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Tenaris S.A.

TS

Tenaris S.A. • NYSE
$40.23 ▲ 0.79% (+0.32)
Market Cap $21.58 B
52w High $41.76
52w Low $30.06
Dividend Yield 1.70%
P/E 10.81
Volume 489.19K
Outstanding Shares 536.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.965B ▼ $433.034M ▼ $443.711M ▼ 14.966% ▼ $1.72 ▲ $787.303M ▼
Q2-2025 $3.086B ▲ $489.299M ▲ $531.323M ▲ 17.219% ▼ $1 ▲ $806.762M ▲
Q1-2025 $2.922B ▲ $451.444M ▲ $506.931M ▼ 17.348% ▼ $0.94 $757.357M ▼
Q4-2024 $2.845B ▼ $364.586M ▼ $516.213M ▲ 18.143% ▲ $0.94 ▲ $783.266M ▲
Q3-2024 $2.915B $442.828M $448.066M 15.368% $0.8 $760.26M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.989B ▼ $20.466B ▲ $3.207B ▼ $17.041B ▲
Q2-2025 $3.055B ▼ $20.408B ▼ $3.613B ▲ $16.584B ▼
Q1-2025 $3.352B ▲ $20.619B ▲ $3.223B ▼ $17.165B ▲
Q4-2024 $3.048B ▼ $20.45B ▼ $3.636B ▼ $16.593B ▼
Q3-2024 $3.514B $21.14B $3.721B $17.2B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $443.711M ▼ $313.577M ▼ $35.86M ▲ $-363.936M ▲ $-25.106M ▲ $128.637M ▼
Q2-2025 $538.018M ▲ $726.79M ▼ $-8.082M ▲ $-906.524M ▼ $-197.919M ▼ $574.919M ▼
Q1-2025 $517.864M ▲ $821M ▲ $-387.017M ▼ $-333.399M ▲ $98.154M ▲ $647.162M ▲
Q4-2024 $516.213M ▲ $492.228M ▼ $310.535M ▲ $-809.346M ▼ $-20.508M ▲ $310.358M ▼
Q3-2024 $459.191M $551.812M $-409.482M $-318.371M $-167.389M $368.173M

Five-Year Company Overview

Income Statement

Income Statement Tenaris’s income statement shows a classic energy‑cycle pattern but with a clear improvement in profitability over the last several years. After a loss in the pandemic year, both sales and profits rebounded strongly as drilling activity recovered, with earnings reaching very high levels in the middle of the period. The most recent year shows a cooling from that peak: revenue and profit eased back but remain well above pre‑pandemic levels, indicating normalization rather than distress. Margins are still healthy, suggesting the company has been able to keep good pricing and cost discipline even as the cycle softens. Overall, the business looks solidly profitable but clearly exposed to swings in oil and gas investment spending.

Balance Sheet

Balance Sheet The balance sheet looks conservative and resilient. Total assets and shareholders’ equity have climbed steadily, which implies that profits have largely been retained and reinvested in the business. Debt is relatively low compared with equity, meaning financial leverage is modest and the company has room to absorb downturns. Cash levels rose as the cycle strengthened and then dipped more recently, likely reflecting investment needs or returns to shareholders, but there is no sign of balance sheet strain. In short, Tenaris appears to be operating with a strong capital base and limited reliance on borrowing, which is helpful in a volatile industry.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has shifted from being quite thin earlier in the period to very strong in the last few years, broadly tracking the recovery in profits. After funding investments in plants and equipment, the company has consistently produced positive free cash flow in recent years, and by a wide margin in the best year of the cycle. Capital spending has been rising but remains comfortably covered by cash from operations, leaving room for debt reduction, dividends, or other uses. The pattern does highlight some volatility, but overall cash conversion from earnings looks robust.

Competitive Edge

Competitive Edge Tenaris holds a strong competitive position in steel pipe and related services for the energy industry. It benefits from a global manufacturing and service footprint, close proximity to major producing basins, and long‑standing relationships with large oil and gas companies. Its premium product portfolio, proprietary connections, and integrated Rig Direct® supply model create switching costs for customers and help differentiate it from more commoditized competitors. Scale, brand reputation, and technical know‑how form a meaningful moat, although the company still faces cyclical demand, pricing pressure from lower‑cost producers (including some in emerging markets), and exposure to political and trade dynamics in key regions. Its tilt toward higher‑value, specialized offerings helps mitigate, but not eliminate, these risks.

Innovation and R&D

Innovation and R&D Innovation is a central part of Tenaris’s strategy and supports both its current moat and its future relevance. The company invests in advanced materials, premium connections, and coatings such as Dopeless® technology, which improve safety, efficiency, and environmental performance for demanding wells. Its push toward digital, “connected” factories and integrated supply chain solutions should enhance productivity and deepen customer integration over time. Importantly, Tenaris is also directing R&D toward low‑carbon areas like hydrogen infrastructure, carbon capture and storage, and geothermal applications, aiming to repurpose core metallurgical and engineering skills for the energy transition. These initiatives are promising but still developing, so their long‑term commercial impact remains uncertain and will depend on how fast these new markets mature and how well Tenaris executes.

Summary

Overall, Tenaris combines cyclical but currently solid profitability with a conservative balance sheet and strong cash generation. The core business is closely tied to oil and gas capital spending, which brings volatility but also allows the firm’s technical edge and integrated model to shine during upcycles. Its competitive moat rests on technology, scale, global presence, and deep customer relationships, giving it an advantage in premium and complex applications rather than purely price‑driven segments. At the same time, the company is investing to extend its capabilities into emerging low‑carbon markets, which could gradually diversify its revenue base if these efforts succeed. Key uncertainties revolve around future oil and gas spending, competition from lower‑cost producers, steel and input cost swings, regulatory changes, and the pace and shape of the global energy transition.

NEWS

November 2, 2025 · 12:40 PM UTC

Tenaris to Commence a USD 600 million Second Tranche of its USD 1.2 Billion Share Buyback Program

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October 29, 2025 · 4:31 PM UTC

Tenaris Announces 2025 Third Quarter Results

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September 30, 2025 · 6:30 PM UTC

Tenaris completes USD600 million First Tranche of its Share Buyback Program

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September 19, 2025 · 4:49 PM UTC

Tenaris's controlling shareholder files an amendment to Schedule 13D in response to Tenaris's ongoing share buyback program

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