# Tenaris S.A. DL 1 (TEN.MI)

Canonical: https://gigainvestors.com/s/TEN.MI

Analysis as of: 2026-10-16T07:34:20.029Z. Financial observations: FY2001–FY2025.

Listing currency: EUR. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 26.13 per share; close as of 2026-10-14.

Estimated value: low EUR 32.41 per share, central EUR 43.75 per share, high EUR 50.92 per share. Buy at or below the central value EUR 43.75 per share. Valuation as of 2026-10-16T07:34:20.029Z; scenarios are not confidence intervals.

Expected annual return: 14.9% at the stated quote. About 14.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IT 10-year bond 4.5% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 1.00×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.01×

- FY2017: 0.06×

- FY2018: 0.11×

- FY2019: 0.11×

- FY2020: -0.13×

- FY2021: 0.11×

- FY2022: 0.25×

- FY2023: 0.29×

- FY2024: 0.19×

- FY2025: 0.19×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.6%

- ROIC, second-lowest year: -0.4%

- Typical minus recent gross margin: -3.7 pp

- Typical gross margin (annual median): 30.7%

- Recent gross margin (lower of latest and 3-year median): 34.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 11.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -0.4%

- FY2017: 3.5%

- FY2018: 6.8%

- FY2019: 6.4%

- FY2020: -4.9%

- FY2021: 5.2%

- FY2022: 18.6%

- FY2023: 24.9%

- FY2024: 12.8%

- FY2025: 14.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $12B

- Net income, five-year total: $12B

- Return on incremental invested capital: 145.7%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -11.6 pp

- Working capital / revenue, final three-year average: 38.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.32×

- FY2022: 1.08×

- FY2023: 1.00×

- FY2024: 0.96×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.5% vs 14.5%

- Per-share earnings: 0.05 to 1.90 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -2.2%

- Market cap gain: -$2.9B

- Cumulative retained earnings: $7.2B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -2.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 58.9%

- Per-share value change: $1.86

- Per-share value, starting three-year median: $0.05

- Per-share value, ending three-year median: $1.90

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 3.0%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: $408M

- Cumulative net income, 10 years: $13B

- ROIC, first three-year median: 3.5%

- ROIC, last three-year median: 14.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.05

- FY2017: $0.46

- FY2018: $0.74

- FY2019: $0.63

- FY2020: -$0.54

- FY2021: $0.92

- FY2022: $2.16

- FY2023: $3.35

- FY2024: $1.88

- FY2025: $1.90

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 1.22×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.38×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: 3.9%

- FY2018: 1.9%

- FY2019: -5.3%

- FY2020: -15.7%

- FY2021: 6.8%

- FY2022: 7.9%

- FY2023: -2.3%

- FY2024: -4.1%

- FY2025: -3.8%

## Holders

## Price story

Price needs cash profits to shrink 1.4% a year for ten years · sales -0.4%

Story as of 2026-10-16T10:00:00.126Z; price observation 2026-10-14.

Price needs cash profits to shrink 1.4% a year for ten years

### Sales · FY2024–2025

sales -0.4%; source https://filings.xbrl.org/549300Y7C05BKC4HZB40/2025-05-06/ESEF/IT/0/549300Y7C05BKC4HZB40-2024-12-31-0-en/reports/549300Y7C05BKC4HZB40-2024-12-31-0-en.xhtml; observed 2025-04-15.

- FY2016: $4.3B 

- FY2017: $5.3B 

- FY2018: $7.7B 

- FY2019: $7.3B 

- FY2020: $5.1B 

- FY2021: $6.5B 

- FY2022: $12B 

- FY2023: $15B 

- FY2024: $13B 

- FY2025: $12B 

### Gross margin · FY2025

gross margin 34.4%; source https://filings.xbrl.org/549300Y7C05BKC4HZB40/2025-05-06/ESEF/IT/0/549300Y7C05BKC4HZB40-2024-12-31-0-en/reports/549300Y7C05BKC4HZB40-2024-12-31-0-en.xhtml; observed 2025-04-15.

- FY2016: 26.3% 

- FY2017: 30.3% 

- FY2018: 31.1% 

- FY2019: 30.0% 

- FY2020: 20.6% 

- FY2021: 29.3% 

- FY2022: 39.7% 

- FY2023: 41.7% 

- FY2024: 35.0% 

- FY2025: 34.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas equipment & services; annual sales are USD 12.5 billion.

- Source: https://eodhd.com/api/fundamentals/TNRSF.US.json#2025-12-31 (filed 2025-04-15); FY2025: revenue 12468778696; grossProfit 4288109890; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); TW10.F: Tenaris S.A., together with its subsidiaries, manufactures and supplies steel pipe products and related services for the energy industry and other industrial applications in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. It provides steel casings to sustain the walls of oil and gas wells during and after drilling; steel tubing for conducting crude oil and natural gas to the surface after drilling has been completed; steel line pipes to transport crude oil and natural gas from wells to refineries, storage tanks, and loading and distribution centers; and mechanical and structural pipes for the transportation of other forms of gas and liquids under high pressure. The company also offers cold-drawn pipes for use in boilers, superheaters, condensers, heat exchangers, automobile production, and other industrial applications; premium joints and couplings for use in high temperature or high pressure environments under the TenarisHydril brand name; coiled tubing is used for oil and gas drilling and well workovers and for subsea pipelines; sucker rods used in oil extraction activities, tubes used for plumbing and construction applications, and oilfield / hydraulic fracturing services; pipe coating services; and automotive components. In addition, it engages in the sale of energy and raw materials; development, management, and licensing of intellectual property; procurement and trading services; and financial operations, as well as markets steel products. Further, the company manufactures and markets connections; and welded and seamless steel pipes. Tenaris S.A. was incorporated in 2001 and is based in Luxembourg, Luxembourg. Tenaris S.A. operates as a subsidiary of Techint Holdings S.àr.l.

### Why customers stay

Margins ranged from 34.4% to 41.7% during 2023–25; it earns 6.6% on its capital.

- Source: https://filings.xbrl.org/549300Y7C05BKC4HZB40/2025-05-06/ESEF/IT/1/549300Y7C05BKC4HZB40-2024-12-31-0-en.json (filed 2025-04-15); FY2023: grossProfit / revenue = 41.7%.

- Source: https://filings.xbrl.org/549300Y7C05BKC4HZB40/2025-05-06/ESEF/IT/1/549300Y7C05BKC4HZB40-2024-12-31-0-en.json (filed 2025-04-15); FY2024: grossProfit / revenue = 35%.

- Source: https://eodhd.com/api/fundamentals/TNRSF.US.json#2025-12-31 (filed 2025-04-15); FY2025: grossProfit / revenue = 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); 10-year return on capital observations [[2016,-0.004361119590770803],[2017,0.03473339038699741],[2018,0.06826472935270973],[2019,0.06412163355747297],[2020,-0.049055622353078566],[2021,0.051505984480164226],[2022,0.18616485224137386],[2023,0.2488337778212947],[2024,0.1275113111564967],[2025,0.14547643833945204]]; median 0.06619318145509134. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 1% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/TNRSF.US.json#2017-12-31 (filed 2025-04-15); FY2017: growth capex 0; upkeep 552793000; owner earnings 639902723. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TNRSF.US.json#2018-12-31 (filed 2025-04-15); FY2018: growth capex 0; upkeep 343463000; owner earnings 1176346322. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TNRSF.US.json#2019-12-31 (filed 2025-04-15); FY2019: growth capex 0; upkeep 348083000; owner earnings 934124000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TNRSF.US.json#2021-12-31 (filed 2025-04-15); FY2021: growth capex 0; upkeep 244593000; owner earnings 1450319000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TNRSF.US.json#2022-12-31 (filed 2025-04-15); FY2022: growth capex 0; upkeep 397347000; cash acquisitions 4082000; owner earnings 2763656000. Growth capex plus acquisitions / owner earnings = 0.0014770289790046228.

- Source: https://eodhd.com/api/fundamentals/TNRSF.US.json#2023-12-31 (filed 2025-04-15); FY2023: growth capex 70935000; upkeep 548510000; cash acquisitions 288318000; owner earnings 3918065000. Growth capex plus acquisitions / owner earnings = 0.0916914344197965.

- Source: https://eodhd.com/api/fundamentals/TNRSF.US.json#2024-12-31 (filed 2025-04-15); FY2024: growth capex 0; upkeep 704347000; cash acquisitions 0; owner earnings 1964952000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TNRSF.US.json#2025-12-31 (filed 2025-04-15); FY2025: growth capex 0; upkeep 642301759; cash acquisitions 19514000; owner earnings 2010422425. Growth capex plus acquisitions / owner earnings = 0.009706417794260328.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Dividend observations: [[2016,507631000],[2017,484020000],[2018,484020000],[2019,484020000],[2020,82637000],[2021,318744000],[2022,531242000],[2023,636511000],[2024,757786000],[2025,937004836]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/TNRSF.US.json#2025-12-31 (filed 2025-04-15); FY2025: cash repurchases 1417764087 USD.

### Are managers owners

Insiders own 64.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); TW10.F SharesStats.PercentInsiders = 64.641 percentage points; cache date 2026-09-29.

### What could break it

In the United States and Canada, we compete against a wide range of local and foreign producers.

- Source: https://filings.xbrl.org/549300Y7C05BKC4HZB40/2025-05-06/ESEF/IT/1/549300Y7C05BKC4HZB40-2024-12-31-0-en/reports/549300Y7C05BKC4HZB40-2024-12-31-0-en.xhtml (filed 2025-05-21); We sell our products in a large number of countries worldwide and compete primarily against European and Japanese producers in most markets outside North America. In the United States and Canada, we compete against a wide range of local and foreign producers. Over the past two decades, substantial investments have been made, especially in China but also in other regions around the world, to increase production capacity of seamless steel pipe products.

### What the price says

The price assumes cash profits shrink 1.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Ten-year compound average after fade. Initial solved rate -0.03213125669517852. Price 26.1299991607666; FX 0.891837899543379; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.45980184607544633 → FY2025 1.9039371255074915. Closing-price date 2026-10-14.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 15.07 per share

- 2016-12: EUR 16.97 per share

- 2017-01: EUR 16.17 per share

- 2017-02: EUR 15.53 per share

- 2017-03: EUR 16.07 per share

- 2017-04: EUR 14.38 per share

- 2017-05: EUR 13.45 per share

- 2017-06: EUR 13.65 per share

- 2017-07: EUR 13.39 per share

- 2017-08: EUR 11.23 per share

- 2017-09: EUR 12.00 per share

- 2017-10: EUR 11.75 per share

- 2017-11: EUR 12.21 per share

- 2017-12: EUR 13.16 per share

- 2018-01: EUR 14.02 per share

- 2018-02: EUR 14.20 per share

- 2018-03: EUR 13.95 per share

- 2018-04: EUR 15.57 per share

- 2018-05: EUR 15.35 per share

- 2018-06: EUR 15.72 per share

- 2018-07: EUR 15.63 per share

- 2018-08: EUR 14.45 per share

- 2018-09: EUR 14.43 per share

- 2018-10: EUR 13.14 per share

- 2018-11: EUR 10.63 per share

- 2018-12: EUR 9.44 per share

- 2019-01: EUR 10.97 per share

- 2019-02: EUR 11.73 per share

- 2019-03: EUR 12.52 per share

- 2019-04: EUR 12.38 per share

- 2019-05: EUR 10.55 per share

- 2019-06: EUR 11.51 per share

- 2019-07: EUR 11.39 per share

- 2019-08: EUR 9.91 per share

- 2019-09: EUR 9.73 per share

- 2019-10: EUR 9.05 per share

- 2019-11: EUR 9.65 per share

- 2019-12: EUR 10.05 per share

- 2020-01: EUR 9.33 per share

- 2020-02: EUR 8.17 per share

- 2020-03: EUR 5.58 per share

- 2020-04: EUR 6.39 per share

- 2020-05: EUR 5.59 per share

- 2020-06: EUR 5.75 per share

- 2020-07: EUR 4.93 per share

- 2020-08: EUR 4.92 per share

- 2020-09: EUR 4.26 per share

- 2020-10: EUR 4.07 per share

- 2020-11: EUR 6.49 per share

- 2020-12: EUR 6.62 per share

- 2021-01: EUR 6.43 per share

- 2021-02: EUR 8.65 per share

- 2021-03: EUR 9.61 per share

- 2021-04: EUR 8.96 per share

- 2021-05: EUR 9.33 per share

- 2021-06: EUR 9.19 per share

- 2021-07: EUR 8.58 per share

- 2021-08: EUR 8.54 per share

- 2021-09: EUR 9.09 per share

- 2021-10: EUR 9.63 per share

- 2021-11: EUR 8.66 per share

- 2021-12: EUR 9.21 per share

- 2022-01: EUR 10.77 per share

- 2022-02: EUR 11.54 per share

- 2022-03: EUR 13.76 per share

- 2022-04: EUR 14.81 per share

- 2022-05: EUR 15.63 per share

- 2022-06: EUR 12.27 per share

- 2022-07: EUR 13.60 per share

- 2022-08: EUR 13.75 per share

- 2022-09: EUR 13.27 per share

- 2022-10: EUR 15.70 per share

- 2022-11: EUR 16.72 per share

- 2022-12: EUR 16.28 per share

- 2023-01: EUR 16.25 per share

- 2023-02: EUR 15.68 per share

- 2023-03: EUR 13.10 per share

- 2023-04: EUR 13.05 per share

- 2023-05: EUR 11.67 per share

- 2023-06: EUR 13.72 per share

- 2023-07: EUR 15.13 per share

- 2023-08: EUR 14.76 per share

- 2023-09: EUR 14.98 per share

- 2023-10: EUR 14.94 per share

- 2023-11: EUR 15.75 per share

- 2023-12: EUR 15.74 per share

- 2024-01: EUR 14.72 per share

- 2024-02: EUR 16.42 per share

- 2024-03: EUR 18.32 per share

- 2024-04: EUR 15.68 per share

- 2024-05: EUR 15.10 per share

- 2024-06: EUR 14.35 per share

- 2024-07: EUR 14.64 per share

- 2024-08: EUR 13.18 per share

- 2024-09: EUR 14.14 per share

- 2024-10: EUR 15.15 per share

- 2024-11: EUR 18.16 per share

- 2024-12: EUR 18.07 per share

- 2025-01: EUR 18.38 per share

- 2025-02: EUR 18.00 per share

- 2025-03: EUR 18.06 per share

- 2025-04: EUR 14.69 per share

- 2025-05: EUR 14.77 per share

- 2025-06: EUR 15.98 per share

- 2025-07: EUR 15.44 per share

- 2025-08: EUR 15.52 per share

- 2025-09: EUR 15.19 per share

- 2025-10: EUR 17.28 per share

- 2025-11: EUR 17.38 per share

- 2025-12: EUR 16.51 per share

- 2026-01: EUR 18.76 per share

- 2026-02: EUR 23.12 per share

- 2026-03: EUR 25.50 per share

- 2026-04: EUR 27.23 per share

- 2026-05: EUR 26.09 per share

- 2026-06: EUR 24.21 per share

- 2026-07: EUR 24.94 per share

- 2026-08: EUR 23.93 per share

- 2026-09: EUR 24.35 per share

- 2026-10: EUR 25.66 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 4.27 per share, central EUR 4.66 per share, high EUR 5.17 per share

- FY2017: low EUR 4.52 per share, central EUR 5.00 per share, high EUR 5.63 per share

- FY2018: low EUR 5.58 per share, central EUR 6.27 per share, high EUR 7.18 per share

- FY2019: low EUR 8.35 per share, central EUR 9.36 per share, high EUR 10.69 per share

- FY2020: low EUR 5.51 per share, central EUR 6.22 per share, high EUR 7.16 per share

- FY2021: low EUR 6.96 per share, central EUR 7.90 per share, high EUR 9.15 per share

- FY2022: low EUR 15.90 per share, central EUR 18.41 per share, high EUR 21.31 per share

- FY2023: low EUR 31.32 per share, central EUR 39.03 per share, high EUR 45.39 per share

- FY2024: low EUR 25.39 per share, central EUR 28.84 per share, high EUR 33.44 per share

- FY2025: low EUR 32.90 per share, central EUR 44.41 per share, high EUR 51.69 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:06.563Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300Y7C05BKC4HZB40/2025-05-06/ESEF/IT/0/549300Y7C05BKC4HZB40-2024-12-31-0-en/reports/549300Y7C05BKC4HZB40-2024-12-31-0-en.xhtml); period 2025-05-06, filed 2025-04-15.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.