Tenaris S.A. (TS) Financial Ratios
24 years of historical data (2002–2025) · Energy · Oil & Gas Equipment & Services
EV/EBITDA
↓
11.51
↑+74% vs avg
5yr avg: 6.60
30Y Low2.8·High35.7
P/FCF
↓
16.90
↑+29% vs avg
5yr avg: 13.07
30Y Low4.2·High52.2
P/B Ratio
↑
1.93
↑+57% vs avg
5yr avg: 1.23
30Y Low0.7·High5.2
ROE
↑
11.5%
↑-26% vs avg
5yr avg: 15.5%
30Y Low-5%·High41%
Debt/EBITDA
↓
0.15
↓-20% vs avg
5yr avg: 0.19
30Y Low0.0·High1.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Tenaris S.A. trades at 16.8x earnings, 109% above its 5-year average of 8.0x, sitting at the 76th percentile of its historical range. This is roughly in line with the Energy sector median P/E of 16.9x. On a free-cash-flow basis, the stock trades at 16.9x P/FCF, 29% above the 5-year average of 13.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $33.5B | $20.0B | $21.3B | $20.5B | $20.8B | $12.3B | $9.4B | $13.4B | $12.6B | $18.8B | $21.1B |
| Enterprise Value | $33.4B | $19.9B | $21.2B | $19.0B | $20.5B | $12.4B | $9.7B | $12.1B | $12.7B | $19.4B | $21.5B |
| P/E Ratio → | 16.78 | 10.34 | 5.22 | 5.22 | 8.14 | 11.22 | — | 17.97 | 14.41 | 34.63 | 357.10 |
| P/S Ratio | 2.80 | 1.67 | 1.70 | 1.38 | 1.76 | 1.89 | 1.83 | 1.83 | 1.64 | 3.56 | 4.91 |
| P/B Ratio | 1.93 | 1.19 | 1.26 | 1.20 | 1.48 | 1.02 | 0.82 | 1.10 | 1.06 | 1.62 | 1.85 |
| P/FCF | 16.90 | 10.08 | 9.83 | 5.42 | 26.96 | — | 7.10 | 11.33 | 47.07 | — | 210.15 |
| P/OCF | 12.89 | 7.69 | 7.42 | 4.66 | 17.78 | 103.41 | 6.19 | 8.75 | 20.60 | — | 24.41 |
P/E links to full P/E history page with 30-year chart
TS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Tenaris S.A.'s enterprise value stands at 11.5x EBITDA, 74% above its 5-year average of 6.6x. The Energy sector median is 8.1x, placing the stock at a 41% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.66 | 1.69 | 1.28 | 1.74 | 1.91 | 1.89 | 1.66 | 1.66 | 3.68 | 5.01 |
| EV / EBITDA | 11.51 | 6.85 | 6.94 | 3.91 | 5.74 | 9.56 | 619.63 | 8.81 | 8.26 | 20.61 | 35.67 |
| EV / EBIT | 14.62 | 8.70 | 8.38 | 4.02 | 6.38 | 9.83 | — | 12.36 | 11.14 | 42.75 | 379.13 |
| EV / FCF | — | 10.02 | 9.79 | 5.04 | 26.63 | — | 7.35 | 10.24 | 47.49 | — | 214.54 |
TS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Tenaris S.A. earns an operating margin of 19.1%, above the Energy sector average of 14.5%. Operating margins have compressed from 29.0% to 19.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 11.5% is modest. ROIC of 10.2% represents solid returns on invested capital versus a sector median of 6.4%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.4% | 34.4% | 35.0% | 41.7% | 39.7% | 29.3% | 20.6% | 30.0% | 31.1% | 30.3% | 26.3% |
| Operating Margin | 19.1% | 19.1% | 19.3% | 29.0% | 25.2% | 10.8% | -12.9% | 11.4% | 11.4% | 6.3% | -1.4% |
| Net Profit Margin | 16.1% | 16.1% | 16.3% | 26.4% | 21.7% | 16.9% | -12.3% | 10.2% | 11.4% | 10.3% | 1.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 11.5% | 12.0% | 25.2% | 19.5% | 9.3% | -5.4% | 6.2% | 7.5% | 4.7% | 0.5% |
| ROA | 9.5% | 9.5% | 9.8% | 20.3% | 16.0% | 7.8% | -4.4% | 5.1% | 6.1% | 3.8% | 0.4% |
| ROIC | 10.2% | 10.2% | 11.2% | 22.0% | 17.1% | 4.4% | -4.4% | 5.5% | 5.4% | 2.1% | -0.4% |
| ROCE | 12.8% | 12.8% | 13.4% | 26.2% | 21.4% | 5.6% | -5.2% | 6.5% | 7.0% | 2.7% | -0.5% |
TS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Tenaris S.A. carries a Debt/EBITDA ratio of 0.2x, which is very conservative (94% below the sector average of 2.4x). The company holds a net cash position — cash of $573M exceeds total debt of $449M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 48.5x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.01 | 0.06 | 0.04 | 0.08 | 0.02 | 0.05 | 0.08 | 0.07 |
| Debt / EBITDA | 0.15 | 0.15 | 0.19 | 0.04 | 0.24 | 0.34 | 58.46 | 0.20 | 0.35 | 1.02 | 1.39 |
| Net Debt / Equity | — | -0.01 | -0.01 | -0.08 | -0.02 | 0.01 | 0.03 | -0.11 | 0.01 | 0.05 | 0.04 |
| Net Debt / EBITDA | -0.04 | -0.04 | -0.03 | -0.29 | -0.07 | 0.10 | 21.30 | -0.94 | 0.07 | 0.67 | 0.73 |
| Debt / FCF | — | -0.06 | -0.04 | -0.38 | -0.33 | — | 0.25 | -1.09 | 0.41 | — | 4.39 |
| Interest Coverage | 48.50 | 48.50 | 41.26 | 44.35 | 69.91 | 53.49 | -21.92 | 21.73 | 30.02 | 16.80 | 2.54 |
Net cash position: cash ($573M) exceeds total debt ($449M)
TS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Tenaris S.A.'s current ratio of 3.87x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.33x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 3.62x to 3.87x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.87 | 3.87 | 3.50 | 3.62 | 3.04 | 3.19 | 3.68 | 3.18 | 3.18 | 2.60 | 2.87 |
| Quick Ratio | 2.33 | 2.33 | 2.10 | 2.27 | 1.61 | 1.48 | 2.27 | 1.91 | 1.71 | 1.45 | 1.97 |
| Cash Ratio | 1.23 | 1.23 | 1.16 | 1.24 | 0.55 | 0.46 | 1.25 | 0.99 | 0.53 | 0.74 | 1.17 |
| Asset Turnover | — | 0.60 | 0.61 | 0.71 | 0.67 | 0.45 | 0.38 | 0.49 | 0.54 | 0.37 | 0.31 |
| Inventory Turnover | 2.18 | 2.18 | 2.19 | 2.21 | 1.78 | 1.73 | 2.50 | 2.25 | 2.09 | 1.56 | 2.02 |
| Days Sales Outstanding | — | 59.59 | 70.92 | 60.90 | 77.39 | 87.92 | 68.66 | 67.46 | 82.80 | 83.79 | 81.16 |
TS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Tenaris S.A. returns 6.8% to shareholders annually — split between a 2.8% dividend yield and 4.1% buyback yield. A payout ratio of 46.6% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 6.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 4.5% | 3.6% | 3.1% | 2.6% | 2.6% | 0.9% | 3.6% | 3.8% | 2.6% | 2.4% |
| Payout Ratio | 46.6% | 46.6% | 37.2% | 16.2% | 20.8% | 29.0% | — | 65.2% | 55.2% | 88.9% | 918.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 9.7% | 19.2% | 19.2% | 12.3% | 8.9% | — | 5.6% | 6.9% | 2.9% | 0.3% |
| FCF Yield | 5.9% | 9.9% | 10.2% | 18.4% | 3.7% | — | 14.1% | 8.8% | 2.1% | — | 0.5% |
| Buyback Yield | 4.1% | 6.8% | 6.8% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.8% | 11.3% | 10.3% | 4.2% | 2.6% | 2.6% | 0.9% | 3.6% | 3.8% | 2.6% | 2.4% |
| Shares Outstanding | — | $520M | $563M | $589M | $590M | $590M | $590M | $590M | $590M | $590M | $590M |
Peer Comparison
Compare TS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TSYou | $33B | 16.8 | 11.5 | 16.9 | 34.4% | 19.1% | 11.5% | 10.2% | 0.2 |
 VMC | $38B | 36.4 | 18.7 | 33.8 | 27.3% | 20.1% | 13.0% | 8.8% | 2.3 |
 NX | $919M | -3.7 | — | 9.0 | 27.2% | -10.6% | -28.9% | -8.8% | — |
 STLD | $35B | 30.3 | 19.0 | 69.9 | 13.0% | 8.1% | 13.3% | 9.2% | 2.1 |
 NUE | $53B | 31.1 | 14.1 | — | 11.9% | 8.2% | 8.0% | 7.7% | 1.7 |
 RS | $19B | 26.9 | 16.2 | 38.3 | 26.8% | 7.2% | 10.3% | 8.9% | 1.5 |
 DNOW | $1B | -18.0 | — | — | 17.0% | -2.9% | -5.3% | -3.3% | — |
 GRC | $2B | 38.5 | 19.0 | 23.0 | 28.8% | 14.0% | 13.4% | 9.9% | 2.7 |
 CSTM | $5B | 17.4 | 7.9 | 28.5 | 10.1% | 5.6% | 32.2% | 13.4% | 2.4 |
 ATI | $23B | 57.9 | 29.7 | 67.7 | 21.8% | 13.8% | 20.9% | 14.5% | 2.4 |
 CMC | $8B | 97.5 | 10.3 | 25.7 | 15.6% | 6.7% | 2.0% | 8.5% | 1.7 |
| Energy Median | — | 16.9 | 8.1 | 14.1 | 32.7% | 14.5% | 7.9% | 6.4% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonTS — Frequently Asked Questions
Quick answers to the most common questions about buying TS stock.
What is Tenaris S.A.'s P/E ratio?
Tenaris S.A.'s current P/E ratio is 16.8x. The historical average is 14.5x. This places it at the 76th percentile of its historical range.
What is Tenaris S.A.'s EV/EBITDA?
Tenaris S.A.'s current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
What is Tenaris S.A.'s ROE?
Tenaris S.A.'s return on equity (ROE) is 11.5%. The historical average is 14.7%.
Is TS stock overvalued?
Based on historical data, Tenaris S.A. is trading at a P/E of 16.8x. This is at the 76th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Tenaris S.A.'s dividend yield?
Tenaris S.A.'s current dividend yield is 2.77% with a payout ratio of 46.6%.
What are Tenaris S.A.'s profit margins?
Tenaris S.A. has 34.4% gross margin and 19.1% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Tenaris S.A. have?
Tenaris S.A.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.