Tenaris SA (TNRSF) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 29, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TNRSF SEC filings page.
Tenaris SA (TNRSF) reported $12.0B in revenue for fiscal year 2025, down 4.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (20-F and 6-K reports).
Tenaris converts profits into cash while a post-peak slowdown has compressed margins more than revenue.
Tenaris’s cash conversion stayed ahead of accounting earnings: operating cash flow reached112.2% of net income in FY2023 and134.5% in FY2025. That widening relationship, despite a reported net-income decline of50.7% across those years, suggests the downturn did not weaken profit realization into cash.
The company’s margin compression was more severe than its sales decline: from FY2023 to FY2025, revenue fell
The balance sheet is lightly debt-funded: FY2025 long-term debt was
Financial Health Signals
Tenaris SA does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Tenaris SA passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Tenaris SA generates $1.34 in operating cash flow ($2.6B OCF vs $1.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Tenaris SA earns $48.65 in operating income for every $1 of interest expense ($2.3B vs $46.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Tenaris SA generated $12.0B in revenue in fiscal year 2025. This represents a decrease of 4.3% from the prior year.
Tenaris SA's EBITDA was $2.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5.0% from the prior year.
Tenaris SA reported $1.9B in net income in fiscal year 2025. This represents a decrease of 5.1% from the prior year.
Tenaris SA earned $1.83 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Cash & Balance Sheet
Tenaris SA held $572.6M in cash against $368K in long-term debt as of fiscal year 2025, with $2.3B of liabilities due within a year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Tenaris SA's gross margin was 34.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.
Tenaris SA's operating margin was 19.1% in fiscal year 2025, reflecting core business profitability. This is down 0.3 percentage points from the prior year.
Tenaris SA's net profit margin was 16.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.1 percentage points from the prior year.
Tenaris SA's ROE was 11.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the prior year.
Capital Allocation
Tenaris SA invested $64.2M in research and development in fiscal year 2025. This represents a decrease of 13.5% from the prior year.
Tenaris SA spent $1.4B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 5.7% from the prior year.
Not reported for fiscal year 2025.
TNRSF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.0B-4.3% | $12.5B-15.8% | $14.9B+26.4% | $11.8B+80.4% | $6.5B+26.7% | $5.1B-29.4% | $7.3B-4.8% | $7.7B+44.8% | $5.3B+23.2% | $4.3B-37.8% | $6.9B |
| Cost of Revenue | $7.9B-3.4% | $8.1B-6.2% | $8.7B+22.3% | $7.1B+53.7% | $4.6B+12.8% | $4.1B-20.0% | $5.1B-3.3% | $5.3B+43.3% | $3.7B+16.4% | $3.2B-33.3% | $4.7B |
| Gross Profit | $4.1B-6.1% | $4.4B-29.2% | $6.2B+32.6% | $4.7B+144.8% | $1.9B+80.3% | $1.1B-51.5% | $2.2B-8.1% | $2.4B+48.4% | $1.6B+42.2% | $1.1B-47.7% | $2.2B |
| R&D Expenses | $64.2M-13.5% | $74.2M+23.7% | $60.0M+18.3% | $50.7M+11.9% | $45.3M+8.4% | $41.8M-31.6% | $61.1M-3.6% | $63.4M-0.5% | $63.7M-7.1% | $68.6M-22.9% | $89.0M |
| Operating Income | $2.3B-5.6% | $2.4B-44.0% | $4.3B+45.7% | $3.0B+318.8% | $707.5Mn/m | -$663.1M-179.7% | $832.4M-4.5% | $871.8M+160.6% | $334.6Mn/m | -$59.1M-135.6% | $165.8M |
| EBITDA | $2.9B-5.0% | $3.1B-37.3% | $4.9B+36.2% | $3.6B+174.2% | $1.3B+8176.0% | $15.7M-98.9% | $1.4B-10.7% | $1.5B+62.9% | $943.2M+56.3% | $603.4M-26.8% | $824.6M |
| Interest Expense | $46.9M-23.3% | $61.2M-42.7% | $106.9M+132.6% | $45.9M+94.0% | $23.7M-12.4% | $27.0M-37.7% | $43.4M+17.4% | $36.9M+36.5% | $27.1M+21.2% | $22.3M-3.2% | $23.1M |
| Income Tax | $500.6M+4.4% | $479.7M-28.9% | $675.0M+9.4% | $617.2M+225.8% | $189.4M+718.3% | $23.1M-88.6% | $202.5M-11.7% | $229.2Mn/m | -$17.1M-200.2% | $17.1M-92.7% | $234.4M |
| Net Income | $1.9B-5.1% | $2.0B-48.0% | $3.9B+53.5% | $2.6B+132.1% | $1.1Bn/m | -$634.4M-185.4% | $742.7M-15.2% | $876.1M+60.8% | $544.7M+885.1% | $55.3Mn/m | -$80.2M |
| EPS (Basic) | $1.83+1.1% | $1.81-45.5% | $3.32+53.7% | $2.16+132.3% | $0.93 | N/A | N/A | N/A | N/A | N/A | N/A |
| EPS (Diluted) | $1.83+1.1% | $1.81-45.5% | $3.32+53.7% | $2.16+132.3% | $0.93 | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: SG&A Expenses, Diluted Shares (Avg).
TNRSF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $20.1B-1.8% | $20.5B-3.0% | $21.1B+20.1% | $17.6B+21.5% | $14.4B+5.3% | $13.7B-7.6% | $14.8B+4.2% | $14.3B-1.0% | $14.4B+2.8% | $14.0B | N/A |
| Current Assets | $9.1B-1.8% | $9.2B-12.1% | $10.5B+24.0% | $8.5B+70.0% | $5.0B+16.2% | $4.3B-24.4% | $5.7B+3.8% | $5.5B+1.5% | $5.4B+11.7% | $4.8B | N/A |
| Cash & Equivalents | $572.6M-15.2% | $675.3M-58.8% | $1.6B+50.0% | $1.1B+243.1% | $318.1M-45.6% | $584.7M-62.4% | $1.6B+262.8% | $428.4M+29.7% | $330.2M-17.4% | $399.7M | N/A |
| Inventory | $3.6B-2.9% | $3.7B-5.4% | $3.9B-1.7% | $4.0B+49.2% | $2.7B+63.3% | $1.6B-27.8% | $2.3B-10.2% | $2.5B+6.6% | $2.4B+51.4% | $1.6B-15.2% | $1.8B |
| Goodwill | $1.4B0.0% | $1.4B+23.0% | $1.1B+1.8% | $1.1B0.0% | $1.1B-0.1% | $1.1B-17.7% | $1.3B+2.5% | $1.3B-0.3% | $1.3B-30.6% | $1.9B | N/A |
| Total Liabilities | $3.2B-10.8% | $3.6B-10.2% | $4.1B+15.2% | $3.5B+50.0% | $2.3B+3.3% | $2.3B-14.6% | $2.7B+11.8% | $2.4B-15.7% | $2.8B+8.8% | $2.6B | N/A |
| Current Liabilities | $2.3B-11.0% | $2.6B-9.1% | $2.9B+4.1% | $2.8B+78.8% | $1.6B+33.7% | $1.2B-34.5% | $1.8B+3.6% | $1.7B-17.0% | $2.1B+20.9% | $1.7B | N/A |
| Non-Current Liabilities | $896.9M-10.3% | $999.6M-13.0% | $1.1B+58.0% | $727.4M-7.2% | $784.1M-28.9% | $1.1B+25.9% | $876.2M+33.3% | $657.4M-11.9% | $746.3M-13.1% | $859.1M | N/A |
| Long-Term Debt | $368K-96.8% | $11.4M-76.4% | $48.3M+4.0% | $46.4M-58.3% | $111.4M-64.7% | $315.7M-39.2% | $518.9M+1677.8% | $29.2M-15.8% | $34.6M+9.8% | $31.5M | N/A |
| Total Equity | $16.6B0.0% | $16.6B-1.5% | $16.8B+21.1% | $13.9B+16.3% | $12.0B+6.2% | $11.3B-6.1% | $12.0B+1.7% | $11.8B+2.6% | $11.5B+1.7% | $11.3B-4.9% | $11.9B |
Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments, Retained Earnings.
TNRSF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.6B-9.3% | $2.9B-34.8% | $4.4B+276.5% | $1.2B+880.2% | $119.1M-92.2% | $1.5B-0.5% | $1.5B+150.2% | $610.8Mn/m | -$22.0M-102.6% | $863.6M-61.0% | $2.2B |
| Depreciation & Amortization | $616.2M-2.6% | $632.9M+15.4% | $548.5M-9.7% | $607.7M+2.2% | $594.7M-12.4% | $678.8M+25.8% | $539.5M-18.8% | $664.4M+9.2% | $608.6M-8.1% | $662.4M+0.6% | $658.8M |
| Investing Cash Flow | -$192.6Mn/m | -$1.4Bn/m | -$2.7Bn/m | -$163.6M-161.1% | $267.9Mn/m | -$2.1Bn/m | -$40.4M-110.1% | $399.1M+14.3% | $349.1Mn/m | -$98.3Mn/m | -$1.8B |
| Financing Cash Flow | -$2.5Bn/m | -$2.4Bn/m | -$1.1Bn/m | -$178.3Mn/m | -$648.0Mn/m | -$375.3Mn/m | -$353.8Mn/m | -$900.4Mn/m | -$401.4Mn/m | -$652.6Mn/m | -$535.0M |
| Dividends Paid | $900.4M+18.8% | $757.8M+19.1% | $636.5M+19.8% | $531.2M+66.7% | $318.7M+285.7% | $82.6M-82.9% | $484.0M0.0% | $484.0M0.0% | $484.0M-4.7% | $507.6M-4.4% | $531.2M |
| Share Buybacks | $1.4B-5.7% | $1.4B+574.6% | $213.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow.
TNRSF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.4%-0.7pp | 35.0%-6.7pp | 41.7%+2.0pp | 39.7%+10.5pp | 29.3%+8.7pp | 20.6%-9.4pp | 30.0%-1.1pp | 31.1%+0.7pp | 30.3%+4.1pp | 26.3%-4.9pp | 31.2% |
| Operating Margin | 19.1%-0.3pp | 19.3%-9.7pp | 29.0%+3.8pp | 25.2%+14.3pp | 10.8%+23.7pp | -12.9%-24.3pp | 11.4%0.0pp | 11.4%+5.1pp | 6.3%+7.7pp | -1.4%-3.8pp | 2.4% |
| Net Margin | 16.1%-0.1pp | 16.3%-10.1pp | 26.4%+4.6pp | 21.7%+4.8pp | 16.9%+29.2pp | -12.3%-22.5pp | 10.2%-1.3pp | 11.4%+1.1pp | 10.3%+9.0pp | 1.3%+2.5pp | -1.2% |
| Return on Equity | 11.6%-0.6pp | 12.3%-11.0pp | 23.3%+4.9pp | 18.4%+9.2pp | 9.2%+14.8pp | -5.6%-11.8pp | 6.2%-1.2pp | 7.4%+2.7pp | 4.7%+4.3pp | 0.5%+1.2pp | -0.7% |
| Return on Assets | 9.6%-0.3pp | 10.0%-8.6pp | 18.6%+4.0pp | 14.5%+6.9pp | 7.6%+12.2pp | -4.6%-9.6pp | 5.0%-1.1pp | 6.2%+2.4pp | 3.8%+3.4pp | 0.4% | N/A |
| Current Ratio | 3.87+0.4x | 3.50-0.1x | 3.62+0.6x | 3.04-0.2x | 3.19-0.5x | 3.68+0.5x | 3.180.0x | 3.18+0.6x | 2.60-0.2x | 2.81 | N/A |
| Debt-to-Equity | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.010.0x | 0.030.0x | 0.040.0x | 0.000.0x | 0.000.0x | 0.00 | N/A |
| Liabilities-to-Equity | 0.200.0x | 0.220.0x | 0.240.0x | 0.25+0.1x | 0.200.0x | 0.200.0x | 0.220.0x | 0.200.0x | 0.250.0x | 0.23 | N/A |
| Asset Turnover | 0.600.0x | 0.61-0.1x | 0.710.0x | 0.67+0.2x | 0.45+0.1x | 0.38-0.1x | 0.490.0x | 0.54+0.2x | 0.37+0.1x | 0.31 | N/A |
Not reported in any period shown, so not listed: FCF Margin.
Where Tenaris SA Ranks
Frequently Asked Questions
Tenaris SA (TNRSF) reported $12.0B in total revenue for fiscal year 2025. This represents a -4.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Tenaris SA (TNRSF) revenue declined by 4.3% year-over-year, from $12.5B to $12.0B in fiscal year 2025.
Yes, Tenaris SA (TNRSF) reported a net income of $1.9B in fiscal year 2025, with a net profit margin of 16.1%.
Tenaris SA (TNRSF) had EBITDA of $2.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Tenaris SA (TNRSF) had $572.6M in cash and equivalents against $368K in long-term debt.
Tenaris SA (TNRSF) had a gross margin of 34.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Tenaris SA (TNRSF) had an operating margin of 19.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Tenaris SA (TNRSF) had a net profit margin of 16.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Tenaris SA (TNRSF) has a return on equity of 11.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Tenaris SA (TNRSF) generated $2.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Tenaris SA (TNRSF) had $20.1B in total assets as of fiscal year 2025, including both current and long-term assets.
Tenaris SA (TNRSF) invested $64.2M in research and development during fiscal year 2025.
Tenaris SA (TNRSF) had a current ratio of 3.87 as of fiscal year 2025, which is generally considered healthy.
Tenaris SA (TNRSF) had a debt-to-equity ratio of 0.00 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Tenaris SA (TNRSF) had a liabilities-to-equity ratio of 0.20 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Tenaris SA (TNRSF) had a return on assets of 9.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Tenaris SA (TNRSF) trades at 15.9x earnings, its market capitalization divided by $1.9B net income, FY2025. The market capitalization is $30.8B as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Tenaris SA (TNRSF) trades at 2.6x sales, its market capitalization divided by $12.0B revenue, FY2025. The market capitalization is $30.8B as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Tenaris SA (TNRSF) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Tenaris SA (TNRSF) has an earnings quality ratio of 1.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Tenaris SA (TNRSF) has an interest coverage ratio of 48.65x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.