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Tenaris
(TEN)
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Rating:75Outperform
Price Target:
€31.00
▲(21.47% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial quality—especially the very strong balance sheet and solid profitability—partly offset by post-2023 normalization in revenue/margins and weakening free cash flow trends. Technicals are neutral-to-mixed and valuation is reasonable with a supportive dividend yield.
Positive Factors
Balance sheet strength
Very low debt relative to equity gives Tenaris durable financial flexibility: limits refinancing risk, supports capex or M&A funding without stressing liquidity, and cushions the firm during oil-cycle troughs. This underpins long-term stability and strategic optionality.
Negative Factors
Revenue normalization / weak growth
Top-line stagnation versus prior peak suggests limited secular demand or lost pricing power in core markets. Persistently weak revenue growth reduces operating leverage, constrains margin expansion, and limits capacity to grow free cash flow and fund strategic investments over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Very low debt relative to equity gives Tenaris durable financial flexibility: limits refinancing risk, supports capex or M&A funding without stressing liquidity, and cushions the firm during oil-cycle troughs. This underpins long-term stability and strategic optionality.
Read all positive factors
Tenaris (TEN) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€26.74B
Dividend Yield3.11%
Average Volume (3M)1.99M
Price to Earnings (P/E)15.2
Beta (1Y)0.47
Revenue Growth-6.16%
EPS Growth7.18%
CountryIT
Employees24,875
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)1.89
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
€29.25Price Target Upside14.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.64
Revenue Forecast (FY)€10.64B
Tenaris Business Overview & Revenue Model
Company Description
Tenaris S.A., together with its subsidiaries, manufactures and supplies steel pipe products and related services for the energy industry and other industrial applications in North America, South America, Europe, the Middle East and Africa, and the...
How the Company Makes Money
Tenaris makes money primarily by selling steel tubular products and associated services to energy and industrial customers. Its largest revenue stream is OCTG: casing, tubing, and other threaded/finished pipe used in oil and gas wells, where Tenar...
Tenaris Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
92
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.12B | 12.47B | 12.52B | 14.87B | 11.76B | 6.52B |
| Gross Profit | 4.16B | 4.12B | 4.39B | 6.47B | 4.67B | 1.91B |
| EBITDA | 3.05B | 3.03B | 3.16B | 5.29B | 3.82B | 1.86B |
| Net Income | 1.96B | 2.01B | 2.04B | 3.92B | 2.55B | 1.10B |
Balance Sheet | ||||||
| Total Assets | 20.49B | 20.07B | 20.45B | 21.08B | 17.55B | 14.45B |
| Cash, Cash Equivalents and Short-Term Investments | 3.41B | 2.88B | 3.05B | 3.61B | 1.53B | 715.98M |
| Total Debt | 473.02M | 448.97M | 582.32M | 203.96M | 840.94M | 448.22M |
| Total Liabilities | 3.16B | 3.24B | 3.64B | 4.05B | 3.52B | 2.34B |
| Stockholders Equity | 17.08B | 16.60B | 16.59B | 16.84B | 13.91B | 11.96B |
Cash Flow | ||||||
| Free Cash Flow | 1.84B | 2.13B | 2.16B | 3.78B | 769.87M | -125.52M |
| Operating Cash Flow | 2.42B | 2.77B | 2.87B | 4.40B | 1.17B | 119.08M |
| Investing Cash Flow | 216.69M | -265.01M | -1.40B | -2.69B | -163.56M | 267.90M |
| Financing Cash Flow | -2.24B | -2.58B | -2.40B | -1.13B | -178.34M | -647.96M |
Tenaris Technical Analysis
Positive
25.52
Price Trends
25.28
Negative
25.26
Negative
21.67
Positive
Market Momentum
-0.02
Negative
53.30
Neutral
45.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:TEN, the sentiment is Positive. The current price of 25.52 is above the 20-day moving average (MA) of 24.71, above the 50-day MA of 25.28, and above the 200-day MA of 21.67, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 53.30 is Neutral, neither overbought nor oversold. The STOCH value of 45.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:TEN.
Tenaris Peers Comparison
UnderperformOutperform
Sector (55)
IT:TEN
Tenaris
25.10
10.15
67.92%
IT:SPM
Saipem SpA
4.29
2.11
96.21%
IT:GSP
Gas Plus S.p.A.
5.77
1.66
40.36%
IT:NXT
Next Geosolutions Europe SpA
15.75
5.45
52.85%
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.