This page shows Tenaris (TS) financial statements, including the 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 (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Tenaris's revenue declined 4.3% year-over-year, from $12.5B to $12.0B. This contraction results in a growth score of 26/100.
Tenaris carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.87, Tenaris holds $3.87 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 76/100.
Tenaris's ROE of 11.7% shows moderate profitability relative to equity, earning a score of 37/100. This is down from 12.3% the prior year.
Tenaris 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 generates $1.32 in operating cash flow ($2.6B OCF vs $2.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Tenaris generated $12.0B in revenue in fiscal year 2025. This represents a decrease of 4.3% from the prior year.
Tenaris reported $2.0B in net income in fiscal year 2025. This represents a decrease of 5.0% from the prior year.
Tenaris 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 held $572.6M in cash against $94.9M in long-term debt as of fiscal year 2025.
Tenaris had 1.07B shares outstanding in fiscal year 2025. This represents a decrease of 7.8% from the prior year.
Margins & Returns
Tenaris's net profit margin was 16.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.1 percentage points from the prior year.
Tenaris's ROE was 11.7% 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 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.
TS Income Statement
| Metric | Q3'25 | Q3'24 | Q3'23 | Q3'22 | Q3'21 | Q3'20 | Q3'19 | Q3'18 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TS Balance Sheet
| Metric | Q3'25 | Q3'24 | Q3'23 | Q3'22 | Q3'21 | Q3'20 | Q3'19 | Q3'18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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 |
| Current Assets | $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 |
| Cash & Equivalents | $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 |
| Inventory | $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 |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $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 |
| Total Liabilities | $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 |
| Current Liabilities | $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 |
| Long-Term Debt | $100.4M+4.0% | $96.6M+15.5% | $83.6M+1.1% | $82.7M-61.3% | $213.8M+11.2% | $192.3M-64.3% | $539.0M-44.2% | $965.9M |
| Total Equity | $16.8B-1.3% | $17.0B+21.3% | $14.0B+15.9% | $12.1B+5.8% | $11.4B-6.1% | $12.2B+2.6% | $11.9B+2.5% | $11.6B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TS Cash Flow Statement
| Metric | Q3'25 | Q3'24 | Q3'23 | Q3'22 | Q3'21 | Q3'20 | Q3'19 | Q3'18 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TS Financial Ratios
| Metric | Q3'25 | Q3'24 | Q3'23 | Q3'22 | Q3'21 | Q3'20 | Q3'19 | Q3'18 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Ratio | 3.50-0.1 | 3.62+0.6 | 3.04-0.2 | 3.19-0.5 | 3.68+0.5 | 3.180.0 | 3.18+0.6 | 2.60 |
| Debt-to-Equity | 0.010.0 | 0.010.0 | 0.010.0 | 0.01-0.0 | 0.020.0 | 0.02-0.0 | 0.05-0.0 | 0.08 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Tenaris's annual revenue?
Tenaris (TS) 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.
How fast is Tenaris's revenue growing?
Tenaris (TS) revenue declined by 4.3% year-over-year, from $12.5B to $12.0B in fiscal year 2025.
Is Tenaris profitable?
Yes, Tenaris (TS) reported a net income of $2.0B in fiscal year 2025, with a net profit margin of 16.5%.
How much debt does Tenaris have?
As of fiscal year 2025, Tenaris (TS) had $572.6M in cash and equivalents against $94.9M in long-term debt.
What is Tenaris's net profit margin?
Tenaris (TS) had a net profit margin of 16.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Tenaris's return on equity (ROE)?
Tenaris (TS) has a return on equity of 11.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tenaris's operating cash flow?
Tenaris (TS) generated $2.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Tenaris's total assets?
Tenaris (TS) had $20.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Tenaris's current ratio?
Tenaris (TS) had a current ratio of 3.87 as of fiscal year 2025, which is generally considered healthy.
What is Tenaris's debt-to-equity ratio?
Tenaris (TS) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tenaris's return on assets (ROA)?
Tenaris (TS) had a return on assets of 9.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Tenaris's Piotroski F-Score?
Tenaris (TS) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tenaris's earnings high quality?
Tenaris (TS) has an earnings quality ratio of 1.32x, 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.
How financially healthy is Tenaris?
Tenaris (TS) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.