TotalEnergies SE (TTE.PA) 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

+30.2%

€108.58

vs €83.41 price

Levered DCF

€140.52

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.28

Grey zone

Rating

A-

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	11.01×	8.2×	7.8×	7.93×	8.54×	-14.87×	13.15×	12.38×
P/B	1.26×	1.08×	1.42×	1.43×	1.2×	1.08×	1.23×	1.19×
P/S	0.79×	0.65×	0.76×	0.61×	0.72×	0.94×	0.82×	0.75×
EV / EBITDA	4.62×	3.73×	3.66×	3.19×	4.21×	8.85×	4.96×	4.7×
Gross margin	28.4%	28.4%	28.5%	30.8%	28.2%	16.4%	25.0%	23.9%
Operating margin	10.9%	12.3%	14.1%	18.9%	13.0%	0.0%	8.7%	8.3%
Net margin	7.2%	8.1%	9.8%	7.8%	8.7%	-6.0%	6.4%	6.2%
Current ratio	0.97×	1.1×	1.12×	1.15×	1.17×	1.23×	1.21×	1.28×
Debt / equity	0.53×	0.43×	0.41×	0.55×	0.58×	0.75×	0.54×	0.46×
Interest coverage	4.71×	10.12×	13.61×	23.5×	14.32×	0×	6.85×	10.09×
Dividend yield	5.8%	6.1%	4.5%	6.2%	6.2%	6.0%	4.9%	3.6%
Payout ratio	64.4%	49.0%	35.2%	48.7%	51.3%	-92.4%	62.2%	42.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.4%	13.4%	18.3%	18.4%	14.3%	-7.0%	9.6%	9.9%
Return on invested capital	5.6%	6.9%	9.3%	11.5%	7.1%	0.0%	4.7%	4.7%
Return on assets	4.5%	5.5%	7.5%	6.8%	5.5%	-2.7%	4.1%	4.5%
Free cash flow yield	7.5%	12.6%	13.9%	19.8%	13.5%	3.6%	9.0%	5.5%
Earnings yield	9.1%	12.4%	12.9%	12.8%	12.0%	-6.5%	7.8%	8.3%
Enterprise value	€179.4B	€154.2B	€186.1B	€188.5B	€176.9B	€158.2B	€178.9B	€163.3B
Net debt / EBITDA	0.9×	0.66×	0.41×	0.48×	1.03×	2.57×	0.98×	0.73×
Cash conversion cycle (days)	-23	-19	20	45	63	11	7	5