TSNYSESteel Works, Blast Furnaces & Rolling Mills (Coke Ovens)Also trades as TNRSF

TENARIS SA

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 31, 2026

$58.41−0.98 (-1.65%)

Close on Oct 19, 2026

Margins

Share of revenue, fiscal years 2014 to 2025

34.4%+13.8 pts over 5 years

19.1%+31.9 pts over 5 years

16.1%+28.5 pts over 5 years

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	-4.3%	+0.6%	+18.4%	+5.7%
Gross profit	-6.1%	-4.1%	+31.2%	+6.7%
Operating income	-5.6%	-8.3%	–	+30.0%
Net income	-5.1%	-8.9%	–	–

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	–	-5.5%	11.6%
Return on assets	–	-4.4%	9.5%
Current ratio	2.81	3.68	3.87
Debt to equity	0.07	0.05	0.02
Net debt to EBITDA	0.73×	2.18×	-0.09×
Interest coverage	-2.6×	-24.5×	48.6×
Inventory turnover	1.9×	2.1×	2.2×
Diluted shares	1.18B	1.18B	1.06B

Return on equity split into margin, efficiency and leverage

Net margin16.1%

Asset turnover0.59×

Equity multiplier1.22×

Return on equity, FY202511.6%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	16.1%	0.59×	1.22×	11.6%
FY2024	16.3%	0.60×	1.24×	12.2%
FY2023	26.4%	0.77×	1.26×	25.5%
FY2022	21.7%	0.74×	1.24×	19.7%
FY2021	16.9%	0.46×	1.21×	9.5%
FY2020	-12.3%	0.36×	1.23×	-5.5%
FY2019	10.2%	0.50×	1.22×	6.2%
FY2018	11.4%	0.53×	1.23×	7.5%
FY2017	10.3%	0.37×	1.25×	4.8%

Trailing twelve months. Peers are matched on business description, industry and size. Ticks are peers, the dot is TS.

Revenue growth-4.3% · median 18.8%

Gross margin34.4% · median 17.1%

Net margin16.1% · median 7.5%

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