / EBITDA	0.12×	0.51×	0.36×	0.77×	1.97×	2.78×	2.58×	2.48×
Cash conversion cycle (days)	75	86	83	95	129	150	86	77