TS
Tenaris S.A.
TS's fundamentals are mixed, but it looks expensive: trading at 17x earnings, above its usual 10x. Analysts expect strong earnings growth.
TS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
TS's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
TS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.8x | $21.40 | -65% |
| Fair | 10x | $36.99 | -39% |
| Expensive | 16x | $58.90 | -3.3% |
| Current | 17x | $60.94 | — |
Historical ranges are pointers, not guarantees.
TS's PE is in its expensive range at 17x.
TS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for TS, with profitability improving.
TS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.66 | -0.5% |
| Q1 2026 | $3.72 | +14% |
| Q4 2025 | $3.62 | +1.1% |
| Q3 2025 | $3.70 | -19% |
| Q2 2025 | $3.68 | -21% |
| Q1 2025 | $3.26 | -46% |
| Q4 2024 | $3.58 | -46% |
| Q3 2024 | $4.56 | -25% |
TS's earnings per share have fallen from their peak: $3.66 over the past year, against $6.66 in late 2023.
TS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3B | -3.9% |
| Q1 2026 | $3.1B | +6.5% |
| Q4 2025 | $3B | +5.3% |
| Q3 2025 | $3B | +1.7% |
| Q2 2025 | $3.1B | -7.1% |
| Q1 2025 | $2.9B | -15% |
| Q4 2024 | $2.8B | -17% |
| Q3 2024 | $2.9B | -10% |
TS's revenue fell from its 2023 peak and has held roughly level since: $3B last quarter, down 3.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 17% | -2.2 points |
| Q1 2026 | 19% | 0 points |
| Q4 2025 | 19% | -1 points |
| Q3 2025 | 20% | +1.7 points |
| Q2 2025 | 19% | +3.5 points |
| Q1 2025 | 19% | -4.8 points |
| Q4 2024 | 20% | -4.4 points |
| Q3 2024 | 18% | -8.4 points |
TS's operating margin was 17% last quarter, down 2.2 points from the same quarter a year ago.
TS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $425M | -26% |
| Q1 2026 | $505M | -22% |
| Q4 2025 | $665.6M | +114% |
| Q3 2025 | $137.8M | -63% |
| Q2 2025 | $574.9M | -24% |
| Q1 2025 | $647.2M | -9.5% |
| Q4 2024 | $310.4M | -54% |
| Q3 2024 | $368.2M | -68% |
TS still generates free cash flow, though less than at its 2023 peak: $1.7B over the past year.
TS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.9% | -15M shares |
| 1 year | -6.3% | -33.7M shares |
| 3 years | -15% | -86.2M shares |
| 5 years | -14% | -85.4M shares |
| Available history | -14% | -85.4M shares |
TS has 505M diluted shares, down 6.3% from a year ago, with $979M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $237,471 |
| Q1 2026 | $89.9M |
| Q4 2025 | $536.9M |
| Q3 2025 | $351.5M |
| Q2 2025 | $240.5M |
| Q1 2025 | $237.2M |
| Q4 2024 | $454.5M |
| Q3 2024 | $181.7M |
TS spent $979M buying back its own shares over the past year, down 12% from the year before.
TS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.0x | Net Cash |
| Q1 2026 | -0.2x | Net Cash |
| Q4 2025 | -0.0x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | -0.0x | Net Cash |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | -0.0x | Net Cash |
| Q3 2024 | -0.0x | Net Cash |
TS has more cash than debt.
TS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.6 | Neutral |
| Stochastic | 83.1 | Overbought |
TS's weekly RSI is 61 (neutral) and its Stochastic is 83 (overbought).
TS PE vs Energy Sector
| Metric | TS | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 13x | 27% above |
| PE % | 87 | 61 | 26 pts above |
TS is trading at 17x earnings, a 27% premium to the Energy sector's median of 13x.
TS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $58.3 | 4.5% above |
| 20 week MA | $56.6 | 7.7% above |
| 50 week MA | $54.1 | 13% above |
| 100 week MA | $45.4 | 34% above |
| 200 week MA | $38.9 | 57% above |
TS is in an uptrend: it's above all five of its weekly moving averages, and 57% above its 200-week average.
TS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $22.4 | $16.2 | -28% |
| 2021 | $16.2 | $20.7 | +28% |
| 2022 | $20.7 | $35.5 | +72% |
| 2023 | $35.5 | $34.8 | -2.1% |
| 2024 | $34.8 | $37.7 | +8.5% |
| 2025 | $37.7 | $38.3 | +1.7% |
| 2026 YTD | $38.3 | $60.9 | +59% |
TS has finished higher in four of the last six years. It's up 59% so far in 2026.