Pricing Log in Create free account
Friday 6 November 2026 Export TS’s income statement to Excel — free account

Tenaris S.A.

TS Energy Oil & Gas Equipment & Services

Tenaris S.A.’s revenue for fiscal 2025 (year ended December 2025) was $12.0 billion, down 4.33% from fiscal 2024.

Revenue
−3.86%
EPS
−4.04%
Free cash flow
−33.3%
Total debt
−6.90%

Quarter to June 2026, against a year earlier

56.62 0.70 +1.25%
Market cap
$28.5B
P/E
15.1×
Fwd P/E
—
Dividend yield
1.02%
F-score
6/9
Altman Z
6.38
Beneish M
−2.55
Dividend safety
69/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 28,540.00
Revenue ttm 12,040.36
Net income ttm 1,970.00
Free cash flow ttm 1,698.44
Net debt Q (2,495.46)
Valuation
P/E 15.14
Forward P/E —
Price / sales 2.37
Forward P/S Powerpack
Price / FCF 16.83
Price / book 1.66
Financial health
Current ratio Q 4.07 (at or above 1.5: strong)
Debt / equity Q 0.02 (at or below 0.5: strong)
Interest coverage Q 16.32
Growth
Revenue growth Q −3.86% (below 0%: shrinking)
Operating income growth Q −15.23% (below 0%: shrinking)
EPS, this year +6.09%
EPS, next year A +13.43%
Revenue, next year A —
EPS, past 5 yrs —
EPS, next 5 yrs A +7.97%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.2×, against a ten-year median of 1.8×; over the ten years it ranged from 0.8× in 2020 to 4.5× in 2017.
P/E against its own 10 years 55.11%
10-year low 10-year high
P/S against its own 10 years 63.73%
10-year low 10-year high
P/B against its own 10 years 85.74%
10-year low 10-year high
EV/Sales against its own 10 years 61.39%
10-year low 10-year high
EV/FCF against its own 10 years 64.72%
10-year low 10-year high

Dividends raised 4 years running

Yield
1.02%
Annual rate
0.58
Payout ratio
15.5%
Growth, 2017–25
+2.64%/yr
  1. 1.38 ’17
  2. 0.82 ’18 −41
  3. 0.82 ’19 +0
  4. 0.70 ’20 −15
  5. 0.54 ’21 −23
  6. 0.90 ’22 +67
  7. 1.08 ’23 +20
  8. 1.34 ’24 +24
  9. 1.70 ’25 +27
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,617 3,056 2,881 2,797
Receivables 2,662 2,087 2,190 2,096
Inventory 3,921 3,710 3,602 3,716
Other 304 383 400 413
10,504 9,236 9,073 9,023
2023 2024 2025 Q'26
Payables 1,108 880 873 866
ST’ Debt 535 426 305 302
Other 469 713 564 604
2,902 2,637 2,346 2,218

Compound Annual Growth %

10y 5y 3y
Sales 5.67% 18.41% 0.62%
Cash Flow 1.61% 11.32% 30.59%
Earnings 0.00% 0.00% (8.86%)
Book Value 3.56% 8.01% 6.24%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.81 Actual 1.01

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.76 0.87 Beat by 0.11
Mar 2026 0.87 1.07 Beat by 0.20
Jun 2026 0.79 0.95 Beat by 0.16
Sep 2026 0.81 1.01 Beat by 0.20
Dec 2026 0.93 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.07 0.95 — — —
’25 0.94 0.99 0.85 0.87 3.66
’24 1.27 0.59 0.81 0.94 3.61
’23 1.91 1.90 0.91 1.92 6.65
’22 0.85 1.08 1.03 1.37 4.33
’21 0.18 0.50 0.56 0.63 1.87
’20 (1.12) (0.08) (0.06) 0.18 (1.07)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,100 2,967 — — —
’25 2,922 3,086 2,978 2,995 11,981
’24 3,442 3,322 2,915 2,845 12,524
’23 4,141 4,075 3,238 3,415 14,869
’22 2,367 2,800 2,975 3,620 11,763
’21 1,182 1,529 1,754 2,057 6,521
’20 1,762 1,241 1,013 1,131 5,147
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 618 518 — — —
’25 821 673 318 787 2,600
’24 887 935 552 492 2,866
’23 921 1,342 1,297 836 4,395
’22 (27) 428 242 524 1,167
’21 70 (50) 53 46 119
’20 516 448 417 139 1,520
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 504 397 — — —
’25 648 595 133 665 2,041
’24 720 775 386 320 2,201
’23 808 1,180 1,127 673 3,789
’22 (89) 395 113 418 837
’21 30 (101) (12) (14) (98)
’20 449 403 386 104 1,341
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,294 5,289 7,659 7,294 5,147 6,521 11,763 14,869 12,524 11,981 12,040 +12.1% — — — —
Gross margin, % 26.27 30.32 31.07 29.98 20.58 29.28 39.74 41.70 35.04 34.39 33.90 +8.1 pt
EBT 34 428 1,103 934 (619) 1,243 3,166 4,633 2,556 2,474 2,469 +60.8%
EBT margin, % 0.80 8.09 14.40 12.80 (12.03) 19.06 26.92 31.16 20.41 20.65 20.51 +19.8 pt
Net income 59 536 874 731 (642) 1,053 2,549 3,958 2,077 1,973 1,970 +47.8%
Per share, $
Per share, $ Revenue 7.27 8.96 12.97 12.36 8.72 11.05 19.93 25.23 22.22 22.69 23.85 +13.5%
Earnings 0.09 0.92 1.48 1.26 (1.07) 1.87 4.33 6.65 3.61 3.66 3.74 +50.9%
Cash flow 1.46 (0.04) 1.03 2.59 2.58 0.20 1.98 7.46 5.08 4.92 4.44 +14.4%
Capex (1.29) (0.94) (0.59) (0.59) (0.30) (0.37) (0.56) (1.03) (1.18) (1.06) (1.07) (2.2%)
Free cash flow 0.17 (0.97) 0.44 2.00 2.27 (0.17) 1.42 6.43 3.90 3.87 3.36 +41.5%
Book value 19.34 19.62 20.12 20.65 19.39 20.51 23.78 28.89 29.83 31.88 34.11 +5.7%
Shares, m 590 590 590 590 590 590 590 589 564 528 516 (1.2%)
Valuation, ×
Valuation, × P/E 358.30 34.76 14.31 17.97 0.00 11.16 7.75 5.20 10.47 10.53 15.14 47.0
P/S 4.93 3.61 1.64 1.83 1.83 1.89 1.68 1.37 1.70 1.69 2.37 2.2
P/B 1.85 1.65 1.06 1.10 0.82 1.02 1.41 1.19 1.27 1.21 1.66 1.3
EV/Sales 4.65 3.50 1.59 1.70 1.66 1.83 1.61 1.16 1.49 1.48 2.17 2.1
EV/FCF 198.97 (32.22) 46.68 10.51 6.39 (122.03) 22.65 4.57 8.49 8.69 15.36 15.3
Cash, $m
Cash, $m Operating cash flow 864 (22) 611 1,528 1,520 119 1,167 4,395 2,866 2,600 2,241 +13.0%
Capex (763) (553) (349) (348) (179) (217) (330) (607) (665) (559) (542) (3.4%)
Free cash flow 100 (575) 261 1,180 1,341 (98) 837 3,789 2,201 2,041 1,698 +39.8%
Balance, $m
Balance, $m Working capital 3,104 3,310 3,746 3,890 3,121 3,422 5,680 7,602 6,600 6,726 6,805 +9.0%
Net debt (1,193) (565) (386) (962) (850) (389) (832) (3,034) (2,618) (2,576) (2,495) +8.9%
Shareholders’ equity 11,413 11,581 11,875 12,186 11,446 12,106 14,034 17,030 16,814 16,829 17,219 +4.4%
Returns, %
Returns, % ROA 0.38 3.84 6.12 5.11 (4.44) 7.81 15.96 20.28 9.81 9.54 9.39 +9.2 pt
ROIC (0.36) 1.90 4.74 4.64 (3.91) 3.77 14.03 19.27 10.65 10.01 9.46 +10.4 pt
ROE 0.48 4.74 7.47 6.17 (5.37) 9.34 19.54 25.23 12.03 11.49 11.24 +11.0 pt
People
People Employees 19,399 21,605 23,472 23,200 19,028 23,000 25,292 29,134 25,874 24,875 — +2.8%
Revenue/emp, $m 0.22 0.24 0.33 0.31 0.27 0.28 0.47 0.51 0.48 0.48 — +9.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Tenaris S.A. vs peers in Oil & Gas Equipment & Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SLB SLB Limited $73.3B 24.0× 23.3× +5.84% (above 0%: growing) 0.00% −20.71% (below 0%: shrinking) 16.57% 11.47% Compare
BKR Baker Hughes Company $45.9B 15.7× 20.2× +14.48% (above 0%: growing) −31.45% (below 0%: shrinking) +10.01% (above 0%: growing) 24.02% 8.67% Compare
TS Tenaris S.A. $28.5B 15.1× — −3.86% (below 0%: shrinking) −4.04% (below 0%: shrinking) −33.29% (below 0%: shrinking) 33.19% 16.65%
HAL Halliburton Company $26.4B 13.4× 15.6× +1.84% (above 0%: growing) +2,400.00% (above 0%: growing) −43.48% (below 0%: shrinking) 14.73% 10.94% Compare
FTI TechnipFMC plc $24.0B 19.1× 21.7× +9.39% (above 0%: growing) +40.79% (above 0%: growing) +4.89% (above 0%: growing) 25.16% 17.80% Compare
NOV NOV Inc. $6.2B 41.9× 21.5× +2.30% (above 0%: growing) +141.91% (above 0%: growing) −116.25% (below 0%: shrinking) 19.72% 6.38% Compare
WFRD Weatherford International PLC $6.0B 14.7× 16.0× −7.22% (below 0%: shrinking) +46.90% (above 0%: growing) +56.57% (above 0%: growing) 32.72% 13.39% Compare
AROC Archrock, Inc. $4.7B 13.8× 18.4× −3.04% (below 0%: shrinking) +21.00% (above 0%: growing) +28.48% (above 0%: growing) 66.83% 39.53% Compare
WHD Cactus, Inc. $4.4B 37.6× 23.4× +63.24% (above 0%: growing) +45.90% (above 0%: growing) −95.60% (below 0%: shrinking) 36.40% 21.83% Compare
Median of peers $15.1B 17.4× 20.9× +4.07% +43.35% −7.91% 24.59% 12.43%

All 48 Oil & Gas Equipment & Services stocks →

Tenaris S.A. (TS) Latest News

5 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com
Impact 3 · · InvestorsHub

4 Nov

Impact 3 · · Zacks
Impact 3 · · GlobeNewswire

21 Oct

Impact 3 · · GlobeNewswire

15 Oct

Impact 4 · · Simply Wall St.

13 Oct

Impact 4 · · GlobeNewswire

9 Sep

Impact 3 ·

2 Sep

Impact 3 ·

9 Aug

Impact 3 · · MarketBeat transcript

6 Aug

Impact 3 · transcript

5 Aug

Impact 3 ·
Impact 3 ·

30 Jun

Impact 3 ·

22 May

Impact 4 · · GlobeNewswire
Impact 4 · · CNW Group
Impact 4 · · CNW Group
Impact 3 · · GlobeNewswire

15 May

Impact 3 ·

11 May

Impact 4 · · Simply Wall St.

8 May

Impact 4 · · GlobeNewswire

6 May

Impact 4 · · GlobeNewswire
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

5 May

Impact 4 · · Zacks

21 Apr

Impact 4 · · GlobeNewswire

4 Apr

Impact 4 · · Simply Wall St.

27 Feb

Impact 4 · · Insider Monkey

23 Feb

Impact 4 · · MarketBeat

TS metrics, ten years each

stockrow.com/TS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com