Tenaris S.A (TS) Fair Value & Analysis
Energy · US · Market cap $28.5B
Tenaris S.A
TS · US
Fair value as of: Aug 13, 2026
From 23 valuation models · updated yesterday
Share price −6.6% over the past month.
A solid business, but screening 13% overvalued on our models.
What matters now
- Our model range runs from $34.32 (bear) to $57.67 (bull), base $45.68. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 71/100 (solid quality) with high evidence: the data supports the verdict.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range $15.82 – $64.02 · fair‑value band $34.32 – $57.67 · the $52.62 price screens above the $45.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Tenaris S.A (TS) currently trades at $52.62, while our model-based Fair Value estimate is $45.68, implying the stock looks roughly 13.2% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Tenaris S.A generated revenue of $12.2B at a net margin of 16.2%. Revenue grew 6.1% year over year. It earns a return on equity of 11.6%. The balance sheet holds a net cash position of $124M. Fundamentals as of Aug 13, 2026
Our scenario range runs from $34.32 (bear case) to $57.67 (bull case); at $52.62, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 62% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -42% fair-value upside, at -13%, TS screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 23 models by family
Widest divergence: DCF Models ($45.91) versus Asset-Based ($22.03). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 69 · Market factors (momentum, volatility) 72
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Tenaris S.A., together with its subsidiaries, manufactures and supplies steel pipe products and related services for the energy industry and other industrial applications in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Full company description
Tenaris S.A., together with its subsidiaries, manufactures and supplies steel pipe products and related services for the energy industry and other industrial applications in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. It provides steel casings to sustain the walls of oil and gas wells during and after drilling; steel tubing for conducting crude oil and natural gas to the surface after drilling has been completed; steel line pipes to transport crude oil and natural gas from wells to refineries, storage tanks, and loading and distribution centers; and mechanical and structural pipes for the transportation of other forms of gas and liquids under high pressure. The company also offers cold-drawn pipes for use in boilers, superheaters, condensers, heat exchangers, automobile production, and other industrial applications; premium joints and couplings for use in high temperature or high pressure environments under the TenarisHydril brand name; coiled tubing is used for oil and gas drilling and well workovers and for subsea pipelines; sucker rods used in oil extraction activities, tubes used for plumbing and construction applications, and oilfield / hydraulic fracturing services; pipe coating services; and automotive components. In addition, it engages in the sale of energy and raw materials; development, management, and licensing of intellectual property; procurement and trading services; and financial operations, as well as markets steel products. Further, the company manufactures and markets connections; and welded and seamless steel pipes. Tenaris S.A. was incorporated in 2001 and is based in Luxembourg, Luxembourg. Tenaris S.A. operates as a subsidiary of Techint Holdings S.àr.l.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Tenaris S.A reported revenue of $12.0B in FY2025 versus $6.5B in FY2021, a compound +16.4%/yr. Reported net income was $1.9B in FY2025, compounding +15.1%/yr from FY2021.
TS screens 13% overvalued. Compare with SLB N.V →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Tenaris Q2 Earnings Call Highlights
- Tenaris SA (TS) (Q2 2026) Earnings Call Highlights: Resilient Performance Amid Middle East ...
- Compared to Estimates, Tenaris (TS) Q2 Earnings: A Look at Key Metrics
- Tenaris Announces 2026 Second Quarter Results
Peer Group
Oil & Gas Equipment & Services · 192 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SLB N.V SLBN | 836.00 MXN | 488.45 MXN | -42% |
| Baker Hughes Company BKR | $64.28 | $32.40 | -50% |
| TechnipFMC plc FTI | $75.27 | $27.43 | -64% |
| Halliburton Company HAL | $33.29 | $21.50 | -35% |
| Yantai Jereh Oilfield Services Group 002353 | ¥144.58 | ¥34.17 | -76% |
| Saipem SpA SPM | €4.56 | €2.72 | -40% |
| Subsea 7 S.A SUBC | kr 334.40 | kr 224.63 | -33% |
| China Oilfield Services Limited 601808 | ¥12.02 | ¥12.64 | +5% |
| Gaztransport & Technigaz SA GTT | €202.00 | €95.01 | -53% |
| Kodiak Gas Services, Inc KGS | $62.06 | $13.56 | -78% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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