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Tenaris SA
(NYSE:TS)
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Rating:74Outperform
Price Target:
$60.00
â–²(6.36% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong underlying financial resilience (especially the very conservative balance sheet) and a constructive earnings outlook for a Q4 recovery supported by pricing and higher volumes. These positives are tempered by weaker current technical momentum (below key moving averages with negative MACD) and evidence of cyclical cooling in margins and free-cash-flow trends versus the 2023 peak.
Positive Factors
Conservative Balance Sheet
Minimal leverage and substantial net cash give Tenaris financial flexibility to withstand oilfield cycles, fund capacity investments, support customers and maintain shareholder distributions without balance-sheet stress.
Negative Factors
Oil and Gas Cycle Exposure
Tenaris remains structurally tied to energy investment cycles, so weaker oilfield capital spending, rig activity or well completions can reduce tubular demand and pressure utilization, margins and earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Minimal leverage and substantial net cash give Tenaris financial flexibility to withstand oilfield cycles, fund capacity investments, support customers and maintain shareholder distributions without balance-sheet stress.
Read all positive factors
Tenaris SA (TS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.83B
Dividend Yield3.32%
Average Volume (3M)1.05M
Price to Earnings (P/E)14.4
Beta (1Y)0.47
Revenue Growth1.99%
EPS Growth1.45%
CountryUS
Employees24,875
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)3.70
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
$66.00Price Target Upside17.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)3.8
Revenue Forecast (FY)$12.26B
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:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Neutral
The call balanced near-term challenges — notably the Strait of Hormuz disruption, higher raw material and logistics costs, and sequential declines in EBITDA and net income — with multiple operational strengths: solid free cash flow, a healthy net cash position, substantial industrial investments (U.S. and Canada), record production at Bay City, growing offshore backlog and a favorable North American activity/pricing backdrop. Management expects Q2 and Q3 to be roughly similar with a meaningful recovery in Q4 (volumes >1 million tons and potential upside from a ~$130 million backlog if navigability is restored). Given the combination of resilient cash generation, strategic investments and clear late-year upside offsetting near-term margin pressures, the tone is constructive but cautious.Positive Updates
Strong Cash Generation and Liquidity
Operating cash flow of $518 million, capital expenditure of $121 million, and free cash flow of $396 million for the quarter. Net cash position of $3.6 billion at quarter-end provides financial flexibility.
Negative Updates
Revenue Decline
Second quarter sales of $3.0 billion, down 4% year-on-year and down sequentially, driven primarily by postponed shipments to customers in the Middle East due to Strait of Hormuz disruption.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Cash Generation and Liquidity
Operating cash flow of $518 million, capital expenditure of $121 million, and free cash flow of $396 million for the quarter. Net cash position of $3.6 billion at quarter-end provides financial flexibility.
Read all positive updates
Company Guidance
Tenaris said it expects second‑half revenues and EBITDA to be broadly in line with the first half (Q2 sales $3.0bn, Q2 EBITDA $649m, Q2 net income $492m), with Q3 similar to Q2 and a meaningful uptick in Q4 as volumes rise (above 1.0 million tonnes) and raw‑material–driven price increases feed through; the company noted a $130m backlog for Iraq/Kuwait/Qatar (premium‑margin material) that would take ~70–90 days to ship and could be an upside to Q4, and reaffirmed stronger pricing trends (PipeLogix ~+9% YTD with at least another ~5% expected by year‑end, with Tenaris’ prices lagging by one quarter). Operationally, U.S. activity has risen ~10% (+~50 rigs) with another ~10–15 rigs expected, Canada is being supported by a C$230m (~$230m) mill expansion, Argentina now has 42 rigs (9 added YTD), and the company pointed to robust cash generation (operating cash flow $518m, capex $121m, free cash flow $396m) and a strong balance sheet (net cash ~$3.6bn) while the Board approved an interim dividend of $0.59/share (~$600m to be paid Nov 25).Tenaris SA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.04B | 11.98B | 12.52B | 14.87B | 11.76B | 6.52B |
| Gross Profit | 4.08B | 4.12B | 4.39B | 6.20B | 4.67B | 1.91B |
| EBITDA | 3.14B | 3.14B | 3.16B | 5.29B | 3.82B | 1.86B |
| Net Income | 1.91B | 1.93B | 2.04B | 3.92B | 2.55B | 1.10B |
Balance Sheet | ||||||
| Total Assets | 20.31B | 20.07B | 20.45B | 21.08B | 17.55B | 14.45B |
| Cash, Cash Equivalents and Short-Term Investments | 2.78B | 2.88B | 3.05B | 3.61B | 1.53B | 715.98M |
| Total Debt | 446.95M | 448.97M | 582.32M | 203.96M | 840.94M | 448.22M |
| Total Liabilities | 3.09B | 3.24B | 3.64B | 4.05B | 3.52B | 2.34B |
| Stockholders Equity | 16.96B | 16.60B | 16.59B | 16.84B | 13.91B | 11.96B |
Cash Flow | ||||||
| Free Cash Flow | 1.73B | 1.98B | 2.16B | 3.78B | 769.87M | -125.52M |
| Operating Cash Flow | 2.27B | 2.60B | 2.87B | 4.40B | 1.17B | 119.08M |
| Investing Cash Flow | -289.47M | -192.60M | -1.40B | -2.69B | -163.56M | 267.90M |
| Financing Cash Flow | -1.98B | -2.48B | -2.40B | -1.13B | -178.34M | -647.96M |
Tenaris SA Technical Analysis
Neutral
56.41
Price Trends
56.99
Negative
58.89
Negative
51.65
Positive
Market Momentum
-1.04
Positive
41.35
Neutral
11.60
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TS, the sentiment is Neutral. The current price of 56.41 is above the 20-day moving average (MA) of 55.70, below the 50-day MA of 56.99, and above the 200-day MA of 51.65, indicating a neutral trend. The MACD of -1.04 indicates Positive momentum. The RSI at 41.35 is Neutral, neither overbought nor oversold. The STOCH value of 11.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $30.83B | 26.83 | 35.29% | 0.26% | 8.77% | 35.66% | |
74 Outperform | $28.83B | 14.37 | 11.22% | 3.16% | 1.99% | 1.45% | |
69 Neutral | $64.35B | 20.64 | 16.25% | 1.61% | 0.42% | 1.75% | |
68 Neutral | $79.80B | 25.85 | 11.84% | 2.21% | 2.34% | -29.38% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $28.68B | 18.01 | 15.08% | 2.04% | 0.63% | -10.50% | |
52 Neutral | $7.54B | 81.31 | 1.53% | 2.02% | -1.63% | -78.44% |
* Energy Sector Average
TS
Tenaris SA
53.58
18.36
52.15%
BKR
Baker Hughes Company
64.82
22.61
53.57%
FTI
TechnipFMC
78.61
43.70
125.17%
HAL
Halliburton
34.42
13.57
65.12%
NOV
NOV
21.14
9.07
75.17%
SLB
SLB
53.77
21.36
65.89%
Tenaris SA Corporate Events
Tenaris Hosts Second-Quarter 2026 Results Call with Investors
Aug 11, 2026
On August 6, 2026, Tenaris S.A.’s chief executive Gabriel Podskubka and senior management held an audio conference with investors and analysts to review the company’s second-quarter 2026 results. The call covered Tenaris’s financ...
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...
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.