Tenaris S.A. American Depositary Shares (TS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.82	$0.95	+15.9%	—	$3B	—
Q1 26	$0.87	$1.07	+23.0%	—	$3.1B	—
Q3 25	$0.75	$0.85	+13.3%	—	$3B	—
Q2 25	$0.88	$0.99	+12.5%	—	$3.1B	—
Q1 25	$0.77	$0.94	+22.1%	—	$2.9B	—
Q4 24	$0.71	$0.94	+32.4%	—	$2.8B	—
Q3 24	$0.68	$0.81	+19.1%	—	$2.9B	—
Q2 24	$0.97	$0.59	-39.2%	—	$3.3B	—
Q1 24	$1.03	$1.27	+23.3%	—	$3.4B	—
Q4 23	$1.01	$1.92	+90.1%	—	$3.4B	—
Q3 23	$1.43	$0.91	-36.4%	—	$3.2B	—
Q2 23	$1.61	$1.9	+18.0%	—	$4.1B	—
Q1 23	$1.65	$1.91	+15.8%	—	$4.1B	—
Q4 22	$1.39	$1.36	-2.2%	—	$3.6B	—
Q3 22	$0.99	$1.03	+4.0%	—	$3B	—
Q2 22	$0.82	$1.08	+31.7%	—	$2.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.66	—	—	$12B	—
FY24	—	$3.62	—	—	$12.5B	—
FY23	—	$6.64	—	—	$14.9B	—
FY22	—	$4.32	—	—	$11.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.3B	$5.3B	$7.7B	$7.3B	$5.1B	$6.5B	$11.8B	$14.9B	$12.5B	$12B
YoY change	-37.8%	+23.2%	+44.8%	-4.76%	-29.4%	+26.7%	+80.4%	+26.4%	-15.8%	-4.33%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.3B	5.3B	7.7B	7.3B	5.1B	6.5B	11.8B	14.9B	12.5B	12B
Cost of revenue	3.2B	3.7B	5.3B	5.1B	4.1B	4.6B	7.1B	8.7B	8.1B	7.9B
Gross profit	1.1B	1.6B	2.4B	2.2B	1.1B	1.9B	4.7B	6.2B	4.4B	4.1B
Gross margin	26.3%	30.3%	31.1%	30%	20.6%	29.3%	39.7%	41.7%	35%	34.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	852.7M	994.4M	1.2B	1.2B	912.6M	1B	1.4B	1.6B	1.6B	1.6B
Operating expenses	878M	1B	1.2B	1.2B	917.8M	1B	1.4B	1.7B	1.6B	1.6B
Operating income	-63.9M	330.4M	866.9M	827.3M	-46.2M	759.3M	3B	4.3B	2.5B	2.3B
Operating margin	-1.49%	6.25%	11.3%	11.3%	-0.9%	11.6%	25.9%	28.7%	20.1%	19.1%
Non-operating income, net	48.7M	58.5M	231.9M	103.3M	-566.1M	470.2M	114.1M	358.5M	-30.9M	15M
Pretax income	34.4M	427.7M	1.1B	933.7M	-619.3M	1.2B	3.2B	4.6B	2.6B	2.5B
Income tax	17.1M	-17.1M	229.2M	202.5M	23.1M	189.4M	617.2M	675M	479.7M	500.6M
Net income	58.7M	536.4M	873.9M	731.3M	-642.4M	1.1B	2.5B	4B	2.1B	2B
Net margin	1.37%	10.1%	11.4%	10%	-12.5%	16.2%	21.7%	26.6%	16.6%	16.5%
EBITDA	746.9M	1.1B	1.8B	1.5B	767M	1.9B	4B	5B	3.3B	3.2B
EPS	0.09	0.92	1.48	1.26	-1.08	1.86	4.32	6.64	3.62	3.66
Diluted EPS	0.09	0.92	1.48	1.26	-1.08	1.86	4.32	6.64	3.62	3.66

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.2B	3.4B	3.4B	3.3B	2.9B	2.8B	2.9B	3.1B	3B	3B	3.1B	3B
Cost of revenue	2B	2.1B	2.1B	2.1B	1.9B	1.9B	1.9B	2B	1.9B	2B	2.1B	2B
Gross profit	1.3B	1.3B	1.3B	1.2B	979.9M	923M	1B	1.1B	1B	1B	1.1B	984.7M
Gross margin	39.1%	37.9%	38%	35.5%	33.6%	32.4%	34.3%	34.7%	34.7%	33.9%	33.9%	33.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	432.7M	410.7M	417.1M	496.7M	454M	161.5M	457.1M	483.6M	435M	210.3M	403.4M	484.1M
Operating expenses	396.6M	416.3M	416.3M	666.4M	442.8M	9.4M	451.4M	489.3M	435.4M	228.8M	411M	490.7M
Operating income	867.9M	817.1M	810.6M	511.7M	537.1M	659M	549.9M	582.7M	596.6M	564.2M	587.1M	494M
Operating margin	26.8%	23.9%	23.6%	15.4%	18.4%	23.2%	18.8%	18.9%	20%	18.8%	18.9%	16.7%
Non-operating income, net	-110.4M	207.8M	52.6M	-82.5M	7.6M	-4.2M	14M	32.7M	-9M	-22.7M	27.8M	48M
Pretax income	825M	968.9M	835.1M	486.4M	593.2M	641.8M	599.2M	647M	624.3M	603.3M	667.6M	574.1M
Income tax	278.2M	-176.8M	84.9M	138.1M	134M	122.7M	81.3M	105.3M	171.7M	142.2M	103.5M	81.9M
Net income	546.8M	1.1B	750.2M	348.2M	459.2M	519.1M	517.9M	541.7M	452.6M	461.1M	564.2M	492.1M
Net margin	16.9%	33.6%	21.8%	10.5%	15.8%	18.2%	17.7%	17.6%	15.2%	15.4%	18.2%	16.6%
EBITDA	980.3M	995.1M	1B	640.6M	760.3M	818.5M	757.4M	806.8M	790.8M	782.1M	837.6M	741.3M
EPS	0.92	1.93	1.28	0.58	0.8	0.95	0.94	1	0.86	0.89	1.08	0.94
Diluted EPS	0.92	1.93	1.28	0.58	0.8	0.95	0.94	1	0.86	0.89	1.08	0.94

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	21.1B	18.8B	12.6B	13.4B	9.4B	12.3B	20.8B	20.5B	21.3B	20.3B	28.3B
Enterprise value	19.9B	18.2B	12.2B	12.7B	8.8B	12B	20.1B	17.6B	18.8B	17.9B	54.6B
Shares outstanding	590.3M	590.3M	590.3M	590.3M	590.3M	590.3M	590.3M	589.4M	563.7M	528M	528M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	358.8	35.1	14.4	18.3	—	11.7	8.14	5.18	10.3	10.3	14.8
P/S	4.91	3.56	1.64	1.83	1.83	1.89	1.76	1.38	1.7	1.69	2.35
P/B	1.85	1.62	1.06	1.1	0.82	1.02	1.48	1.2	1.27	1.21	3.34
EV/EBITDA	26.6	16.2	6.89	8.43	11.5	6.31	5.08	3.51	5.72	5.61	19.9
EV/Sales	4.63	3.45	1.59	1.73	1.72	1.85	1.71	1.18	1.5	1.49	4.53
Earnings yield	0.28%	2.85%	6.94%	5.47%	—	8.55%	12.3%	19.3%	9.75%	9.72%	6.74%
FCF yield	0.48%	-3.09%	2.08%	8.81%	14.1%	-1.02%	3.71%	18.4%	10.1%	9.77%	3.05%
PEG	—	—	—	—	—	—	—	—	—	—	-2.47

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	26.3%	30.3%	31.1%	30%	20.6%	29.3%	39.7%	41.7%	35%	34.4%	33.2%
Operating margin	-1.49%	6.25%	11.3%	11.3%	-0.9%	11.6%	25.9%	28.7%	20.1%	19.1%	16.7%
Net margin	1.37%	10.1%	11.4%	10%	-12.5%	16.2%	21.7%	26.6%	16.6%	16.5%	15.9%
ROE	0.51%	4.63%	7.36%	6%	-5.61%	8.7%	18.2%	23.2%	12.4%	11.7%	11.6%
ROA	0.42%	3.73%	6.13%	4.93%	-4.68%	7.29%	14.5%	18.8%	10.2%	9.83%	6.79%
ROIC	-0.31%	3%	5.97%	5.65%	-0.42%	5.44%	18.3%	25.8%	14.3%	12.7%	12%
Return on tangible assets	0.57%	4.84%	7.72%	6.24%	-5.92%	9%	17.1%	21.6%	11.7%	11.4%	10.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.87	2.6	3.18	3.18	3.68	3.19	3.04	3.62	3.5	3.87	4.07
Quick ratio	1.97	1.45	1.71	1.91	2.27	1.48	1.61	2.27	2.1	2.33	2.39
Debt / equity	0.07	0.08	0.05	0.09	0.08	0.04	0.06	0.04	0.03	0.03	0.03
Debt / assets	0.06	0.07	0.04	0.07	0.06	0.03	0.05	0.03	0.03	0.02	0.02
Net debt / EBITDA	-1.6	-0.49	-0.21	-0.47	-0.76	-0.14	-0.17	-0.58	-0.75	-0.76	-0.74
Interest coverage	2.54	16.8	30.9	22.5	-21.9	53.5	69.9	44.4	42.8	53.7	51.3
Effective tax rate	49.7%	0%	20.8%	21.7%	0%	15.2%	19.5%	14.6%	18.8%	20.2%	20.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.27	8.96	13	12.4	8.72	11	19.9	25.2	22.2	22.7	11.8
EPS (basic)	0.09	0.92	1.48	1.26	-1.08	1.86	4.32	6.64	3.62	3.66	3.66
EPS (diluted)	0.09	0.92	1.48	1.26	-1.08	1.86	4.32	6.64	3.62	3.66	3.78
Book value per share	19.3	19.6	20.1	20.6	19.4	20.5	23.8	28.9	29.8	31.9	16.8
FCF per share	0.17	-0.98	0.44	2	2.25	-0.21	1.3	6.41	3.83	3.75	3.37
Cash per share	3.44	2.58	1.55	2.99	2.47	1.21	2.59	6.12	5.41	5.45	2.76
Capex per share	0.09	0.02	0.02	0.01	0.02	0.03	0.05	0.02	0.03	1.17	1.08

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.19%	0.24%	0.14%	0.08%	0.26%	0.27%	0.25%	0.1%	0.15%	5.15%	4.52%
Capex / operating cash flow	5.53%	11.4%	1.26%	0.37%	1.37%	2.94%	2.3%	0.33%	0.64%	23.7%	24.3%
Payout ratio	864.2%	90.2%	55.4%	66.2%	-12.9%	30.3%	20.8%	16.1%	36.5%	45.6%	47.6%
Dividend yield	2.41%	2.57%	3.85%	3.62%	0.88%	2.59%	2.56%	3.11%	3.56%	4.44%	4.36%

Yield

4.36%

trailing twelve months

Frequency

Semi-annual

Last dividend

$1.20

ex-dividend May 19, 2026

Payout ratio

48%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 19, 2026	$1.20
May 20, 2025	$0.56
Nov 19, 2024	$0.54
May 20, 2024	$0.80
Nov 20, 2023	$0.40
May 22, 2023	$0.68
Nov 21, 2022	$0.34

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.2B	$3.4B	$3.4B	$3.3B	$2.9B	$2.8B	$2.9B	$3.1B	$3B	$3B	$3.1B	$3B
YoY change	+8.84%	-5.67%	-16.9%	-18.5%	-9.96%	-16.7%	-15.1%	-7.1%	+2.15%	+5.27%	+6.1%	-3.86%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2B	1.5B	916.1M	1.8B	1.5B	716M	1.5B	3.6B	3B	2.9B
Receivables	954.7M	1.2B	1.7B	1.3B	968.1M	1.3B	2.5B	2.5B	1.9B	1.9B
Inventory	1.6B	2.4B	2.5B	2.3B	1.6B	2.7B	4B	3.9B	3.7B	3.6B
Total current assets	5B	5.4B	5.5B	5.7B	4.3B	5B	8.5B	10.5B	9.2B	9.1B
Property, plant & equipment	-4B	-5.7B	-6.1B	-6.1B	-6.6B	-7.1B	-7.2B	-7.3B	-7.6B	-8.6B
Goodwill & intangibles	3.7B	3.3B	2.9B	3.1B	2.9B	2.7B	2.7B	2.8B	2.7B	2.7B
Total assets	14B	14.4B	14.3B	14.8B	13.7B	14.4B	17.6B	21.1B	20.5B	20.1B
Accounts payable	556.8M	750.7M	693.7M	555.9M	462.1M	845.3M	1.2B	1.1B	880.3M	872.9M
Short-term debt	808.7M	931.2M	509.8M	819.1M	346.8M	254.1M	710.9M	573M	470.5M	353.7M
Total current liabilities	1.7B	2.1B	1.7B	1.8B	1.2B	1.6B	2.8B	2.9B	2.6B	2.3B
Long-term debt	31.5M	34.6M	29.2M	233.2M	529.6M	194.1M	130M	144.9M	111.8M	95.3M
Total liabilities	2.6B	2.8B	2.4B	2.7B	2.3B	2.3B	3.5B	4.1B	3.6B	3.2B
Shareholders' equity	11.4B	11.6B	11.9B	12.2B	11.4B	12.1B	14B	17B	16.8B	16.8B
Total debt	840.2M	965.9M	539M	1.1B	876.4M	448.2M	840.9M	717.9M	582.3M	449M
Net debt	440.5M	635.6M	110.6M	-502M	291.7M	130.1M	-250.6M	-920M	-92.9M	-123.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.4B	3.6B	3.6B	3.3B	3.5B	3B	3.4B	3.1B	3B	2.9B	3.4B	2.8B
Receivables	2.4B	2.5B	2.6B	2.4B	2.3B	1.9B	2B	2.1B	2.5B	1.9B	2.2B	2.1B
Inventory	3.9B	3.9B	3.9B	3.8B	3.8B	3.7B	3.5B	3.5B	3.5B	3.6B	3.6B	3.7B
Total current assets	10B	10.5B	10.3B	9.8B	9.9B	9.2B	9.3B	9.2B	9.4B	9.1B	9.6B	9B
Property, plant & equipment	6B	-7.3B	6.2B	6.2B	6.3B	-7.6B	6.4B	6.3B	6.4B	-8.2B	6.3B	6.3B
Goodwill & intangibles	1.3B	2.8B	1.4B	1.4B	1.4B	2.7B	1.4B	1.4B	1.4B	2.7B	1.4B	1.4B
Total assets	19.8B	21.1B	21.5B	21.1B	21.1B	20.5B	20.6B	20.4B	20.5B	20.1B	20.5B	20.3B
Accounts payable	999.2M	1.1B	1B	1B	962.4M	880.3M	831.7M	910.4M	830.2M	872.9M	845.9M	865.6M
Short-term debt	630.3M	573M	650.4M	607.1M	534.6M	470.5M	399.2M	373.8M	378.8M	353.7M	379.5M	348.4M
Total current liabilities	2.5B	2.9B	2.9B	3.2B	2.7B	2.6B	2.3B	2.7B	2.3B	2.3B	2.3B	2.2B
Long-term debt	111.6M	144.9M	125.2M	130.2M	117.5M	111.8M	98.6M	98.5M	98.7M	95.3M	94M	98.6M
Total liabilities	3.4B	4.1B	3.9B	4.2B	3.7B	3.6B	3.2B	3.6B	3.2B	3.2B	3.2B	3.1B
Shareholders' equity	16.4B	17B	17.6B	16.9B	17.4B	16.8B	17.4B	16.8B	17.3B	16.8B	17.3B	17.2B
Total debt	741.9M	717.9M	775.6M	737.3M	652.1M	582.3M	497.8M	472.4M	477.5M	449M	473.5M	446.9M
Net debt	-122.1M	-920M	-547.8M	-113M	-62.9M	-92.9M	-272.4M	-99.9M	-69.7M	-123.7M	-678.6M	-110.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	58.7M	536.4M	873.9M	731.3M	-642.4M	1.1B	2.5B	4B	2.1B	2B
Depreciation & amortization	662.4M	608.6M	664.4M	539.5M	678.8M	594.7M	607.7M	548.5M	632.9M	616.2M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	331M	-853.2M	-738M	523.1M	1.1B	-1.1B	-2.1B	182.4M	286.9M	47.8M
Operating cash flow	921.5M	109.4M	865M	1.6B	973.9M	600.8M	1.3B	4.5B	2.9B	2.6B
Capital expenditure	51M	12.5M	10.9M	5.9M	13.4M	17.7M	29.6M	14.6M	18.6M	-617.2M
Investing cash flow	-8.5M	319M	722.9M	280.8M	-1.9B	430.8M	148.7M	-278.6M	44.5M	-638.1M
Dividends paid	-507.6M	-484M	-484M	-484M	-82.6M	-318.7M	-531.2M	-636.5M	-757.8M	-900.4M
Share repurchases	—	—	—	—	—	0	0	-213.7M	-1.4B	-1.4B
Financing cash flow	-652.6M	-401.4M	-900.4M	-353.8M	-375.3M	-648M	-178.3M	-1.1B	-2.4B	-2.5B
Net change in cash	260.3M	27M	687.4M	1.5B	-1.3B	383.7M	1.3B	3.1B	545M	-516.3M
Free cash flow	100.3M	-580.3M	261.3M	1.2B	1.3B	-125.5M	769.9M	3.8B	2.2B	2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	546.8M	1.1B	750.2M	348.2M	459.2M	519.1M	517.9M	541.7M	452.6M	461.1M	564.2M	492.1M
Depreciation & amortization	136.1M	156.3M	175.4M	138.5M	151.1M	167.8M	146.4M	150M	156.8M	162.9M	151.4M	155.3M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	-36.6M	223.8M	—	—	—	-83.8M	—
Operating cash flow	789.7M	981.6M	943.2M	573.9M	512M	547.3M	837.4M	673.1M	318.3M	787.2M	617.6M	517.5M
Capital expenditure	-694K	4.7M	8.4M	-12.7M	8.2M	14.7M	13.8M	-135.5M	-185.4M	-122.5M	-114.5M	-121.5M
Investing cash flow	-125.1M	-158.8M	7M	11.8M	12.3M	13.3M	12.5M	-137.3M	-185.4M	-140.2M	-50.2M	-121.5M
Dividends paid	0	-235.1M	—	-458.6M	0	-299.2M	—	-600.3M	0	-300M	—	—
Share repurchases	0	—	-311.1M	-492.3M	-181.7M	-454.5M	-237.2M	-236.7M	-351.5M	-536.9M	-89.6M	0
Financing cash flow	-67.4M	-292M	-250.8M	-1B	-318.4M	-809.3M	-333.4M	-896.7M	-367.2M	-880.5M	-78.5M	-47.6M
Net change in cash	597.2M	530.9M	699.3M	-435.2M	206M	-248.7M	516.5M	-360.8M	-234.4M	-233.5M	489M	348.5M
Free cash flow	1.1B	668.9M	714.9M	763.4M	368.2M	315.4M	647.2M	518.9M	137.8M	665.6M	503.2M	396.1M

Tenaris S.A. American Depositary Shares Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history