Tenaris SA (TS)
NYSE:TS
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Tenaris SA
(NYSE:TS)
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Rating:80Outperform
Price Target:
$67.00
â–²(14.06% Upside)
Action:ReiteratedDate: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
Balance Sheet Strength
Tenaris’s very low leverage and large net cash buffer provide durable financial flexibility across cycles. That balance-sheet strength supports stable dividends, opportunistic buybacks, funding for capex or project ramps, and resilience to temporary upstream slowdowns without forcing asset sales.
Negative Factors
U.S. Tariff Headwind
Large U.S. tariffs impose structural cost and competitiveness pressure on domestic seamless/welded economics. Unless offset by sustained price recovery or reshoring, tariffs can compress U.S. margins long term and force cost absorption or reduced market share versus lower‑cost importers.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Tenaris’s very low leverage and large net cash buffer provide durable financial flexibility across cycles. That balance-sheet strength supports stable dividends, opportunistic buybacks, funding for capex or project ramps, and resilience to temporary upstream slowdowns without forcing asset sales.
Read all positive factors
Tenaris SA (TS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.71B
Dividend Yield4.43%
Average Volume (3M)2.00M
Price to Earnings (P/E)10.3
Beta (1Y)0.65
Revenue Growth-9.76%
EPS Growth-18.94%
CountryUS
Employees25,874
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.88
Shares Outstanding535,997,440
10 Day Avg. Volume1,682,207
30 Day Avg. Volume2,002,104
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 Cap0.93
Enterprise Value/Revenue2.47
Enterprise Value/Gross Profit7.69
Enterprise Value/Ebitda9.28
Forecast
1Y Price Target
$52.93Price Target Upside-9.89% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)3.62
Revenue Forecast (FY)$12.04B
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:May 06, 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
74
Positive
| 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
Positive
58.74
Price Trends
52.31
Positive
46.28
Positive
41.12
Positive
Market Momentum
1.82
Positive
69.36
Neutral
68.51
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 58.74 is above the 20-day moving average (MA) of 56.40, above the 50-day MA of 52.31, and above the 200-day MA of 41.12, indicating a bullish trend. The MACD of 1.82 indicates Positive momentum. The RSI at 69.36 is Neutral, neither overbought nor oversold. The STOCH value of 68.51 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $31.71B | 10.34 | 11.48% | 4.43% | -9.76% | -18.94% | |
79 Outperform | $29.29B | 19.37 | 29.62% | 0.44% | 11.73% | 45.70% | |
69 Neutral | $60.53B | 17.39 | 14.43% | 2.04% | 1.51% | 30.09% | |
69 Neutral | $75.29B | 16.85 | 14.64% | 2.98% | -2.13% | -16.76% | |
66 Neutral | $32.43B | 18.48 | 12.36% | 2.41% | -4.06% | -47.41% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | $7.05B | 40.10 | 2.26% | 3.24% | -1.43% | -63.13% |
* Energy Sector Average
TS
Tenaris SA
58.74
27.63
88.79%
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NOV
NOV
19.56
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Tenaris SA Corporate Events
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.