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Tenaris S.A.

TS
57
Oil & Gas Equipment & Services · Energy
Price
$59.39
+2.14 (+3.74%)
Market Cap
$31.87B
Exchange
New York Stock Exchange
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Weak
4/20
Cash Flow
Exceptional
9/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
8/15
Dividends
Exceptional
5/5

57 of 100 counted points = Winston Score 57.

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Share count falling — buybacks

−11.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 590.3M (2021) → 519.8M (2025)

§Winston Score History

The full picture

Tenaris makes steel pipes used to drill for oil and natural gas. These pipes, called OCTG (oil country tubular goods), go deep underground inside oil wells to help extract energy. The company sells to major oil producers, national energy companies, and independent drillers around the world, making it one of the largest manufacturers of steel tubes for the energy industry.

Tenaris earns money by selling these steel pipes and related services, such as threading, coating, and logistics support. It operates globally, with manufacturing plants in Argentina, Mexico, Italy, Romania, and the United States, among other countries. The company's main competitive advantage is its integrated manufacturing network and long-term relationships with large oil companies. Its biggest risk is that demand for its pipes falls when oil prices drop and energy companies cut their drilling budgets, making revenue closely tied to the health of the broader oil and gas market.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-6.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

6.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$5.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Tenaris S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
33.2%
Modest — 33.2% gross margin
Profit after running costs
Operating Margin
16.7%
Healthy — 16.7% operating margin
Return on the money invested
ROCE
12.9%
Good — 12.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+2.3%
Nearly flat sales (+2.3% YoY)
Profit growth
EPS YoY
+0.5%
Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
119%
Turns 119% of profit into real cash
Spare cash per sale
FCF Margin
14.4%
Converts sales into free cash efficiently (14.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.02
Conservative — low debt load (0.02)
Covers its interest
Interest Cover
45.53x
Comfortably covers interest (45.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
16.1x
Fair value — P/E 16.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+3.0
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
4.12%
Healthy income — 4.12% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+68.6%
Dividend growing fast (68.6% YoY)
Payout Ratio
47%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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