The company maintains a fortress balance sheet with a negligible debt-to-equity ratio of 0.03 and a robust current ratio of 4.15 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Current Assets | 9.6B | 9.07B | 9.24B | 10.5B | 8.47B | 4.98B | 4.29B | 5.67B | 5.46B | 5.38B | 4.97B | 5.74B | 7.4B | 6.93B | 6.99B | 6.39B | 5.96B | 5.62B | 7.25B | 5.86B | 6.03B | 3.77B | 3.01B | 2.04B | 1.81B |
| Cash & Short-Term Investments | 3.42B | 2.88B | 3.05B | 3.61B | 1.53B | 715.98M | 1.46B | 1.76B | 916.1M | 1.52B | 2.03B | 2.43B | 2.26B | 1.86B | 1.49B | 1.25B | 1.52B | 2.14B | 1.54B | 1.05B | 1.56B | 827.26M | 431.25M | 386.1M | 304.54M |
| Cash Only | 1.15B | 572.65M | 675.26M | 1.64B | 1.09B | 318.13M | 584.68M | 1.55B | 428.36M | 330.22M | 399.74M | 286.55M | 417.64M | 614.53M | 828.46M | 823.74M | 843.86M | 1.54B | 1.54B | 962.5M | 1.37B | 707.36M | 311.58M | 247.83M | 304.54M |
| Short-Term Investments | 2.27B | 2.31B | 2.37B | 1.97B | 438.45M | 397.85M | 872.49M | 210.38M | 487.73M | 1.19B | 1.63B | 2.14B | 1.84B | 1.25B | 665.98M | 430.78M | 676.22M | 601.25M | 0 | 87.53M | 183.6M | 119.91M | 119.67M | 138.27M | 0 |
| Accounts Receivable | 2.38B | 1.96B | 2.43B | 2.48B | 2.49B | 1.57B | 968.15M | 1.35B | 1.74B | 1.21B | 954.68M | 1.14B | 1.96B | 1.98B | 2.07B | 2.19B | 1.65B | 1.47B | 2.37B | 1.97B | 1.9B | 1.47B | 970.24M | 664.56M | 673.04M |
| Days Sales Outstanding | 69.41 | 59.59 | 70.92 | 60.9 | 77.39 | 87.92 | 68.66 | 67.46 | 82.8 | 83.79 | 81.16 | 58.35 | 69.32 | 68.3 | 69.76 | 80.13 | 77.91 | 66.06 | 71.45 | 71.65 | 89.64 | 79.51 | 85.62 | 76.29 | 76.31 |
| Inventory | 3.61B | 3.6B | 3.71B | 3.92B | 3.99B | 2.67B | 1.64B | 2.27B | 2.52B | 2.37B | 1.56B | 1.84B | 2.78B | 2.7B | 2.99B | 2.81B | 2.46B | 1.69B | 3.09B | 2.6B | 2.37B | 1.38B | 1.27B | 831.88M | 680.11M |
| Days Inventory Outstanding | 156.74 | 167.26 | 166.45 | 165.1 | 205.32 | 211.53 | 146.16 | 161.93 | 174.53 | 234.58 | 180.31 | 137.74 | 161.38 | 152.78 | 164.2 | 164.43 | 191.04 | 126.57 | 165.96 | 171.98 | 222.93 | 127.39 | 166.86 | 137.53 | 114.47 |
| Other Current Assets | 196.71M | 635.31M | 7.48M | 445.39M | 410.33M | 4.24M | 195.59M | 174.94M | 170.1M | 163.93M | 388.84M | 135.38M | 356.66M | 196.33M | 17.85M | 5.96M | 270.89M | 260.28M | 247.47M | 242.76M | 202.72M | 102.45M | 341.14M | 153.35M | 152.9M |
| Total Non-Current Assets | 10.92B | 11B | 11.21B | 10.58B | 9.08B | 9.47B | 9.43B | 9.17B | 8.79B | 9.02B | 9.03B | 9.14B | 9.28B | 9.01B | 8.98B | 8.47B | 8.41B | 7.86B | 7.85B | 9.38B | 6.57B | 2.93B | 2.65B | 2.27B | 2.21B |
| Property, Plant & Equipment | 6.32B | 6.35B | 6.27B | 6.21B | 5.67B | 5.93B | 6.44B | 6.32B | 6.06B | 6.23B | 6B | 5.67B | 5.16B | 4.67B | 4.43B | 4.05B | 3.78B | 3.25B | 2.98B | 3.27B | 2.94B | 2.23B | 2.16B | 1.96B | 1.93B |
| Fixed Asset Turnover | 1.92x | 1.89x | 2.00x | 2.39x | 2.08x | 1.10x | 0.80x | 1.15x | 1.26x | 0.85x | 0.72x | 1.25x | 2.00x | 2.27x | 2.44x | 2.46x | 2.04x | 2.50x | 4.07x | 3.07x | 2.63x | 3.02x | 1.91x | 1.62x | 1.66x |
| Goodwill | 0 | 0 | 1.09B | 1.1B | 1.09B | 1.08B | 1.09B | 1.32B | 1.29B | 1.29B | 1.29B | 1.33B | 1.75B | 1.81B | 1.81B | 1.81B | 2.15B | 1.8B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 1.36B | 267.73M | 273.4M | 247.46M | 287.53M | 343.09M | 241.31M | 177.62M | 368.38M | 570.16M | 809.68M | 1.01B | 1.26B | 1.39B | 1.57B | 1.43B | 1.87B | 3.83B | 4.54B | 2.84B | 159.1M | 49.21M | 54.04M | 32.68M |
| Long-Term Investments | 10.02B | 2.32B | 2.55B | 2.01B | 1.66B | 1.7B | 1.2B | 904.9M | 923.72M | 790.2M | 828.32M | 906.96M | 831.77M | 915.26M | 985.66M | 672.79M | 715.45M | 636.74M | 565.36M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 973.38M | 205.6M | 975.57M | 211.72M | 212.97M | 154.3M | 157.1M | 151.91M | 183.33M | 197M | 220.56M | 262.18M | 152.08M | 142.06M | 133.28M | 1.9B | 101.62M | 82.75M | 1.26B | 491.03M | 348.73M | 275.21M | 128.49M | 190.53M |
| Total Assets | 20.51B | 20.07B | 20.45B | 21.08B | 17.55B | 14.45B | 13.72B | 14.84B | 14.25B | 14.4B | 14B | 14.89B | 16.68B | 15.93B | 15.96B | 14.86B | 14.36B | 13.48B | 15.1B | 15.24B | 12.6B | 6.71B | 5.66B | 4.31B | 4.02B |
| Asset Turnover | 0.60x | 0.60x | 0.61x | 0.71x | 0.67x | 0.45x | 0.38x | 0.49x | 0.54x | 0.37x | 0.31x | 0.48x | 0.62x | 0.67x | 0.68x | 0.67x | 0.54x | 0.60x | 0.80x | 0.66x | 0.61x | 1.00x | 0.73x | 0.74x | 0.80x |
| Asset Growth % | -8.83% | -1.85% | -3% | 20.12% | 21.46% | 5.35% | -7.59% | 4.15% | -1.02% | 2.82% | -5.94% | -10.73% | 4.67% | -0.21% | 7.4% | 3.48% | 6.53% | -10.71% | -0.94% | 21.03% | 87.82% | 18.43% | 31.39% | 7.27% | - |
| Total Current Liabilities | 2.32B | 2.35B | 2.64B | 2.9B | 2.79B | 1.56B | 1.17B | 1.78B | 1.72B | 2.07B | 1.73B | 1.75B | 2.6B | 2.12B | 2.83B | 2.4B | 2.38B | 1.97B | 3.79B | 3.06B | 2.77B | 1.7B | 2B | 1.33B | 1.2B |
| Accounts Payable | 845.91M | 872.91M | 880.26M | 1.11B | 1.18B | 845.26M | 462.11M | 555.89M | 693.67M | 750.74M | 556.83M | 504.2M | 837.11M | 834.63M | 883.19M | 901.74M | 818.23M | 556.42M | 896.79M | 847.84M | 838.26M | 625.32M | 592.09M | 459.8M | 483.42M |
| Days Payables Outstanding | 38.18 | 40.53 | 39.49 | 46.63 | 60.74 | 66.9 | 41.27 | 39.73 | 47.96 | 74.36 | 64.2 | 37.67 | 48.6 | 47.18 | 48.57 | 52.83 | 63.53 | 41.75 | 48.14 | 56.1 | 78.77 | 57.89 | 77.82 | 76.01 | 81.36 |
| Short-Term Debt | 379.48M | 305.35M | 426M | 21.22M | 682.33M | 219.5M | 346.76M | 24K | 1.64M | 931.08M | 808.56M | 747.92M | 967.92M | 684.14M | 55.8M | 8.71M | 1.02B | 886.69M | 1.74B | 1.15B | 794.2M | 332.18M | 838.59M | 458.87M | 393.69M |
| Deferred Revenue (Current) | 476.26M | 0 | 0 | 513.91M | 242.91M | 92.44M | 48.69M | 82.73M | 62.68M | 56.71M | 39.67M | 134.78M | 133.61M | 56.91M | 134.01M | 55.56M | 70.05M | 335.17M | 28.51M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 567.41M | 1.12B | 649.6M | 776.51M | 334.76M | 49.58M | 90.25M | 950.96M | 807.41M | 179.87M | 194.25M | 328.76M | 479.87M | 69.27M | 1.24B | 884.48M | 466.34M | 432.07M | 380.81M | 1.06B | 1.13B | 741.6M | 569.16M | 410.01M | 326.17M |
| Current Ratio | 4.15x | 3.87x | 3.50x | 3.62x | 3.04x | 3.19x | 3.68x | 3.18x | 3.18x | 2.60x | 2.87x | 3.27x | 2.84x | 3.27x | 2.47x | 2.66x | 2.50x | 2.85x | 1.91x | 1.92x | 2.18x | 2.22x | 1.51x | 1.53x | 1.50x |
| Quick Ratio | 2.59x | 2.33x | 2.10x | 2.27x | 1.61x | 1.48x | 2.27x | 1.91x | 1.71x | 1.45x | 1.97x | 2.22x | 1.77x | 1.99x | 1.41x | 1.49x | 1.47x | 2.00x | 1.10x | 1.07x | 1.32x | 1.41x | 0.87x | 0.91x | 0.94x |
| Cash Conversion Cycle | 187.97 | 186.31 | 197.87 | 179.36 | 221.97 | 232.55 | 173.55 | 189.67 | 209.37 | 244.01 | 197.27 | 158.42 | 182.1 | 173.9 | 185.39 | 191.73 | 205.41 | 150.89 | 189.26 | 187.52 | 233.8 | 149.02 | 174.66 | 137.8 | 109.41 |
| Total Non-Current Liabilities | 851.8M | 896.85M | 999.63M | 1.15B | 727.39M | 784.08M | 1.1B | 876.16M | 657.44M | 746.35M | 859.07M | 1.27B | 1.1B | 1.34B | 1.57B | 1.29B | 1.44B | 1.79B | 2.61B | 4.65B | 4.13B | 1.23B | 1B | 1.02B | 933.33M |
| Long-Term Debt | 360K | 368K | 11.4M | 48.3M | 46.43M | 111.43M | 315.74M | 40.88M | 29.19M | 34.59M | 31.51M | 223.05M | 30.1M | 244.75M | 530.86M | 149.68M | 220.31M | 654.77M | 1.24B | 2.87B | 2.86B | 678.11M | 420.75M | 374.78M | 322.2M |
| Capital Lease Obligations | 379.22M | 94.9M | 100.44M | 96.6M | 83.62M | 82.69M | 213.85M | 192.32M | 0 | 59K | 35K | 171K | 729K | 1.47M | 1.55M | 100K | 260K | 407K | 564K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.32B | 0 | 503.94M | 631.61M | 269.07M | 274.72M | 254.8M | 336.98M | 379.04M | 457.97M | 550.66M | 750.33M | 714.12M | 751.11M | 749.24M | 828.54M | 934.23M | 860.79M | 1.05B | 1.23B | 991.95M | 353.39M | 371.98M | 418.33M | 435.58M |
| Other Non-Current Liabilities | 369.12M | 801.58M | 383.86M | 372.98M | 328.27M | 315.24M | 318.85M | 20.92M | 398.59M | 482.01M | 764.27M | 981.5M | 737.7M | 25.6M | 174.11M | 235.7M | 280.41M | 276.03M | 313.92M | 550.41M | 279.12M | 199.55M | 208.52M | 226.5M | 175.55M |
| Total Liabilities | 3.17B | 3.24B | 3.64B | 4.05B | 3.52B | 2.34B | 2.27B | 2.66B | 2.38B | 2.82B | 2.59B | 3.02B | 3.7B | 3.46B | 4.4B | 3.69B | 3.81B | 3.76B | 6.4B | 7.71B | 6.89B | 2.93B | 3B | 2.35B | 2.14B |
| Total Debt | 473.52M | 448.97M | 582.32M | 203.96M | 840.94M | 448.22M | 919.85M | 271.07M | 539.01M | 965.86M | 840.24M | 971.52M | 999.24M | 930.93M | 1.74B | 158.65M | 1.25B | 1.54B | 2.98B | 4.02B | 3.65B | 1.01B | 1.26B | 833.65M | 715.89M |
| Net Debt | -678.61M | -123.68M | -92.93M | -1.43B | -250.59M | 130.09M | 335.16M | -1.28B | 110.65M | 635.64M | 440.5M | 684.97M | 581.6M | 316.41M | 915.73M | -665.1M | 403.91M | 1.85M | 1.44B | 3.06B | 2.28B | 302.94M | 947.76M | 585.82M | 411.36M |
| Debt / Equity | 0.03x | 0.03x | 0.03x | 0.01x | 0.06x | 0.04x | 0.08x | 0.02x | 0.05x | 0.08x | 0.07x | 0.08x | 0.08x | 0.07x | 0.15x | 0.01x | 0.12x | 0.16x | 0.34x | 0.53x | 0.64x | 0.27x | 0.47x | 0.43x | 0.38x |
| Debt / EBITDA | 0.16x | 0.15x | 0.19x | 0.04x | 0.24x | 0.34x | 58.46x | 0.20x | 0.35x | 1.02x | 1.39x | 1.14x | 0.40x | 0.33x | 0.60x | 0.06x | 0.62x | 0.67x | 0.84x | 1.16x | 1.20x | 0.47x | 1.23x | 1.71x | 1.10x |
| Net Debt / EBITDA | -0.23x | -0.04x | -0.03x | -0.29x | -0.07x | 0.10x | 21.30x | -0.94x | 0.07x | 0.67x | 0.73x | 0.80x | 0.23x | 0.11x | 0.31x | -0.27x | 0.20x | 0.00x | 0.40x | 0.88x | 0.75x | 0.14x | 0.93x | 1.20x | 0.63x |
| Interest Coverage | 53.08x | 48.50x | 41.26x | 44.35x | 69.91x | 53.49x | -21.92x | 21.73x | 30.02x | 16.80x | 2.54x | 7.11x | 40.41x | 32.26x | 41.41x | 37.19x | 24.97x | 15.78x | 17.03x | - | - | - | - | - | - |
| Total Equity | 17.35B | 16.83B | 16.81B | 17.03B | 14.03B | 12.11B | 11.45B | 12.19B | 11.88B | 11.58B | 11.41B | 11.87B | 12.97B | 12.47B | 11.56B | 11.17B | 10.55B | 9.72B | 8.7B | 7.53B | 5.7B | 3.78B | 2.66B | 1.96B | 1.88B |
| Equity Growth % | -1.83% | 0.09% | -1.27% | 21.35% | 15.93% | 5.76% | -6.07% | 2.62% | 2.54% | 1.47% | -3.82% | -8.52% | 4.02% | 7.87% | 3.47% | 5.9% | 8.54% | 11.71% | 15.57% | 32.06% | 51% | 41.89% | 35.69% | 4.28% | - |
| Book Value per Share | 69.30 | 32.38 | 29.89 | 28.91 | 23.78 | 20.51 | 19.39 | 20.65 | 20.12 | 19.62 | 19.34 | 20.10 | 21.98 | 21.13 | 19.58 | 18.93 | 17.87 | 16.47 | 14.74 | 12.76 | 9.66 | 6.40 | 4.51 | 3.36 | 5.13 |
| Total Shareholders' Equity | 17.09B | 16.6B | 16.59B | 16.84B | 13.91B | 11.96B | 11.26B | 11.99B | 11.78B | 11.48B | 11.29B | 11.71B | 12.82B | 12.29B | 11.39B | 10.51B | 9.9B | 9.09B | 8.18B | 7.01B | 5.34B | 3.51B | 2.5B | 1.84B | 1.69B |
| Common Stock | 0 | 16.6B | 1.16B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 1.18B | 875.4M |
| Retained Earnings | 0 | 0 | 17.74B | 16.74B | 13.46B | 11.44B | 10.66B | 11.37B | 11.12B | 10.72B | 10.66B | 11.11B | 11.91B | 11.09B | 10.05B | 8.8B | 7.87B | 7.14B | 6.49B | 4.81B | 3.4B | 1.66B | 536.46M | 304.61M | 55.01M |
| Treasury Stock | 0 | 0 | -1.36B | -213.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | -1.57B | -1.48B | -1.35B | -1.27B | -1.19B | -1.18B | -1.12B | -1.03B | -1.16B | -1.19B | -877.75M | -594.45M | -452.28M | -83.62M | 242.28M | 29.53M | -223.78M | 402.31M | 150.76M | 61.03M | 169.19M | -252.89M | 763.64M |
| Minority Interest | 253.03M | 229.88M | 220.58M | 187.47M | 128.73M | 145.12M | 183.59M | 197.41M | 92.61M | 98.78M | 125.66M | 152.71M | 152.2M | 179.45M | 172.31M | 666.72M | 648.22M | 628.67M | 525.32M | 523.57M | 363.01M | 268.07M | 165.27M | 119.98M | 186.78M |
Cyclical demand and pricing
According to recent financial filings, Tenaris has maintained a remarkably stable total asset base of approximately $20.5 billion as of 2026Q1, signaling that the company's conservative capital management effectively buffers against the inherent volatility of the global oil and gas equipment and services sector.
The consistency in total assets despite cyclical revenue fluctuations suggests a disciplined approach to capital deployment and asset maintenance. This stability provides a solid foundation for the company to navigate periods of industry-wide demand contraction without compromising its core operational capabilities.
As reported in financial statements, Tenaris maintains a negligible debt-to-equity ratio of 0.03 as of 2026Q1, which underscores a strategic preference for internal funding over external borrowing to manage its capital-intensive manufacturing operations and global logistics footprint.
This minimal reliance on debt effectively insulates the company from interest rate volatility and refinancing risks that often plague more leveraged peers in the energy services space. Investors should view this low leverage as a key competitive advantage that allows for opportunistic acquisitions during industry troughs.
Based on Tenaris's reported figures, the current ratio stood at 4.15 in 2026Q1, indicating a substantial liquidity buffer that significantly exceeds the requirements for managing the working capital demands of the proprietary Rig Direct logistics model.
The high current ratio suggests that the company is well-positioned to absorb short-term shocks in demand or supply chain disruptions without needing to access external credit markets. This liquidity profile appears to be a deliberate management choice to ensure continuity of service for critical offshore and onshore energy projects.
Analysis of the balance sheet reveals that the company's $1.4 billion in goodwill and significant exposure to volatile jurisdictions like Argentina, as noted in SEC filings, may introduce non-obvious risks that are not fully captured by headline liquidity and leverage metrics.
While the balance sheet appears pristine, the potential for hyperinflationary accounting adjustments and the risk of trapped capital in specific regions warrant further investigation by investors. These factors could lead to future asset impairments or valuation distortions that might temporarily mask underlying operational performance trends.
Quick answers to the most common questions about buying TS stock.
As of 2025, Tenaris S.A. (TS) had total assets of $20.07B including $9.07B in current assets.
Tenaris S.A. (TS) carries total debt of $449.0M, offset by $2.88B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tenaris S.A. (TS) has total shareholders' equity (book value) of $16.60B ($32.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tenaris S.A. (TS) reported a current ratio of 3.87x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.