Tenaris SA (TS) AI Stock Analysis

• Market Cap: $28.94B
• Dividend Yield: 4.43%
• Average Volume (3M): 1.41M
• Price to Earnings (P/E): 14.6
• Beta (1Y): 0.75
• 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): 0.88
• Shares Outstanding: 535,997,440
• 10 Day Avg. Volume: 1,674,529
• 30 Day Avg. Volume: 1,408,599
• PEG Ratio: -0.21
• Price to Book (P/B): 1.20
• Price to Sales (P/S): 1.67
• P/FCF Ratio: 10.08
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 2.28
• Enterprise Value/Gross Profit: 7.12
• Enterprise Value/Ebitda: 8.59
• 1Y Price Target: $50.71
• Price Target Upside: -6.25% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 3.49
• Revenue Forecast (FY): $12.01B

• Rating: 80 Outperform
• Price Target: $62.00 ▲(14.62% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is driven primarily by strong financial fundamentals, especially the very conservative balance sheet and generally solid profitability/cash generation despite cyclicality. Valuation is supportive with a moderate P/E and solid yield. Technicals remain bullish but are stretched (overbought), and the earnings call points to near-term margin pressure from tariffs and raw materials even as management expects stability and continued offshore-driven demand.

Positive Factors

Conservative balance sheet / net cash

Very low leverage and a large equity base (net cash stated ~ $3.3bn) provide durable financial flexibility. This supports sustained capex, project execution and shareholder returns through cycles, reduces refinancing risk, and allows tactical responses to downturns without impairing operations.

Consistent cash generation and capital returns

Multi-year strong free cash flow enabled a meaningful dividend increase and large buybacks. Reliable FCF generation funds shareholder returns while preserving capacity for maintenance capex and targeted investments, underpinning long-term shareholder-friendly capital allocation.

Offshore backlog and service expansion

A sizable offshore backlog and expanded services (Rig Direct, Argentina fracking, offshore contracts) diversify revenue mix toward higher-margin, project-driven work. Multi-year project pipelines reduce short-term cyclicality impact and provide visible revenue into H1–H2 2026 and beyond.

Negative Factors

U.S. Section 232 tariffs

A sustained 50% tariff materially raises U.S. cost bases for steel inputs and compresses margins on domestic tubulars. Even if temporary politically, this structural trade-policy risk reduces long-term competitiveness versus imports, forcing either price increases or margin dilution in core markets.

Raw material cost pressure on welded margins

Volatile hot-rolled coil input costs create persistent margin risk for ERW/welded products, where pass-through is limited by competition. Structural volatility in HRC pricing can depress welded product margins over several quarters until pricing and import dynamics adjust.

Import competition and competitive losses

Sustained import competition from low-cost producers caps price recovery and can erode market share in price-sensitive projects. The tender loss in Argentina highlights vulnerability in certain geographies and product lines, implying structural pressure on volumes and margins where local cost aggressors prevail.

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

Financial profile is strong, led by an excellent balance sheet with very low leverage and high flexibility. Profitability has been healthy across 2021–2024 with peak earnings in 2023, though 2025 shows a step-down from the peak, highlighting cyclicality. Cash flow is generally solid but can be volatile (notably weaker FCF in 2021 and a sharp FCF decline in 2024 vs. 2023).

Income Statement

Profitability is strong on a multi-year view, with healthy gross and net margins in 2021–2024 and peak earnings in 2023. That said, the latest year (2025 annual) shows modest revenue contraction versus 2024 and lower earnings, signaling normalization after a very strong 2023. The 2020 loss also highlights cyclicality risk in this industry.

Balance Sheet

The balance sheet is a clear strength: leverage is very low versus equity (debt-to-equity roughly 1%–6% in 2021–2024) with a large equity base and sizable assets. While total debt moved around year to year, overall indebtedness remains modest, giving the company flexibility if the cycle weakens.

Cash Flow

Cash generation is generally solid, with strong operating cash flow and free cash flow in 2022–2025 and especially strong in 2023–2024. However, cash flow has been more volatile than earnings at times (notably weak/negative free cash flow in 2021 and a sharp free-cash-flow decline in 2024 versus 2023), which is typical of working-capital swings in cyclical businesses.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	11.98B	12.52B	14.87B	11.76B	6.52B
Gross Profit	4.12B	4.39B	6.20B	4.67B	1.91B
EBITDA	2.90B	3.16B	5.29B	3.82B	1.86B
Net Income	1.93B	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	448.97M	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	1.98B	2.16B	3.78B	769.87M	-125.52M
Operating Cash Flow	2.60B	2.87B	4.40B	1.17B	119.08M
Investing Cash Flow	-192.60M	-1.40B	-2.69B	-163.56M	267.90M
Financing Cash Flow	-2.48B	-2.40B	-1.13B	-178.34M	-647.96M

Tenaris SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 54.09
• 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 54.09 is above the 20-day moving average (MA) of 48.03, above the 50-day MA of 43.47, and above the 200-day MA of 37.96, indicating a bullish trend. The MACD of 2.77 indicates Negative momentum. The RSI at 75.70 is Negative, neither overbought nor oversold. The STOCH value of 84.21 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
TS	80 Outperform	$28.94B	14.59	11.67%	4.43%	-9.76%	-18.94%
FTI	79 Outperform	$26.16B	27.98	29.85%	0.44%	11.73%	45.70%
SLB	73 Outperform	$77.53B	21.82	14.28%	2.98%	-2.13%	-16.76%
BKR	69 Neutral	$63.96B	24.45	14.49%	2.04%	1.51%	30.09%
HAL	66 Neutral	$29.98B	23.43	12.24%	2.41%	-4.06%	-47.41%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
NOV	62 Neutral	$7.44B	52.44	2.29%	3.24%	-1.43%	-63.13%

Tenaris SA Corporate Events

Tenaris Reports Lower 2025 Revenue but Sustains Strong Profitability in Latest SEC Filing

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 $12.52 billion in 2024 and $14.87 billion in 2023. Despite the revenue decline, the company maintained robust profitability, posting 2025 net income of $1.97 billion versus $2.08 billion in 2024 and $3.96 billion in 2023, with basic and diluted earnings per share of $1.83 in 2025, signaling solid margins but a cooling cycle from the 2023 peak that stakeholders may interpret as normalization after an exceptional upturn in the energy tubular market.

Operating income in 2025 reached $2.28 billion compared with $2.42 billion in 2024 and $4.32 billion in 2023, supported by a gross profit of $4.12 billion and disciplined selling, general and administrative expenses. Financial income continued to contribute positively, with finance income of $252 million in 2025 offsetting relatively modest finance costs, while earnings attributable to shareholders came in at $1.93 billion for 2025, reflecting continued strong cash-generation capacity even as volumes and prices eased, which may underpin future capital allocation decisions and reinforce Tenaris’s standing as a key player in the global steel pipe market.

The most recent analyst rating on (TS) stock is a Buy with a $62.00 price target. To see the full list of analyst forecasts on Tenaris SA stock, see the TS Stock Forecast page.

Tenaris Posts Resilient Q4 2025 Results and Signals Steady Outlook for Early 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 net sales rose 5% year-on-year to $2.99 billion, while EBITDA of $717 million and an EBITDA margin of 23.9% held broadly steady, supported by stable Rig Direct demand in the U.S. and Canada, resumed fracking and coiled tubing services in Argentina, and an efficient industrial performance.

The company generated $665 million in free cash flow in the quarter and, after $300 million in dividends and $537 million of share buybacks, closed 2025 with a strong net cash position of $3.3 billion. Management expects sales and margins to stay near current levels in the first quarter of 2026 amid steady drilling activity and OCTG prices that have yet to fully reflect higher tariffs, and the board plans to propose a total annual dividend of $0.89 per share for 2025 at the May 12, 2026 shareholder meeting, including an already-paid interim dividend.

The most recent analyst rating on (TS) stock is a Buy with a $49.00 price target. To see the full list of analyst forecasts on Tenaris SA stock, see the TS Stock Forecast page.

Tenaris Advances Second Tranche of USD1.2 Billion Share Buyback With February Purchases

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 2025, authorizes up to USD600 million in open-market repurchases within this tranche.

From February 9 to 13, 2026, Tenaris repurchased 11,253 ordinary shares for a total consideration of €226,459, equivalent to USD269,332. As of February 13, 2026, the company held 62,339,425 ordinary shares in treasury, representing 5.82% of its issued share capital, and it plans to cancel the repurchased treasury shares in due course, signaling continued capital return to shareholders and potential support for earnings per share.

The most recent analyst rating on (TS) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on Tenaris SA stock, see the TS Stock Forecast page.

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.