Tenaris S.A. (TS) 10-Year Financial Performance & Capital Metrics

TS • • Industrial / General

EnergyOilfield ServicesCompletion & Production EquipmentCompletion Tools & Systems

AboutTenaris 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, tubing products, mechanical and structural pipes, cold-drawn pipes, and premium joints and couplings; coiled tubing products for oil and gas drilling and workovers, and subsea pipelines; and umbilical tubing products; and tubular accessories. It also provides sucker rods, industrial equipment, heat exchangers, and utility conduits for buildings, as well as sells energy and raw materials. In addition, it offers financial services. The company operates in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. Tenaris S.A. was incorporated in 2001 and is based in Luxembourg, Luxembourg. Tenaris S.A. is a subsidiary of Techint Holdings S.à r.l.Show more

Revenue $12.52B -15.8%
EBITDA $3.05B -37.3%
Net Income $2.04B -48.0%
EPS (Diluted) 7.24 +8.7%
Gross Margin 35.04% -16.0%
EBITDA Margin 24.37% -25.5%
Operating Margin 19.31% -33.5%
Net Margin 16.26% -38.3%
ROE 12.03% -52.3%
ROIC 11.23% -49.1%
Debt/Equity 0.03 +189.2%
Interest Coverage 39.52 -2.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 22.4%
✓FCF machine: 17.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.4%
✓Good 3Y average ROE of 18.9%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.94%

5Y11.42%

3Y24.3%

TTM-9.74%

Profit (Net Income) CAGR

10Y4.25%

5Y22.35%

3Y22.78%

TTM-24.58%

EPS CAGR

10Y13.96%

5Y41.86%

3Y57.3%

TTM-36.84%

ROCE

10Y Avg7.87%

5Y Avg12.29%

3Y Avg20.36%

Latest13.44%

Peer Comparison

Completion Tools & Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WHDCactus, Inc.	3.62B	52.56	18.97	3%	15.86%	12.41%	7.65%	0.03
NCSMNCS Multistage Holdings, Inc.	99.73M	39.25	15.39	14.1%	6.89%	9.64%	11.45%	0.13
TSTenaris S.A.	20.94B	41.48	5.73	-15.77%	16.91%	11.58%	10.32%	0.03
OMSEOMS Energy Technologies Inc.	213.09M	5.02	4.74	108.91%	22.01%	53.12%	17.66%	0.05
NINENine Energy Service, Inc.	21.77M	0.50	-0.45	-9.09%	-7.17%
BOOMDMC Global Inc.	177.28M	8.61	-1.05	-10.61%	-1.11%	-1.56%	16.53%	0.27
OISOil States International, Inc.	489.32M	8.19	-45.50	-11.47%	3.65%	3.48%	1.71%	0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	7.1B	4.29B	5.29B	7.66B	7.29B	5.15B	6.52B	11.76B	14.87B	12.52B
Revenue Growth %	-0.31%	-0.4%	0.23%	0.45%	-0.05%	-0.29%	0.27%	0.8%	0.26%	-0.16%
Cost of Goods Sold+	4.89B	3.17B	3.69B	5.28B	5.11B	4.09B	4.61B	7.09B	8.67B	8.14B
COGS % of Revenue	0.69%	0.74%	0.7%	0.69%	0.7%	0.79%	0.71%	0.6%	0.58%	0.65%
Gross Profit+	2.22B	1.13B	1.6B	2.38B	2.19B	1.06B	1.91B	4.67B	6.2B	4.39B
Gross Margin %	0.31%	0.26%	0.3%	0.31%	0.3%	0.21%	0.29%	0.4%	0.42%	0.35%
Gross Profit Growth %	-0.45%	-0.49%	0.42%	0.48%	-0.08%	-0.52%	0.8%	1.45%	0.33%	-0.29%
Operating Expenses+	2.02B	1.19B	1.26B	1.5B	1.35B	1.72B	1.2B	1.71B	1.88B	1.97B
OpEx % of Revenue	0.28%	0.28%	0.24%	0.2%	0.19%	0.33%	0.18%	0.15%	0.13%	0.16%
Selling, General & Admin	1.15B	852.73M	994.42M	1.19B	1.17B	912.56M	1B	1.4B	1.62B	1.62B
SG&A % of Revenue	0.16%	0.2%	0.19%	0.16%	0.16%	0.18%	0.15%	0.12%	0.11%	0.13%
Research & Development	89M	68.6M	63.7M	63.4M	0	0	0	0	0	0
R&D % of Revenue	0.01%	0.02%	0.01%	0.01%	-	-	-	-	-	-
Other Operating Expenses	6.46M	4.85M	4.33M	4.91M	187.44M	809.93M	197.35M	315.61M	259.41M	349.21M
Operating Income+	195.43M	-59.06M	334.59M	871.81M	832.39M	-663.07M	707.51M	2.96B	4.32B	2.42B
Operating Margin %	0.03%	-0.01%	0.06%	0.11%	0.11%	-0.13%	0.11%	0.25%	0.29%	0.19%
Operating Income Growth %	-0.9%	-1.3%	6.67%	1.61%	-0.05%	-1.8%	2.07%	3.19%	0.46%	-0.44%
EBITDA+	854.21M	603.36M	943.23M	1.54B	1.37B	15.73M	1.3B	3.57B	4.86B	3.05B
EBITDA Margin %	0.12%	0.14%	0.18%	0.2%	0.19%	0%	0.2%	0.3%	0.33%	0.24%
EBITDA Growth %	-0.66%	-0.29%	0.56%	0.63%	-0.11%	-0.99%	81.76%	1.74%	0.36%	-0.37%
D&A (Non-Cash Add-back)	658.78M	662.41M	608.64M	664.36M	539.52M	678.81M	594.72M	607.72M	548.51M	632.85M
EBIT	163.89M	56.76M	454.78M	1.14B	977.09M	-592.25M	1.27B	3.21B	4.74B	2.53B
Net Interest Income+	11.52M	43.87M	20.53M	4.27M	3.1M	-5.39M	14.37M	40.17M	-54K	168.62M
Interest Income	34.57M	66.2M	47.6M	42.24M	48.06M	21.63M	38.05M	86.11M	106.81M	229.84M
Interest Expense	23.06M	22.33M	27.07M	37.98M	44.97M	27.01M	23.68M	45.94M	106.86M	61.21M
Other Income/Expense	-24.97M	93.49M	93.12M	231.29M	101.32M	43.8M	535.26M	202.66M	316.38M	137.6M
Pretax Income+	170.08M	34.43M	427.71M	1.1B	933.71M	-619.27M	1.24B	3.17B	4.63B	2.56B
Pretax Margin %	0.02%	0.01%	0.08%	0.14%	0.13%	-0.12%	0.19%	0.27%	0.31%	0.2%
Income Tax+	244.5M	17.1M	-17.14M	229.21M	202.45M	23.15M	189.45M	617.24M	674.96M	479.68M
Effective Tax Rate %	-0.47%	1.61%	1.27%	0.79%	0.8%	1.02%	0.89%	0.81%	0.85%	0.8%
Net Income+	-80.16M	55.3M	544.74M	876.06M	742.69M	-634.42M	1.1B	2.55B	3.92B	2.04B
Net Margin %	-0.01%	0.01%	0.1%	0.11%	0.1%	-0.12%	0.17%	0.22%	0.26%	0.16%
Net Income Growth %	-1.06%	1.69%	8.85%	0.61%	-0.15%	-1.85%	2.73%	1.32%	0.53%	-0.48%
Net Income (Continuing)	-93.56M	17.33M	444.85M	873.9M	731.26M	-642.42M	1.05B	2.55B	3.96B	2.08B
Discontinued Operations	0	41.41M	91.54M	0	0	0	0	0	0	0
Minority Interest	152.71M	125.66M	98.78M	92.61M	197.41M	183.59M	145.12M	128.73M	187.47M	220.58M
EPS (Diluted)+	-0.14	0.10	0.92	1.48	1.26	-1.08	1.86	4.32	6.66	7.24
EPS Growth %	-1.07%	1.71%	8.2%	0.61%	-0.15%	-1.86%	2.72%	1.32%	0.54%	0.09%
EPS (Basic)	-0.14	0.10	0.92	1.48	1.26	-1.08	1.86	4.32	6.66	7.24
Diluted Shares Outstanding	590.27M	590.27M	590.27M	590.27M	590.27M	590.27M	590.27M	590.27M	589.17M	562.55M
Basic Shares Outstanding	590.27M	590.27M	590.27M	590.27M	590.27M	590.27M	590.27M	590.27M	589.17M	562.55M
Dividend Payout Ratio	-	9.18%	0.89%	0.55%	0.65%	-	0.29%	0.21%	0.16%	0.37%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	5.74B	4.97B	5.38B	5.46B	5.67B	4.29B	4.98B	8.47B	10.5B	9.24B
Cash & Short-Term Investments	2.43B	2.03B	1.52B	916.1M	1.76B	1.46B	715.98M	1.53B	3.61B	3.05B
Cash Only	286.55M	399.74M	330.22M	428.36M	1.55B	584.68M	318.13M	1.09B	1.64B	675.26M
Short-Term Investments	2.14B	1.63B	1.19B	487.73M	210.38M	872.49M	397.85M	438.45M	1.97B	2.37B
Accounts Receivable	1.14B	954.68M	1.21B	1.74B	1.35B	968.15M	1.57B	2.49B	2.48B	2.43B
Days Sales Outstanding	58.35	81.16	83.79	82.8	67.46	68.66	87.92	77.39	60.9	70.92
Inventory	1.84B	1.56B	2.37B	2.52B	2.27B	1.64B	2.67B	3.99B	3.92B	3.71B
Days Inventory Outstanding	137.74	180.31	234.58	174.53	161.93	146.16	211.53	205.32	165.1	166.45
Other Current Assets	135.38M	388.84M	163.93M	170.1M	174.94M	195.59M	4.24M	410.33M	445.39M	7.48M
Total Non-Current Assets+	9.14B	9.03B	9.02B	8.79B	9.17B	9.43B	9.47B	9.08B	10.58B	11.21B
Property, Plant & Equipment	5.67B	6B	6.23B	6.06B	6.32B	6.44B	5.93B	5.67B	6.21B	6.27B
Fixed Asset Turnover	1.25x	0.72x	0.85x	1.26x	1.15x	0.80x	1.10x	2.08x	2.39x	2.00x
Goodwill	1.33B	1.29B	1.29B	1.29B	1.32B	1.09B	1.08B	1.09B	1.1B	1.09B
Intangible Assets	809.68M	570.16M	368.38M	177.62M	241.31M	343.09M	287.53M	247.46M	273.4M	267.73M
Long-Term Investments	906.96M	828.32M	790.2M	923.72M	904.9M	1.2B	1.7B	1.66B	2.01B	2.55B
Other Non-Current Assets	220.56M	197M	183.33M	151.91M	157.1M	154.3M	212.97M	211.72M	975.57M	205.6M
Total Assets+	14.89B	14B	14.4B	14.25B	14.84B	13.72B	14.45B	17.55B	21.08B	20.45B
Asset Turnover	0.48x	0.31x	0.37x	0.54x	0.49x	0.38x	0.45x	0.67x	0.71x	0.61x
Asset Growth %	-0.11%	-0.06%	0.03%	-0.01%	0.04%	-0.08%	0.05%	0.21%	0.2%	-0.03%
Total Current Liabilities+	1.75B	1.73B	2.07B	1.72B	1.78B	1.17B	1.56B	2.79B	2.9B	2.64B
Accounts Payable	504.2M	556.83M	750.74M	693.67M	555.89M	462.11M	845.26M	1.18B	1.11B	880.26M
Days Payables Outstanding	37.67	64.2	74.36	47.96	39.73	41.27	66.9	60.74	46.63	39.49
Short-Term Debt	747.92M	808.56M	931.08M	1.64M	24K	346.76M	219.5M	682.33M	21.22M	426M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	328.76M	194.25M	179.87M	807.41M	950.96M	90.25M	49.58M	334.76M	776.51M	649.6M
Current Ratio	3.27x	2.87x	2.60x	3.18x	3.18x	3.68x	3.19x	3.04x	3.62x	3.50x
Quick Ratio	2.22x	1.97x	1.45x	1.71x	1.91x	2.27x	1.48x	1.61x	2.27x	2.10x
Cash Conversion Cycle	158.42	197.27	244.01	209.37	189.67	173.55	232.55	221.97	179.36	197.87
Total Non-Current Liabilities+	1.27B	859.07M	746.35M	657.44M	876.16M	1.1B	784.08M	727.39M	1.15B	999.63M
Long-Term Debt	223.05M	31.51M	34.59M	29.19M	40.88M	315.74M	111.43M	46.43M	48.3M	11.4M
Capital Lease Obligations	171K	35K	59K	0	192.32M	213.85M	82.69M	83.62M	96.6M	100.44M
Deferred Tax Liabilities	750.33M	550.66M	457.97M	379.04M	336.98M	254.8M	274.72M	269.07M	631.61M	503.94M
Other Non-Current Liabilities	981.5M	764.27M	482.01M	398.59M	20.92M	318.85M	315.24M	328.27M	372.98M	383.86M
Total Liabilities	3.02B	2.59B	2.82B	2.38B	2.66B	2.27B	2.34B	3.52B	4.05B	3.64B
Total Debt+	971.52M	840.24M	965.86M	539.01M	271.07M	919.85M	448.22M	840.94M	203.96M	582.32M
Net Debt	684.97M	440.5M	635.64M	110.65M	-1.28B	335.16M	130.09M	-250.59M	-1.43B	-92.93M
Debt / Equity	0.08x	0.07x	0.08x	0.05x	0.02x	0.08x	0.04x	0.06x	0.01x	0.03x
Debt / EBITDA	1.14x	1.39x	1.02x	0.35x	0.20x	58.46x	0.34x	0.24x	0.04x	0.19x
Net Debt / EBITDA	0.80x	0.73x	0.67x	0.07x	-0.94x	21.30x	0.10x	-0.07x	-0.29x	-0.03x
Interest Coverage	8.48x	-2.64x	12.36x	22.96x	18.51x	-24.55x	29.88x	64.50x	40.39x	39.52x
Total Equity+	11.87B	11.41B	11.58B	11.88B	12.19B	11.45B	12.11B	14.03B	17.03B	16.81B
Equity Growth %	-0.09%	-0.04%	0.01%	0.03%	0.03%	-0.06%	0.06%	0.16%	0.21%	-0.01%
Book Value per Share	20.10	19.34	19.62	20.12	20.65	19.39	20.51	23.78	28.91	29.89
Total Shareholders' Equity	11.71B	11.29B	11.48B	11.78B	11.99B	11.26B	11.96B	13.91B	16.84B	16.59B
Common Stock	1.18B	1.18B	1.18B	1.18B	1.18B	1.18B	1.18B	1.18B	1.18B	1.16B
Retained Earnings	11.11B	10.66B	10.72B	11.12B	11.37B	10.66B	11.44B	13.46B	16.74B	17.74B
Treasury Stock	0	0	0	0	0	0	0	0	-213.74M	-1.36B
Accumulated OCI	-1.19B	-1.16B	-1.03B	-1.12B	-1.18B	-1.19B	-1.27B	-1.35B	-1.48B	-1.57B
Minority Interest	152.71M	125.66M	98.78M	92.61M	197.41M	183.59M	145.12M	128.73M	187.47M	220.58M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.22B	863.57M	-22.02M	610.8M	1.53B	1.52B	119.08M	1.17B	4.4B	2.87B
Operating CF Margin %	0.31%	0.2%	-0%	0.08%	0.21%	0.3%	0.02%	0.1%	0.3%	0.23%
Operating CF Growth %	0.08%	-0.61%	-1.03%	28.73%	1.5%	-0%	-0.92%	8.8%	2.77%	-0.35%
Net Income	-74.42M	58.74M	536.39M	873.9M	731.26M	109.51M	1.1B	2.55B	3.92B	2.04B
Depreciation & Amortization	658.78M	662.41M	608.64M	664.36M	539.52M	678.81M	594.72M	607.72M	548.51M	632.85M
Stock-Based Compensation	0	0	0	0	0	-413K	0	0	0	0
Deferred Taxes	-91.08M	-128.08M	-193.99M	58.49M	-193.42M	-117.21M	-25.98M	257.65M	-143.39M	0
Other Non-Cash Items	-1.98M	-40.4M	11.55M	6.15M	-72.53M	-209.44M	-503.95M	-115.61M	-110.54M	-90M
Working Capital Changes	1.37B	348.2M	-855.28M	-737.95M	523.11M	1.06B	-1.05B	-2.13B	182.43M	286.92M
Change in Receivables	828.26M	146.82M	-259.38M	-517.58M	428.33M	409.16M	-334.78M	-1.36B	217.92M	489.88M
Change in Inventory	936.4M	244.72M	-804.41M	-176.44M	311.46M	828.8M	-1.06B	-1.33B	186.9M	185M
Change in Payables	-327.96M	59.94M	193.91M	-57.07M	-180.86M	-184.44M	383.42M	353.89M	-149.02M	-216.72M
Cash from Investing+	-1.77B	-98.35M	349.12M	399.11M	-40.39M	-2.09B	267.9M	-163.56M	-2.69B	-1.4B
Capital Expenditures	-1.12B	-763.26M	-552.79M	-343.46M	-348.08M	-194.35M	-244.59M	-18.9M	-619.45M	-693.96M
CapEx % of Revenue	0.16%	0.18%	0.1%	0.04%	0.05%	0.04%	0.04%	0%	0.04%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-647.75M	682.02M	588.38M	742.57M	76.2M	-178.65M	-140.85M	-263.83M	-1.78B	-703.2M
Cash from Financing+	-535.03M	-652.62M	-401.42M	-900.44M	-353.76M	-375.32M	-647.96M	-178.34M	-1.13B	-2.4B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-531.24M	-507.63M	-484.02M	-484.02M	-484.02M	-82.64M	-318.74M	-531.24M	-636.51M	-757.79M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.02M	-30.16M	-24.05M	-3.52M	-1.87M	-5.3M	-3.35M	-11.84M	-15.2M	-4.72M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.09B	100.3M	-574.82M	267.34M	1.18B	1.33B	-125.52M	769.87M	3.78B	2.16B
FCF Margin %	0.15%	0.02%	-0.11%	0.03%	0.16%	0.26%	-0.02%	0.07%	0.25%	0.17%
FCF Growth %	0.21%	-0.91%	-6.73%	1.47%	3.41%	0.12%	-1.09%	7.13%	3.9%	-0.43%
FCF per Share	1.85	0.17	-0.97	0.45	2.00	2.25	-0.21	1.30	6.41	3.84
FCF Conversion (FCF/Net Income)	-27.63x	15.62x	-0.04x	0.70x	2.06x	-2.40x	0.11x	0.46x	1.12x	1.41x
Interest Paid	0	18.86M	17.92M	31.55M	30.66M	28.78M	0	0	0	0
Taxes Paid	0	169.52M	176.85M	170.71M	395.87M	140.36M	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-0.65%	0.48%	4.74%	7.47%	6.17%	-5.37%	9.34%	19.54%	25.23%	12.03%
Return on Invested Capital (ROIC)	1.12%	-0.36%	2.09%	5.4%	5.45%	-4.38%	4.42%	17.08%	22.04%	11.23%
Gross Margin	31.2%	26.27%	30.32%	31.07%	29.98%	20.58%	29.28%	39.74%	41.7%	35.04%
Net Margin	-1.13%	1.29%	10.3%	11.44%	10.18%	-12.33%	16.87%	21.71%	26.35%	16.26%
Debt / Equity	0.08x	0.07x	0.08x	0.05x	0.02x	0.08x	0.04x	0.06x	0.01x	0.03x
Interest Coverage	8.48x	-2.64x	12.36x	22.96x	18.51x	-24.55x	29.88x	64.50x	40.39x	39.52x
FCF Conversion	-27.63x	15.62x	-0.04x	0.70x	2.06x	-2.40x	0.11x	0.46x	1.12x	1.41x
Revenue Growth	-31.31%	-39.53%	23.17%	44.82%	-4.76%	-29.44%	26.71%	80.37%	26.41%	-15.77%

Frequently Asked Questions

Valuation & Price

Tenaris S.A. (TS) has a price-to-earnings (P/E) ratio of 5.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Tenaris S.A. (TS) reported $11.82B in revenue for fiscal year 2024. This represents a 19% increase from $9.97B in 2011.

Tenaris S.A. (TS) saw revenue decline by 15.8% over the past year.

Yes, Tenaris S.A. (TS) is profitable, generating $2.00B in net income for fiscal year 2024 (16.3% net margin).

Dividend & Returns

Yes, Tenaris S.A. (TS) pays a dividend with a yield of 3.25%. This makes it attractive for income-focused investors.

Tenaris S.A. (TS) has a return on equity (ROE) of 12.0%. This is reasonable for most industries.

Tenaris S.A. (TS) generated $1.66B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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