TS

MKT CAP:$34B

Tenaris S.A.

Market Cap

$34B

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

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

Stock Price

$63.09+$24.02 (+61.47%)

Apr 24, 2026

Company Details

Tenaris S.A., together with its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tu...

CEO

Paolo Rocca

IPO Date

Dec 16, 2002

Website

www.tenaris.com

Key Metrics TTM

Revenue

$12.2B

-17.6% YoY

Net Income

$2.1B

EPS (Diluted)

$3.88

Free Cash Flow

$1.8B

Revenue / Share

$23.56

Gross Margin

32.6%

Operating Margin

20.6%

Net Margin

17.5%

FCF Margin

14.9%

P/S

2.8x

P/E

15.8x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Mar 31, 2026

$12.0B-4.3%EPS $3.72

Q4 2025

Feb 19, 2026

$3.0B+5.3%EPS $0.86

Q3 2025

Sep 29, 2025

$3.0BEPS $0.82

FY 2024

Apr 1, 2025

$12.5B-15.8%EPS $7.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$1.7B	$496M	$152M
Q1 20	$1.8B	$469M	-$510M
Q4 20	$1.1B	$235M	$7M
Q4 21	$2.1B	$657M	$273M
Q1 22	$2.4B	$845M	$484M
Q2 22	$2.8B	$1.1B	$663M
Q3 22	$3.0B	$1.2B	$803M
Q4 22	$3.6B	$1.6B	$1.0B
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
Q4 24	$2.8B	$923M	$558M
Q3 25	$3.0B	$1.0B	$597M
Q4 25	$3.0B	$736M	$554M

Valuation

Quarter	P/S	P/E
Q4 19	1.7x	15.3x
Q1 20	1.0x	—
Q4 20	1.5x	—
Q4 21	1.9x	—
Q1 22	2.5x	56.6x
Q2 22	1.9x	9.7x
Q3 22	1.6x	7.8x
Q4 22	1.7x	7.8x
Q1 23	1.3x	5.5x
Q2 23	1.2x	4.8x
Q3 23	1.2x	5.0x
Q4 23	1.3x	5.0x
Q1 24	1.6x	6.4x
Q4 24	1.6x	7.1x
Q3 25	1.5x	6.8x
Q4 25	1.7x	9.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$264M	$195M
Q1 20	$516M	$448M
Q4 20	$139M	$106M
Q4 21	$46M	-$15M
Q1 22	-$27M	-$112M
Q2 22	$428M	$352M
Q3 22	$242M	$127M
Q4 22	$524M	$403M
Q1 23	$921M	$804M
Q2 23	$1.3B	$1.2B
Q3 23	$1.3B	$1.1B
Q4 23	$836M	$669M
Q1 24	$887M	$715M
Q4 24	$492M	$310M
Q3 25	$314M	$129M
Q4 25	$787M	$666M

Capital Expenditures

Quarter	CapEx
Q4 19	$70M
Q1 20	$68M
Q4 20	$34M
Q4 21	$62M
Q1 22	$85M
Q2 22	$76M
Q3 22	$115M
Q4 22	$121M
Q1 23	$117M
Q2 23	$154M
Q3 23	$159M
Q4 23	$167M
Q1 24	$172M
Q4 24	$182M
Q3 25	$185M
Q4 25	$122M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	-8.3%	-3.1%
Q1 20	-16.3%	+17.9%
Q4 20	-39.6%	-30.4%
Q4 21	+7.3%	+6.0%
Q1 22	+36.0%	+18.5%
Q2 22	+58.9%	-5.9%
Q3 22	+163.1%	+93.3%
Q4 22	+76.0%	+46.2%
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%
Q4 24	-30.2%	-18.2%
Q3 25	-8.4%	-0.1%
Q4 25	-12.3%	-6.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q4 20	$0	0.0%
Q4 21	$25M	1.2%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
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%
Q4 24	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 19	$185M	$106M	—
Q1 20	$177M	$117M	—
Q4 20	$140M	$57M	—
Q4 21	$161M	$127M	—
Q1 22	$174M	$142M	—
Q2 22	$246M	$166M	—
Q3 22	$245M	$158M	—
Q4 22	$202M	$176M	—
Q1 23	$214M	$198M	—
Q2 23	$335M	$194M	—
Q3 23	—	—	$433M
Q4 23	$257M	$154M	—
Q1 24	$249M	$168M	—
Q4 24	$243M	$140M	—
Q3 25	—	—	$433M
Q4 25	—	—	$546M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$315M	$354M	$670M
Q2 22	$637M	$560M	$1.2B
Q3 22	$995M	$435M	$1.4B
Q4 22	$1.1B	$438M	$1.5B
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	590M	-0.0%	-0.0%
Q1 20	590M	+0.0%	+0.0%
Q4 20	590M	-0.0%	-0.0%
Q4 21	597M	+1.1%	+1.1%
Q1 22	590M	-1.1%	+0.0%
Q2 22	590M	0.0%	0.0%
Q3 22	590M	0.0%	+0.0%
Q4 22	594M	+0.6%	-0.5%
Q1 23	590M	-0.6%	0.0%
Q2 23	591M	+0.1%	+0.1%
Q3 23	590M	-0.1%	-0.0%
Q4 23	588M	-0.4%	-0.9%
Q1 24	580M	-1.4%	-1.7%
Q4 24	549M	-5.3%	-7.1%
Q3 25	538M	-1.9%	-8.8%
Q4 25	520M	-3.5%	-11.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$75.0K	23K
Q1 20	$76.0K	23K
Q4 20	$59.4K	19K
Q4 21	$90.3K	23K
Q1 22	$103.9K	23K
Q2 22	$123.0K	23K
Q3 22	$130.6K	23K
Q4 22	$143.1K	25K
Q1 23	$163.7K	25K
Q2 23	$161.1K	25K
Q3 23	$128.0K	25K
Q4 23	$117.2K	29K
Q1 24	$118.1K	29K
Q4 24	$110.0K	26K
Q3 25	$114.6K	26K
Q4 25	$120.4K	25K

Revenue / Employee