Tenaris SA (TS)

Price$56.45Cached quoteAs of 2026-09-05 10:57 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because solid cash returns are offset by clearly cyclical earnings.

Using one American depositary share for every two ordinary shares, the observed quote implies an equity value near $27.1 billion. Against about $1.93 billion of recent annual earnings, that is roughly 14 times earnings. Free cash flow, meaning cash left after running and investing in the business, was about $1.98 billion in 2025 and roughly $1.68 billion on a trailing basis, implying a 6%–7% cash yield. That is respectable, but not cheap enough to ignore Tenaris’s earnings swings. Twelve Data+2ir.tenaris.com+2

Big pictureRecent profits are healthy, but the 2023 peak shows why today’s earnings cannot be treated as permanent.

The supplied history shows the cycle clearly: Tenaris lost $634 million in 2020, earned $1.10 billion in 2021, peaked at $3.92 billion in 2023, then fell to $2.04 billion in 2024 and $1.93 billion in 2025. Free cash flow ranged from negative $120 million in 2021 to $3.78 billion in 2023. In the latest quarter, sales fell 4% year over year and operating profit fell 15%, while first-half free cash flow declined to about $0.9 billion from $1.18 billion. ir.tenaris.com

Business strengthThe company carries little debt and has reduced shares, strengthening protection against a downturn.

At year-end 2025, current assets were $9.07 billion against $2.35 billion of current liabilities, while cash exceeded reported debt by about $267 million. Tenaris’s broader June measure, which also counts liquid investments, showed $3.56 billion of net cash. Share count fell from about 1.168 billion in 2023 to 1.010 billion by June 2026, roughly 13.5%, so buybacks have clearly outweighed dilution. However, 2025 buybacks plus dividends totaled about $2.29 billion versus $1.98 billion of free cash flow, a pace that should not be assumed forever. ir.tenaris.com+1

What could change the storyThe shares look better if profits stabilize, but weak energy spending would quickly make them expensive.

The strongest bull case is a return toward 2022-level earnings of $2.55 billion, which would make today’s equity value about 11 times earnings; the 2023 peak would make it below seven times. The bear case is a drop toward 2021 earnings of $1.10 billion, which would make the same value roughly 25 times earnings. Recent tariff costs, rising raw-material and logistics expenses, and delayed Middle East shipments show why that downside matters. The current price effectively assumes no deep downturn and continued strong cash returns. ir.tenaris.com

AI: News

Second-quarter slowdownSales and margins slipped as Middle East shipment delays and higher costs hurt the quarter.

On August 5, Tenaris reported second-quarter sales of $2.97 billion, down 4% both sequentially and year over year, while operating profit fell 15% year over year to $494 million. Free cash flow was $396 million, and the board approved an interim dividend of $1.18 per American depositary share. The stock fell 6.4% the next session. The timing is consistent with investors reacting to weaker margins and delayed shipments, but it does not prove the report caused the entire move. ir.tenaris.com+1

First-quarter resetA strong start was overshadowed by war disruption, tariff pressure, and a leadership transition.

On May 6, first-quarter sales rose 6% year over year to $3.10 billion and net income rose 9% to $564 million, with $503 million of free cash flow. Tenaris also said the Middle East conflict and Strait of Hormuz closure had changed the industry outlook, while U.S. tariffs remained a cost issue. The same day, Gabriel Podskubka was appointed chief executive and Paolo Rocca remained chairman. Shares fell 5.6% next session, but the simultaneous announcements make attribution uncertain. ir.tenaris.com+2ir.tenaris.com+2

Buyback completedTenaris finished a large buyback and permanently reduced shares, lifting each remaining investor’s ownership.

On February 23, Tenaris said the second $600 million tranche of its buyback would end after repurchasing 29.3 million ordinary shares for about $583.6 million. In May, shareholders approved cancelling 62.36 million treasury shares acquired through the broader program, reducing issued shares to about 1.010 billion from 1.072 billion. This does not change the business itself, but it raises each remaining share’s claim on future earnings and cash. The stock rose 2.5% on February 23, though timing alone cannot establish cause. ir.tenaris.com+2ir.tenaris.com+2

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$11.98B	$12.52B	$14.87B	$11.76B	$6.52B	$5.15B	$7.29B	$7.66B	$5.29B	$4.29B	$6.90B
Gross profit	$4.12B	$4.39B	$6.20B	$4.67B	$1.91B	$1.06B	$2.19B	$2.38B	$1.60B	$1.13B	$2.16B
Gross margin	34.39%	35.04%	41.70%	39.74%	29.28%	20.58%	29.98%	31.07%	30.32%	26.27%	31.22%
Research & development	$64.2M	$74.2M	$60.0M	$50.7M	$45.3M	$41.8M	$61.1M	$63.4M	$63.7M	$68.6M	$89.0M
Operating expenses	$1.84B	$1.97B	$1.88B	$1.71B	$1.20B	$1.72B	$1.35B	$1.51B	$1.27B	$1.19B	$1.99B
Operating income	$2.28B	$2.42B	$4.32B	$2.96B	$707.5M	−$663.1M	$832.4M	$871.8M	$334.6M	−$59.1M	$165.8M
Operating margin	19.06%	19.31%	29.03%	25.19%	10.85%	−12.88%	11.41%	11.38%	6.33%	−1.38%	2.40%
EBITDA	$2.90B	$3.05B	$4.86B	$3.57B	$1.30B	$15.7M	$1.37B	$1.54B	$943.2M	$603.4M	$824.6M
EBITDA margin	24.20%	24.37%	32.72%	30.36%	19.97%	0.31%	18.81%	20.06%	17.84%	14.05%	11.94%
Net income	$1.97B	$2.08B	$3.96B	$2.55B	$1.05B	−$642.4M	$731.3M	$873.9M	$536.4M	$58.7M	−$74.4M
Net profit margin	16.47%	16.58%	26.62%	21.67%	16.15%	−12.48%	10.03%	11.41%	10.14%	1.37%	−1.08%
Basic EPSper basic share	$1.83	$1.81	$3.32	$2.16	$0.93	—	$0.63	$0.74	$0.46	$0.05	-$0.07
Diluted EPSper diluted share	$1.83	$1.81	$3.32	$2.16	$0.93	—	$0.63	$0.74	$0.46	$0.05	-$0.07

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of TS
Holder	Shares held
FMR LLC	6.76M
RENAISSANCE TECHNOLOGIES LLC	3.06M
VAN ECK ASSOCIATES CORP	2.48M
WELLINGTON MANAGEMENT GROUP LLP	2.46M
PRICE T ROWE ASSOCIATES INC /MD/	1.5M
MORGAN STANLEY	1.24M
GOLDMAN SACHS GROUP INC	1.18M
Merewether Investment Management, LP	1.13M
DIMENSIONAL FUND ADVISORS LP	1.04M
Holocene Advisors, LP	1.03M
Driehaus Capital Management LLC	1M
CWA Asset Management Group, LLC	987.29K
Invesco Ltd.	901.52K
BlackRock, Inc.	747.51K
JANE STREET GROUP, LLC	716.73K
MARSHALL WACE, LLP	704.37K
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	628.37K
MILLENNIUM MANAGEMENT LLC	619.53K
UBS Group AG	581.68K
Bridgewater Associates, LP	568.22K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Tenaris SA (TS)

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