Tenaris S.A. (TS) is listed on NYSE and operates in the Oil & Gas Equipment & Services industry (Energy sector).
Tenaris S.A., together with its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, cold-drawn pipes, and premium joints and couplings; coiled tubing products for oil and gas drilling and workovers, and subsea pipelines; and umbilical tubing products; and tubular accessories. It also provides sucker rods, industrial equipment, heat exchangers, and utility conduits for buildings, as well as sells energy and raw materials. In addition, it offers financial services. The company operates in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. Tenaris S.A. was incorporated in 2001 and is based in Luxembourg, Luxembourg. Tenaris S.A. is a subsidiary of Techint Holdings S.à r.l.
| Rating | Analysts |
|---|---|
| Strong Buy | 0 |
| Buy | 15 |
| Hold | 9 |
| Sell | 2 |
| Strong Sell | 0 |
Tenaris S.A., headquartered in Luxembourg, is a key player in the oil and gas equipment and services industry. Established in 2001, the company, along with its subsidiaries, specializes in the production and sale of seamless and welded steel tubular products. These products cater primarily to the oil and gas sector, as well as various industrial applications. Tenaris offers a range of products including steel casings, tubing, mechanical and structural pipes, cold-drawn pipes, and premium joints and couplings. Additionally, the company provides coiled tubing for drilling and workovers, subsea pipelines, umbilical tubing, and tubular accessories. Beyond tubular products, Tenaris supplies sucker rods, industrial equipment, heat exchangers, and utility conduits. The company also engages in the sale of energy and raw materials and offers financial services. Tenaris operates across multiple regions, including North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. It is a subsidiary of Techint Holdings S.à r.l.
Over the past three fiscal years, the company has experienced a consistent decline in revenue, with a compound annual growth rate (CAGR) of -10.2%, falling from $14.87 billion in 2023 to $11.98 billion in 2025. This revenue contraction has been accompanied by a decrease in profitability margins. The gross margin compressed by 7.3 percentage points (pp) from 41.7% to 34.4%, while the operating margin decreased by 10.0pp from 29.0% to 19.1%. Similarly, the net margin fell by 10.2pp, ending at 16.1% in 2025. Despite these challenges, the company maintained positive cash flows, although both operating cash flow (OCF) and free cash flow (FCF) decreased significantly, with FCF dropping from $3.78 billion to $1.98 billion, representing a -27.5% CAGR. The company's cash conversion ratio (CCR) remained strong at 1.34, indicating that earnings are well-supported by cash. Notably, the company reduced its share count by 11.8% through buybacks, which enhanced per-share value despite the declining earnings per share (EPS), which fell from $6.66 to $3.72. The company maintained a net cash position, although it decreased from -$1.43 billion to -$123.68 million, reflecting a reduction in cash reserves. Overall, while the company faced revenue and margin pressures, its strategic share buybacks and strong cash conversion have helped mitigate some of the adverse impacts on shareholder value.
Recent developments for Tenaris S.A. (NYSE: TS) primarily focus on analyst ratings and institutional trading activities. On April 10, 2026, Tenaris convened its Annual General Meeting of Shareholders, as well as an Extraordinary General Meeting, with documents available at its Luxembourg office. Analysts have given Tenaris a consensus "Hold" recommendation, with Morgan Stanley raising its price target from $38, and Goldman Sachs maintaining a "neutral" rating with a $49 target. In terms of trading activity, Citigroup Inc. purchased 17,813 shares of Tenaris, while Assetmark Inc. increased its position by 9% in the fourth quarter, now holding shares worth approximately $19.4 million. Additionally, Integrated Wealth Concepts LLC and UBS Asset Management Americas LLC have acquired new positions in Tenaris, valued at $203,000 and $5.5 million, respectively. These transactions suggest continued interest from institutional investors, reflecting routine portfolio adjustments rather than significant shifts in company outlook.