TS (Tenaris S.A.) Stock Financials & Earnings | Market Cap Arena

TS (Tenaris S.A.) Stock Financials & Earnings | Market Cap Arena

TSTenaris S.A.

Mkt Cap$29B

Energy·Oil & Gas Equipment & Services·🇱🇺 Luxembourg·NYSE

Revenue (TTM)$12.0B

Net Income (TTM)$1.9B

EPS (TTM)$3.62

Free Cash Flow (TTM)$2.0B

Gross Margin32.1%

Op. Margin19.1%

Net Margin16.1%

FCF Margin16.8%

P/S Ratio (TTM)2.4x

P/E Ratio (TTM)15.0x

YoY Rev Growth-4.4%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$4.1B	$1.8B	$1.4B
Q2 23	$4.1B	$1.8B	$1.3B
Q3 23	$3.2B	$1.3B	$868M
Q4 23	$3.4B	$1.3B	$819M
Q1 24	$3.4B	$1.3B	$812M
Q2 24	$3.3B	$1.2B	$512M
Q3 24	$2.9B	$980M	$537M
Q4 24	$2.8B	$923M	$558M
Q1 25	$2.9B	$1.0B	$550M
Q2 25	$3.1B	$1.1B	$583M
Q3 25	$3.0B	$1.0B	$597M
Q4 25	$3.0B	$736M	$554M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	2.1x	9.1x
Q2 23	2.0x	7.9x
Q3 23	1.9x	8.0x
Q4 23	1.9x	7.4x
Q1 24	2.0x	8.2x
Q2 24	2.2x	10.6x
Q3 24	2.2x	10.9x
Q4 24	2.3x	14.2x
Q1 25	2.4x	16.0x
Q2 25	2.5x	14.4x
Q3 25	2.4x	14.5x
Q4 25	2.4x	15.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$921M	$804M
Q2 23	$1.3B	$1.2B
Q3 23	$1.3B	$1.1B
Q4 23	$836M	$669M
Q1 24	$887M	$715M
Q2 24	$935M	$760M
Q3 24	$552M	$368M
Q4 24	$492M	$310M
Q1 25	$821M	$647M
Q2 25	$727M	$575M
Q3 25	$314M	$129M
Q4 25	$787M	$666M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$117M
Q2 23	$154M
Q3 23	$159M
Q4 23	$167M
Q1 24	$172M
Q2 24	$175M
Q3 24	$184M
Q4 24	$182M
Q1 25	$174M
Q2 25	$152M
Q3 25	$185M
Q4 25	$122M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+75.0%	+48.2%
Q2 23	+45.5%	+30.8%
Q3 23	+8.8%	+9.1%
Q4 23	-5.7%	-0.4%
Q1 24	-16.9%	-5.7%
Q2 24	-18.5%	+0.5%
Q3 24	-10.0%	+0.4%
Q4 24	-16.7%	-11.9%
Q1 25	-15.1%	-9.8%
Q2 25	-7.1%	-10.9%
Q3 25	+1.7%	-0.4%
Q4 25	+5.3%	+6.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 23	$214M	$198M	—
Q2 23	$335M	$194M	—
Q3 23	—	—	$433M
Q4 23	$257M	$154M	—
Q1 24	$249M	$168M	—
Q2 24	—	—	$497M
Q3 24	—	—	$454M
Q4 24	$243M	$140M	—
Q1 25	$238M	$166M	—
Q2 25	—	—	$484M
Q3 25	—	—	$433M
Q4 25	—	—	$546M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$861M	$1.1B	$1.9B
Q2 23	$755M	$1.8B	$2.6B
Q3 23	$864M	$2.5B	$3.4B
Q4 23	$1.6B	$2.0B	$3.6B
Q1 24	$1.3B	$2.2B	$3.6B
Q2 24	$850M	$2.5B	$3.3B
Q3 24	$715M	$2.8B	$3.5B
Q4 24	$675M	$2.4B	$3.0B
Q1 25	$770M	$2.6B	$3.4B
Q2 25	$572M	$2.5B	$3.1B
Q3 25	$547M	$2.4B	$3.0B
Q4 25	$573M	$2.3B	$2.9B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	590M	-0.6%
Q2 23	591M	+0.1%
Q3 23	590M	-0.1%
Q4 23	588M	-0.4%
Q1 24	580M	-1.4%
Q2 24	569M	-1.9%
Q3 24	556M	-2.3%
Q4 24	549M	-1.2%
Q1 25	538M	-1.9%
Q2 25	538M	+0.0%
Q3 25	538M	+0.0%
Q4 25	520M	-3.5%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$372K	28K
FY 15	$327K	22K
FY 16	$221K	19K
FY 17	$245K	22K
FY 18	$326K	23K
FY 19	$314K	23K
FY 20	$270K	19K
FY 21	$286K	23K
FY 22	$465K	25K
FY 23	$510K	29K
FY 24	$540K	23K
FY 25	$516K	23K