Tenaris (IT:TEN)
:TEN
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Tenaris
(TEN)
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Rating:81Outperform
Price Target:
€31.00
▲(26.95% Upside)
Action:ReiteratedDate:02/20/26
The score is driven primarily by strong financial performance (conservative leverage and solid free cash flow) and supportive valuation (moderate P/E and good dividend yield). Technicals are positive on trend, but very overbought momentum readings temper the overall rating due to increased near-term volatility risk.
Positive Factors
Very low leverage; strong balance sheet
Minimal debt (debt ~3% of equity) gives Tenaris durable financial flexibility to fund capital cycles, sustain dividends, and withstand industry downturns. A conservative balance sheet reduces refinancing risk and supports long-term investment in yards, service capabilities and contractual commitments to customers.
Negative Factors
Cyclical revenue decline recently
Negative revenue growth signals exposure to project timing and end-market cycles. Persistent top-line volatility undermines visibility for capacity utilization and margin planning, making multi-quarter forecasting and steady investment returns more challenging for capital-intensive tubular manufacturing.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage; strong balance sheet
Minimal debt (debt ~3% of equity) gives Tenaris durable financial flexibility to fund capital cycles, sustain dividends, and withstand industry downturns. A conservative balance sheet reduces refinancing risk and supports long-term investment in yards, service capabilities and contractual commitments to customers.
Read all positive factors
Tenaris (TEN) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€29.19B
Dividend Yield4.46%
Average Volume (3M)1.99M
Price to Earnings (P/E)10.2
Beta (1Y)0.60
Revenue Growth-8.27%
EPS Growth-2.32%
CountryIT
Employees25,874
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.37
Shares Outstanding1,071,994,900
10 Day Avg. Volume1,699,035
30 Day Avg. Volume1,992,083
Financial Highlights & Ratios
PEG Ratio2.05
Price to Book (P/B)1.23
Price to Sales (P/S)1.64
P/FCF Ratio9.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€23.62Price Target Upside-3.28% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.53
Revenue Forecast (FY)€10.26B
Tenaris Business Overview & Revenue Model
Company Description
Tenaris S.A., together with its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing pr...
How the Company Makes Money
Tenaris makes money mainly by selling steel tubular products and providing related services to energy customers. The largest revenue driver is typically OCTG: high-specification seamless (and some welded) casing, tubing, and accessories used in oi...
Tenaris Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
86
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 12.47B | 12.52B | 14.87B | 11.76B | 6.52B |
| Gross Profit | 4.29B | 4.39B | 6.47B | 4.67B | 1.91B |
| EBITDA | 3.03B | 3.16B | 5.29B | 3.82B | 1.86B |
| Net Income | 2.01B | 2.04B | 3.92B | 2.55B | 1.10B |
Balance Sheet | |||||
| Total Assets | 20.07B | 20.45B | 21.08B | 17.55B | 14.45B |
| Cash, Cash Equivalents and Short-Term Investments | 2.88B | 3.05B | 3.61B | 1.53B | 715.98M |
| Total Debt | 543.94M | 582.32M | 203.96M | 840.94M | 448.22M |
| Total Liabilities | 3.24B | 3.64B | 4.05B | 3.52B | 2.34B |
| Stockholders Equity | 16.60B | 16.59B | 16.84B | 13.91B | 11.96B |
Cash Flow | |||||
| Free Cash Flow | 2.13B | 2.16B | 3.78B | 769.87M | -125.52M |
| Operating Cash Flow | 2.77B | 2.87B | 4.40B | 1.17B | 119.08M |
| Investing Cash Flow | -265.01M | -1.40B | -2.69B | -163.56M | 267.90M |
| Financing Cash Flow | -2.58B | -2.40B | -1.13B | -178.34M | -647.96M |
Tenaris Technical Analysis
Neutral
24.42
Price Trends
23.30
Positive
20.43
Positive
18.02
Positive
Market Momentum
0.50
Positive
49.41
Neutral
36.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:TEN, the sentiment is Neutral. The current price of 24.42 is below the 20-day moving average (MA) of 25.06, above the 50-day MA of 23.30, and above the 200-day MA of 18.02, indicating a neutral trend. The MACD of 0.50 indicates Positive momentum. The RSI at 49.41 is Neutral, neither overbought nor oversold. The STOCH value of 36.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IT:TEN.
Tenaris Peers Comparison
UnderperformOutperform
Sector (55)
IT:TEN
Tenaris
27.23
13.17
93.68%
IT:SPM
Saipem SpA
4.61
2.70
142.17%
IT:GSP
Gas Plus S.p.A.
6.08
2.87
89.17%
IT:NXT
Next Geosolutions Europe SpA
12.20
4.68
62.23%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.