olivLaw · European equity research
Tenaris S.A. TEN.MI
Italy · Euronext Milan · Vertical: Listed companies from Italy
Tenaris is a global manufacturer of steel pipes and related services for the energy industry, with customers among most of the world's leading oil and gas companies. The company is gradually extending its offering toward low-carbon applications such as hydrogen, carbon capture and storage and geothermal, as the energy transition advances.
At the close of 05 Nov 2026, Tenaris S.A. (TEN.MI) stock was 25.80 EUR (+3.66% on the day), with beta 0.42, 52-week range 16.21–27.69 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.1
- neutral
- Bollinger (20, 2)
- 24.83 – 27.39
- in the lower half of the band · %B 0.38 · band width 9.8%
- SMA 50 / 200
- 25.16 / 24.50
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.25 / 0.40
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.0% | −0.6% | +2.6 pp | — |
| 3 months | +12.3% | −4.2% | +16.5 pp | — |
| 6 months | +4.2% | +4.3% | −0.1 pp | — |
| Year to date | +56.3% | +7.5% | +48.8 pp | — |
| 1 year | +47.2% | +9.9% | +37.3 pp | −6.1% |
| 3 years | +54.4% | +49.8% | +4.6 pp | +7.7% |
| 5 years | +142.9% | +42.8% | +100.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 11.8 bn | 14.9 bn | 12.5 bn |
| Revenue YoY | unavailable | +26.4% | −15.8% |
| Net income | 2.6 bn | 3.9 bn | 2.0 bn |
| Net income YoY | unavailable | +53.5% | −48.0% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 21.7% | 26.4% | 16.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 675.3 m USD
- Financial debt
- 11.4 m USD
- Net debt
- -663.9 m USD
- Equity
- 16.8 bn USD
- Total assets
- 20.5 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 3.50x
- ROE
- 12.0%
- ROA
- 9.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 11.8 bn | 14.9 bn | 12.5 bn | esef· 15 Apr 2025verified |
| Cost of revenue | 7.1 bn | 8.7 bn | 8.1 bn | esef· 15 Apr 2025verified |
| Gross profit | 4.7 bn | 6.2 bn | 4.4 bn | esef· 15 Apr 2025verified |
| Operating income | 3.0 bn | 4.3 bn | 2.4 bn | esef· 15 Apr 2025verified |
| Interest expense | 45.9 m | 106.9 m | 61.2 m | esef· 15 Apr 2025verified |
| Pre-tax income | 3.2 bn | 4.6 bn | 2.6 bn | esef· 15 Apr 2025verified |
| Income tax | 617.2 m | 675.0 m | 479.7 m | esef· 15 Apr 2025verified |
| Net income | 2.6 bn | 3.9 bn | 2.0 bn | esef· 15 Apr 2025verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 bn | 1.6 bn | 675.3 m | esef· 15 Apr 2025verified |
| Inventories | — | 3.9 bn | 3.7 bn | esef· 15 Apr 2025verified |
| Current assets | — | 10.5 bn | 9.2 bn | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | — | 6.1 bn | 6.1 bn | esef· 15 Apr 2025verified |
| Total assets | — | 21.1 bn | 20.5 bn | esef· 15 Apr 2025verified |
| Accounts payable | — | 1.1 bn | 880.3 m | esef· 15 Apr 2025verified |
| Long-term debt | — | 48.3 m | 11.4 m | esef· 15 Apr 2025verified |
| Current liabilities | — | 2.9 bn | 2.6 bn | esef· 15 Apr 2025verified |
| Total liabilities | — | 4.1 bn | 3.6 bn | esef· 15 Apr 2025verified |
| Equity | 14.0 bn | 17.0 bn | 16.8 bn | esef· 15 Apr 2025verified |
Cash flow · USD
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.4% | 79 (vs peers) | 38% |
| Net margin · Quality | 16.3% | 77 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 39.5x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 3.5x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TENARIS S.A. (TEN.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 12.5 bn USD in 2024; YoY growth -15.8%; net margin 16.3%; ROE 12.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 12.4%
- Net margin: 16.3%
- Interest coverage: 39.5x
- Current ratio: 3.5x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
| BC.MIBrunello Cucinelli S.p.a. | 6.2 m | 0.0 | 26.5% | 75,526.1% | 0.0% | −5% / +15% |
1- and 3-year price returns: for TEN.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Tenaris is a global manufacturer of steel pipes and related services for the energy industry, with customers among most of the world's leading oil and gas companies. The company is gradually extending its offering toward low-carbon applications such as hydrogen, carbon capture and storage and geothermal, as the energy transition advances.
SWOT
Strengths
- Global network of production, research and service facilities, offering a full product range with local service capabilities in key oil and gas regions 1.
- Low operating costs, thanks to modern facilities located strategically and favorable access to raw materials, energy and labor.
- Historic relationships with major international oil and gas companies and a diversified customer base.
Weaknesses
- Significant dependence on the oil and gas industry, where demand is volatile and tied to drilling activity.
- Concentrated shareholder structure, with a majority shareholder controlling votes, which may limit the influence of other investors.
- Significant transactions with related parties in the San Faustin group, which require careful monitoring of commercial terms.
Opportunities
- Development of products for hydrogen, carbon capture and storage and geothermal, segments that could grow with the energy transition.
- Expansion of Rig Direct and digital services to strengthen long-term customer relationships.
- Strategic acquisitions and investments that could expand the product range and geographic presence.
Threats
- A decline in oil and gas demand during the energy transition could reduce volumes for OCTG tubes.
- Competition from global and regional producers, which can pressure prices and margins.
- Geopolitical and trade risks, including tariffs and export restrictions, which can affect market access.
Risks
- Dependence on the oil cyclehigh
Drilling activity and tube demand could fall sharply if customer investment in oil and gas declines.
- Energy transitionmedium
If demand for traditional applications declines faster than demand for low-carbon products, revenues could be affected.
- Control by the majority shareholdermedium
The majority shareholder holds most voting rights, which can influence strategic decisions and limit the role of minority investors.
- Related party transactionslow
The volume of transactions with companies in the San Faustin group requires oversight to ensure terms comparable to market conditions.
- Difficulty enforcing judgmentslow
Investors outside Luxembourg may face difficulties obtaining or enforcing court judgments against the company, its directors or its officers.
Investment thesis
What would need to be true (bull case)
- If demand for low-carbon products grows quickly, Tenaris could leverage its steel tube experience for hydrogen and CCS applications.
- The global production network and integrated services could support its competitive position and long-term customer relationships.
- Low operating costs and a solid balance sheet could provide flexibility during periods of market volatility.
What would break the thesis
- If investment in oil and gas falls more than expected, OCTG tube volumes could return to lower levels.
- Low-carbon products could remain a small share of revenues if their development is delayed.
- The concentrated control structure and related party transactions could draw investor attention to governance.
What to watch
- Trend in OCTG tube demand and the number of drilling rigs2026
- Progress in products for hydrogen, CCS and geothermalNext 10-K
- Related party transactions with the San Faustin groupNext annual report
- Company guidance on margins and raw material costsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Tenaris operates an integrated network of steel pipe manufacturing, research, finishing and service facilities, with industrial operations in the Americas, Europe, the Middle East, Asia and Africa. Its main products are OCTG casing and tubing, line pipe, premium connections and mechanical and structural pipes. The company employs around 26,000 people worldwide 1.
Tenaris's strategy is to consolidate its position as a leading global supplier of integrated product and service solutions, through strategic investments, acquisitions and alliances. The company adapts to the energy transition with products for hydrogen, CCS and geothermal applications, as well as digital and supply chain integration services such as Rig Direct.
Tenaris has a concentrated ownership structure: San Faustin holds the majority of the share capital, and the company is organized as a société anonyme under the laws of the Grand Duchy of Luxembourg. It also holds strategic interests in Ternium and Usiminas, and a 50% stake in Exiros, a procurement company 1.
Segments
Tubes
The Tubes segment covers the production and sale of steel tubular products and related services, mainly for the oil and gas industry, as well as for transport and industrial applications. Demand depends on the number of wells drilled, completed and reworked, which has historically been volatile, while the energy transition could increase demand for low-carbon applications.
Others
The Others segment includes oilfield and hydraulic fracturing services, the production of sucker rods, coiled tubing, tubes for plumbing and construction, and the sale of energy and raw materials that exceed internal requirements.
Market context
Tenaris's main market is the oil and gas industry, with customers among the largest companies in the sector. Demand for OCTG tubes is linked to drilling activity and customers' capital spending, which is influenced by oil and gas prices.
Markets for low-carbon applications such as geothermal, hydrogen and carbon capture are growing but remain smaller than traditional oil and gas demand. The pace at which they develop could influence the future direction of demand for Tenaris's products.
Trends
- Energy transitionmixed
Oil and gas companies are redirecting investment toward renewables, and Tenaris is developing products for hydrogen, CCS and geothermal. If these segments grow quickly, they could offset a possible decline in oil and gas demand.
- Volatility of drilling activityheadwind
Demand for OCTG tubes depends on the number of wells drilled or reworked, which can vary sharply from year to year depending on energy market conditions.
- Digital services and supply chain integrationtailwind
Expanding Rig Direct and digital services strengthens customer ties through long-term agreements and lower operating costs.
- Raw material and energy costsmixed
Access to raw materials and energy at competitive costs is essential for maintaining margins, and fluctuations in these costs can affect production profitability.
Competitive position
Tenaris competes in the OCTG and premium connection markets with other global steel tube producers. Its advantages include its global production and service network, proximity to customers and low operating costs at its facilities.
Competition depends on price, product availability and the ability to offer technical solutions and integrated services. Differentiation through services and technology can help maintain market share against competitors.
- Vallourec
French steel tube maker for the oil industry, a direct competitor in OCTG and premium connections.
- TMK Group
Russian steel tube producer active in the oil and gas segment and present in international markets.
- Nippon Steel
Japanese steel producer with a tubes division active in energy and industrial applications.
- Jindal Saw
Indian steel tube producer with products for the energy and infrastructure sectors.
News & filings
In the press
- Cum s-au împărțit banii dați de Palatul Cotroceni, din contractul de lobby de 3,4 milioane de dolari, către oameni din anturajul lui Donald TrumpLibertatea.ro · 23 Oct 2026 · RO
- CE aprobă achiziționarea Artrom de către TenarisJuridice.ro · 14 Oct 2026 · RO
- Tenaris primește acordul Comisiei Europene pentru preluarea Artrom, tranzacție de 86 milioane euro care extinde prezența sa industrială în RomâniaFinancial Intelligence (RO) · 14 Oct 2026 · RO
- Comisia aprobă preluarea companiei Artrom Steel Tubes din România de către gigantul TenarisCursDeGuvernare.ro · 13 Oct 2026 · RO
- Tranzacție în industria oțelului, aprobată de Comisia Europeană: Silcotub (Tenaris) preia Artrom Steel TubesEconomedia · 13 Oct 2026 · RO
- Comisia Europeană a aprobat preluarea Artrom Steel Tubes din România, lider european în producţia de ţevi din oţel fără sudură pentru aplicaţii industriale, de către compania Tenaris din LuxemburgG4Media · 13 Oct 2026 · RO
- Tranzacție majoră în România aprobată la Bruxelles. Gigantul Tenaris cumpără Artrom Steel Tubes. Fondul american condus de un antreprenor care a lucrat și la Casa Albă se retrage după doar 1 anProfit.ro · 13 Oct 2026 · RO
- Tenaris (TS) Rides Rising Drilling Demand Even As Hormuz Cuts Into SalesYahoo Finance — News · 02 Sept 2026 · EN
- Mega-tranzacție în industria oțelului: Silcotub (Tenaris) preia Artrom Steel Tubes și controlează încă două centre industriale-cheie din RomâniaEconomedia · 27 May 2026 · RO
- Tenaris, unul dintre cei mai importanţi producători de ţevi din oţel, cu operaţiuni puternice în România, a cumpărat de la un grup american, Artrom Steel Tubes Slatina, într-o tranzacţie de 86 de milioane de euroZiarul Financiar · 11 May 2026 · RO
- Tenaris preia unul dintre cei mai importanţi jucători din industria metalurgică locală, într-o mega tranzacţie cu americanii de la GLGH Steel. Tenaris plăteşte 86 de milioane de euro pentru 100% din Artrom Steel TubesZiarul Financiar · 11 May 2026 · RO
- Tenaris, unul dintre cei mai importanţi producători locali de ţevi din oţel, cu operaţiuni puternice în România, a cumpărat de la un grup american Artrom Steel Tubes Slatina, într-o tranzacţie de 86 de milioane de euroZiarul Financiar · 11 May 2026 · RO
Annual reports (ESEF)
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-05-06 (ESEF) · SEC / Tenaris S.A. · 06 May 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.