(TS) Tenaris - Ratings and Ratios
Steel Pipes, Casings, Tubing, Line Pipes, Premium Connections
Dividends
| Dividend Yield | 4.13% |
| Yield on Cost 5y | 12.45% |
| Yield CAGR 5y | 17.63% |
| Payout Consistency | 90.7% |
| Payout Ratio | 45.7% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 28.4% |
| Value at Risk 5%th | 43.3% |
| Relative Tail Risk | -7.12% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.40 |
| Alpha | -0.27 |
| CAGR/Max DD | 0.43 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.578 |
| Beta | 0.820 |
| Beta Downside | 1.139 |
| Drawdowns 3y | |
|---|---|
| Max DD | 30.72% |
| Mean DD | 10.68% |
| Median DD | 8.59% |
Description: TS Tenaris October 16, 2025
Tenaris S.A. (NYSE: TS) manufactures and supplies a broad portfolio of steel pipe products and related services primarily for the energy sector, covering casings, tubing, line pipes, mechanical/structural pipes, cold-drawn tubes, premium joints, coiled tubing, sucker rods, and pipe-coating solutions. The company also offers ancillary activities such as energy and raw-material sales, IP licensing, procurement and trading services, and automotive components, operating across North America, South America, Europe, the Middle East & Africa, and Asia-Pacific.
According to Tenaris’ FY 2023 results (the most recent audited figures available as of Q3 2024), revenue reached $10.7 billion, up ≈ 5 % YoY, driven by higher oil-field services volumes and a modest rebound in offshore drilling activity. EBITDA margin stabilized around 14 % despite elevated raw-material costs, while capex remained focused on expanding the seamless-pipe capacity in the United States and Brazil. Key economic drivers include global crude-oil demand growth (≈ 2 % annual increase projected by the IEA through 2028) and the ongoing need for high-specification pipe in both conventional and unconventional projects, whereas the energy transition creates upside for premium-grade, low-carbon-emission steel solutions.
For a deeper quantitative breakdown of Tenaris’ valuation metrics and scenario analysis, you may find the ValueRay platform useful.
Piotroski VR‑10 (Strict, 0-10) 5.5
| Net Income (2.00b TTM) > 0 and > 6% of Revenue (6% = 709.1m TTM) |
| FCFTA 0.08 (>2.0%) and ΔFCFTA -3.77pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 59.77% (prev 55.02%; Δ 4.75pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.12 (>3.0%) and CFO 2.35b > Net Income 2.00b (YES >=105%, WARN >=100%) |
| Net Debt (-69.7m) to EBITDA (3.01b) ratio: -0.02 <= 3.0 (WARN <= 3.5) |
| Current Ratio 4.08 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (538.5m) change vs 12m ago -3.12% (target <= -2.0% for YES) |
| Gross Margin 34.05% (prev 36.35%; Δ -2.30pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 56.81% (prev 61.94%; Δ -5.13pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 59.74 (EBITDA TTM 3.01b / Interest Expense TTM 40.0m) >= 6 (WARN >= 3) |
Altman Z'' 11.67
| (A) 0.35 = (Total Current Assets 9.36b - Total Current Liabilities 2.29b) / Total Assets 20.47b |
| (B) 0.87 = Retained Earnings (Balance) 17.73b / Total Assets 20.47b |
| warn (B) unusual magnitude: 0.87 — check mapping/units |
| (C) 0.11 = EBIT TTM 2.39b / Avg Total Assets 20.80b |
| (D) 5.53 = Book Value of Equity 17.73b / Total Liabilities 3.21b |
| Total Rating: 11.67 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 67.31
| 1. Piotroski 5.50pt |
| 2. FCF Yield 9.12% |
| 3. FCF Margin 14.06% |
| 4. Debt/Equity 0.03 |
| 5. Debt/Ebitda -0.02 |
| 6. ROIC - WACC (= 1.20)% |
| 7. RoE 11.86% |
| 8. Rev. Trend 24.12% |
| 9. EPS Trend -11.31% |
What is the price of TS shares?
Over the past week, the price has changed by +3.13%, over one month by +2.56%, over three months by +19.49% and over the past year by +11.37%.
Is TS a buy, sell or hold?
- Strong Buy: 4
- Buy: 4
- Hold: 1
- Sell: 1
- Strong Sell: 1
What are the forecasts/targets for the TS price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 43.9 | 6.7% |
| Analysts Target Price | 43.9 | 6.7% |
| ValueRay Target Price | 47.1 | 14.4% |
TS Fundamental Data Overview November 26, 2025
P/E Trailing = 10.6344
P/E Forward = 15.7729
P/S = 1.7518
P/B = 1.2178
P/EG = 4.692
Beta = 0.568
Revenue TTM = 11.82b USD
EBIT TTM = 2.39b USD
EBITDA TTM = 3.01b USD
Long Term Debt = 2.25m USD (from longTermDebt, last quarter)
Short Term Debt = 378.8m USD (from shortTermDebt, last quarter)
Debt = 477.5m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -69.7m USD (from netDebt column, last quarter)
Enterprise Value = 18.21b USD (20.73b + Debt 477.5m - CCE 2.99b)
Interest Coverage Ratio = 59.74 (Ebit TTM 2.39b / Interest Expense TTM 40.0m)
FCF Yield = 9.12% (FCF TTM 1.66b / Enterprise Value 18.21b)
FCF Margin = 14.06% (FCF TTM 1.66b / Revenue TTM 11.82b)
Net Margin = 16.91% (Net Income TTM 2.00b / Revenue TTM 11.82b)
Gross Margin = 34.05% ((Revenue TTM 11.82b - Cost of Revenue TTM 7.79b) / Revenue TTM)
Gross Margin QoQ = 34.65% (prev 34.74%)
Tobins Q-Ratio = 0.89 (Enterprise Value 18.21b / Total Assets 20.47b)
Interest Expense / Debt = 2.01% (Interest Expense 9.59m / Debt 477.5m)
Taxrate = 27.50% (170.9m / 621.6m)
NOPAT = 1.73b (EBIT 2.39b * (1 - 27.50%))
Current Ratio = 4.08 (Total Current Assets 9.36b / Total Current Liabilities 2.29b)
Debt / Equity = 0.03 (Debt 477.5m / totalStockholderEquity, last quarter 17.04b)
Debt / EBITDA = -0.02 (Net Debt -69.7m / EBITDA 3.01b)
Debt / FCF = -0.04 (Net Debt -69.7m / FCF TTM 1.66b)
Total Stockholder Equity = 16.85b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.76% (Net Income 2.00b / Total Assets 20.47b)
RoE = 11.86% (Net Income TTM 2.00b / Total Stockholder Equity 16.85b)
RoCE = 14.19% (EBIT 2.39b / Capital Employed (Equity 16.85b + L.T.Debt 2.25m))
RoIC = 10.07% (NOPAT 1.73b / Invested Capital 17.21b)
WACC = 8.87% (E(20.73b)/V(21.20b) * Re(9.04%) + D(477.5m)/V(21.20b) * Rd(2.01%) * (1-Tc(0.28)))
Discount Rate = 9.04% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -4.31%
[DCF Debug] Terminal Value 68.76% ; FCFE base≈2.00b ; Y1≈1.47b ; Y5≈844.2m
Fair Price DCF = 26.15 (DCF Value 13.58b / Shares Outstanding 519.5m; 5y FCF grow -31.26% → 3.0% )
EPS Correlation: -11.31 | EPS CAGR: 8.31% | SUE: 0.32 | # QB: 0
Revenue Correlation: 24.12 | Revenue CAGR: 10.24% | SUE: 1.16 | # QB: 1
EPS next Quarter (2026-03-31): EPS=0.83 | Chg30d=+0.005 | Revisions Net=-1 | Analysts=6
EPS next Year (2026-12-31): EPS=3.39 | Chg30d=+0.013 | Revisions Net=+2 | Growth EPS=-3.3% | Growth Revenue=+0.3%
Additional Sources for TS Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle