Total Energy Services rents and services heavy equipment for oil and gas drilling, well completion, and compression, operating across Canada, the US, and Australia.
Revenue was CAD 1.06B in 2025, with gross profit of CAD 0.15B and net income of CAD 0.07B, yielding a net margin of 6.97% — a thin, cyclical margin typical of equipment rental.
No durable edge: equipment is commoditized and competitors like Precision Drilling and Ensign Energy can match scale. The 14.15% gross margin and 8.63% operating margin show pricing power is weak, so the moat is weak.
Key events, in time order
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A user shared a 10-year price-to-tangible-book chart for Total Energy Services Inc. ($TOT.TO), indicating a focus on its valuation trends.
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$TOT.TO P/TB 10-yr chart https://t.co/YrlWFwMFwm
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