Last 47 quarters of trend data · Energy · Oil & Gas Equipment & Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Tenaris S.A.'s quarterly P/E stands at 11.2x, up 11.2% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has compressed 8.6% YoY to 6.5x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 15.85 | 11.18 | 10.91 | 9.35 | 10.40 | 10.05 | 9.93 | 13.16 | 7.79 | 4.53 | 4.34 | 3.94 | 3.70 |
| — | +11.2% | +9.8% | -28.9% | +33.5% | +122.1% | +128.9% | +233.8% | +110.6% | -30.0% | -31.5% | -33.7% | -57.7% | |
| P/S Ratio | 2.64 | 1.67 | 1.62 | 1.63 | 1.80 | 1.82 | 1.52 | 1.31 | 1.65 | 1.50 | 1.44 | 1.09 | 1.01 |
| — | -8.5% | +7.2% | +24.8% | +8.9% | +21.9% | +5.2% | +20.4% | +63.4% | +3.8% | +12.4% | -19.8% | -46.0% | |
| P/B Ratio | 1.82 | 1.19 | 1.12 | 1.20 | 1.21 | 1.23 | 1.01 | 1.03 | 1.29 | 1.20 | 1.14 | 1.12 | 1.10 |
| — | -3.8% | +10.0% | +16.8% | -6.4% | +2.8% | -10.8% | -8.4% | +17.2% | -19.3% | -0.6% | -5.4% | -21.3% | |
| P/FCF | 15.96 | 7.51 | 37.43 | 8.76 | 8.14 | 16.72 | 12.00 | 5.71 | 7.97 | 7.64 | 4.10 | 3.73 | 5.22 |
| — | -55.1% | +212.0% | +53.4% | +2.1% | +118.8% | +192.7% | +53.3% | +52.6% | -41.0% | -86.4% | -65.4% | — | |
| EV / EBITDA | 10.87 | 6.50 | 6.37 | 6.84 | 7.46 | 7.11 | 6.40 | 6.63 | 5.63 | 5.00 | 4.61 | 3.15 | 2.81 |
| — | -8.6% | -0.3% | +3.1% | +32.6% | +42.1% | +38.6% | +110.5% | +100.1% | +15.7% | +14.4% | -34.0% | -60.6% | |
| EV / EBIT | 13.80 | 8.02 | 7.60 | 7.63 | 8.51 | 8.39 | 7.23 | 8.59 | 6.49 | 4.94 | 5.49 | 3.47 | 2.85 |
| — | -4.4% | +5.2% | -11.2% | +31.0% | +70.0% | +31.7% | +147.4% | +127.7% | +3.6% | +15.6% | -40.1% | -63.5% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Tenaris S.A.'s operating margin was 18.5% in Q4 2025, down 1.6 pp QoQ and down 1.1 pp YoY. Gross margin contracted 24.3% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.4% | 24.6% | 34.7% | 34.7% | 34.3% | 32.4% | 33.6% | 35.5% | 38.0% | 37.9% | 39.1% | 44.4% | 44.3% |
| — | -24.3% | +3.1% | -2.0% | -9.8% | -14.4% | -13.9% | -20.1% | -14.2% | -11.8% | -3.9% | +16.6% | +24.0% | |
| Operating Margin | 19.1% | 18.5% | 20.1% | 18.9% | 18.8% | 19.6% | 18.4% | 15.4% | 23.6% | 24.0% | 26.8% | 31.4% | 32.6% |
| — | -5.8% | +9.2% | +22.6% | -20.2% | -18.2% | -31.3% | -50.9% | -27.7% | -14.3% | -0.7% | +32.5% | +59.5% | |
| Net Margin | 16.1% | 15.0% | 15.0% | 17.2% | 17.3% | 18.1% | 15.4% | 10.1% | 21.4% | 33.1% | 16.6% | 27.6% | 27.3% |
| — | -17.4% | -2.6% | +70.6% | -19.0% | -45.1% | -7.4% | -63.4% | -21.4% | +48.3% | -18.6% | +21.2% | +28.3% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 2.6% | 2.6% | 3.1% | 3.0% | 3.0% | 2.6% | 1.9% | 4.3% | 6.8% | 3.3% | 7.2% | 7.7% |
| — | -12.7% | -0.2% | +60.1% | -30.4% | -55.4% | -21.8% | -73.2% | -44.9% | +14.5% | -28.1% | +44.9% | +90.2% | |
| ROA | 9.5% | 2.2% | 2.2% | 2.6% | 2.5% | 2.5% | 2.1% | 1.6% | 3.5% | 5.5% | 2.7% | 5.9% | 6.2% |
| — | -10.8% | +2.3% | +64.8% | -28.6% | -55.0% | -22.8% | -73.5% | -44.6% | +17.6% | -25.1% | +46.4% | +84.4% | |
| ROIC | 10.2% | 2.5% | 2.6% | 2.6% | 2.4% | 2.5% | 2.4% | 2.3% | 3.7% | 3.8% | 4.1% | 6.2% | 7.0% |
| — | -0.3% | +12.0% | +14.0% | -33.6% | -35.2% | -41.8% | -63.5% | -47.8% | -32.3% | -11.4% | +61.2% | +142.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Tenaris S.A.'s Debt/EBITDA ratio is 0.6x, down from 0.6x last quarter — comfortably within a safe range. The current ratio has improved 10.4% YoY to 3.87x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 |
| — | -23.0% | -26.1% | -35.5% | -35.0% | -17.8% | -17.2% | -15.2% | -5.5% | -29.7% | -39.1% | -23.3% | +25.0% | |
| Debt / EBITDA | 0.15 | 0.59 | 0.63 | 0.64 | 0.71 | 0.80 | 0.95 | 1.13 | 0.79 | 0.74 | 0.74 | 0.58 | 0.48 |
| — | -26.7% | -33.1% | -43.1% | -9.0% | +9.0% | +28.2% | +96.9% | +63.8% | +4.3% | -29.5% | -45.9% | -36.2% | |
| Current Ratio | 3.87 | 3.87 | 4.08 | 3.41 | 4.08 | 3.50 | 3.65 | 3.11 | 3.52 | 3.62 | 3.94 | 3.71 | 3.49 |
| — | +10.4% | +11.7% | +9.9% | +15.9% | -3.2% | -7.3% | -16.2% | +1.0% | +19.2% | +44.4% | +45.3% | +17.2% | |
| Quick Ratio | 2.33 | 2.33 | 2.55 | 2.11 | 2.53 | 2.10 | 2.27 | 1.89 | 2.19 | 2.27 | 2.40 | 2.21 | 1.97 |
| — | +11.2% | +12.5% | +11.6% | +15.9% | -7.6% | -5.6% | -14.4% | +10.9% | +41.1% | +70.9% | +71.3% | +39.6% | |
| Interest Coverage | 48.50 | 39.12 | 65.79 | 66.78 | 52.02 | 68.94 | 38.12 | 42.91 | 41.57 | 50.04 | 44.02 | 35.14 | 46.18 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Tenaris S.A.'s current P/E is 15.8x. The average P/E over the last 4 quarters is 10.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Tenaris S.A.'s current operating margin is 19.1%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Tenaris S.A.'s business trajectory between earnings reports.