Tenaris S. A. (TS) 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 26, 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 TS SEC filings page.
Tenaris S. A. (TS) 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 (10-K and 10-Q reports).
Tenaris remains highly liquid and lightly indebted, but its post-2023 earnings decline shows costs falling slower than sales.
The FY2023-to-FY2025 sales contraction was19.4% , while gross margin fell7.3 pp ; costs therefore did not retreat in step with volume. Over that same span, operating income fell47.1% , far more than sales, showing fixed costs amplify a downturn.
In FY2025, operating cash flow of
Long-term debt was negligible at
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Tenaris S. A.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Tenaris S. A. has an operating margin of 19.1%, meaning the company retains $19 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is down from 19.3% the prior year.
Tenaris S. A.'s revenue declined 4.3% year-over-year, from $12.5B to $12.0B. This contraction results in a growth score of 16/100.
Tenaris S. A. carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.87, Tenaris S. A. holds $3.87 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 89/100.
Not available for Tenaris S. A., so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
Tenaris S. A. earns a strong 11.6% return on equity (ROE), meaning it generates $12 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 82/100. This is down from 12.3% the prior year.
Tenaris S. A. 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 S. A. 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 S. A. 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 S. A. generated $12.0B in revenue in fiscal year 2025. This represents a decrease of 4.3% from the prior year.
Tenaris S. A.'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 S. A. reported $1.9B in net income in fiscal year 2025. This represents a decrease of 5.1% from the prior year.
Tenaris S. A. 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 S. A. 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 S. A.'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 S. A.'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 S. A.'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 S. A.'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 S. A. invested $64.2M in research and development in fiscal year 2025. This represents a decrease of 13.5% from the prior year.
Tenaris S. A. 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.
TS 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).
TS 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.
TS 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.
TS 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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Tenaris S. A. TS | FY2025 | $12.0B | $1.9B | 16.1% | $29.9B | 70/100 |
| Halliburton Company HAL | FY2025 | $22.2B | $1.3B | 5.8% | $29.3B | 62/100 |
| TechnipFMC plc FTI | FY2025 | $9.9B | $963.9M | 9.7% | $27.6B | 69/100 |
| Baker Hughes Company BKR | FY2025 | $27.7B | $2.6B | 9.3% | $55.6B | 63/100 |
| SLB Limited SLB | FY2025 | $35.7B | $3.4B | 9.4% | $78.3B | 68/100 |
| NOV Inc. NOV | FY2025 | $8.7B | $145.0M | 1.7% | $7.2B | 58/100 |
Where Tenaris S. A. Ranks
Frequently Asked Questions
What is Tenaris S. A.'s annual revenue?
Tenaris S. A. (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. A.'s revenue growing?
Tenaris S. A. (TS) revenue declined by 4.3% year-over-year, from $12.5B to $12.0B in fiscal year 2025.
Is Tenaris S. A. profitable?
Yes, Tenaris S. A. (TS) reported a net income of $1.9B in fiscal year 2025, with a net profit margin of 16.1%.
What is Tenaris S. A.'s EBITDA?
Tenaris S. A. (TS) had EBITDA of $2.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Tenaris S. A. have?
As of fiscal year 2025, Tenaris S. A. (TS) had $572.6M in cash and equivalents against $368K in long-term debt.
What is Tenaris S. A.'s gross margin?
Tenaris S. A. (TS) had a gross margin of 34.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Tenaris S. A.'s operating margin?
Tenaris S. A. (TS) had an operating margin of 19.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Tenaris S. A.'s net profit margin?
Tenaris S. A. (TS) had a net profit margin of 16.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Tenaris S. A.'s return on equity (ROE)?
Tenaris S. A. (TS) has a return on equity of 11.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tenaris S. A.'s operating cash flow?
Tenaris S. A. (TS) generated $2.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Tenaris S. A.'s total assets?
Tenaris S. A. (TS) had $20.1B in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Tenaris S. A. spend on research and development?
Tenaris S. A. (TS) invested $64.2M in research and development during fiscal year 2025.
What is Tenaris S. A.'s current ratio?
Tenaris S. A. (TS) had a current ratio of 3.87 as of fiscal year 2025, which is generally considered healthy.
What is Tenaris S. A.'s debt-to-equity ratio?
Tenaris S. A. (TS) 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.
What is Tenaris S. A.'s liabilities-to-equity ratio?
Tenaris S. A. (TS) 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.
What is Tenaris S. A.'s return on assets (ROA)?
Tenaris S. A. (TS) had a return on assets of 9.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Tenaris S. A.'s P/E ratio?
Tenaris S. A. (TS) trades at 15.5x earnings, its market capitalization divided by $1.9B net income, FY2025. The market capitalization is $29.9B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Tenaris S. A.'s price-to-sales ratio?
Tenaris S. A. (TS) trades at 2.5x sales, its market capitalization divided by $12.0B revenue, FY2025. The market capitalization is $29.9B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Tenaris S. A.'s Piotroski F-Score?
Tenaris S. A. (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tenaris S. A.'s earnings high quality?
Tenaris S. A. (TS) 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.
Can Tenaris S. A. cover its interest payments?
Tenaris S. A. (TS) 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.
How financially healthy is Tenaris S. A.?
Tenaris S. A. (TS) scores 70 out of 100 on our Financial Health Score, indicating strong standing within its energy companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Tenaris S. A. it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.