QualityDipStocks / Industrials · Steel
Tenaris TS
Outside our quality screen, so we don’t track its dips. It’s 6% below its 52-week high.
Outside our quality screen, trading near our fair value estimate.
- Fair value est.
- $58.61−3%
- Market Value
- —
- Off 52-wk high
- −6%
- Risk vs market
- Lowbeta 0.32
4 bullish · 5 bearish See why
Key levels
Every level vs today’s $60.31
- 52-wk lowlowest close, 1 year$37.76−37.4%
- Fair value est.base case$58.61−2.8%
- PriceFri Oct 30 close$60.31you are here
- 52-wk highhighest close, 1 year$64.02+6.2%
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 3.0% ±2 points. Bear = 10.5% and 1.0%; bull = 8.5% and 5.0% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price sits inside the range.
Cyclical / peak cash flow — treat with care
What the price implies To be worth today’s price, TS’s free cash flow would need to grow about 4% a year for five years; our estimate uses 3%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 30 to Oct 30, 252 sessions). Beta = how much TS moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Moves much less than the market, but its own price swings are 2.3× the S&P 500’s (it moves on its own news).
- Beta vs S&P 500
- 0.32
- Volatility
- 29% vs 13% SPY
- Correlation SPY
- 0.14
- Correlation QQQ
- 0.14
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 4 of 5
ValuationP/E of 16.7× vs a 27.5× median for the 130 Industrials companies we cover.
ValuationFree-cash-flow yield of 6.1% (price / FCF 16.3×): $2.0B of free cash in the last 12 months.
Cash returnsDividend yield of 2.8% ($900M paid over 12 months, 47% of earnings).
Balance sheetNet cash of $267M: cash and short-term investments exceed debt (Dec 31, 2025).
Top bearish points 5 of 5
ProfitabilityOperating margin narrowed to 19.1% in FY2025 from 29.0% in FY2023 (SEC filings).
ProfitabilityGross margin narrowed to 34.4% in FY2025 from 41.7% in FY2023 (SEC filings).
ProfitabilityReturn on equity fell 12 points in two fiscal years, to 12% in FY2025.
QualityDoesn’t pass our quality screen: sales down vs the year-ago quarter.
RiskCyclical business: one strong year of cash flow can make it look cheaper than it is.
Who’s talking about it
Notable investors, executives, analysts and public figures on Tenaris in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 1, 9:09 PM ET.
Compare with peers
Closest in size in Steel
All fundamentals
P/E 16.7 · FCF yield 6.1% · ROE 12%
Valuation
- P/E
- 16.7×Industrials median 27.5×
- Price / FCF
- 16.3×
- FCF yield
- 6.1%
- EV / EBITDA
- n/aD&A or debt not tagged in SEC data
- Price / sales
- 2.70×
- Price / book
- 1.95×
- Market cap
- $32.3Bprice × diluted shares
- Enterprise value
- $32.1B
Growth
- Revenue, 12 months
- $12.0B
- Sales growth, 12 months
- −4.3%vs the 12 months before
- Sales growth, 3 yrs
- +0.6%/yrfrom FY2022
- Diluted EPS, 12 months
- n/anot reported in its SEC filings
- EPS growth, last FY
- n/afewer than two years of diluted EPS
- Net income, 12 months
- $1.9B
- Net income growth
- −5%12 months vs before
Profitability
- Gross margin
- 34.4%
- Operating margin
- 19.1%
- Net margin
- 16.1%
- FCF margin
- 16.5%
- Return on equity
- 12%
- Return on invested capital
- 11%
Balance sheet
- Cash & short-term inv.
- $573M
- Total debt
- $305M
- Net cash
- $267M
- Debt / equity
- 0.02×
- Interest coverage
- 48.6×operating income / interest
Cash flow & returns
- Free cash flow, 12 months
- $2.0B
- FCF growth, 12 months
- −9%
- Dividend yield
- 2.79%$900M paid
- Payout ratio
- 47%
- Buybacks, 12 months
- $1.4B4.2% of market cap
- Share count, 1 year
- n/ano quarterly diluted share count
- Stock-based comp
- n/anot reported in its SEC filings
Trailing 12 months to Dec 31, 2025; balance sheet at Dec 31, 2025. From Tenaris’s SEC filings. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
Valuation details
DCF $58.61 · FCF value $78.87
Cyclical / peak cash flow — treat with care
Assumes 3.0% growth for 5 years (revenue grew 0.6% a year FY22–FY25; floored at 3%), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $3.70 a share (fiscal year to Dec 31, 2025, 2 shares per ADR), from the 20-F filed Mar 31, 2026. Net debt $38M, not deducted.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only run on companies that pass our quality screen.
Momentum & 52-week range
RSI 59 · 5 days +3.6%
The business
FCF $1.7B · Sales −4%
- Free cash flow, 12 months$1.7B
- Free-cash-flow yield5.2%
- Free-cash-flow margin14%
- Gross margin34%
- Operating margin19%
- Return on invested capital10%
- Return on equity11%
- Sales growth (latest quarter vs year-ago quarter)−4%
- Net debt / EBITDA−0.0×
Next report
Nov 4
- DateWed Nov 4, after the close
- Consensus EPS$0.80
- Year-ago EPS$0.85
- QuarterSep/2026
From Nasdaq’s earnings calendar. A report resets Market Value.
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.
TS is outside our quality screen
One text when a published rule fires on one of the 333 quality companies we track: the ticker, the price, the stop and a link to the numbers. Nothing else.