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Tenaris SA
(NYSE:TS)
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Rating:80Outperform
Price Target:
$61.00
â–²(8.14% Upside)
Action:Reiterated
Date:06/05/26
The score is driven primarily by strong financial quality—especially the very conservatively levered balance sheet and solid margins—tempered by normalization from the prior-cycle peak and softer recent free-cash-flow momentum. Technicals add support with a clear uptrend above major moving averages, while valuation is reasonable but not especially cheap at ~16.4x earnings despite a ~2.78% dividend yield.
Positive Factors
Conservative balance sheet
Extremely low leverage and sizable equity provide durable financial flexibility across commodity cycles. This supports sustained dividend payments, opportunistic buybacks, capital investments and resilience to shocks, reducing refinancing and liquidity risks over the medium term.
Negative Factors
Cyclical revenue volatility
Revenue and profitability are materially tied to oil & gas capex cycles; past peaks have reversed and recent year-on-year declines show sensitivity. This cyclicality complicates multi-quarter planning, creates earnings variability, and raises forecasting risk for cashflow-dependent programs.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Extremely low leverage and sizable equity provide durable financial flexibility across commodity cycles. This supports sustained dividend payments, opportunistic buybacks, capital investments and resilience to shocks, reducing refinancing and liquidity risks over the medium term.
Read all positive factors
Tenaris SA (TS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.83B
Dividend Yield3.1%
Average Volume (3M)1.05M
Price to Earnings (P/E)15.2
Beta (1Y)0.60
Revenue Growth1.69%
EPS Growth16.35%
CountryUS
Employees24,875
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)3.76
Shares Outstanding535,997,440
10 Day Avg. Volume995,003
30 Day Avg. Volume1,051,890
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$62.50Price Target Upside10.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)3.8
Revenue Forecast (FY)$12.29B
Tenaris SA Business Overview & Revenue Model
Company Description
Tenaris S.A., together with its subsidiaries, manufactures and supplies steel pipe products and related services for the energy industry and other industrial applications in North America, South America, Europe, the Middle East and Africa, and the...
How the Company Makes Money
Tenaris makes money mainly by manufacturing and selling tubular steel products used by oil and gas producers and service companies. Its core revenue stream comes from sales of OCTG (oil country tubular goods)—including casing, tubing, and accessor...
Tenaris SA Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 04, 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 | 3.07B | 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 | 1.88B | 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 | 183.90M | -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
Negative
56.41
Price Trends
57.88
Negative
59.02
Negative
51.20
Positive
Market Momentum
-0.60
Positive
35.59
Neutral
24.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TS, the sentiment is Negative. The current price of 56.41 is below the 20-day moving average (MA) of 56.45, below the 50-day MA of 57.88, and above the 200-day MA of 51.20, indicating a neutral trend. The MACD of -0.60 indicates Positive momentum. The RSI at 35.59 is Neutral, neither overbought nor oversold. The STOCH value of 24.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $30.83B | 15.22 | 11.65% | 3.16% | 1.69% | 16.35% | |
77 Outperform | $28.10B | 24.46 | 35.29% | 0.26% | 8.77% | 35.66% | |
69 Neutral | $60.05B | 19.26 | 16.25% | 1.61% | 0.42% | 1.75% | |
68 Neutral | $73.60B | 23.84 | 11.84% | 2.21% | 2.34% | -29.38% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $26.87B | 16.87 | 15.08% | 2.04% | 0.63% | -10.50% | |
52 Neutral | $6.93B | 74.73 | 1.53% | 2.02% | -1.63% | -78.44% |
* Energy Sector Average
TS
Tenaris SA
53.04
18.29
52.62%
BKR
Baker Hughes Company
61.55
19.51
46.40%
FTI
TechnipFMC
69.62
34.77
99.76%
HAL
Halliburton
31.89
11.86
59.17%
NOV
NOV
19.65
8.05
69.41%
SLB
SLB
50.53
19.02
60.37%
Tenaris SA Corporate Events
Tenaris Files Reviewed 2026 Half-Year Report with U.S. SEC and Luxembourg Regulator
Aug 7, 2026
Tenaris S.A. has filed a Form 6-K with the U.S. Securities and Exchange Commission dated August 5, 2026, furnishing its half-year report for the six-month period ended June 30, 2026, as required under Luxembourg transparency rules. The filing conf...
Tenaris Posts Stable First-Half 2026 Profit Despite Slight Revenue Dip
Aug 7, 2026
Tenaris reported its consolidated condensed interim financial results for the six-month period ended June 30, 2026, showing net sales of $6.07 billion, broadly flat compared with $6.01 billion a year earlier, and operating income of $1.08 billion,...
Tenaris Q2 2026 Profit Slips on Hormuz Disruption but Cash Pile, Dividend and Board Refresh Bolster Outlook
Aug 7, 2026
On August 5, 2026, Tenaris reported unaudited second-quarter 2026 results showing net sales of $2.97 billion, down 4% year-on-year and quarter-on-quarter, with operating income dropping 15% and EBITDA declining 11–12% as shipping disruptions...
Tenaris Cuts Issued Share Capital After Treasury Share Cancellation Approved on May 12, 2026
May 13, 2026
On May 12, 2026, Tenaris shareholders met in an extraordinary general meeting in Luxembourg and approved the cancellation of 62,355,174 treasury shares acquired under its third share buyback program, which ran from June 9, 2025, to March 3, 2026. ...
Tenaris Shareholders Approve 2025 Accounts, US$0.89 Dividend and Board Mandates at May AGM
May 13, 2026
At its annual general meeting on May 12, 2026, Tenaris shareholders approved the consolidated financial statements and annual accounts for the year ended December 31, 2025, and acknowledged the company’s management and sustainability reporti...
Tenaris Shareholders Back 2025 Accounts, Dividend and Capital Reduction at May 12 Meetings
May 13, 2026
On May 12, 2026, Tenaris shareholders held their annual and extraordinary general meetings, where they approved the 2025 consolidated management report, financial statements and sustainability information, and cleared all board and governance-rela...
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.