Total Energy Services Inc TOT

EnergyOil & Gas Related Equipment and ServicesCanada

Last close 40.30 CAD on Nov 1, 2026, +174.3% year to date

Quant rating

Quant rating A Rank 1 of 73 in Energy

Growth B 21 of 73
Valuation A 7 of 73
Quality A 7 of 73
Revisions A 10 of 73
Momentum A 2 of 73

Wall Street consensus Buy (2.33)Average target 65.26 CAD +61.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.5B
Enterprise value: 1.5B
52-week range: 13.51 – 40.64
3-year range: 7.45 – 40.64
Dividend yield: 1.19%
Beta (5 years): 1.15
Shares outstanding: 36.3M
Next earnings: Nov 11, 2026

About the company

Total Energy Services Inc. is a Canada-based energy services company. The Company provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and services to the energy and other resource industries from operation centers in North America and Australia. It operates through five segments: Contract Drilling Services (CDS), Rental and Transportation Services (RTS), Compression and Process Services (CPS), Well Servicing (WS) and Corporate. The CDS segment is engaged in the operation of approximately 103 drilling rigs. The rig fleet is supported by a fleet of owned top drives, walking systems, pumps and other ancillary equipment. Its RTS segment is conducted from 15 locations in western Canada and three locations in the United States. The CPS segment fabricates a full range of natural gas compression equipment as well as oil, natural gas and other process equipment. It also operates a fleet of surface rental equipment.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,065	907	892	760	432	–
Revenue growth	17.4%	1.6%	17.4%	76.1%	18.0%	23.8%
EPS (basic, normalized)	1.95	1.53	1.01	0.88	−0.01	–
EPS growth	27.5%	51.5%	14.8%	–	–	–
Gross margin	23.0%	24.9%	24.0%	22.4%	21.0%	23.0%
Net margin	7.0%	6.7%	4.7%	5.0%	−0.1%	4.7%
ROE	12.7%	11.0%	7.9%	7.5%	−0.1%	7.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	50.5
Current ratio	1.24x
Long-term debt (mil)	44.5
Net debt (mil)	1.2
Total equity (mil)	635
Net debt / equity	0.00x
Net debt / EBITDA	0.01x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,065	+17.4%	1.4x	195	+8.4%	7.5x	1.95	+27.5%	20.7x
2026	1,363	+28.0%	1.1x	249	+27.6%	5.9x	2.88	+47.7%	14.0x
2027	1,530	+12.3%	1.0x	288	+15.8%	5.1x	3.46	+20.0%	11.7x
2028	1,644	+7.4%	0.9x	315	+9.4%	4.6x	4.03	+16.5%	10.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,363	0.0%	+5.2%	+17.9%	2.88	0.0%	+32.7%	+33.3%
2027	1,530	0.0%	+12.2%	+18.7%	3.46	0.0%	+33.9%	+28.4%
2028	1,644	0.0%	+17.7%	+28.2%	4.03	0.0%	+37.8%	+40.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	205	213	242	247	252	250	261	302	315	329
Sales mean (mil)	236	196	251	233	253	232	269	277	279	313
Surprise	−13.1%	+8.8%	−3.6%	+5.9%	−0.4%	+7.9%	−3.1%	+8.9%	+12.9%	+5.1%
EPS reported	0.38	0.39	0.50	0.26	0.49	0.45	0.38	0.63	0.65	0.72
EPS mean	0.43	0.25	0.52	0.41	0.46	0.30	0.52	0.46	0.50	0.42
Surprise	−11.6%	+56.0%	−3.8%	−36.6%	+6.5%	+50.0%	−26.9%	+37.0%	+30.0%	+71.4%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TOT Total Energy Services Inc	1.5B	0.01x	7.0%	2.31x	14.0x	11.7x	5.9x	5.1x
AROC Archrock, Inc.	7.8B	2.60x	21.4%	3.58x	18.4x	14.8x	9.0x	8.3x
SEI Solaris Energy Infrastructure, Inc.	7.9B	7.70x	4.6%	5.77x	44.4x	22.0x	16.9x	8.5x
WHD Cactus, Inc.	7.4B	−0.27x	15.4%	3.01x	20.7x	18.5x	10.9x	10.1x
KGS Kodiak Gas Services Inc	6.6B	3.69x	6.0%	2.19x	20.3x	16.7x	8.8x	7.6x
TDW Tidewater Inc.	6.1B	0.06x	24.7%	3.12x	30.6x	15.1x	7.5x	6.0x
Mean		2.30x	13.2%	3.33x	24.7x	16.5x	9.8x	7.6x
Median		1.33x	11.2%	3.06x	20.5x	15.9x	8.9x	8.0x

Technical analysis

1M+15.8%
3M+71.7%
1Y+199.5%
3Y+419.9%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Total Energy Services Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,065	907	892	760	432	366
Cost of revenue	820	681	678	590	341	285
Gross profit	244	225	214	170	90.7	81.0
Selling, general & administrative expenses	60.0	53.8	49.0	40.8	31.0	31.3
Research & development	–	–	–	–	–	–
Depreciation/amortization	92.5	90.3	80.8	78.8	83.1	113
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	−19.8	−21.1
Other operating expenses	−1.4	1.5	−0.3	1.0	−2.2	−6.0
Operating income	93.2	79.8	84.6	49.3	−1.4	−36.5
Net interest income (expense)	−4.9	−7.8	−6.9	−7.2	−6.8	−10.2
Gain (loss) on sale of assets	9.4	1.7	3.5	3.2	4.4	4.4
Other non-operating income (expense)	0	−0.4	−10.5	−0.2	0	−0.2
Net income before taxes	97.7	73.4	70.7	45.1	−3.9	−42.5
Provision for taxes	23.3	12.6	29.1	7.1	−3.5	−12.1
Minority interest	−0.1	0.1	0	0	0.1	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	74.2	60.8	41.6	38.0	−0.4	−30.4
Extraordinary items	–	–	–	–	–	–
Net income	74.2	60.8	41.6	38.0	−0.4	−30.4
EBIT, normalized	93.2	79.8	84.6	49.3	−21.2	−57.6
EBITDA, normalized	186	170	165	128	61.9	55.7
Basic EPS, normalized	1.95	1.53	1.01	0.88	−0.01	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Total Energy Services Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	59.6	38.4	47.9	34.1	33.4	23.0
Receivables	166	149	138	155	92.8	74.7
Total inventory	127	104	98.2	91.6	89.9	95.6
Prepaid expenses	18.3	17.6	16.7	18.8	9.2	6.9
Other current assets	0	0	0	0.4	0.5	0.6
Total current assets	371	309	300	300	226	201
Property, plant & equipment	625	622	557	568	576	638
Goodwill	4.1	4.1	4.1	4.1	4.1	4.1
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	0	7.1	7.1	7.1
Other long-term assets	0	2.0	0	0	0.4	0.1
Total assets	1,000	938	862	879	814	850
Liabilities
Accounts payable	81.4	50.2	43.4	53.2	33.6	16.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	70.8	74.9	73.4	61.1	31.9	29.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	6.9	47.3	7.9	7.2	6.6	9.0
Other current liabilities	104	58.0	52.3	66.4	16.3	6.4
Total current liabilities	263	230	177	188	88.4	61.7
Long-term debt	75.2	79.2	101	128	196	239
Minority interest	0.4	0.2	0.5	0.6	0.6	0.6
Other liabilities	60.7	57.0	53.1	41.1	35.7	37.9
Total liabilities	399	367	331	357	321	339
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	228	239	251	261	271	284
Additional paid-in capital	5.8	5.3	4.8	3.6	5.8	5.0
Retained earnings (accumulated deficit)	384	337	300	274	243	240
Treasury stock	–	–	–	–	–	–
Other equity	−16.5	−11.2	−25.5	−17.0	−26.7	−18.7
Total equity	601	571	530	521	493	510
Total liabilities & shareholders' equity	1,000	938	862	879	814	850

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Total Energy Services Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	74.3	60.7	41.6	38.0	−0.4	−30.5
Depreciation, depletion & amortization	92.5	90.3	80.8	78.8	83.1	113
Deferred taxes	6.6	3.8	11.9	5.9	−2.6	−15.1
Non-cash items	12.7	22.1	28.9	7.6	0.2	4.0
Changes in working capital	14.0	−11.0	−17.3	13.1	9.3	14.3
Cash from operations	200	166	146	143	89.6	86.1
Investing activities
Capital expenditures	−93.7	−91.1	−75.2	−56.7	−29.0	−16.9
Other investing cash flows	21.9	−41.8	8.4	14.5	14.7	3.4
Cash from investing	−71.8	−133	−66.8	−42.3	−14.3	−13.5
Financing activities
Financing cash flow items	−5.0	−18.4	−6.6	−7.5	−6.6	−13.3
Cash dividends paid	−14.6	−13.7	−12.1	−5.0	0	−2.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−87.4	−10.4	−46.4	−88.0	−58.3	−53.5
Cash from financing	−107	−42.6	−65.2	−100	−65.0	−69.5
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	21.2	−9.5	13.9	0.7	10.4	3.1
Free cash flow	106	74.8	70.7	86.7	60.6	69.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.