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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. In the quarter to June 2026, revenue fell 3.86%, EPS fell 4.04%, free cash flow fell 33.3% and total debt fell 6.90%, each against the same quarter a year earlier.

59.39 2.14 +3.74%
Market cap
$30.7B
P/E
15.9×
Fwd P/E
—
Dividend yield
0.98%
F-score
6/9
Altman Z
6.38
Beneish M
−2.55
Dividend safety
69/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 30,690.00
Revenue 12,040.36
Net Income 1,970.00
Free Cash Flow 1,698.44
Net Debt (2,495.46)
Current Ratio 4.07 (at or above 1.5: strong)
Debt/Equity 0.02 (at or below 0.5: strong)
P/E ratio 15.88
Fwd P/E —
P/S ratio 2.49
P/B ratio 1.74
Past 5Y EPS Growth —
This Y EPS Growth 3.09%
Next Y EPS Growth 14.25%
Next Y revenue growth —
Next 5Y EPS Growth 7.46%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.3×, 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 60.66%
10-year low 10-year high
P/S against its own 10 years 69.26%
10-year low 10-year high
P/B against its own 10 years 91.04%
10-year low 10-year high
EV/Sales against its own 10 years 66.46%
10-year low 10-year high
EV/FCF against its own 10 years 66.82%
10-year low 10-year high

Dividends

Payout Ratio 0.16
Annual Dividend Rate 0.58
Annual Dividend Yield 0.98%
total individual payouts
2025 1.70
1.12
0.58
2024 1.34
0.80
0.54
2023 1.08
0.68
0.40
2022 0.90
0.56
0.34
2021 0.54
0.28
0.26
2020 0.70
0.56
0.14
2019 0.82
0.56
0.26
2018 0.82
0.56
0.26
2017 1.38
0.56
0.56
0.26
2016 0.86
0.60
0.26
special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 18.53 25.91 20.45 19.90 8.86 14.88 21.25 24.69 27.24 30.06

Analyst estimates 2026–2028

Powerpack
High 36.18 37.21 40.64 30.32 23.54 25.54 35.75 38.00 40.73 41.76
People
People Employees 19,399 21,605 23,472 23,200 19,028 23,000 25,292 29,134 25,874 24,875
Revenue/emp, $m 0.22 0.24 0.33 0.31 0.27 0.28 0.47 0.51 0.48 0.48
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
Gross margin, % 26.27 30.32 31.07 29.98 20.58 29.28 39.74 41.70 35.04 34.39
EBT 34 428 1,103 934 (619) 1,243 3,166 4,633 2,556 2,474
EBT margin, % 0.80 8.09 14.40 12.80 (12.03) 19.06 26.92 31.16 20.41 20.65
Net income 59 536 874 731 (642) 1,053 2,549 3,958 2,077 1,973
Depreciation 662 609 664 540 679 595 608 549 633 616
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
Earnings 0.09 0.92 1.48 1.26 (1.07) 1.87 4.33 6.65 3.61 3.66
Cash flow 1.46 (0.04) 1.03 2.59 2.58 0.20 1.98 7.46 5.08 4.92
Capex (1.29) (0.94) (0.59) (0.59) (0.30) (0.37) (0.56) (1.03) (1.18) (1.06)
Free cash flow 0.17 (0.97) 0.44 2.00 2.27 (0.17) 1.42 6.43 3.90 3.87
Book value 19.34 19.62 20.12 20.65 19.39 20.51 23.78 28.89 29.83 31.88
Shares, m 590 590 590 590 590 590 590 589 564 528
Valuation, ×
Valuation, × P/E 358.30 34.76 14.31 17.97 0.00 11.16 7.75 5.20 10.47 10.53
P/S 4.93 3.61 1.64 1.83 1.83 1.89 1.68 1.37 1.70 1.69
P/B 1.85 1.65 1.06 1.10 0.82 1.02 1.41 1.19 1.27 1.21
EV/Sales 4.65 3.50 1.59 1.70 1.66 1.83 1.61 1.16 1.49 1.48
EV/FCF 198.97 (32.22) 46.68 10.51 6.39 (122.03) 22.65 4.57 8.49 8.69
Cash, $m
Cash, $m Operating cash flow 864 (22) 611 1,528 1,520 119 1,167 4,395 2,866 2,600
Capex (763) (553) (349) (348) (179) (217) (330) (607) (665) (559)
Free cash flow 100 (575) 261 1,180 1,341 (98) 837 3,789 2,201 2,041
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
Total debt 840 966 539 822 619 331 729 583 437 306
Net debt (1,193) (565) (386) (962) (850) (389) (832) (3,034) (2,618) (2,576)
Shareholders’ equity 11,413 11,581 11,875 12,186 11,446 12,106 14,034 17,030 16,814 16,829
Returns, %
Returns, % ROA 0.38 3.84 6.12 5.11 (4.44) 7.81 15.96 20.28 9.81 9.54
ROIC (0.36) 1.90 4.74 4.64 (3.91) 3.77 14.03 19.27 10.65 10.01
ROE 0.48 4.74 7.47 6.17 (5.37) 9.34 19.54 25.23 12.03 11.49
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $71.8B 23.8× 21.0× +4.98% (above 0%: growing) −28.38% (below 0%: shrinking) +13.53% (above 0%: growing) 15.55% 11.94% Compare
BKR Baker Hughes Company $54.0B 17.7× 23.2× −2.43% (below 0%: shrinking) −2.82% (below 0%: shrinking) +365.97% (above 0%: growing) 23.39% 14.21% Compare
TS Tenaris S.A. $30.7B 15.9× — −3.86% (below 0%: shrinking) −4.04% (below 0%: shrinking) −33.29% (below 0%: shrinking) 33.19% 16.65%
HAL Halliburton Company $27.4B 17.5× 16.7× +3.70% (above 0%: growing) +16.36% (above 0%: growing) +14.78% (above 0%: growing) 14.07% 13.62% Compare
FTI TechnipFMC plc $26.8B 23.7× 22.8× +9.01% (above 0%: growing) +41.54% (above 0%: growing) +87.22% (above 0%: growing) 24.78% 17.54% Compare
NOV NOV Inc. $6.6B 72.8× 25.5× −2.47% (below 0%: shrinking) +6.90% (above 0%: growing) −116.81% (below 0%: shrinking) 24.41% 9.04% Compare
LB LandBridge Company LLC $6.3B 60.9× 47.5× +40.62% (above 0%: growing) +43.33% (above 0%: growing) +11.25% (above 0%: growing) 98.30% 66.07% Compare
WFRD Weatherford International PLC $5.5B 14.9× 16.5× −8.22% (below 0%: shrinking) −70.59% (below 0%: shrinking) +77.50% (above 0%: growing) 30.14% 9.68% Compare
SEI Solaris Energy Infrastructure, Inc. $5.2B 61.5× 55.4× +46.92% (above 0%: growing) +13.33% (above 0%: growing) −89.73% (below 0%: shrinking) 57.55% 25.76% Compare
Median of peers $16.7B 23.7× 23.0× +4.34% +10.12% +14.16% 24.60% 13.92%

All 46 Oil & Gas Equipment & Services stocks →

Tenaris S.A. (TS) key facts

  • Concern: Tenaris S.A.’s revenue for fiscal 2025 (year ended December 2025) was $12.0 billion, down 4.33% from fiscal 2024.
  • Concern: Net income was $2.0 billion, or $3.66 per share (basic), a net margin of 16.1%.
  • Tenaris S.A. (TS) is an Oil & Gas Equipment & Services company in the Energy sector, traded in the US as an ADR.
  • As of October 16, 2026, TS traded at $59.39, a market capitalization of $30.7 billion.
  • At that price the stock trades at 15.9× trailing-twelve-month earnings and 2.5× sales; its P/E is higher than 61% of its own readings over the past ten years.
  • Tenaris S.A. pays an annual dividend of $0.58 per share, a yield of 0.98%, with a payout ratio of 15.5%.
  • Return on equity was 11.5% and debt-to-equity 0.02.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 6.38 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Tenaris S.A. (TS) Latest News

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