Tenaris (IT:TEN)
:TEN
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Tenaris
(TEN)
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Rating:75Outperform
Price Target:
€29.00
▲(18.76% 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 leverage gives Tenaris durable financial flexibility: limits refinancing risk, supports capex, dividend policy and opportunistic investments across cycles. A strong balance sheet also cushions operational volatility and preserves strategic optionality over the next several months.
Negative Factors
Revenue normalization
Revenue and margin normalization versus 2023 reduce upside leverage and indicate a less favorable pricing/cycle environment. Flatter top-line limits margin expansion potential and makes earnings more dependent on cost control and mix, constraining growth over months ahead.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Very low leverage gives Tenaris durable financial flexibility: limits refinancing risk, supports capex, dividend policy and opportunistic investments across cycles. A strong balance sheet also cushions operational volatility and preserves strategic optionality over the next several months.
Read all positive factors
Tenaris (TEN) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€28.34B
Dividend Yield4.46%
Average Volume (3M)1.99M
Price to Earnings (P/E)13.9
Beta (1Y)0.57
Revenue Growth-6.16%
EPS Growth7.18%
CountryIT
Employees25,874
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)2.33
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
€24.88Price Target Upside1.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.57
Revenue Forecast (FY)€10.40B
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
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 | 4.29B | 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 | 543.94M | 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
24.42
Price Trends
25.09
Positive
22.26
Positive
18.93
Positive
Market Momentum
0.39
Positive
56.59
Neutral
52.45
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 24.42 is below the 20-day moving average (MA) of 26.11, below the 50-day MA of 25.09, and above the 200-day MA of 18.93, indicating a bullish trend. The MACD of 0.39 indicates Positive momentum. The RSI at 56.59 is Neutral, neither overbought nor oversold. The STOCH value of 52.45 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
26.44
12.38
88.00%
IT:SPM
Saipem SpA
4.23
2.17
104.94%
IT:GSP
Gas Plus S.p.A.
5.88
2.49
73.60%
IT:NXT
Next Geosolutions Europe SpA
14.25
6.13
75.41%
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.