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Total Energy Services
(TSX:TOT)
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Rating:80Outperform
Price Target:
C$46.00
▲(49.84% Upside)
Action:Reiterated
Date:10/29/26
Overall score is driven primarily by strong financial performance (notably very low leverage and improved profitability) and supportive technical momentum with price well above major moving averages. The latest earnings call reinforced a positive outlook with a large, long-dated backlog and strong liquidity, though margin pressure and supply-chain constraints remain notable risks. Valuation is acceptable but not a major tailwind at a 16.56 P/E and 1.15% dividend yield.
Positive Factors
Backlog and Capacity Expansion
The large, multi-year CPS backlog provides meaningful revenue visibility beyond the next quarter and supports utilization of expanded fabrication capacity. Completing Weirton on schedule could increase throughput and allow the company to convert committed demand into durable growth through 2027 and beyond.
Negative Factors
Consolidated Margin Compression
A lower-margin business mix is reducing the amount of revenue that converts into gross profit, which can limit earnings growth even when sales expand. Unless CPS margins improve or higher-margin activities regain weight, sustained revenue growth may produce less operating leverage than expected.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog and Capacity Expansion
The large, multi-year CPS backlog provides meaningful revenue visibility beyond the next quarter and supports utilization of expanded fabrication capacity. Completing Weirton on schedule could increase throughput and allow the company to convert committed demand into durable growth through 2027 and beyond.
Read all positive factors
Total Energy Services (TOT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.47B
Dividend Yield1.14%
Average Volume (3M)179.22K
Price to Earnings (P/E)16.7
Beta (1Y)0.07
Revenue Growth21.71%
EPS Growth40.07%
CountryCA
Employees2,384
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)2.42
Shares Outstanding36,400,000
10 Day Avg. Volume155,164
30 Day Avg. Volume179,221
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)0.93
Price to Sales (P/S)0.52
P/FCF Ratio5.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$41.50Price Target Upside35.18% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.8
Revenue Forecast (FY)C$1.38B
Total Energy Services Business Overview & Revenue Model
Company Description
Total Energy Services Inc. operates as an energy services company primarily in Canada, the United States, Australia, and internationally. It operates through Contract Drilling Services, Rentals and Transportation Services, Compression and Process ...
How the Company Makes Money
Total Energy Services makes money by selling energy-field services and renting or providing specialized equipment under customer contracts, with revenue generally tied to customer activity levels in oil and gas drilling and production. Key revenue...
Total Energy Services Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive picture: Total Energy delivered record quarterly results with strong revenue (+31% YoY), meaningful EBITDA gains, a large CPS fabrication backlog (+82% YoY) and a solid balance sheet (net cash position, $50.5M cash, $150M credit). Key operational wins included CDS outperformance, CPS backlog expansion and improved Australian well servicing results and Canadian rig market share. The principal negatives were compression of consolidated gross margins (down 157 bps) as CPS grew (a lower-margin mix), margin pressure in CPS from sold rental assets, RTS profitability weakness (EBITDA -4%, margin -594 bps), $2.3M of one-time U.S. drilling costs, and supply-chain/input lead-time constraints that limit near-term CPS throughput. On balance, the financial strength, backlog visibility and significant YoY growth outweigh the margin and one-time issues.Positive Updates
Record Quarterly Results
Total Energy reported record quarterly revenue, EBITDA and net income for Q2 2026, driven by strong North American demand and upgraded drilling/service rigs in Australia and Canada.
Negative Updates
Decline in Consolidated Gross Margin
Q2 consolidated gross margin fell to 22%, down 157 basis points YoY, primarily because CPS (a lower-margin business) increased its revenue contribution by 223 basis points.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Results
Total Energy reported record quarterly revenue, EBITDA and net income for Q2 2026, driven by strong North American demand and upgraded drilling/service rigs in Australia and Canada.
Read all positive updates
Company Guidance
Management guided that strong CPS visibility — a $554.5M fabrication backlog (up 82% YoY, 24% QoQ) that they say extends into 2028 — and the Weirton, WV expansion (on time/on budget; facility completion Q1 2027) should help ramp CPS revenue and capacity in 2027; the Board approved a $32.7M increase to the 2026 capital budget (adding $24.9M of growth capital — including $15.5M for recert/upgrade of 3 service rigs and 1 drilling rig in Canada and 1 drilling rig in Australia — and $9.4M for 44 RTS rental units), maintenance capex was increased by $7.8M (replacement of 5 heavy trucks and 32 rental units and extra Australia maintenance), and projected 2026 capital commitments total $144.6M ( $102.0M growth, $42.6M maintenance) with $24.5M carried from 2025; $65.8M of 2026 commitments were funded to June 30, leaving $78.8M to be funded with cash on hand/cash flow (Total had $50.5M cash, $81.9M positive working capital, cash exceeding bank debt by $25.5M and $150M available on the revolver), while maintaining conservative liquidity and covenant headroom (bank covenants: max senior debt ≤3.0x bank EBITDA and min bank EBITDA/interest ≥3.0x; at June 30 senior debt/EBITDA was -0.07x and interest coverage 100.02x); management expects a solid back half with North American rig counts gradually rising, plans to field ~12 rigs in Australia (11 running, one being upgraded), to bring upgraded rigs and new RTS equipment into service by year‑end/early 2027, and to continue shareholder returns ($22.5M returned YTD) while remaining disciplined on M&A.Total Energy Services Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.21B | 1.06B | 906.78M | 892.40M | 759.81M | 431.58M |
| Gross Profit | 170.65M | 151.91M | 135.09M | 133.34M | 91.19M | 25.42M |
| EBITDA | 199.27M | 184.33M | 171.84M | 168.96M | 131.32M | 85.97M |
| Net Income | 88.97M | 74.22M | 60.80M | 41.63M | 38.01M | -428.00K |
Balance Sheet | ||||||
| Total Assets | 1.08B | 1.00B | 937.71M | 861.66M | 878.62M | 813.52M |
| Cash, Cash Equivalents and Short-Term Investments | 50.51M | 59.64M | 38.42M | 47.94M | 34.06M | 33.37M |
| Total Debt | 51.18M | 82.14M | 126.49M | 108.76M | 134.79M | 202.65M |
| Total Liabilities | 442.34M | 398.79M | 366.67M | 330.90M | 356.59M | 320.08M |
| Stockholders Equity | 635.44M | 600.93M | 570.80M | 530.24M | 521.47M | 492.88M |
Cash Flow | ||||||
| Free Cash Flow | 94.16M | 101.35M | 74.83M | 70.70M | 86.67M | 60.59M |
| Operating Cash Flow | 192.88M | 195.06M | 165.92M | 145.95M | 143.40M | 89.58M |
| Investing Cash Flow | -49.19M | -71.80M | -132.88M | -66.83M | -42.26M | -14.25M |
| Financing Cash Flow | -127.34M | -102.04M | -42.56M | -65.24M | -100.44M | -64.95M |
Total Energy Services Technical Analysis
Positive
30.70
Price Trends
35.08
Positive
29.47
Positive
25.15
Positive
Market Momentum
1.56
Negative
68.95
Neutral
90.79
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TOT, the sentiment is Positive. The current price of 30.7 is below the 20-day moving average (MA) of 37.13, below the 50-day MA of 35.08, and above the 200-day MA of 25.15, indicating a bullish trend. The MACD of 1.56 indicates Negative momentum. The RSI at 68.95 is Neutral, neither overbought nor oversold. The STOCH value of 90.79 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TOT.
Total Energy Services Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$1.47B | 16.65 | 14.51% | 1.14% | 21.71% | 40.07% | |
76 Outperform | C$1.42B | 13.71 | 15.61% | 3.15% | 14.96% | -10.01% | |
72 Outperform | C$4.42B | 22.54 | 23.68% | 0.99% | 10.96% | 13.96% | |
71 Outperform | C$789.37M | 12.72 | 8.75% | 9.98% | -14.91% | 442.58% | |
70 Outperform | C$69.58M | 19.08 | 5.44% | 3.91% | -20.69% | -47.36% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
49 Neutral | C$133.39M | -10.41 | -6.25% | ― | -20.49% | -133.03% |
* Energy Sector Average
TSE:TOT
Total Energy Services
40.30
26.49
191.84%
TSE:CEU
CES Energy Solutions
20.96
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TSE:SHLE
Source Energy Services Ltd
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TSE:MCB
McCoy Global
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Total Energy Services Corporate Events
Business Operations and StrategyDividends
Total Energy Services Declares C$0.12 Quarterly Dividend
Positive
Sep 1, 2026
Total Energy Services Inc. declared a quarterly dividend of C$0.12 per common share for the quarter ending September 30, 2026, payable on October 15, 2026, to shareholders of record as of September 30. The dividend, designated as an eligible divid...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.