Tenaris (TS)
NYSE:TS
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Tenaris SA
(NYSE:TS)
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Rating:79Outperform
Price Target:
$68.00
â–²(16.02% Upside)
Action:Reiterated
Date:05/09/26
TS scores well primarily on strong financial quality (very low leverage/net cash and solid profitability) and attractive valuation (low P/E with a meaningful dividend). The score is tempered by near-term margin headwinds discussed on the earnings call (tariffs and raw-material costs) and a mixed technical picture with neutral momentum despite a longer-term uptrend.
Positive Factors
Balance Sheet Strength
Extremely low leverage and a net cash position provide durable financial flexibility across commodity cycles. This supports capital returns, opportunistic M&A, and the ability to absorb working-capital swings without strained liquidity, reducing solvency risk over a multi-quarter horizon.
Negative Factors
U.S. Tariff Headwind
A sustained 50% tariff materially raises domestic cost bases and disrupts pricing competitiveness vs. imports. This regulatory cost layer can depress U.S. margins and market share for multiple quarters until tariffs are removed or fully priced through, constraining durable profit recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Extremely low leverage and a net cash position provide durable financial flexibility across commodity cycles. This supports capital returns, opportunistic M&A, and the ability to absorb working-capital swings without strained liquidity, reducing solvency risk over a multi-quarter horizon.
Read all positive factors
Tenaris SA (TS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$33.28B
Dividend Yield4.43%
Average Volume (3M)1.91M
Price to Earnings (P/E)13.9
Beta (1Y)0.62
Revenue Growth1.69%
EPS Growth16.35%
CountryUS
Employees25,874
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)3.76
Shares Outstanding535,997,440
10 Day Avg. Volume2,018,144
30 Day Avg. Volume1,912,130
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)1.20
Price to Sales (P/S)1.67
P/FCF Ratio10.08
Enterprise Value/Market Cap0.91
Enterprise Value/Revenue2.50
Enterprise Value/Gross Profit7.28
Enterprise Value/Ebitda10.21
Forecast
1Y Price Target
$59.19Price Target Upside0.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)3.64
Revenue Forecast (FY)$12.18B
Tenaris SA 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 that support oil and gas drilling and production activities. Its core revenue stream is the sale of OCTG (casing, tubing, and accessories) used in well con...
Tenaris SA Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed that Tenaris delivered resilient top-line growth and strong full-year cash generation in 2025, maintained a net cash position and increased shareholder returns, while successfully expanding services (Rig Direct, Argentina fracking, offshore backlog) and progressing sustainability projects. However, meaningful challenges persist: a pronounced U.S. tariff headwind, raw material-driven margin pressure (notably on welded/ERW products), import competition suppressing price recovery, and ongoing market/geopolitical uncertainties. On balance, the company appears financially strong and operationally resilient, with near-term margin risk from input costs and trade dynamics.Positive Updates
Quarterly Revenue Growth
Q4 sales of $3.0 billion, up 5% year-over-year and 1% sequentially, driven by resilient Rig Direct sales in the U.S. & Canada and resumed fracking/coiled tubing services in Argentina.
Negative Updates
Tariff Headwind in U.S.
Full impact of 50% Section 232 tariffs in the U.S. is included in results; tariffs (including on steel bars) remain a material headwind for U.S. operations and seamless/welded pipe economics.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Revenue Growth
Q4 sales of $3.0 billion, up 5% year-over-year and 1% sequentially, driven by resilient Rig Direct sales in the U.S. & Canada and resumed fracking/coiled tubing services in Argentina.
Read all positive updates
Company Guidance
The company guided to a stable start to 2026, expecting first-quarter results and margins to be roughly in line with 4Q25 (4Q25 sales $3.0bn, EBITDA $717m or 24% of sales, operating cash flow $787m), while noting the full effect of the 50% Section 232 tariffs is already in 4Q and should be slightly lower in Q1; management warned of a tariff/raw‑material–related margin headwind that will show mainly in Q2 (hot‑rolled coil pressure) with recovery expected into Q3–Q4. For the year they expect working capital to be neutral overall with a Q1 increase in receivables, capex roughly in line with 2025 levels, and continued offshore strength (1H26 revenues > 2H25) as they ramp projects like Sakarya and Suriname; financial priorities include maintaining a net cash position (~$3.3bn at quarter end), returning capital via a proposed annual dividend of $0.89/share ($1.78/ADR, including the $0.29 interim) with a $0.60/share ($1.20/ADR) May payment up 7% YoY, and an active $1.2bn buyback program (second $600m tranche ongoing, ~$537m deployed in the quarter), supported by FY25 free cash flow of ~$2.0bn.Tenaris SA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.16B | 11.98B | 12.52B | 14.87B | 11.76B | 6.52B |
| Gross Profit | 4.17B | 4.12B | 4.39B | 6.20B | 4.67B | 1.91B |
| EBITDA | 2.97B | 3.14B | 3.16B | 5.29B | 3.82B | 1.86B |
| Net Income | 1.97B | 1.93B | 2.04B | 3.92B | 2.55B | 1.10B |
Balance Sheet | ||||||
| Total Assets | 20.51B | 20.07B | 20.45B | 21.08B | 17.55B | 14.45B |
| Cash, Cash Equivalents and Short-Term Investments | 3.42B | 2.88B | 3.05B | 3.61B | 1.53B | 715.98M |
| Total Debt | 473.52M | 448.97M | 582.32M | 203.96M | 840.94M | 448.22M |
| Total Liabilities | 3.17B | 3.24B | 3.64B | 4.05B | 3.52B | 2.34B |
| Stockholders Equity | 17.09B | 16.60B | 16.59B | 16.84B | 13.91B | 11.96B |
Cash Flow | ||||||
| Free Cash Flow | 1.87B | 1.98B | 2.16B | 3.78B | 769.87M | -125.52M |
| Operating Cash Flow | 2.45B | 2.60B | 2.87B | 4.40B | 1.17B | 119.08M |
| Investing Cash Flow | 185.56M | -192.60M | -1.40B | -2.69B | -163.56M | 267.90M |
| Financing Cash Flow | -2.23B | -2.48B | -2.40B | -1.13B | -178.34M | -647.96M |
Tenaris SA Technical Analysis
Positive
58.61
Price Trends
59.22
Positive
52.49
Positive
44.68
Positive
Market Momentum
0.85
Positive
53.86
Neutral
71.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TS, the sentiment is Positive. The current price of 58.61 is below the 20-day moving average (MA) of 62.40, below the 50-day MA of 59.22, and above the 200-day MA of 44.68, indicating a neutral trend. The MACD of 0.85 indicates Positive momentum. The RSI at 53.86 is Neutral, neither overbought nor oversold. The STOCH value of 71.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TS.
Tenaris SA Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $33.28B | 13.93 | 11.65% | 4.43% | 1.69% | 16.35% | |
79 Outperform | $63.61B | 16.25 | 16.84% | 2.04% | 0.20% | 6.96% | |
78 Outperform | $28.42B | 26.54 | 32.54% | 0.44% | 9.44% | 36.97% | |
70 Outperform | $82.80B | 25.61 | 13.46% | 2.98% | -0.53% | -22.59% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $34.89B | 17.70 | 14.67% | 2.41% | -1.72% | -23.60% | |
59 Neutral | $7.31B | 84.88 | 1.45% | 3.24% | -1.33% | -84.10% |
* Energy Sector Average
TS
Tenaris SA
62.08
29.57
90.98%
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Tenaris SA Corporate Events
Tenaris Posts Higher First-Quarter 2026 Profit on Rising Sales
May 7, 2026
Tenaris S.A. reported consolidated condensed interim financial results for the three-month period ended March 31, 2026, showing net sales of $3.10 billion and income for the period of $564.2 million, up from $2.92 billion and $517.9 million a year...
Tenaris Posts Strong Q1 2026 Results but Warns of Near-Term Hit From Middle East Disruption
May 7, 2026
On May 6, 2026, Tenaris reported a solid first quarter for the period ended March 31, 2026, with net sales up 4% sequentially to $3.1 billion and 6% year on year, and EBITDA of $735 million holding margins at about 24%. Net income climbed 22% vers...
Tenaris Names Gabriel Podskubka CEO as Paolo Rocca Remains Chairman
May 7, 2026
On May 6, 2026, Luxembourg-based Tenaris S.A. announced that its board appointed long-time executive Gabriel Podskubka as Chief Executive Officer, while Paolo Rocca will remain Chairman of the Board. The move concludes a long-term leadership plann...
Tenaris Sets May 12, 2026 Shareholder Meetings and Plans Capital Reduction via Treasury Share Cancellation
Apr 13, 2026
Tenaris S.A. has called its Annual General Meeting and an Extraordinary General Meeting of Shareholders for May 12, 2026, in Luxembourg, where investors will review and vote on the company’s 2025 consolidated management report, financial sta...
Tenaris Files 2025 Annual Report with SEC and Luxembourg Stock Exchange
Apr 1, 2026
On March 30, 2026, Tenaris S.A. furnished its 2025 Annual Report to the U.S. Securities and Exchange Commission under Form 6-K, in parallel with its filing with the Luxembourg Stock Exchange. The submission includes consolidated management and sus...
Tenaris Files 2025 Annual Report and Form 20-F with Global Regulators
Mar 31, 2026
On March 30, 2026, Tenaris filed its 2025 Annual Report with the Luxembourg Stock Exchange, the U.S. Securities and Exchange Commission and other regulators in markets where its securities are listed. The report, covering the year ended December 3...
Tenaris Discloses Managerial Securities Transaction Under EU Market Abuse Rules
Mar 6, 2026
On March 5, 2026, Tenaris S.A. reported that it had received a notification of a securities transaction carried out by a person discharging managerial responsibilities, in line with EU market abuse rules and applicable Luxembourg regulations. The ...
Tenaris Reports Latest Purchases in Second Tranche of $1.2 Billion Share Buyback
Mar 4, 2026
Between February 23 and February 27, 2026, Tenaris S.A. repurchased 2,573 ordinary shares for a total consideration of €57,617, equivalent to USD67,913, as part of the second tranche of its USD1.2 billion share buyback program launched in No...
Tenaris Ends Second Tranche of USD 1.2 Billion Share Buyback Amid Market Volatility
Feb 24, 2026
On February 23, 2026, Tenaris announced it will terminate, effective March 3, 2026, the second USD 600 million tranche of its USD 1.2 billion share buyback program, originally launched in May 2025. This tranche began on November 3, 2025 and was sc...
Tenaris Holds Investor Call to Review 2025 Fourth-Quarter and Annual Results
Feb 24, 2026
On February 19, 2026, Tenaris’s chairman and CEO Paolo Rocca and other senior executives held an audio conference with investors and analysts to review the company’s 2025 fourth-quarter and full-year results. During the call, managemen...
Tenaris Expands Second Tranche of $1.2 Billion Share Buyback With New Weekly Purchases
Feb 23, 2026
Between February 16 and February 20, 2026, Tenaris S.A. continued executing the second tranche of its previously announced USD 1.2 billion share buyback program, focused on repurchasing up to USD 600 million of shares in the open market. Over that...
Tenaris Reports Lower 2025 Revenue but Sustains Strong Profitability in Latest SEC Filing
Feb 20, 2026
Tenaris S.A. has filed its consolidated financial statements for the years ended December 31, 2025, 2024 and 2023 with the U.S. Securities and Exchange Commission as of February 18, 2026, reporting net sales of $11.98 billion in 2025, down from $1...
Tenaris Posts Resilient Q4 2025 Results and Signals Steady Outlook for Early 2026
Feb 19, 2026
On February 18, 2026, Tenaris reported its audited results for the fourth quarter and full year ended December 31, 2025, showing resilient sales and margins despite higher U.S. Section 232 steel tariffs and operational challenges. Fourth-quarter n...
Tenaris Advances Second Tranche of USD1.2 Billion Share Buyback With February Purchases
Feb 17, 2026
Tenaris S.A., a global steel tube supplier to the energy and industrial sectors, reported progress on the second tranche of its USD1.2 billion share buyback program during the week of February 9–13, 2026. The program, announced in November 2...
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.