NYSE : TS
Tenaris S.A. — Financial statements
Energy · Oil & Gas Equipment & Services · Luxembourg
Last price 60.31 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 30.27B
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Financial statements
Tenaris S.A. (TS) reported revenue of 12.04B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 12.04B | 11.98B | 12.52B | 14.87B | 11.76B | 6.52B |
| Cost of Revenue | 7.41B | 7.44B | 8.01B | 8.40B | 6.89B | 4.57B |
| Gross Profit | 4.63B | 4.54B | 4.51B | 6.47B | 4.87B | 1.95B |
| Selling, General & Admin | 1.72B | 1.71B | 1.75B | 1.75B | 1.51B | 1.13B |
| Other Operating Expenses | 693.32M | 562.16M | 247.18M | 455.18M | 387.61M | 100.51M |
| Operating Expenses | 2.42B | 2.27B | 2.00B | 2.20B | 1.90B | 1.23B |
| Operating Income | 2.21B | 2.27B | 2.51B | 4.27B | 2.97B | 722.22M |
| Interest Expense | -49.05M | -46.93M | -61.21M | -201.56M | -75.74M | -23.68M |
| Interest & Investment Income | 213.01M | 228.37M | 229.84M | 201.85M | 86.11M | 21.05M |
| Earnings From Equity Investments | 92.69M | 58.04M | 8.55M | 95.40M | 208.70M | 512.59M |
| Currency Exchange Gain (Loss) | -30.58M | -56.69M | 48.67M | 210.29M | 61.24M | 9.32M |
| Other Non Operating Income (Expenses) | -14.00K | -15.98M | -16.72M | -344.00K | -308.00K | -1.03M |
| EBT Excluding Unusual Items | 2.44B | 2.43B | 2.72B | 4.57B | 3.25B | 1.24B |
| Merger & Restructuring Charges | -200.00K | -200.00K | ||||
| Gain (Loss) on Sale of Investments | 14.86M | 23.87M | 12.48M | 11.62M | -6.09M | |
| Gain (Loss) on Sale of Assets | 7.13M | 7.13M | 10.53M | 10.96M | 6.80M | |
| Asset Writedown | -76.72M | -57.08M | ||||
| Legal Settlements | 1.21M | 3.19M | -107.22M | 52.57M | ||
| Other Unusual Items | -81.79M | 36.50M | ||||
| Pretax Income | 2.47B | 2.47B | 2.56B | 4.63B | 3.17B | 1.24B |
| Income Tax Expense | 499.35M | 500.62M | 479.68M | 674.96M | 617.24M | 189.45M |
| Earnings From Continuing Operations | 1.97B | 1.97B | 2.08B | 3.96B | 2.55B | 1.05B |
| Net Income to Company | 1.97B | 1.97B | 2.08B | 3.96B | 2.55B | 1.05B |
| Minority Interest in Earnings | -57.60M | -40.47M | -40.33M | -39.77M | 4.58M | 46.87M |
| Net Income | 1.91B | 1.93B | 2.04B | 3.92B | 2.55B | 1.10B |
| Net Income to Common | 1.91B | 1.93B | 2.04B | 3.92B | 2.55B | 1.10B |
| Shares Outstanding (Basic) | 1.02B | 1.06B | 1.13B | 1.18B | 1.18B | 1.18B |
| Shares Outstanding (Diluted) | 1.02B | 1.06B | 1.13B | 1.18B | 1.18B | 1.18B |
| EPS (Basic) | 1.87 | 1.83 | 1.81 | 3.32 | 2.16 | 0.93 |
| EPS (Diluted) | 1.87 | 1.83 | 1.81 | 3.32 | 2.16 | 0.93 |
| Free Cash Flow | 1.74B | 2.03B | 2.22B | 3.78B | 769.87M | -125.52M |
| Free Cash Flow Per Share | 1.70 | 1.92 | 1.97 | 3.20 | 0.65 | -0.11 |
| Dividend Per Share | 1.19 | 0.89 | 0.83 | 0.60 | 0.51 | 0.41 |
| Gross Margin | 38.45% | 37.87% | 36.04% | 43.53% | 41.40% | 29.91% |
| Operating Margin | 18.38% | 18.91% | 20.07% | 28.71% | 25.24% | 11.07% |
| Profit Margin | 15.88% | 16.13% | 16.26% | 26.35% | 21.71% | 16.87% |
| Free Cash Flow Margin | 14.46% | 16.95% | 17.73% | 25.39% | 6.54% | -1.93% |
| EBITDA | 2.74B | 2.79B | 3.05B | 4.77B | 3.53B | 1.27B |
| EBITDA Margin | 22.77% | 23.28% | 24.38% | 32.06% | 29.99% | 19.41% |
| D&A For EBITDA | 528.57M | 522.47M | 540.29M | 498.23M | 558.50M | 543.29M |
| EBIT | 2.21B | 2.27B | 2.51B | 4.27B | 2.97B | 722.22M |
| EBIT Margin | 18.38% | 18.91% | 20.07% | 28.71% | 25.24% | 11.07% |
| Effective Tax Rate | 20.22% | 20.24% | 18.76% | 14.57% | 19.50% | 15.24% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 557.06M | 572.65M | 675.26M | 1.64B | 1.09B | 318.13M |
| Short-Term Investments | 2.23B | 2.31B | 2.37B | 1.97B | 438.45M | 397.85M |
| Cash & Short-Term Investments | 2.78B | 2.88B | 3.05B | 3.61B | 1.53B | 715.98M |
| Accounts Receivable | 1.96B | 1.96B | 1.96B | 2.53B | 2.49B | 1.30B |
| Other Receivables | 552.05M | 453.43M | 351.25M | 267.09M | 285.55M | 206.09M |
| Receivables | 2.51B | 2.41B | 2.31B | 2.80B | 2.78B | 1.51B |
| Inventory | 3.72B | 3.60B | 3.71B | 3.92B | 3.99B | 2.67B |
| Prepaid Expenses | 45.12M | 54.57M | 107.91M | 47.42M | 60.01M | |
| Other Current Assets | 14.57M | 136.77M | 113.90M | 72.57M | 124.79M | 27.43M |
| Total Current Assets | 9.02B | 9.07B | 9.24B | 10.50B | 8.47B | 4.98B |
| Property, Plant & Equipment | 6.29B | 6.35B | 6.27B | 6.21B | 5.67B | 5.93B |
| Long-Term Investments | 2.71B | 2.32B | 2.55B | 2.01B | 1.66B | 1.70B |
| Goodwill | 1.09B | 1.09B | 1.10B | 1.09B | 1.08B | |
| Other Intangible Assets | 1.36B | 265.63M | 267.73M | 273.40M | 247.46M | 287.53M |
| Long-Term Deferred Tax Assets | 813.18M | 834.17M | 831.30M | 789.62M | 208.87M | 245.55M |
| Other Long-Term Assets | 116.30M | 139.21M | 205.60M | 185.96M | 211.72M | 212.97M |
| Total Assets | 20.31B | 20.07B | 20.45B | 21.08B | 17.55B | 14.45B |
| Accounts Payable | 865.62M | 872.91M | 880.26M | 1.11B | 1.18B | 845.26M |
| Accrued Expenses | 386.16M | 358.60M | 444.93M | 320.40M | 174.79M | |
| Short-Term Debt | 203.00K | 14.46M | 21.22M | 94.00K | 60.00K | |
| Current Portion of Long-Term Debt | 301.53M | 305.15M | 411.54M | 513.91M | 682.24M | 219.59M |
| Current Portion of Leases | 46.83M | 48.35M | 44.49M | 37.84M | 28.56M | 34.59M |
| Current Income Taxes Payable | 270.25M | 271.79M | 277.71M | 344.56M | 280.47M | 143.49M |
| Current Unearned Revenue | 129.93M | 168.83M | 206.20M | 263.66M | 242.91M | 92.44M |
| Other Current Liabilities | 603.68M | 293.00M | 443.40M | 168.29M | 54.30M | 49.43M |
| Total Current Liabilities | 2.22B | 2.35B | 2.64B | 2.90B | 2.79B | 1.56B |
| Long-Term Debt | 357.00K | 368.00K | 11.40M | 48.30M | 46.43M | 111.43M |
| Long-Term Leases | 98.23M | 94.90M | 100.44M | 96.60M | 83.62M | 82.69M |
| Pension & Post-Retirement Benefits | 141.44M | 131.56M | 117.51M | 108.94M | 111.90M | |
| Long-Term Deferred Tax Liabilities | 395.24M | 442.25M | 503.94M | 631.61M | 269.07M | 274.72M |
| Other Long-Term Liabilities | 381.00M | 217.89M | 252.29M | 255.47M | 219.33M | 203.33M |
| Total Liabilities | 3.09B | 3.24B | 3.64B | 4.05B | 3.52B | 2.34B |
| Common Stock | 1.01B | 1.07B | 1.16B | 1.18B | 1.18B | 1.18B |
| Additional Paid-In Capital | 609.73M | 609.73M | 609.73M | 609.73M | ||
| Retained Earnings | 17.25B | 17.99B | 17.86B | 16.86B | 13.58B | 11.56B |
| Treasury Stock | -1.13B | -1.36B | -213.74M | |||
| Comprehensive Income & Other | -1.30B | -1.34B | -1.68B | -1.59B | -1.46B | -1.39B |
| Total Common Equity | 16.96B | 16.60B | 16.59B | 16.84B | 13.91B | 11.96B |
| Minority Interest | 255.87M | 229.88M | 220.58M | 187.47M | 128.73M | 145.12M |
| Shareholders' Equity | 17.22B | 16.83B | 16.81B | 17.03B | 14.03B | 12.11B |
| Total Liabilities & Equity | 20.31B | 20.07B | 20.45B | 21.08B | 17.55B | 14.45B |
| Total Debt | 446.95M | 448.97M | 582.32M | 717.87M | 840.94M | 448.37M |
| Net Cash (Debt) | 2.34B | 2.43B | 2.47B | 2.89B | 689.04M | 267.61M |
| Net Cash Per Share | 2.28 | 2.30 | 2.19 | 2.45 | 0.58 | 0.23 |
| Filing Date Shares Outstanding | 1.01B | 1.01B | 1.07B | 1.16B | 1.18B | 1.18B |
| Total Common Shares Outstanding | 1.01B | 1.01B | 1.08B | 1.17B | 1.18B | 1.18B |
| Working Capital | 6.81B | 6.73B | 6.60B | 7.60B | 5.68B | 3.42B |
| Book Value Per Share | 16.80 | 16.41 | 15.30 | 14.42 | 11.78 | 10.13 |
| Tangible Book Value | 15.61B | 15.24B | 15.24B | 15.47B | 12.57B | 10.59B |
| Tangible Book Value Per Share | 15.46 | 15.06 | 14.05 | 13.24 | 10.65 | 8.97 |
| Land | 967.13M | 935.70M | 889.96M | 815.76M | 830.10M | |
| Buildings | 14.52B | 13.90B | 13.54B | 12.86B | 13.06B | |
| Machinery | 458.61M | 424.04M | 416.91M | 402.49M | 420.93M | |
| Construction In Progress | 336.99M | 372.99M | 396.10M | 252.38M | 147.43M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.91B | 1.93B | 2.04B | 3.92B | 2.55B | 1.10B |
| Depreciation & Amortization | 596.50M | 586.13M | 610.19M | 548.51M | 607.72M | 594.72M |
| Other Amortization | 30.04M | 30.04M | 22.66M | |||
| Loss (Gain) From Sale of Assets | -6.77M | |||||
| Asset Writedown & Restructuring Costs | 76.72M | 57.08M | ||||
| Loss (Gain) on Equity Investments | -92.69M | -58.04M | -8.55M | -95.40M | -208.70M | -512.59M |
| Other Operating Activities | 101.62M | 60.86M | -81.45M | -158.53M | 269.44M | -42.09M |
| Change in Accounts Receivable | -44.45M | 25.08M | 550.33M | 153.92M | -1.21B | -356.07M |
| Change in Inventory | -239.44M | 151.73M | 185.00M | 186.90M | -1.33B | -1.09B |
| Change in Accounts Payable | -38.50M | -35.32M | -216.72M | -149.02M | 353.89M | 399.99M |
| Change in Unearned Revenue | -9.45M | -41.45M | -71.10M | -101.65M | 151.07M | 44.66M |
| Change in Other Net Operating Assets | 24.59M | -52.26M | -160.59M | 92.28M | -98.06M | -75.02M |
| Operating Cash Flow | 2.24B | 2.60B | 2.87B | 4.40B | 1.17B | 119.08M |
| Capital Expenditures | -499.22M | -568.42M | -645.90M | -619.45M | -397.35M | -244.59M |
| Sale of Property, Plant & Equipment | 1.66M | 58.38M | 28.96M | 12.88M | 48.46M | 22.73M |
| Cash Acquisitions | -22.17M | -17.67M | 31.45M | -265.66M | -4.08M | |
| Divestitures | -1.85M | 24.33M | ||||
| Sale (Purchase) of Intangibles | -38.76M | -48.76M | -58.44M | |||
| Investment in Securities | 214.40M | 380.92M | -747.67M | -1.81B | 189.42M | 465.42M |
| Other Investing Activities | 84.93M | 4.80M | -5.55M | -2.02M | ||
| Investing Cash Flow | -259.16M | -192.60M | -1.40B | -2.69B | -163.56M | 267.90M |
| Long-Term Debt Issued | 655.47M | 1.87B | 1.72B | 1.51B | 843.67M | |
| Long-Term Debt Repaid | -839.50M | -2.07B | -1.98B | -1.15B | -1.17B | |
| Lease Payments | -70.53M | -66.92M | -68.57M | -51.49M | -52.40M | -48.47M |
| Net Debt Issued (Repaid) | -91.94M | -184.03M | -197.34M | -259.56M | 364.74M | -325.86M |
| Repurchase of Common Stock | -977.95M | -1.36B | -1.44B | -213.74M | ||
| Common Dividends Paid | -905.83M | -900.36M | -757.79M | -636.51M | -531.24M | -318.74M |
| Other Financing Activities | -5.09M | -31.12M | -4.72M | -15.20M | -11.84M | -3.35M |
| Financing Cash Flow | -1.98B | -2.48B | -2.40B | -1.13B | -178.34M | -647.96M |
| Foreign Exchange Rate Adjustments | -15.14M | -17.50M | -25.43M | -58.38M | -51.95M | -5.53M |
| Net Cash Flow | -14.51M | -88.35M | -955.80M | 525.16M | 773.37M | -266.52M |
| Free Cash Flow | 1.74B | 2.03B | 2.22B | 3.78B | 769.87M | -125.52M |
| Free Cash Flow Margin | 14.46% | 16.95% | 17.73% | 25.39% | 6.54% | -1.93% |
| Free Cash Flow Per Share | 1.70 | 1.92 | 1.97 | 3.20 | 0.65 | -0.11 |
| Levered Free Cash Flow | 865.10M | 1.21B | 2.01B | 2.76B | 117.21M | -160.04M |
| Unlevered Free Cash Flow | 895.75M | 1.24B | 2.05B | 2.89B | 164.55M | -145.24M |
| Free Cash Flow After Leases | 1.67B | 1.96B | 2.15B | 3.72B | 717.47M | -173.99M |
| Cash Interest Paid | 23.28M | 24.76M | 60.77M | 94.34M | 32.77M | 21.56M |
| Cash Income Tax Paid | 538.22M | 531.84M | 702.19M | 818.35M | 359.58M | 153.85M |
| Change in Working Capital | -307.25M | 47.77M | 286.92M | 182.43M | -2.13B | -1.07B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 28.68B | 19.61B | 20.29B | 20.33B | 20.55B | 12.37B |
| Enterprise Value | 26.64B | 17.32B | 17.84B | 17.77B | 20.21B | 12.31B |
| Last Close Price | 60.31 | 37.71 | 35.32 | 31.29 | 30.49 | 17.60 |
| PE Ratio | 15.84 | 10.15 | 9.96 | 5.19 | 8.05 | 11.24 |
| PS Ratio | 2.48 | 1.64 | 1.62 | 1.37 | 1.75 | 1.90 |
| PB Ratio | 1.73 | 1.17 | 1.21 | 1.19 | 1.46 | 1.02 |
| P/TBV Ratio | 1.91 | 1.29 | 1.33 | 1.31 | 1.63 | 1.17 |
| P/FCF Ratio | 17.14 | 9.66 | 9.14 | 5.38 | 26.69 | |
| P/OCF Ratio | 13.32 | 7.54 | 7.08 | 4.62 | 17.60 | 103.84 |
| EV/Sales Ratio | 2.31 | 1.45 | 1.43 | 1.20 | 1.72 | 1.89 |
| EV/EBITDA Ratio | 10.14 | 6.21 | 5.84 | 3.73 | 5.73 | 9.72 |
| EV/EBIT Ratio | 12.57 | 7.64 | 7.10 | 4.16 | 6.81 | 17.04 |
| EV/FCF Ratio | 15.97 | 8.53 | 8.04 | 4.71 | 26.25 | |
| Debt / Equity Ratio | 0.03 | 0.03 | 0.04 | 0.04 | 0.06 | 0.04 |
| Debt / EBITDA Ratio | 0.16 | 0.16 | 0.19 | 0.15 | 0.24 | 0.34 |
| Debt / FCF Ratio | 0.26 | 0.22 | 0.26 | 0.19 | 1.09 | |
| Net Debt / Equity Ratio | -0.14 | -0.14 | -0.15 | -0.17 | -0.05 | -0.02 |
| Net Debt / EBITDA Ratio | -0.85 | -0.87 | -0.81 | -0.61 | -0.20 | -0.21 |
| Net Debt / FCF Ratio | -1.34 | -1.20 | -1.11 | -0.77 | -0.90 | 2.13 |
| Asset Turnover | 0.59 | 0.59 | 0.60 | 0.77 | 0.73 | 0.46 |
| Inventory Turnover | 2.06 | 2.04 | 2.10 | 2.12 | 2.07 | 2.12 |
| Quick Ratio | 2.39 | 2.25 | 2.03 | 2.21 | 1.54 | 1.42 |
| Current Ratio | 4.07 | 3.87 | 3.50 | 3.62 | 3.04 | 3.19 |
| Return on Equity (ROE) | 11.58% | 11.73% | 12.27% | 25.48% | 19.50% | 8.95% |
| Return on Assets (ROA) | 6.79% | 6.99% | 7.56% | 13.81% | 11.60% | 3.21% |
| Return on Invested Capital (ROIC) | 12.06% | 12.58% | 14.33% | 26.53% | 18.98% | 5.39% |
| Return on Capital Employed (ROCE) | 12.20% | 12.80% | 14.10% | 23.50% | 20.10% | 5.60% |
| Earnings Yield | 6.31% | 9.85% | 10.04% | 19.28% | 12.43% | 8.90% |
| FCF Yield | 5.83% | 10.36% | 10.94% | 18.58% | 3.75% | -1.01% |
| Dividend Yield | 4.11% | 4.59% | 4.44% | 3.45% | 2.93% | 3.91% |
| Payout Ratio | 65.00% | 46.58% | 37.21% | 16.25% | 20.81% | 28.97% |
| Buyback Yield / Dilution | 5.98% | 6.35% | 4.36% | 0.14% | ||
| Total Shareholder Return | 10.09% | 10.94% | 8.79% | 3.59% | 2.93% | 3.91% |