TEN Stock Analysis: Tenaris S.A | MI
Oil & Gas Equipment & Services | MI, Italy | Market Cap: 26.291m EUR | 12M Return: 82.1% | LU0156801721 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 28.3M
EPS Trend: -82.5%
Qual. Beats: 0
Rev. Trend: -90.3%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Tenaris S.A. is a global manufacturer and supplier of steel pipe products and related services, primarily serving the energy industry (oil and gas) as well as other industrial applications. The company operates across North America, South America, Europe, the Middle East and Africa, and Asia Pacific, offering a comprehensive product range that includes steel casings and tubing for oil and gas wells, line pipes for hydrocarbon transportation, mechanical and structural pipes, cold-drawn pipes for industrial uses, and premium connections under the TenarisHydril brand. It also provides coiled tubing, sucker rods, pipe coating services, automotive components, and manufactures both welded and seamless steel pipes.
Beyond its core pipe manufacturing operations, Tenaris engages in the sale of energy and raw materials, intellectual property licensing, procurement and trading services, and financial operations. The company was incorporated in 2001 and is headquartered in Luxembourg, operating as a subsidiary of Techint Holdings S.àr.l. As a major player in the Oil & Gas Equipment & Services sub-industry, Tenaris benefits from the technical complexity of producing seamless pipes, which require advanced metallurgical capabilities and are essential for high-pressure and high-temperature downhole environments in oil and gas exploration and production.
- US shale drilling recovery lifts OCTG volumes and pricing
- Middle East gas project awards expand order backlog
- Steel raw material costs pressure product margins
| Net Income: 1.90b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA -0.40 > 1.0 |
| NWC/Revenue: 56.91% < 20% (prev 55.02%; Δ 1.89% < -1%) |
| CFO/TA 0.11 > 3% & CFO 2.28b > Net Income 1.90b |
| Net Debt (-2.19b) to EBITDA (2.90b): -0.76 < 3 |
| Current Ratio: 4.07 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.01b) vs 12m ago -6.25% < -2% |
| Gross Margin: 33.72% > 18% (prev 33.79%; Δ -0.06% > 0.5%) |
| Asset Turnover: 58.72% > 50% (prev 57.67%; Δ 1.05% > 0%) |
| Interest Coverage Ratio: 46.62 > 6 (EBIT TTM 2.27b / Interest Expense TTM 48.8m) |
| A: 0.34 (Total Current Assets 9.02b - Total Current Liabilities 2.22b) / Total Assets 20.3b |
| B: 0.84 (Retained Earnings 17.1b / Total Assets 20.3b) |
| C: 0.11 (EBIT TTM 2.27b / Avg Total Assets 20.4b) |
| D: 5.48 (Book Value of Equity 17.0b / Total Liabilities 3.09b) |
| Altman-Z'' = 11.46 = AAA |
| DSRI: 0.88 (Receivables 2.34b/2.61b, Revenue 12.0b/11.8b) |
| GMI: 1.00 (GM 33.79% / 33.72%) |
| AQI: 1.02 (AQ_t 0.25 / AQ_t-1 0.24) |
| SGI: 1.02 (Revenue 12.0b / 11.8b) |
| TATA: -0.02 (NI 1.90b - CFO 2.28b) / TA 20.3b) |
| Beneish M = -3.10 (Cap -4..+1) = AA |
As of October 13, 2026, the stock is trading at EUR 25.97 with a total of 849,840 shares traded. Over the past week, the price has changed by -0.27%, over one month by +9.72%, over three months by +5.83% and over the past year by +82.14%.
Current recommended Stop Loss: 24.90 (which is 4.1% or 1.6 ATR below the current price).
Tenaris S.A has no consensus analysts rating.
Market Cap USD = 29.5b (26.3b EUR * 1.12043 EUR.USD)
P/E Trailing = 16.1739
P/E Forward = 15.9236
P/S = 2.1836
P/B = 1.6816
P/EG = 3.108
Revenue TTM = 12.0b USD
EBIT TTM = 2.27b USD
EBITDA TTM = 2.90b USD
Long Term Debt = 357k USD (from longTermDebt, last quarter)
Short Term Debt = 348.4m USD (from shortTermDebt, last quarter)
Debt = 591.9m USD (from shortLongTermDebtTotal, last quarter) + Leases 145.1m
Net Debt = -2.19b USD (calculated: Debt 591.9m - CCE 2.78b)
Enterprise Value = 27.3b USD (29.5b + Debt 591.9m - CCE 2.78b)
Interest Coverage Ratio = 46.62 (Ebit TTM 2.27b / Interest Expense TTM 48.8m)
EV/FCF = 15.55x (Enterprise Value 27.3b / FCF TTM 1.75b)
FCF Yield = 6.43% (FCF TTM 1.75b / Enterprise Value 27.3b)
FCF Margin = 14.67% (FCF TTM 1.75b / Revenue TTM 12.0b)
Net Margin = 15.87% (Net Income TTM 1.90b / Revenue TTM 12.0b)
Gross Margin = 33.72% ((Revenue TTM 12.0b - Cost of Revenue TTM 7.92b) / Revenue TTM)
Gross Margin QoQ = 32.45% (prev 33.87%)
Tobins Q-Ratio = 1.34 (Enterprise Value 27.3b / Total Assets 20.3b)
Interest Expense / Debt = 8.24% (Interest Expense 48.8m / Debt 591.9m)
Taxrate = 20.27% (496.8m / 2.45b)
NOPAT = 1.81b (EBIT 2.27b * (1 - 20.27%))
Current Ratio = 4.07 (Total Current Assets 9.02b / Total Current Liabilities 2.22b)
Debt / Equity = 0.03 (Debt 591.9m / totalStockholderEquity, last quarter 17.0b)
Debt / EBITDA = -0.76 (Net Debt -2.19b / EBITDA 2.90b)
Debt / FCF = -1.25 (Net Debt -2.19b / FCF TTM 1.75b)
Total Stockholder Equity = 16.9b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.32% (Net Income 1.90b / Total Assets 20.3b)
RoE = 11.22% (Net Income TTM 1.90b / Total Stockholder Equity 16.9b)
RoCE = 13.43% (EBIT 2.27b / Capital Employed (Equity 16.9b + L.T.Debt 357k))
RoIC = 10.16% (NOPAT 1.81b / Invested Capital 17.8b)
WACC = 7.97% (E(29.5b)/V(30.0b) * Re(8.0%) + D(591.9m)/V(30.0b) * Rd(8.24%) * (1-Tc(0.20)))
Discount Rate = 8.0% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -97.12 | Cagr: -5.98%
[DCF] Terminal Value 74.75% ; FCFF base≈1.79b ; Y1≈1.72b ; Y5≈1.68b
[DCF] Fair Price = 28.27 (EV 26.4b - Net Debt -2.19b = Equity 28.5b / Shares 1.01b; r=8.35% [WACC [floored]]; 5y FCF grow -4.91% → 2.50% )
EPS Correlation: -82.48 | EPS CAGR: -21.28% | SUE: 0.47 | # QB: 0
Revenue Correlation: -90.34 | Revenue CAGR: -8.75% | SUE: -0.12 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.41 | Chg30d=+1.72% | Revisions=+0% | Analysts=3
EPS current Year (2026-12-31): EPS=1.89 | Chg30d=+0.00% | Revisions=+25% | GrowthEPS=+3.3% | GrowthRev=+2.4%
EPS next Year (2027-12-31): EPS=2.14 | Chg30d=+1.21% | Revisions=+0% | GrowthEPS=+13.2% | GrowthRev=+6.4%
[Analyst] Revisions Ratio: +17% (up=2, down=1)