| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 71 | 15.3x | 17.8x | Top tier | |
Growth | 14 | 2.3% | 7.1% | Bottom tier | |
Quality | 58 | 10.0% | 4.5% | Around median | |
Safety | 93 | — | 2.6x | Top tier | |
Capital Return | 66 | 0.51% | 2.12% | Top tier | |
Momentum | 78 | 55.5% | 2.9% | Top tier | |
Sentiment | 88 | 7 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Tenaris S.A. manufactures and supplies pipes used in the energy sector, including OCTG pipes for drilling operations, seamless pipes, line pipes, and coatings for offshore projects. The company generates revenue from selling these products and providing supply chain management services to customers such as Aramco, ADNOC, Eni, and TotalEnergies, in addition to its hydraulic fracturing business in Argentina; the Tubes segment remains the main driver of results, while management described the fracturing business as smaller than the group.
In fiscal Q2 2026, revenue was $3.0 billion, down 4% year over year and 4% from the previous quarter, due to the deferral of shipments to Iraq, Kuwait, and Qatar following disruptions to navigation through the Strait of Hormuz. EBITDA was $649 million, representing a margin of approximately 21.6%, after declining 12% from the previous quarter, while net income was $492 million, representing a net margin of approximately 16.4%, after declining 13%. The Tubes segment’s average selling price remained broadly stable both year over year and quarter over quarter, while weak fixed-cost absorption and higher raw material and logistics costs weighed on profitability.
In fiscal year 2025, Tenaris recorded revenue of $12.0 billion, gross profit of $4.1 billion, and net income of $2 billion, equivalent to a gross margin of approximately 34.2% and a net margin of approximately 16.7%. These results compare with revenue of $12.5 billion and net income of $2.1 billion in fiscal year 2024, and revenue of $14.9 billion and net income of $4.0 billion in fiscal year 2023, showing that earnings remained below the fiscal year 2023 peak.
The analyst consensus for TS shares is “Buy,” with an average target of $66.67 and a wide target range of $60 to $80; the average is approximately 3.2% above the 52-week range high of $64.60, while the range low is $33.65. The provided data does not include a price-to-earnings ratio or earnings per share, so the stock’s valuation here depends more heavily on expectations for a recovery in volumes and margins in fiscal Q4 2026 and the realization of the offshore project portfolio, weighed against Hormuz risks and results remaining below the fiscal year 2023 peak.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Fiscal Q2 2026 sales were approximately $3.0 billion, down 4% year over year and 4% quarter over quarter. The main reason was the deferral of shipments to Iraq, Kuwait, and Qatar due to disruptions to navigation through the Strait of Hormuz, while supplies to Aramco and ADNOC continued. EBITDA declined 12% quarter over quarter to $649 million, while net income fell 13% to $492 million due to higher logistics and raw material costs and weak fixed-cost absorption.
On the August 6, 2026 call, management expected fiscal second-half 2026 revenue and EBITDA to be similar to the first half. It expects fiscal Q3 2026 to resemble Q2 in terms of revenue and margin, before a jump in Q4 as volume exceeds one million tons. The base case does not include $130 million of shipments to Iraq, Kuwait, and Qatar, so the restoration of those shipments would be incremental to the announced outlook.
Management reported on August 6, 2026 that U.S. drilling activity had increased by approximately 10%, equivalent to about 50 rigs, since the beginning of the conflict referenced in the call. It expects another 10–15 rigs to be added through the end of fiscal year 2026, with Tenaris’s shipments growing in line with activity. Pipe Logix has risen by approximately 9% since the beginning of the year, and the company expects an additional increase of at least 5% by year-end, with this movement flowing through to its prices with a one-quarter lag.
Automated analysis for informational purposes only — not investment advice.
Management said on August 6, 2026 that the offshore project portfolio had grown and that its impact on sales would begin in fiscal Q4 2026 and extend into fiscal year 2027. Tenaris is supporting Eni and TotalEnergies’ Cronos project with line pipe and OCTG requirements for four wells. It is also managing OCTG supplies for the GranMorgu project from its center in Suriname and has begun supplying line pipes and coatings for the Sakarya project in the Black Sea.
In fiscal Q2 2026, Tenaris generated $518 million of operating cash flow and spent $121 million on capital expenditures, resulting in free cash flow of $396 million. After paying $606 million in dividends, net cash stood at $3.6 billion at the end of the quarter. The board approved an interim dividend of $0.59 per share or $1.18 per ADS, totaling approximately $600 million, payable on November 25, 2026.
Annual results have not returned to fiscal year 2023 levels within the provided data. Revenue was $14.9 billion and net income was $4.0 billion in fiscal year 2023, before declining to $12.5 billion and $2.1 billion in fiscal year 2024. In fiscal year 2025, revenue fell to $12.0 billion and net income to $2 billion, although both remained well above fiscal year 2021 revenue of $6.5 billion and net income of $1.1 billion.
