If TotalEnergies were valued using the same ratios as American oil companies, its share price would double, or even more.
For several years, comparisons between TotalEnergies and major American oil companies have raised a recurring question among investors. Chevron, ExxonMobil, and ConocoPhillips benefit from valuations significantly higher than those of the French group.
Yet, when comparing financial fundamentals, the discrepancies appear difficult to justify. A detailed analysis of stock market ratios even suggests that TotalEnergies may be significantly undervalued.
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TotalEnergies’ New York Listing: A Significant Development
A notable event occurred on December 8, 2025: TotalEnergies shares are now listed directly on the New York Stock Exchange as ordinary shares, rather than through ADRs. It’s also worth noting that TotalEnergies’ shareholders are predominantly American.
This development brings the French group closer to the standards of major American oil companies and facilitates access to its capital for international investors. It also marks a significant step in TotalEnergies’ recognition by global financial markets.
Video: Is TotalEnergies Significantly Undervalued Compared to American Oil Giants?
Comparison of the major oil companies
A simple comparison between four major companies in the sector illustrates the differences in valuation.
| Company | Stock price | Earnings per share | Dividend |
| Chevron | 188,65 $ | 7,29 $ | 6,84 $ |
| ExxonMobil | 150,06 $ | 6,99 $ | 4,00 $ |
| ConocoPhillips | 116,61 $ | 6,16 $ | 3,18 $ |
| TotalEnergies | 77,15 $ | 6,89 $ | 3,84 $ |
Earnings per share are relatively similar across the different companies. However, TotalEnergies’ share price remains significantly lower than that of its American competitors.
A considerable gap in valuation ratios
One of the most widely used indicators in stock market analysis is the P/E ratio (Price-to-Earnings Ratio), which is the ratio of the share price to earnings per share.
| Company | PER (Price Earnings Ratio) |
| Chevron | 25,9 |
| ExxonMobil | 21,5 |
| ConocoPhillips | 18,9 |
| TotalEnergies | 11,2 |
The conclusion is clear: TotalEnergies is trading at a price-to-earnings ratio (P/E) almost half that of some major US companies.
In other words, investors are paying significantly less for each dollar of profit generated by TotalEnergies than for its US competitors.
TotalEnergies’ significantly higher dividend yield
The situation is even more striking when examining the dividend yield.
| Company | Yield |
| Chevron | 3,63 % |
| ExxonMobil | 2,67 % |
| ConocoPhillips | 2,73 % |
| TotalEnergies | 4,98 % |
The yield offered by TotalEnergies is significantly higher (+66% compared to the average for US oil companies). For an income-oriented investor, the stock therefore appears particularly attractive.
Profit distribution: present versus future
Another interesting indicator is to examine the share of profits distributed to shareholders.
| Company | Profit distribution (Dividend/Profit) |
| Chevron | 93,83 % |
| ExxonMobil | 57,22 % |
| ConocoPhillips | 51,62 % |
| TotalEnergies | 55,73 % |
Chevron allocates almost all of its profits to dividend payments, reflecting a strategy clearly geared towards immediate shareholder returns rather than investments for the future.
Conversely, ExxonMobil, ConocoPhillips, and TotalEnergies retain approximately 45% of their profits for future investments, reflecting a more balanced strategy between shareholder returns and future development.
Summary table on ratios and valuation differences between TotalEnergies and American oil companies
| Chevron | Exon Mobile | ConocoPhillips | TotalEnergies | |
| Share price (USD) | $188,65 | $150,06 | $116,61 | $77,15 |
| Profits (USD) | $7,29 | $6,99 | $6,16 | $6,89 |
| Dividends (USD) | $6,84 | $4,00 | $3,18 | $3,84 |
| PER (Price/Earnings) | 25,9 | 21,5 | 18,9 | 11,2 |
| Yield (Dividend/Share Price) | 3,63% | 2,67% | 2,73% | 4,98% |
| Timing of profit distribution: | ||||
| Present | 93,83% | 57,22% | 51,62% | 55,73% |
| Futur | 6,17% | 42,78% | 48,38% | 44,27% |
A considerable potential for increased value for TotalEnergies
If we apply to TotalEnergies a valuation level comparable to that of its American competitors, the theoretical potential for revaluation appears significant.
If TotalEnergies stock were valued with the same P/E ratio as ConocoPhillips, namely 18.9, the theoretical price would reach approximately $130.43.
This would represent a potential increase of 69% compared to the current price.
Comparing the main oil majors highlights a striking observation: TotalEnergies appears significantly less valued than its American counterparts despite comparable fundamentals.
If TotalEnergies stock were valued with the same P/E ratio as Chevron, namely 25.9, the theoretical price would reach approximately $178.30.
This would represent a potential increase of 131% compared to the current price.
With a significantly lower P/E ratio and a higher dividend yield, the stock could benefit from substantial upside if the market narrows this valuation gap.
For investors, the question remains: is the market truly undervaluing TotalEnergies, or does this difference reflect structural factors that are still poorly understood?
Exogenous factors that may influence this TotalEnergies estimate
The revaluation of TotalEnergies has already begun. Since the decision to list in New York, the share price has already risen sharply (approximately +31%).
However, several external factors could influence the future evolution of the share price (both positively and negatively):
- Oil prices,
- Geopolitical tensions, particularly in the Middle East (the war in Iran),
- International energy policies,
- The energy transition policy.
Any stock market analysis must therefore take these variables into account, as they are likely to affect the entire sector.
FAQ – TotalEnergies and valuation compared to American oil companies
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