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Tenaris SA (TNRSF) stock analysis

TNRSFOTCSteel Works, Blast Furnaces & Rolling Mills (Coke Ovens)Also trades as TS
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 31, 2026Score 8/30
$28.12+0.00 (0.00%)

Close on Oct 19, 2026Market cap $30.86BP/E –Yield –

StockData Score

Prices as of Nov 3, 2026How the score works

Value0Growth0Performance3Health5Dividend0

Weak8 of 30 checks passed

Tenaris passes 8 of the 30 checks behind our score; 16 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
0/6
Past performance
3/6
Financial health
5/6
Dividend
0/6

What stands out

  • Return on capital over 10%

    Return on invested capital was 11.1%, above the 10% that usually covers the cost of capital.

  • Low debt

    Debt is 1.8% of shareholders' equity, under the 40% we consider low.

  • Interest well covered

    Operating income covers interest expense 48.6 times.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 850% of total debt.

What to watch

  • Return on equity under 15%

    Return on equity was 11.6% over the last twelve months and averaged 15.7% over five years; we look for 15% on both.

  • Revenue growing under 10% a year

    Revenue grew 0.6% a year over the last three fiscal years, short of the 10% we look for.

  • Growing slower than the industry

    Revenue grew -4.3% over the last twelve months; the Steel Works, Blast Furnaces, and Rolling and Finishing Mills median is 9.8%.

  • Gross margin slipping

    Gross margin was 34.4% over the last twelve months, against 35.0% a year earlier.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B against the industry

    Needs positive book value.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth0/6

  • Revenue growing under 10% a year

    Revenue grew 0.6% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew -4.3% over the last twelve months; the Steel Works, Blast Furnaces, and Rolling and Finishing Mills median is 9.8%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin slipping

    Gross margin was 34.4% over the last twelve months, against 35.0% a year earlier.

Past performance3/6

  • Return on equity under 15%

    Return on equity was 11.6% over the last twelve months and averaged 15.7% over five years; we look for 15% on both.

  • Return on capital over 10%

    Return on invested capital was 11.1%, above the 10% that usually covers the cost of capital.

  • Return on equity above the industry

    Tenaris's return on equity of 11.6% is above the Steel Works, Blast Furnaces, and Rolling and Finishing Mills median of 3.6%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin below its 5-year average

    Net margin was 16.1% over the last twelve months, against a 5-year average of 19.5%.

  • Net margin above the industry

    Tenaris's net margin of 16.1% is above the Steel Works, Blast Furnaces, and Rolling and Finishing Mills median of 3.6%.

Financial health5/6

  • Low debt

    Debt is 1.8% of shareholders' equity, under the 40% we consider low.

  • Debt falling against equity

    Debt to equity fell from 5.5% five years ago to 1.8%.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 850% of total debt.

  • Interest well covered

    Operating income covers interest expense 48.6 times.

  • Short-term assets cover short-term debts

    Current assets are 3.87 times current liabilities.

  • Bankruptcy risk (Altman Z)

    Needs market value, working capital and retained earnings.

Dividend0/6

  • No dividend

    Tenaris has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Tenaris. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$64.85M
Value traded per 1% price move
$47.47M

Downside

Low risk

Typical loss in a bad month
12.0%
Volatility (annualized)
29%
Sharpe ratio, 1 year
1.40
Beta to the S&P 500 (5Y)
0.60

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2014 to 2025

Gross margin

34.4%+13.8 pts over 5 years

Operating margin

19.1%+31.9 pts over 5 years

Net margin

16.1%+28.5 pts over 5 years

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