Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. TotalEnergies SE's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 33.44%.
The historical rank and industry rank for TotalEnergies SE's ROC (Joel Greenblatt) % or its related term are showing as below:
MEX:TOT N'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -3.52 Med: 17.06 Max: 36.57
Current: 23.33
During the past 13 years, TotalEnergies SE's highest ROC (Joel Greenblatt) % was 36.57%. The lowest was -3.52%. And the median was 17.06%.
MEX:TOT N's ROC (Joel Greenblatt) % is ranked better than 79.9% of 1000
companies
in the Oil & Gas industry
Industry Median: 8.415
vs MEX:TOT N: 23.33
TotalEnergies SE's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
TotalEnergies SE (MEX:TOT N) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
TotalEnergies SE ROC (Joel Greenblatt) % Related Terms
TotalEnergies SE ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for TotalEnergies SE's ROC (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:TOT N vs XOM, CVX: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas Integrated subindustry, TotalEnergies SE's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
TotalEnergies SE ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, TotalEnergies SE's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where TotalEnergies SE's ROC (Joel Greenblatt) % falls into.
TotalEnergies SE ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a ROC (Joel Greenblatt) % of 33.44% mean?
TotalEnergies SE (MEX:TOT N) has a ROC (Joel Greenblatt) % of 33.44% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on TotalEnergies SE and its competitors. This is 96% above median its historical median of 17.06. According to the industry distribution chart, TotalEnergies SE ranks #201 out of 1000 companies in the Oil & Gas industry, placing it in the top 20.1%.
Is TotalEnergies SE's ROC (Joel Greenblatt) % too high?
TotalEnergies SE's current ROC (Joel Greenblatt) % of 33.44% is 96% above median its 10-year median of 17.06. The Oil & Gas industry median ROC (Joel Greenblatt) % is 8.42. TotalEnergies SE's value of 33.44% is 297.4% above this industry median. Based on the distribution chart, TotalEnergies SE ranks #201 out of 1000 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, TotalEnergies SE has a GF Score™ of 66/100, reflecting its overall financial health beyond just this single metric.
How does TotalEnergies SE's ROC (Joel Greenblatt) % compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, TotalEnergies SE ranks #201 out of 1000 companies for ROC (Joel Greenblatt) %. This places TotalEnergies SE in the top 20% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 8.42. TotalEnergies SE's value of 33.44% is 297.4% above this benchmark. While the company's 10-year median is 17.06 vs. the industry median of 8.42, TotalEnergies SE has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for an Oil & Gas company?
The median ROC (Joel Greenblatt) % among Oil & Gas companies is 8.42, based on 1,000 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. TotalEnergies SE's current ROC (Joel Greenblatt) % of 33.44% is 297.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on TotalEnergies SE and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TotalEnergies SE's current ROC (Joel Greenblatt) % is 33.44%, which is 96% above median its own 10-year median of 17.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TotalEnergies SE stock overvalued right now?
TotalEnergies SE (MEX:TOT N) has a current ROC (Joel Greenblatt) % of 33.44%. The stock's GF Value™ is MXN1,046.00, compared to a current price of MXN1,195.56 — trading 14.3% above its estimated fair value. The current ROC (Joel Greenblatt) % is 33.44%, which is 96% above median its 10-year median of 17.06 and 297.4% above the Oil & Gas industry median of 8.42. TotalEnergies SE's overall GF Score™ is 66/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For TotalEnergies SE (MEX:TOT N), the current ROC (Joel Greenblatt) % is 33.44% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is TotalEnergies SE (MEX:TOT N) Overvalued in 2026?
Based on GuruFocus' analysis, TotalEnergies SE stock appears to be overvalued.
The current stock price of MXN1,195.56 is trading 14.3% above its estimated GF Value™ of MXN1,046.00.
Key valuation signals for MEX:TOT N:
ROC (Joel Greenblatt) %: 33.44% (96% above median its 10-year median of 17.06)
GF Value™: MXN1,046.00 vs. price of MXN1,195.56 (14.3% above fair value)
Industry Position: 297.4% above the Oil & Gas median (#201 of 1000)
No single metric tells the full story. See the MEX:TOT N stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TotalEnergies is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2025, it produced 1.5 million barrels of liquids and 5.4 billion cubic feet of natural gas per day. At the end of 2025, reserves stood at 11.2 billion barrels of oil equivalent, 55% of which are liquids. During 2025, it had LNG sales of 43.9 million metric tons. The company owns interests in refineries with a capacity of nearly 1.8 million barrels a day, primarily in Europe, distributes refined products in 65 countries, and manufactures commodity and specialty chemicals. At year-end, its gross installed renewable power generation capacity was 34 gigawatts.
66GF Score
Get the complete analysis for MEX:TOT N
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MEX:TOT N has been successfully added to your 
