Tenaris SA (TS) AI Stock Analysis

• Market Cap: $24.64B
• Dividend Yield: 4.43%
• Average Volume (3M): 1.15M
• Price to Earnings (P/E): 12.4
• Beta (1Y): 0.74
• Revenue Growth: -9.76%
• EPS Growth: -18.94%
• Country: US
• Employees: 25,874
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 0.85
• Shares Outstanding: 535,997,440
• 10 Day Avg. Volume: 1,385,531
• 30 Day Avg. Volume: 1,147,444
• PEG Ratio: 1.20
• Price to Book (P/B): 1.28
• Price to Sales (P/S): 1.70
• P/FCF Ratio: 9.83
• Enterprise Value/Market Cap: 0.96
• Enterprise Value/Revenue: 2.01
• Enterprise Value/Gross Profit: 5.91
• Enterprise Value/Ebitda: 7.58
• 1Y Price Target: $43.52
• Price Target Upside: -6.21% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 75 Outperform
• Price Target: $50.00 ▲(7.76% Upside)

Tenaris SA's strong financial performance and robust balance sheet are the most significant factors contributing to its score. The company's valuation is attractive, with a reasonable P/E ratio and a solid dividend yield. However, technical indicators suggest the stock may be overbought in the short term. The earnings call provided a mixed outlook, with strong performance tempered by challenges such as tariffs and working capital issues.

Positive Factors

Balance Sheet Strength

Extremely low leverage and a strong equity ratio provide durable financial flexibility. With a D/E of 0.028 and ROE of 11.9%, Tenaris can fund capex, dividends, buybacks and weather oil‑cycle volatility without material refinancing risk, supporting long-term stability.

Margin and Profitability Profile

Sustained high gross and net margins indicate durable pricing power and operational efficiency in tubular products. Robust EBIT/EBITDA margins support cash generation and reinvestment capacity, underpinning resilience across oilfield project cycles and enabling consistent shareholder returns.

Resilient End‑market Demand and Backlog

Stable North American sales and a growing offshore order backlog point to diversified end‑market exposure and sticky customer relationships. This structural demand visibility from major projects supports utilization, pricing leverage and multi‑quarter revenue predictability.

Negative Factors

Tariff-Driven Cost Pressure

Sustained tariff exposure raises structural input costs and compresses margins unless passed through to customers. Persistent trade barriers increase earnings volatility, complicate pricing across geographies, and can erode competitiveness versus lower‑cost producers over several quarters.

Working Capital and Receivable Risk

Large receivable buildup from a single counterparty creates credit and cash‑flow vulnerability and can constrain liquidity for operations and investments. Prolonged collection risk increases financing needs and raises the chance of higher borrowing or reduced capital returns over the medium term.

Decline in Free Cash Flow Growth

A notable drop in FCF growth weakens the company’s ability to fund organic investments, sustain buybacks and maintain dividends without drawing on cash reserves. If this trend persists, it could limit strategic flexibility and heighten sensitivity to cyclical downturns in oilfield activity.

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 products, mechanical and structural pipes, cold-drawn pipes, and premium joints and couplings; coiled tubing products for oil and gas drilling and workovers, and subsea pipelines; and umbilical tubing products; and tubular accessories. It also provides sucker rods, industrial equipment, heat exchangers, and utility conduits for buildings, as well as sells energy and raw materials. In addition, it offers financial services. The company operates in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. Tenaris S.A. was incorporated in 2001 and is based in Luxembourg, Luxembourg. Tenaris S.A. is a subsidiary of Techint Holdings S.à r.l.

How the Company Makes Money

Tenaris generates revenue primarily through the sale of tubular products and services related to the oil and gas industry. The company's key revenue streams include the production of seamless and welded steel pipes, which are essential for drilling and transporting oil and gas. Additionally, Tenaris provides a range of value-added services, such as pipe coating, logistics, and technical support, which further enhance their offerings. Significant partnerships with major oil and gas companies and a global manufacturing footprint enable Tenaris to capture a substantial market share and respond to customer needs effectively. Furthermore, the company benefits from fluctuations in oil and gas prices, as demand for its products tends to rise in periods of increased drilling and production activity.

Tenaris SA Financial Statement Overview

Summary

Tenaris SA exhibits strong financial health with impressive revenue growth and profitability metrics. The balance sheet is robust, characterized by low leverage and strong equity. While cash flow generation has seen some decline, the company's overall financial position remains solid, supported by efficient operations and prudent financial management.

Income Statement

Tenaris SA has demonstrated strong revenue growth with a 42% increase in the TTM period. The company maintains healthy profitability metrics, with a gross profit margin of 33.8% and a net profit margin of 17%. Although there was a slight decline in revenue in the previous annual period, the overall trajectory remains positive. The EBIT and EBITDA margins are robust, indicating efficient operational management.

Balance Sheet

The balance sheet is solid with a low debt-to-equity ratio of 0.028, reflecting minimal leverage and financial risk. The return on equity is healthy at 11.9%, showcasing effective utilization of shareholder funds. The equity ratio stands at a strong 83.3%, indicating a stable financial structure with significant equity backing.

Cash Flow

Cash flow analysis reveals a decline in free cash flow growth, down by 12.6% in the TTM period, which could be a concern if the trend continues. However, the operating cash flow to net income ratio is nearly 1, suggesting adequate cash generation relative to earnings. The free cash flow to net income ratio of 0.73 indicates a reasonable conversion of earnings into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	11.82B	12.52B	14.87B	11.76B	6.52B	5.15B
Gross Profit	4.02B	4.39B	6.20B	4.67B	1.91B	1.06B
EBITDA	3.13B	3.16B	5.29B	3.82B	1.86B	86.55M
Net Income	2.00B	2.04B	3.92B	2.55B	1.10B	-634.42M
Balance Sheet
Total Assets	20.47B	20.45B	21.08B	17.55B	14.45B	13.72B
Cash, Cash Equivalents and Short-Term Investments	2.99B	3.05B	3.61B	1.53B	715.98M	1.46B
Total Debt	477.51M	582.32M	203.96M	840.94M	448.22M	919.85M
Total Liabilities	3.21B	3.64B	4.05B	3.52B	2.34B	2.27B
Stockholders Equity	17.04B	16.59B	16.84B	13.91B	11.96B	11.26B
Cash Flow
Free Cash Flow	1.66B	2.16B	3.78B	769.87M	-125.52M	1.33B
Operating Cash Flow	2.35B	2.87B	4.40B	1.17B	119.08M	1.52B
Investing Cash Flow	-48.70M	-1.40B	-2.69B	-163.56M	267.90M	-2.09B
Financing Cash Flow	-2.41B	-2.40B	-1.13B	-178.34M	-647.96M	-375.32M

Tenaris SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 46.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 46.4 is above the 20-day moving average (MA) of 43.15, above the 50-day MA of 41.06, and above the 200-day MA of 36.80, indicating a bullish trend. The MACD of 1.52 indicates Negative momentum. The RSI at 71.37 is Negative, neither overbought nor oversold. The STOCH value of 80.61 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TS.

Tenaris SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BKR	76 Outperform	$58.39B	22.31	14.42%	2.04%	1.51%	30.09%
FTI	76 Outperform	$22.87B	25.70	28.72%	0.44%	11.73%	45.70%
TS	75 Outperform	$24.64B	12.42	11.69%	4.43%	-9.76%	-18.94%
SLB	73 Outperform	$76.79B	21.19	14.28%	2.98%	-2.13%	-16.76%
NOV	72 Outperform	$7.07B	18.75	5.93%	3.24%	-1.43%	-63.13%
HAL	66 Neutral	$28.90B	22.52	12.24%	2.41%	-4.06%	-47.41%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

Tenaris SA Corporate Events

Tenaris Details Late-December Share Buybacks Under $1.2 Billion Program

Between December 29, 2025 and January 2, 2026, Tenaris repurchased 3,320,025 ordinary shares for a total consideration of €54.6 million (about USD 64.2 million) under the second tranche of its previously announced USD 1.2 billion share buyback program, which covers up to USD 600 million of open-market purchases. As a result, as of January 2, 2026 the company held 62,328,172 ordinary shares in treasury, equal to 5.81% of its issued share capital, and it stated that it intends to cancel the treasury shares acquired under the buyback programs, signaling a continuing capital management effort that may support earnings per share and shareholder value.

The most recent analyst rating on (TS) stock is a Hold with a $42.00 price target. To see the full list of analyst forecasts on Tenaris SA stock, see the TS Stock Forecast page.

Tenaris Expands Second Tranche of $1.2 Billion Share Buyback With Late-December Purchases

Between December 22 and December 26, 2025, Tenaris S.A. continued executing the second tranche of its previously announced USD1.2 billion share buyback program, repurchasing 2,408,733 ordinary shares on the open market for a total consideration of €39.4 million (approximately USD46.2 million). As of December 26, 2025, Tenaris held 59,008,147 ordinary shares in treasury, representing 5.50% of its total issued share capital, and indicated it intends to cancel these treasury shares in due course, underscoring an ongoing capital management strategy that may support earnings per share and shareholder value.

The most recent analyst rating on (TS) stock is a Hold with a $42.00 price target. To see the full list of analyst forecasts on Tenaris SA stock, see the TS Stock Forecast page.

Tenaris Expands Second Tranche of USD 1.2 Billion Share Buyback With Mid-December Purchases

Between December 15 and December 19, 2025, Tenaris S.A. executed a further portion of the second tranche of its previously announced USD 1.2 billion share buyback program, repurchasing 5,336,993 ordinary shares on the open market for a total consideration of €89.8 million (approximately USD 105.5 million). As of December 19, 2025, the company held 56,599,414 ordinary shares in treasury, representing 5.28% of its issued share capital, and has stated that it intends to cancel the treasury shares acquired under its buyback programs, underscoring an ongoing capital allocation strategy that may support earnings per share and signal confidence in its long‑term prospects to investors.

The most recent analyst rating on (TS) stock is a Hold with a $42.00 price target. To see the full list of analyst forecasts on Tenaris SA stock, see the TS Stock Forecast page.

Tenaris Hits 5% Treasury Threshold as Controlling Shareholder Launches Accelerated Share Disposal

On December 17, 2025, Tenaris reported that the ordinary shares it has repurchased under its ongoing share buyback program and holds in treasury have reached 5.07% of the company’s voting rights, with these treasury shares carrying suspended voting rights and slated for cancellation in due course. The company also disclosed that, on the same date, its controlling shareholders San Faustin S.A. and Techint Holdings S.à r.l. filed an amended Schedule 13D in the United States detailing recent and planned disposals of Tenaris shares, including the sale of 2.6 million shares between December 9 and 12, 2025 and the launch of an accelerated share disposal program covering up to 21 million shares to be sold in European markets through May 19, 2026, as part of a portfolio-management strategy and in response to Tenaris’s buybacks increasing their passive ownership stake.

The most recent analyst rating on (TS) stock is a Sell with a $36.00 price target. To see the full list of analyst forecasts on Tenaris SA stock, see the TS Stock Forecast page.