Equinor vs TotalEnergies
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KIRA’s take AI analyst
I put Equinor and TotalEnergies side by side, using each one’s latest annual report. Here is what stands out:
- TotalEnergies is the larger business, with $201.2B of revenue in fiscal 2025 against $106.5B for Equinor, about 1.9 times as much.
- Equinor grew revenue faster (2.6%, against −6.2%).
- Equinor earned a higher return on the capital invested in it (25.1%, against 10.1%).
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
Equinor
EQNR
4/5
Revenue growth5-year growthReturn on capitalReturn on equity
TotalEnergies
TTE
1/5
Net margin
Side by side
Best in the row
| Latest fiscal year | EQNR FY25 | TTE FY25 |
|---|---|---|
| Size | ||
| Market cap | $125.1B | — |
| Revenue | $106.5B | $201.2B |
| Free cash flow | $6.0B | — |
| Net income | $5.0B | $13.1B |
| Growth | ||
| Revenue growth | 2.6% | −6.2% |
| 5-year growth | 18.4% | 7.4% |
| Share count change | −8.0% | — |
| Profitability | ||
| Gross margin | 48.2% | — |
| Operating margin | 23.8% | — |
| Net margin | 4.7% | 6.5% |
| FCF margin | 5.6% | — |
| Return on capital | 25.1% | 10.1% |
| Return on equity | 12.2% | 11.3% |
| Balance sheet | ||
| Net debt | $10.8B | $33.0B |
| Net debt / EBITDA | 0.3x | — |
| Dividends and buybacks | $6.2B | $15.8B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | — | — |
Ten years
Revenue
FY16
EQNR $45.9B
TTE $127.9B
FY17
EQNR $61.2B
TTE $149.1B
FY18
EQNR $79.6B
TTE $209.4B
FY19
EQNR $64.4B
TTE $200.3B
FY20
EQNR $45.8B
TTE $140.7B
FY21
EQNR $90.9B
TTE $205.9B
FY22
EQNR $150.8B
TTE $281.0B
FY23
EQNR $107.2B
TTE $237.1B
FY24
EQNR $103.8B
TTE $214.6B
FY25
EQNR $106.5B
TTE $201.2B
EQNR
TTE
Operating margin
FY16
EQNR 0.2%
TTE 4.3%
FY17
EQNR 22.5%
TTE 5.2%
FY18
EQNR 25.3%
TTE 7.7%
FY19
EQNR 14.5%
TTE 8.1%
FY20
EQNR −7.5%
TTE −4.5%
FY21
EQNR 37.0%
TTE 12.1%
FY22
EQNR 52.3%
TTE 18.0%
FY23
EQNR 33.4%
TTE —
FY24
EQNR 29.8%
TTE —
FY25
EQNR 23.8%
TTE —
EQNR
TTE
Free cash flow
FY16
EQNR −$3.4B
TTE —
FY17
EQNR $4.0B
TTE —
FY18
EQNR $8.3B
TTE —
FY19
EQNR $3.5B
TTE —
FY20
EQNR $1.9B
TTE —
FY21
EQNR $20.8B
TTE —
FY22
EQNR $26.4B
TTE —
FY23
EQNR $18.7B
TTE —
FY24
EQNR $7.3B
TTE —
FY25
EQNR $6.0B
TTE —
EQNR
TTE
Return on capital
FY16
EQNR —
TTE 3.6%
FY17
EQNR 12.1%
TTE 4.3%
FY18
EQNR 17.7%
TTE 7.4%
FY19
EQNR 8.4%
TTE 7.2%
FY20
EQNR −5.1%
TTE −3.3%
FY21
EQNR 38.4%
TTE 10.1%
FY22
EQNR 95.6%
TTE 17.0%
FY23
EQNR 40.9%
TTE 16.5%
FY24
EQNR 33.7%
TTE 12.2%
FY25
EQNR 25.1%
TTE 10.1%
EQNR
TTE
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.