TOTL — TotalEnergies Marketing Kenya PLC

Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.

Tests: Graham's criteria for industrial companies. TotalEnergies Marketing Kenya sells fuels, lubricants and related products through its service station network and to commercial customers, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Sales are net revenue from contracts with customers, after indirect taxes and duties. The company reports no non-current borrowings; its only non-current financing liability is the lease liability, which the notes give. Per-share figures rest on about 629.5m shares, the count implied by the printed earnings per share against reported profit.

Fiscal year

six months to 30 Jun 2026

Interim: six months to 30 Jun 2026, unaudited. Earnings use the trailing twelve months to Jun 2026, built from reported half-year and full-year figures. Every test below is flagged interim and will be replaced when the full year is published.

√(22.5 × 3.82 × 52.15) = 66.95

The Graham number for the twelve months to Jun 2026, from trailing-twelve-month EPS and BVPS at the period end. Tap a figure below for its source and date.

Discount to Graham number: +32.9% at the results-day price of 44.90. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months): 2.12
basic and diluted, six-month figure as printed; profit for the period 1,334,988k. The board did not recommend an interim dividend, and the dividend for the year ending 31 Dec 2026 is not yet declared · basic · Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026
Book value (BVPS): 52.15
no non-controlling interests; the company reports share capital of 9,974,771k, which does not divide into the share count at the KShs 5.00 par value shown in the NSE price list, so the count is taken from the printed earnings per share · attributable · computed: total shareholders' equity 32,832,592k ÷ 629.5m shares, Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026
Dividend (DPS): Not compiled
Price on results day: 44.90
NSE daily price list VWAP, the exchange's official end-of-day price. The results carry no announcement date; the PDF was created on 13 Aug 2026 and last modified on 20 Aug 2026 at 20:21, after the market closed, so the first trading day after that is used · NSE daily price list 2026-08-21, p.1 · 21 Aug 2026

Size and balance sheet (KES m)

Revenue (6 months): 63,864.3
net revenue from contracts with customers, after indirect taxes and duties of 20,558.7m; gross revenue was 84,423.0m · Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026
Current assets: 55,727.1
Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026
Current liabilities: 37,203.0
Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026
Long-term debt: 0.0
no non-current borrowings. Non-current liabilities are trade and other payables 1,160.1m, lease liability 1,997.4m and provisions 382.3m · Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026
KES per US$: 129.47
CBK daily exchange rates (mean) · 21 Aug 2026

Computed

EPS, trailing twelve months: 3.82
attributable · computed: H1 FY2026 EPS 2.12 + FY2025 3.45 − H1 FY2025 1.75 · 30 Apr 2026
Revenue, trailing twelve months: 117,024.1
computed: H1 FY2026 revenue 63,864.3m + FY2025 104,019.4m − H1 FY2025 50,859.6m · 30 Apr 2026
EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: 0.86
computed: price ÷ BVPS · 21 Aug 2026
Dividend yield: Not compiled
Current ratio: 1.50
computed: current assets ÷ current liabilities · 21 Aug 2026
Price ÷ Graham number: 0.67×
computed: price ÷ Graham number · 30 Apr 2026
Discount to Graham number: +32.9%
computed: (Graham number − price) ÷ Graham number · 30 Apr 2026

Graham's tests

1
Adequate size
Revenue of at least US$100m
Interim
Met
Adequate sizeMet
Revenue of at least US$100m · Interim: earnings on trailing twelve months
- Revenue KES 117,024.1m ÷ 129.47 KES per US$ = US$903.9m
- US$903.9m against a floor of US$100mmeets
2
Financial strength
Current ratio of at least 2; long-term debt no more than working capital
Interim
Not met
Financial strengthNot met
Current ratio of at least 2; long-term debt no more than working capital · Interim: earnings on trailing twelve months
- Current ratio: 55,727.1 ÷ 37,203.0 = 1.50, against a minimum of 2.00falls short
- Working capital: 55,727.1 − 37,203.0 = 18,524.1
- Long-term debt 0.0 against working capital of 18,524.1meets
Earnings stability
Positive EPS in each of the past 10 years
Interim
No result: data not compiled
Earnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years · Interim: earnings on trailing twelve months
EPS positive in 1 of 10 years
12m to Jun 2017
not held
not held
12m to Jun 2018
not held
not held
12m to Jun 2019
not held
not held
12m to Jun 2020
not held
not held
12m to Jun 2021
not held
not held
12m to Jun 2022
not held
not held
12m to Jun 2023
not held
not held
12m to Jun 2024
not held
not held
12m to Jun 2025
not held
not held
12m to Jun 2026
3.82
positive
Still needed: EPS for 12m to Jun 2017, EPS for 12m to Jun 2018, EPS for 12m to Jun 2019, EPS for 12m to Jun 2020, EPS for 12m to Jun 2021, EPS for 12m to Jun 2022, EPS for 12m to Jun 2023, EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
Dividend record
A dividend paid in each of the past 20 years
Interim
No result: data not compiled
Dividend recordNo result: data not compiled
A dividend paid in each of the past 20 years · Interim: earnings on trailing twelve months
Dividend paid in 1 of 20 years (FY2007–FY2026)
Still needed: DPS for FY2007, DPS for FY2008, DPS for FY2009, DPS for FY2010, DPS for FY2011, DPS for FY2012, DPS for FY2013, DPS for FY2014, DPS for FY2015, DPS for FY2016, DPS for FY2017, DPS for FY2018, DPS for FY2019, DPS for FY2020, DPS for FY2021, DPS for FY2022, DPS for FY2023, DPS for FY2024, DPS for FY2026.
Earnings growth
EPS up at least one-third over 10 years, on three-year averages
Interim
No result: data not compiled
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages · Interim: earnings on trailing twelve months
12m to Jun 2017
not held
not held
12m to Jun 2018
not held
not held
12m to Jun 2019
not held
not held
12m to Jun 2024
not held
not held
12m to Jun 2025
not held
not held
12m to Jun 2026
3.82
Still needed: EPS for 12m to Jun 2017, EPS for 12m to Jun 2018, EPS for 12m to Jun 2019, EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
Moderate P/E
Price no more than 15 × three-year average EPS
Interim
No result: data not compiled
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS · Interim: earnings on trailing twelve months
Still needed: EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
7
Moderate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Interim
Met
Moderate P/BMet
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5 · Interim: earnings on trailing twelve months
- Price 44.90 ÷ BVPS 52.15 = 0.86
- 0.86 against a ceiling of 1.5meets

Sources and notes

Book value (BVPS): attributable · computed: total shareholders' equity 32,832,592k ÷ 629.5m shares, Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026 (no non-controlling interests; the company reports share capital of 9,974,771k, which does not divide into the share count at the KShs 5.00 par value shown in the NSE price list, so the count is taken from the printed earnings per share)
Price on results day: NSE daily price list 2026-08-21, p.1 · 21 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The results carry no announcement date; the PDF was created on 13 Aug 2026 and last modified on 20 Aug 2026 at 20:21, after the market closed, so the first trading day after that is used)
Current assets: Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026
Current liabilities: Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026
Long-term debt: Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026 (no non-current borrowings. Non-current liabilities are trade and other payables 1,160.1m, lease liability 1,997.4m and provisions 382.3m)
KES per US$: CBK daily exchange rates (mean) · 21 Aug 2026
EPS, 6 months to 2026-06-30: basic · Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026 (basic and diluted, six-month figure as printed; profit for the period 1,334,988k. The board did not recommend an interim dividend, and the dividend for the year ending 31 Dec 2026 is not yet declared)
EPS, same 6 months a year earlier: basic · Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 results; profit 1,100,702k)
Revenue, 6 months to 2026-06-30: Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026 (net revenue from contracts with customers, after indirect taxes and duties of 20,558.7m; gross revenue was 84,423.0m)
Revenue, same 6 months a year earlier: Summary of unaudited financial statements for the period ended 30 Jun 2026, p.1 · 21 Aug 2026 (net revenue; six months to 30 Jun 2025 as printed in the 2026 results)