Tenaris S.A.

NYSE:TS Voorraadrapport

Marktkapitalisatie: US$31.5b

Tenaris Beheer

Beheer criteriumcontroles 2/4

De CEO Tenaris is Gabriel Podskubka, benoemd in May2026, heeft een ambtstermijn van minder dan een jaar. bezit rechtstreeks 0% van de aandelen van het bedrijf, ter waarde $ 122.99K. De gemiddelde ambtstermijn van het managementteam en de raad van bestuur bedraagt respectievelijk 2.9 jaar en 15.8 jaar.

Belangrijke informatie

Gabriel Podskubka

Algemeen directeur

n/a

Totale compensatie

Percentage CEO-salarisn/a
Dienstverband CEOless than a year
Eigendom CEO0.0004%
Management gemiddelde ambtstermijn2.9yrs
Gemiddelde ambtstermijn bestuur15.8yrs

Recente managementupdates

Recent updates

Seeking Alpha • May 18

Reassessing Tenaris: Down To Hold

Summary Tenaris has delivered over 100% returns since my prior bullish call but now trades near its 2008 all-time highs. TS faces near-term revenue risk from Middle East disruptions and limited upside as the recent rally outpaces fundamentals; I move to a hold rating. Strong 2025 capital returns ($2.26B aggregate) and robust North American performance are offset by inventory risks and uncertain global OCTG demand. Upcoming CEO transition and a 5.8% share count reduction are structurally accretive but introduce execution and strategic risks to monitor. Read the full article on Seeking Alpha
Seeking Alpha • Jan 20

Updating On Tenaris And Its Upside Into 2025E, Fully Valued After 20% RoR (Rating Downgrade)

Summary Tenaris, a leading energy services company, controls over 50% of the global OCTG market and has almost no long-term debt, enhancing its fundamental appeal. Despite recent good results and growth prospects, Tenaris is currently overvalued at €19/share, leading to a "Hold" rating with a target price of €18/share. The company's Rig Direct program and global supply chain optimization contribute to its competitive edge, but the OCTG industry remains risky and highly competitive. Analysts' ratings are mixed, with significant variance in price targets, reflecting the industry's volatility and the company's historical tendency to miss targets. Read the full article on Seeking Alpha
Seeking Alpha • Nov 19

Tenaris: Trump Policies Offer Promise, But Opportunity Seems Fully Priced In

Summary Tenaris SA's Q3 results were weak due to sluggish demand and pricing pressures, especially in key markets like Saudi Arabia and the US. The company’s strong balance sheet and manageable debt provide resilience amid ongoing challenges. Tenaris’ stock appears fairly valued, with limited upside potential relative to industry peers and its own historical levels. A favorable business environment under the incoming Trump administration could boost Tenaris' prospects, particularly in energy exports. Read the full article on Seeking Alpha
Seeking Alpha • Sep 30

Tenaris: Betting On The Backbone Of The Oil Network

Summary Tenaris S.A. is a global, but under-followed leader, in steel pipe manufacturing for the oil and gas industry. It also has a growing exposure to geothermal, hydrogen, and carbon capture storage applications. The company showcases a robust balance sheet and extremely lean and efficient operations that make it generate billions in free cash flow in any market condition. Read the full article on Seeking Alpha
Seeking Alpha • Jun 24

Tenaris: Holding Was The Right Choice, Upgrading To A Buy (Rating Upgrade)

Summary Tenaris is an attractive company in the energy servicing sector. The company has recently dropped quite a bit, and is now more attractive than a few months ago. There's upside to be had, despite the company's relatively flat growth outlook for 2024 and 2025. I am upgrading the company to a "BUY" here, from a "HOLD". Read the full article on Seeking Alpha
Seeking Alpha • Apr 23

Tenaris: Underperformance, Now A "HOLD" (Rating Downgrade).

Summary Tenaris is a volatile commodity business that specializes in welded steel pipes for gas pipelines and is the world's largest player in steel tubing. The company's expansion plans include Middle Eastern and North American operations, focusing on improving demand planning and supply chain management. While Tenaris has seen record results and has a strong brand reputation, it faces competition, pricing declines, and the risk of domestic companies favoring domestic suppliers in certain markets. Read the full article on Seeking Alpha
Seeking Alpha • Jan 27

Tenaris: Steeling Against High Rates With A Rock-Solid Balance Sheet

Summary Businesses globally are preparing for a new reality of high interest rates as central banks raise rates to combat inflation. Tenaris SA, an oilfield equipment and services company, stands out with its strong balance sheet and low debt levels. Tenaris has reported impressive financial results, including increased sales volumes, high margins, and substantial cash flows, making it an attractive investment option. Read the full article on Seeking Alpha
Seeking Alpha • Nov 08

Tenaris: Steel Pipes Out Of Europe With An Upside

Summary Tenaris is a Luxembourg-headquartered supplier of welded steel pipes for gas pipelines, with manufacturing facilities across multiple continents. The company has achieved record sales and financial results for the 2022 fiscal year and is a leading player in the energy industry. Tenaris is investing in new ventures, such as wind farms, to support the ongoing global transition in energy and reduce CO2 emissions. I view Tenaris as a "BUY" here, but not as great as some others might consider it. Read the full article on Seeking Alpha
Seeking Alpha • Aug 28

Tenaris S.A.: Record Profits, Low Multiples, Expanding Margins, And Insider Ownership

Summary Revenue, net income, and free cash flow (LTM) are at record highs since 2014. Meanwhile, P/S, P/E, and EV/EBITDA are close to record lows. Operating and net margins (LTM) are at record highs since 2014. Insiders own ~60% of shares, indicating “skin in the game”. Management expects strong growth in Saudi demand for line pipe in the next few years. The firm recently received a 46,000-ton contract for seamless pipe in Brazil. Despite risks including economic/political instability and adverse weather events, Tenaris’ impressive growth, low multiples, and high insider ownership present an interesting opportunity. Read the full article on Seeking Alpha
Seeking Alpha • Jun 09

Tenaris S.A.: A Solid Option In The Oil And Gas Industry

Summary Tenaris S.A. has experienced rapid revenue growth, with net sales increasing 75% YoY to reach $4.4 billion. The company has a strong financial position, with a solid balance sheet and substantial cash flows, making it an attractive investment opportunity. Despite concerns about a slowdown in drilling projects and the rise of renewables, Tenaris is expected to continue serving a large market and delivering solid returns to shareholders. Read the full article on Seeking Alpha
Seeking Alpha • May 23

Tenaris: Harnessing Operational Excellence For Sustainable Growth

Summary Tenaris pays out a solid dividend with a safe payout ratio, consistently rewarding shareholders with a secure dividend amid cyclical upswings. Recent earnings exemplify Tenaris' ability to outperform expectations and the business' plan to increase CapEX expenditures. The company has been able to perform in line with the S&P 500 when adjusting for dividends. Strategic improvements within Tenaris' core business have allowed for margin expansion and future growth. Based on the assumptions of my DCF figures, Tenaris is currently undervalued, resulting in a strong buy rating. Read the full article on Seeking Alpha
Seeking Alpha • Feb 15

Tenaris GAAP EPS of $0.68 misses by $0.70, revenue of $3.62B beats by $70M

Tenaris press release (NYSE:TS): Q4 GAAP EPS of $0.68 misses by $0.70. Revenue of $3.62B (+75.7% Y/Y) beats by $70M.
Seeking Alpha • Feb 06

Benteler terminates sale to Tenaris of its Shreveport, Louisiana pipe manufacturing plant

Tenaris (NYSE:TS) announced today that Benteler North America Corporation has exercised its right to unilaterally terminate, effective immediately, the previously-announced agreement for the sale to Tenaris of 100% of the shares of U.S. steel pipe producer Benteler Steel & Tube Manufacturing Corporation. Shares are trading down 1%.
Seeking Alpha • Nov 03

Tenaris GAAP EPS of $0.51 misses by $0.49, revenue of $2.98B beats by $70M

Tenaris press release (NYSE:TS): Q3 GAAP EPS of $0.51 misses by $0.49. Revenue of $2.98B (+70.3% Y/Y) beats by $70M.
Seeking Alpha • Oct 12

Tenaris: The Cash Flow Turnaround And Margin Expansion Speak A Lot

Summary Lower steel price, higher selling price, and steady demand will improve Tenaris' operating margin. The pending acquisition of the Benteler group company will enhance TS' presence in the US and increase its pipe rolling capacity. The balance sheet remains robust, while a considerable improvement in free cash flow generation adds to its attractiveness. The stock is undervalued versus its peers. A Solid Path For Tenaris Read my previous article here to learn more about Tenaris S.A.'s (TS) product strategies. In the middle of 2022, a lower steel price and an increased selling price can ease up TS's profit and push the EBITDA margin up. The recovery in the energy industry is reflected in the tube sales in growth in North America, which outperformed all its other regions in Q2. Outside of the US, I expect some parts of the Latin American market to ride the positive momentum in the coming quarters. However, the supply chain issues can affect Mexico's auto market, one of its key markets in the region. The most remarkable change in TS's health came through the spectacular rise in cash flows in 1H 2022. The acquisition of the Benteler group company will enhance its presence in the US and increase its pipe rolling capacity. The company has low leverage. The stock is relatively undervalued. I think investors might want to buy the stock for an upside in the near-to-medium term. Steel Price And End Market Performance FRED Economic Data In Q2, the input cost trend reversed and eased up the challenge TS faced for the previous few quarters, as reflected in lower Pipe Logix. Year-to-date August 2022, the U.S. iron and steel price index has declined by 14%, according to Federal Reserve Economic Data. A steel and iron ore price reduction affects margin adversely TS Following the improvement in the scenario, the company is ensuring product certification in its new hot rolling mill in Mexico because HVAC and electrical motors industries would do well in this environment. TS's management believes the steel industry will stabilize in the medium term, although the volatility may continue soon. Mexico, one of its key markets, the auto industry suffers from supply chain disruptions, while China's lockdowns continue to affect these global supply chains. Plus, demand weakened due to a destocking process following the decrease in steel prices and the increase in interest rates. However, the market is expected to recover as restocking would follow the low inventory level. Q3 Outlook And Acquisition Tenaris's Filings Although quarter-over-quarter steel shipment volume declined in Q2, the company's management expects shipments to stabilize in Q3. Revenue per ton improved in Q2 and is expected to improve further. In Mexico, steel prices should decrease and will reflect in a large set of contract prices. In Argentina, steel demand has remained unchanged and will continue due to the strong agribusiness sector, auto industry, white goods industry, and energy sector. Apart from the supply chain issues, the uncertainty regarding the macro situation in Argentina and the rise in interest rates in the U.S. would keep the demand side volatile. TS agreed to acquire Benteler North American Corporation in July for $460 million. The acquisition would extend Tenaris' production capacity and its U.S. presence. The company manufactures seamless steel pipes. It has an annual pipe-rolling capacity of 400,000 metric tons. What Were The Drivers In Q2? As the energy industry recovered, tube sales in North America outperformed all other regions in Q2 with a 60% quarter-over-quarter revenue rise. South America was the distant second (18% up) during the same period. Sales growth was equal in other regions (10% up in Europe and the Middle East/Africa). In Q2, TS recorded $806 million in EBITDA, up by 28% quarter-over-quarter, which included a $78 million settlement charge with the SEC, a $71 million gain from the reclassification of NKKTubes's income statement, and a gain from the sale of land in Canada. The adjusted EBITDA margin expanded by over 200 basis points. The margin gain reflects higher realized steel prices in Mexico and Argentina. Although labor costs increased, it was offset by lower purchase slab costs. TS has an equity interest in Ternium, a steel producer with production facilities in Mexico, Argentina, Brazil, Colombia, the U.S., and Guatemala. Ternium's adjusted EBITDA can decrease sequentially in Q3 due to lower margins and stable shipments. Cash Flows And Net Debt TS's cash flow from operations (or CFO) increased several folds in 1H 2022 ($73 million) compared to a year ago. Revenues nearly doubled during this period. Despite a steep rise in working capital requirements, cash flow from operations improved significantly. Although capex increased in the past year, free cash flow turned substantially positive in the past year. TS's net debt was $108 million as of June 30, 2022. It had sizeable short-term debt due to short-term borrowings. Nonetheless, its leverage (debt-to-equity) is very low (0.06x). TS now pays a dividend ($1.12 annualized), which amounts to a dividend yield of 3.96%. Target Price And Relative Valuation Seeking Alpha During the past 90- days, eight Wall-street analysts rated TS a "Buy" (including "Strong Buy"). Three analysts rated it a "Hold," while one recommended a "Sell." The consensus target price is $35.5, which yields 28% returns at the current price. Seeking Alpha The company's EV/EBITDA multiple (7.8x) is lower than its peers' (HNTIF, TMST, and X), with an average of 10.5x. TS's forward EV-to-EBITDA multiple contraction against the current multiple means its EBITDA can expand more sharply than its peers. This typically results in a higher EV/EBITDA multiple compared to peers. So, the stock is undervalued versus its peers at the current level. Why Do I Upgrade TS? I noted many advantages Tenaris had in my previous iteration of the company, including increased demand for new welded and seamless pipeline projects and the rise in average selling prices. However, I was also cautious because of the rising input costs, negative cash flows, and the stock's relative overvaluation at that time. I wrote: However, as reflected in higher Pipe Logix, the rising input cost puts pressure on the margin. The cash flows have turned negative in Q1, spelling worries for the investors. A relatively high inventory level can lead to higher working capital in the near term.
Seeking Alpha • Aug 03

Tenaris: Solidifying Its Industry Leadership With Benteler Acquisition

Last month, Tenaris announced acquisition of Benteler Steel & Tube Manufacturing for ~$460m. The asset solidifies Tenaris' market leading position and comes at a very reasonable implied valuation as well. With Tenaris stock trading at an undemanding valuation multiple, there remains ample re-rating potential here. Tenaris SA (TS), a leading supplier of oil country tubular goods (OCTG) and related services for the energy industry, recently entered into an agreement to acquire US seamless steel pipe producer Benteler Steel & Tube Manufacturing Corporation for a $460m price tag. As the consideration includes ~$52m of working capital, the net consideration is closer to ~$408m on a cash-free, debt-free basis (or ~2.5% of the current TS equity value). While this acquisition won't be a needle mover by itself, it solidifies TS' presence in the US, the world's largest OCTG market, at an attractive EV/EBITDA valuation. With TS' cash generation also enhanced post-acquisition, there is room for more accretive acquisitions ahead, depending on how long the industry backdrop can stay favorable. The current ~6x EBITDA multiple screens reasonably relative to the growth outlook as well and thus, I see ample room for the stock to re-rate higher going forward. TS data by YCharts Acquiring Benteler Steel & Manufacturing Corporation for $460m Tenaris' 100% acquisition of the shares of Benteler Steel & Manufacturing Corporation from Benteler came as a positive surprise – in aggregate, TS will pay ~$460m on a cash-free/debt-free basis, but excluding the ~$52m of working capital included in the consideration implies a ~$408m net payout. For context, Benteler Steel & Manufacturing Corporation is a seamless steel pipe producer with an annual pipe rolling capacity of up to 400kt at its state-of-the-art facility in Shreveport, Louisiana. As the second phase of the Shreveport plant (including the electric arc furnace ((EAF)) was never built, it is a processing plant only (i.e., rolling and finishing lines). Still, the capacity stacks up nicely to TS' existing ~1m capacity in the US (and ~4m globally) for seamless pipes. The deal needs to clear several regulatory approvals (mainly antitrust), and if all goes as planned, it should close in Q4 2022. Benteler Strategically Extending its Lead in the US Seamless Market Tenaris has already held a big lead in the US seamless tube market, with ~1mt of capacity in the US, in addition to imports from Mexico (~1.2mt capacity from the Tamsa plant), Argentina (~900kt capacity from Siderca), and Canada (~300kt capacity from Algoma). Post-acquisition, the company would have a total of ~1.4mt of US capacity on the seamless side, as well as ~2.5mt of welded tube capacity, making it the clear market leader. By comparison, the #2 player, Vallourec (VLOUF), only has ~750kt of US seamless tube capacity – effectively half the size of Tenaris. Given Benteler is only at ~50% capacity today, a further ramp-up of its capacity to 100% would entail incremental gains from here – a major advantage at a time when supply remains tight, leading to high market prices. On the other hand, this deal could stress the balance sheet – not only will Tenaris need to up its capex spending, but it also adds cyclicality to the company's underlying cash flows. Of note, Benteler's Shreveport plant only includes hot rolling tube assets and finishing lines but lacks an EAF to make it a fully integrated plant (as planned in phase 2). Thus, Tenaris will likely source pre-material supply (i.e., billets) from its Mexican plant in the near-term before investing in the installation of an EAF to reap the long-term benefits, implying a significant capex outlay ahead. An Attractive Implied EV/EBITDA Valuation Assuming the average selling price of >$2.6k/t on the spot seamless market holds, Tenaris could see its acquired revenue reach >$580m based on a ~220k/t production per year (<60% of the nameplate capacity). With EBITDA margins also running at ~30%, the asset could be capable of generating EBITDA of >$170m/year based on these assumptions. Thus, the deal would imply a very reasonable EV/EBITDA multiple of ~3x – well below where Tenaris and Vallourec stock currently trade. TS EV to EBITDA data by YCharts
Seeking Alpha • May 13

Tenaris: Advantages As Activity Speeds Up, But Concerns Over Valuation

New welded, and seamless pipeline projects and the advantages of local manufacturing and service capabilities will drive Tenaris in the medium term. The company's average selling price rises, which can lead to an operating margin expansion. Its balance sheet remains robust, but negative cash flows are concerning. The stock is marginally overvalued relative to its peers.
Seeking Alpha • Jan 21

Tenaris: A Valuation Overrun Despite The Medium Term Promises

The drilling activity recovery has led to various new welded and seamless pipeline projects, but destocking in the Middle East will keep the topline tight. Lower hot-rolled coils price and increasing average selling price can lead to higher operating margin. The balance sheet remains robust, but negative free cash flow is a concern. The stock is overvalued versus its peers.
Seeking Alpha • Oct 01

Tenaris Is Reopening Facilities, Makes Stock A Buy

Tenaris SA is involved in steel pipe manufacturing for the energy industry and other industrial applications. Tenaris SA appears to be advancing with its investment to consolidate its Canadian industrial operations in Sault Ste Marie, where the company is actually producing premium products. Note that the company’s facilities in Conroe and Koppel are reopening, and the facilities in Ambridge and Baytown also seem to be operational. By the end of the year, if the company successfully hires 450 new employees as mentioned in the last report, I will be expecting even more sales for the years 2022 and 2023. Given the investment symmetry, the upside potential, and the downside risk, I believe that Tenaris SA is a buy.
Seeking Alpha • Jul 02

Tenaris Is Coping Up In A High-Cost Environment

The drilling activity recovery has led to production ramp-up in some of TS's facilities. However, the steel price hike can take its toll on the company's margin in the near term. Initiatives on carbon intensity reduction can drive its business in the long term. The company has a strong balance sheet with no debt and robust liquidity.
Seeking Alpha • Jun 26

Tenaris Continues To Build Its Net Cash Position

Tenaris kept the damage limited in Q1 and expects the revenue to increase and the margins to expand the next few quarters. This will help the company to further boost its net cash (and cash-equivalent) position above the current $1.1B. Tenaris is depending on the energy sector, so I hope the strong oil price will boost its order intake.

CEO

Gabriel Podskubka (52 yo)

less than a year
Tenure

Mr. Gabriel Podskubka is Chief Executive Officer of Tenaris SA since May 2026. He was Chief Operating Officer of Tenaris SA since April 1, 2023 until May 2026 and was its President of Eastern Hemisphere Op...

Leiderschapsteam

NaamPositieTenureCompensatieEigendom
Gabriel Podskubka
Chief Executive Officerless than a yeargeen gegevens0.00039%
$ 123.0k
Carlos Gomez Alzaga
Chief Financial Officer1.1yrsgeen gegevensgeen gegevens
Lucas Pigliacampo
Chief Technology Officer1.2yrsgeen gegevensgeen gegevens
Luis Scartascini
Chief Human Resources Officer4.4yrsgeen gegevensgeen gegevens
Sergio de la Maza
President of Mexico23.4yrsgeen gegevensgeen gegevens
Guillermo Moreno
President of U.S.A1.4yrsgeen gegevensgeen gegevens
Gabriel Casanova
Chief Supply Chain Officer13.7yrsgeen gegevensgeen gegevens
Michele Briotta
President of Europe9.9yrsgeen gegevensgeen gegevens
Antonio Caprera
Chief Industrial Officer9.2yrsgeen gegevensgeen gegevens
Andrea Previtali
President of Southern Cone1.2yrsgeen gegevensgeen gegevens
Cecilia Bilesio
Corporate Secretaryno datageen gegevensgeen gegevens
2.9yrs
Gemiddelde duur
55yo
Gemiddelde leeftijd

Ervaren management: Het managementteam van TS wordt beschouwd als ervaren (gemiddelde ambtstermijn 2.9 jaar).

Bestuursleden

NaamPositieTenureCompensatieEigendom
Paolo Rocca
Chairman24.4yrsgeen gegevensgeen gegevens
Guillermo Vogel Hinojosa
Vice Chairman of the Board23.4yrsgeen gegevens0.084%
$ 26.6m
Jaime Serra Puche
Independent Director23.4yrsgeen gegevensgeen gegevens
Roberto Bonatti
Director23.4yrsgeen gegevensgeen gegevens
Simon Ayat
Independent Director6yrsgeen gegevensgeen gegevens
Gianfelice Mario Rocca
Director23.4yrsgeen gegevensgeen gegevens
German Cura
Vice Chairman of the Board8.1yrsgeen gegevensgeen gegevens
Monica Tiuba
Independent Director8.1yrsgeen gegevensgeen gegevens
Maria Novales-Flamarique
Independent Director4.1yrsgeen gegevensgeen gegevens
Molly Montgomery
Independent Director2.2yrsgeen gegevensgeen gegevens
15.8yrs
Gemiddelde duur
72yo
Gemiddelde leeftijd

Ervaren bestuur: De raad van bestuur van TS zijn ervaren en ervaren (gemiddelde ambtstermijn van 15.8 jaar).

Bedrijfsanalyse en status van financiële gegevens

GegevensLaatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse2026/06/08 14:26
Aandelenkoers aan het einde van de dag2026/06/05 00:00
Inkomsten2026/03/31
Jaarlijkse inkomsten2025/12/31

Gegevensbronnen

De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.

PakketGegevensTijdframeVoorbeeld Amerikaanse bron *
Financiële gegevens bedrijf10 jaar
  • Resultatenrekening
  • Kasstroomoverzicht
  • Balans
Consensus schattingen analisten+3 jaar
  • Financiële prognoses
  • Koersdoelen analisten
Marktprijzen30 jaar
  • Aandelenprijzen
  • Dividenden, splitsingen en acties
Eigendom10 jaar
  • Top aandeelhouders
  • Handel met voorkennis
Beheer10 jaar
  • Leiderschapsteam
  • Raad van bestuur
Belangrijkste ontwikkelingen10 jaar
  • Bedrijfsaankondigingen

* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.

Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.

Analysemodel en Snowflake

Details van het analysemodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina. We hebben ook handleidingen over hoe je onze rapporten kunt gebruiken en tutorials op YouTube.

Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.

Industrie en sector

Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.

Bronnen van analisten

Tenaris S.A. wordt gevolgd door 42 analisten. 18 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.

AnalistInstelling
Francesco TaddeiBanca Akros S.p.A. (ESN)
Francesco SalaBanca Akros S.p.A. (ESN)
J. David AndersonBarclays