Latest Ratios: P/E Ratio 13.5x · EV/EBITDA 6.2x · ROE 11.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $173.6B | $144.9B | $128.4B | $164.0B | $159.7B | $130.9B | $109.8B | $148.3B | $139.9B | $142.0B | $125.3B |
| Enterprise Value | $208.8B | $180.1B | $156.1B | $184.6B | $187.4B | $172.7B | $155.9B | $183.6B | $165.4B | $161.3B | $157.7B |
| P/E Ratio → | 13.49 | 11.32 | 8.15 | 7.77 | 7.91 | 8.35 | — | 13.17 | — | — | — |
| P/S Ratio | 0.95 | 0.79 | 0.66 | 0.75 | 0.61 | 0.71 | 0.92 | 0.84 | 0.76 | 0.95 | 0.98 |
| P/B Ratio | 1.47 | 1.23 | 1.07 | 1.37 | 1.39 | 1.14 | 1.04 | 1.24 | 1.18 | 1.25 | 1.23 |
| P/FCF | 16.06 | 13.40 | 8.05 | 7.14 | 5.04 | 7.25 | 27.20 | 11.52 | 18.35 | 16.60 | — |
| P/OCF | 6.10 | 5.09 | 4.16 | 4.03 | 3.37 | 4.31 | 7.42 | 6.01 | 5.66 | 6.36 | 7.59 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.99 | 0.80 | 0.84 | 0.71 | 0.94 | 1.30 | 1.04 | 0.90 | 1.08 | 1.23 |
| EV / EBITDA | 6.18 | 5.33 | 4.19 | 4.13 | 2.96 | 4.51 | 8.72 | 5.78 | 5.54 | 6.82 | 8.29 |
| EV / EBIT | 10.48 | 7.20 | 5.35 | 4.99 | 4.13 | 6.23 | — | 9.34 | 8.19 | 12.67 | 19.04 |
| EV / FCF | — | 16.65 | 9.79 | 8.04 | 5.92 | 9.56 | 38.59 | 14.26 | 21.70 | 18.86 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.4% | 28.4% | 28.4% | 28.5% | 30.8% | 28.2% | 16.4% | 25.0% | 23.9% | 22.4% | 24.0% |
| Operating Margin | 10.9% | 10.9% | 12.3% | 14.1% | 18.9% | 13.0% | — | 8.7% | 8.3% | 4.7% | 3.6% |
| Net Profit Margin | 7.2% | 7.2% | 8.1% | 9.8% | 7.8% | 8.7% | -6.0% | 6.4% | 6.2% | 5.8% | 4.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.0% | 11.0% | 13.1% | 18.3% | 17.9% | 14.5% | -6.4% | 9.5% | 9.9% | 8.0% | 6.3% |
| ROA | 4.6% | 4.6% | 5.5% | 7.3% | 6.9% | 5.7% | -2.7% | 4.3% | 4.6% | 3.6% | 2.7% |
| ROIC | 9.9% | 9.9% | 12.6% | 16.4% | 24.9% | 11.6% | — | 7.7% | 8.3% | 3.9% | 2.6% |
| ROCE | 10.1% | 10.1% | 12.3% | 15.9% | 25.3% | 12.0% | — | 7.7% | 8.0% | 3.9% | 2.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.52 | 0.52 | 0.45 | 0.40 | 0.53 | 0.55 | 0.73 | 0.52 | 0.45 | 0.46 | 0.56 |
| Debt / EBITDA | 1.82 | 1.82 | 1.44 | 1.07 | 0.96 | 1.65 | 4.32 | 1.97 | 1.79 | 2.22 | 3.00 |
| Net Debt / Equity | — | 0.30 | 0.23 | 0.17 | 0.24 | 0.36 | 0.43 | 0.30 | 0.22 | 0.17 | 0.32 |
| Net Debt / EBITDA | 1.04 | 1.04 | 0.74 | 0.46 | 0.44 | 1.09 | 2.57 | 1.11 | 0.86 | 0.81 | 1.70 |
| Debt / FCF | — | 3.26 | 1.74 | 0.90 | 0.88 | 2.31 | 11.40 | 2.74 | 3.35 | 2.25 | — |
| Interest Coverage | 9.78 | 9.78 | 7.57 | 16.58 | 21.99 | 15.91 | -2.42 | 8.89 | 10.44 | 8.29 | 7.48 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.97 | 0.97 | 1.10 | 1.12 | 1.15 | 1.17 | 1.23 | 1.21 | 1.28 | 1.50 | 1.33 |
| Quick Ratio | 0.79 | 0.79 | 0.88 | 0.90 | 0.94 | 0.96 | 1.00 | 0.97 | 1.04 | 1.21 | 1.05 |
| Cash Ratio | 0.32 | 0.32 | 0.37 | 0.38 | 0.38 | 0.35 | 0.55 | 0.44 | 0.51 | 0.65 | 0.53 |
| Asset Turnover | — | 0.63 | 0.69 | 0.77 | 0.87 | 0.63 | 0.45 | 0.64 | 0.72 | 0.61 | 0.55 |
| Inventory Turnover | 7.83 | 7.83 | 7.42 | 8.11 | 7.94 | 6.65 | 6.80 | 7.72 | 9.41 | 7.00 | 6.38 |
| Days Sales Outstanding | — | 37.15 | 76.12 | 71.35 | 81.95 | 109.38 | 78.53 | 70.94 | 61.64 | 69.18 | 73.18 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.9% | 5.8% | 6.0% | 4.6% | 6.3% | 6.3% | 6.1% | 4.5% | 3.5% | 1.9% | 2.1% |
| Payout Ratio | 64.4% | 64.4% | 49.0% | 35.2% | 48.7% | 51.3% | — | 58.9% | 42.9% | 30.6% | 42.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.4% | 8.8% | 12.3% | 12.9% | 12.6% | 12.0% | — | 7.6% | — | — | — |
| FCF Yield | 6.2% | 7.5% | 12.4% | 14.0% | 19.8% | 13.8% | 3.7% | 8.7% | 5.4% | 6.0% | — |
| Buyback Yield | 4.6% | 5.5% | 6.2% | 5.6% | 4.8% | 1.4% | 0.6% | 1.9% | 3.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.5% | 11.4% | 12.2% | 10.2% | 11.1% | 7.7% | 6.6% | 6.4% | 6.6% | 1.9% | 2.1% |
| Shares Outstanding | — | $2.2B | $2.4B | $2.4B | $2.6B | $2.6B | $2.6B | $2.7B | $2.7B | $2.6B | $2.5B |
Geopolitical and regulatory volatility
According to current market data, TotalEnergies trades at a forward P/E of 6.96, which suggests a significant valuation gap compared to US-based peers like Exxon Mobil and Chevron, likely reflecting investor concerns regarding European regulatory environments and the long-term transition toward integrated power assets.
The current EV/EBITDA multiple of 6.11 indicates that the market is pricing TTE as a traditional cyclical energy producer rather than an integrated multi-energy utility. This valuation appears to discount the potential durability of its LNG-to-power strategy, warranting further investigation into whether the company's pivot to a US listing could catalyze a re-rating toward peer-level multiples.
Based on reported financial statements, TTE's ROIC has fluctuated between 1.7% and 4.8% over the last ten quarters, indicating that the company is struggling to consistently generate returns that exceed its cost of capital during periods of high infrastructure investment and commodity price volatility.
The trend in ROIC suggests that the aggressive expansion into renewable and power assets is currently diluting overall capital efficiency. Investors should monitor whether these investments reach a critical mass that allows for margin expansion, or if the capital-intensive nature of the energy transition will continue to suppress returns on invested capital relative to historical upstream-focused performance.
As indicated by recent quarterly filings, TTE's cash conversion cycle has swung from a positive 14 days in 2023Q4 to a negative 21 days in 2026Q1, reflecting significant shifts in inventory management and the company's ability to leverage supplier payment terms during periods of operational stress.
The negative CCC in recent quarters suggests that TTE is effectively utilizing its scale to delay payables, which provides a temporary liquidity buffer. However, the extreme volatility in this metric implies that working capital efficiency is highly sensitive to commodity price cycles, which may complicate cash flow forecasting for institutional investors.
Based on an analysis of the business model, the P/E ratio is the most commonly misapplied metric for TTE, as it fails to account for the non-cash inventory valuation effects and heavy depreciation inherent in the integrated oil and gas industry's complex accounting structure.
Using P/E obscures the underlying operational cash generation, which is better captured by EV/EBITDA or P/FCF. Analysts should prioritize adjusted metrics that strip out one-off impairments and inventory gains to avoid drawing erroneous conclusions about the company's true earning power and its ability to sustain dividend payments.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TTE stock.
TotalEnergies SE's current P/E ratio is 13.5x. The historical average is 9.4x. This places it at the 100th percentile of its historical range.
TotalEnergies SE's current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.1x.
TotalEnergies SE's return on equity (ROE) is 11.0%. The historical average is 15.4%.
Based on historical data, TotalEnergies SE is trading at a P/E of 13.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TotalEnergies SE's current dividend yield is 4.90% with a payout ratio of 64.4%.
TotalEnergies SE has 28.4% gross margin and 10.9% operating margin. Operating margin between 10-20% is typical for established companies.
TotalEnergies SE's Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.