Tenaris Stock Price, News & Analysis
Company Description
Tenaris S.A. (TS) is described in its regulatory filings and press releases as a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications. The company is classified in the iron and steel mills and ferroalloy manufacturing industry within the broader manufacturing sector. Its shares trade on the New York Stock Exchange and in Mexico under the symbol TS, and on EXM Italy under the symbol TEN, reflecting an international investor base.
According to information provided in its filings and news releases, Tenaris focuses heavily on tubular products and services. The company’s business is organized around a Tubes segment, which accounts for the vast majority of its net sales, and an Others segment that covers other products and services. In the Tubes segment, Tenaris reports sales of seamless and welded pipes, as well as services performed on third-party tubes. These tubes and related services are primarily directed to customers in the energy industry, where they are used in oil and gas activities and other energy-related applications, and to certain industrial customers.
Tenaris reports its Tubes net sales by geographic region, including North America, South America, Europe, and Asia Pacific, Middle East and Africa. This regional breakdown, presented in its consolidated condensed interim financial statements, shows that the company serves customers across multiple continents. The company also discloses that it provides services such as coating and other work on third-party tubes, indicating that its activities extend beyond manufacturing its own tubular products.
In addition to its core tube manufacturing and related services, Tenaris reports an Others business segment, which includes net sales and operating income from other products and services. Disclosures in its quarterly results indicate that this segment has included oilfield services in Argentina and sales of sucker rods and coiled tubing, as well as sales of excess raw materials and energy to third parties. These activities complement the Tubes segment and are tied to the broader energy value chain.
Tenaris’s public communications and SEC filings emphasize its role in supplying steel tubes and related services to the world’s energy industry. The company’s performance is closely linked to drilling activity and energy-sector investment. In its interim results, Tenaris discusses sales of tubular products and services, changes in volumes of seamless and welded pipes, and average selling prices. It also highlights the impact of regional drilling activity, tariff changes on steel products, and specific pipeline and offshore projects on its sales by region.
The company’s financial reporting under International Financial Reporting Standards (IFRS) includes detailed segment information for Tubes and Others, along with geographic sales data. Tenaris also uses non-IFRS measures such as EBITDA, free cash flow, net cash/debt and operating working capital days, which it explains in exhibits to its interim financial statements. These measures are used by management to analyze operating performance and cash generation alongside net sales, operating income and net income.
Tenaris’s capital allocation approach is visible in its share buyback programs and dividend payments. In 2025, the board of directors approved a share buyback program of up to USD 1.2 billion, with tranches executed through non-discretionary agreements with financial institutions. The company has reported weekly and periodic updates on repurchases of ordinary shares under this program, including the percentage of issued share capital held in treasury. Tenaris has stated that shares repurchased under the program are intended to be cancelled in due course, and its shareholders approved the cancellation of a substantial number of treasury shares and the corresponding reduction of issued share capital at an extraordinary general meeting.
In addition to buybacks, Tenaris has distributed cash to shareholders through dividends. Shareholders at the annual general meeting approved an annual dividend, including an interim dividend that had already been paid and a balance to be paid on a specified date. The company’s quarterly press releases also describe interim dividend payments, including per-share and per-ADS amounts and the relevant record and ex-dividend dates for securities listed in different markets.
Tenaris’s ownership structure includes a controlling shareholder. Filings made under the Luxembourg Transparency Law and with the U.S. Securities and Exchange Commission explain that San Faustin S.A. is the indirect controlling shareholder and Techint Holdings S.à r.l. is the direct controlling shareholder. These disclosures describe changes in beneficial ownership percentages, the impact of Tenaris’s share repurchase program on San Faustin’s voting rights, and authorizations for Techint Holdings to sell ordinary shares while maintaining a specified minimum ownership stake.
The company’s SEC Form 6-K filings also show that Tenaris maintains a net cash position and invests in non-consolidated companies. Equity in earnings of non-consolidated companies includes contributions from holdings such as Ternium and Usiminas, and the company has recorded gains and losses related to litigation and legal claims associated with these investments. Tenaris’s financial statements detail property, plant and equipment, intangible assets, right-of-use assets, and other investments, illustrating a capital-intensive manufacturing and service business.
Tenaris is incorporated in Luxembourg, with its registered offices in Luxembourg as reflected in its Form 6-K filings. The company files annual reports under Form 20-F and furnishes interim information under Form 6-K, including quarterly results, share buyback reports, and governance-related disclosures. Its shareholder meetings approve financial statements, dividends, director appointments, auditor appointments and authorizations for share repurchases and share capital changes.
Business Segments and Geographic Exposure
Tenaris’s disclosures identify two main reportable segments:
- Tubes: This segment includes sales of seamless and welded pipes and services performed on third-party tubes. It represents the vast majority of the company’s net sales and operating income. Tenaris reports volumes in thousand metric tons and net sales by region, highlighting the importance of North America, South America, Europe, and Asia Pacific, Middle East and Africa.
- Others: This segment covers other products and services, including oilfield services in Argentina, sucker rods, coiled tubing and sales of excess raw materials and energy. While smaller than Tubes in terms of net sales, it contributes to operating income and reflects Tenaris’s broader participation in energy-related activities.
Capital Structure, Buybacks and Dividends
Tenaris’s capital structure and shareholder returns are a recurring theme in its filings. The company has an authorized share capital of a single class of shares with a nominal value per share. Following shareholder approval, Tenaris has cancelled treasury shares acquired through buyback programs, reducing its issued share capital and adjusting its legal reserve accordingly. The company provides detailed information on the number of issued shares, treasury shares and outstanding shares, and the percentage of issued share capital held in treasury.
The share buyback program of up to USD 1.2 billion, approved by the board of directors and authorized by shareholders, is being executed in tranches through non-discretionary agreements with financial institutions. Weekly reports furnished to the SEC specify the number of ordinary shares repurchased, total consideration paid, and the resulting percentage of issued share capital held in treasury. Tenaris states that it intends to cancel treasury shares purchased under the programs in due course.
On the dividend side, Tenaris’s annual general meeting approved an annual dividend per share and per ADR, with part of the amount having been paid as an interim dividend and the balance scheduled for payment on a specified date. The company’s quarterly communications also mention interim dividends, reinforcing its practice of returning cash to shareholders alongside share repurchases.
Regulatory Reporting and Governance
Tenaris prepares its consolidated financial statements in accordance with IFRS as issued by the International Accounting Standards Board and adopted by the European Union. The company furnishes unaudited consolidated condensed interim financial statements for nine-month and six-month periods on Form 6-K, along with press releases summarizing results and market background. These filings include income statements, statements of financial position, statements of changes in equity, and statements of other comprehensive income.
Shareholder governance is addressed through annual and extraordinary general meetings. Shareholders have approved consolidated financial statements, annual accounts, dividends, board composition, compensation, auditor appointments, and authorizations to purchase, acquire or receive company shares. Extraordinary meetings have approved the cancellation of treasury shares, reductions of issued share capital, and renewals of authorized unissued share capital with related waivers and amendments to the articles of association.
Position in the Energy and Industrial Value Chain
Across its press releases and filings, Tenaris consistently characterizes itself as a global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications. Its Tubes and Others segments, geographic sales distribution, and references to oilfield services, sucker rods and coiled tubing all underscore its integration into energy-related supply chains. The company’s performance is influenced by drilling activity in regions such as the United States, Canada, South America, and other international markets, as well as by tariff regimes and major projects in offshore and pipeline infrastructure.
Frequently Asked Questions about Tenaris (TS)
- What does Tenaris S.A. do?
Tenaris describes itself in its filings as a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications. Its main activities are reported in a Tubes segment and an Others segment. - In which industry and sector does Tenaris operate?
Tenaris is classified in the iron and steel mills and ferroalloy manufacturing industry within the broader manufacturing sector, and focuses on steel tubes and related services. - How does Tenaris report its business segments?
The company reports two primary segments: Tubes, which includes seamless and welded pipes and services on third-party tubes, and Others, which includes other products and services such as oilfield services in Argentina and sales of sucker rods and coiled tubing. - Which regions are important for Tenaris’s sales?
Tenaris discloses Tubes net sales by geographic region: North America, South America, Europe, and Asia Pacific, Middle East and Africa. This indicates a diversified customer base across multiple continents. - How is Tenaris linked to the energy industry?
The company repeatedly states that it supplies steel tubes and related services for the world’s energy industry. Its products and services are used in energy-related activities, and its results discussion references drilling activity and energy projects in various regions. - What is Tenaris’s approach to share buybacks?
In 2025, Tenaris’s board approved a share buyback program of up to USD 1.2 billion, to be executed in tranches through non-discretionary agreements with financial institutions. The company publishes weekly and periodic reports on repurchases and has stated that repurchased shares are intended to be cancelled in due course. - Does Tenaris pay dividends?
Yes. Shareholders at the annual general meeting approved an annual dividend per share and per ADR, including an interim dividend that had already been paid and a balance scheduled for payment on a specified date. The company’s quarterly press releases also describe interim dividend payments. - Who controls Tenaris?
Filings under the Luxembourg Transparency Law and with the SEC state that San Faustin S.A. is Tenaris’s indirect controlling shareholder and Techint Holdings S.à r.l. is its direct controlling shareholder. These entities report their beneficial ownership and any changes through Schedule 13D amendments and transparency notifications. - What accounting standards does Tenaris use?
Tenaris prepares its consolidated financial statements in accordance with International Financial Reporting Standards as issued by the IASB and adopted by the European Union. It files annual reports under Form 20-F and furnishes interim financial information on Form 6-K. - Is Tenaris still an active listed company?
The company continues to furnish Form 6-K reports to the SEC, including weekly reports on its share buyback program and interim financial statements, and its press releases refer to its shares being listed on the NYSE and in Mexico under TS and on EXM Italy under TEN.