Tenaris SA ADR (TS) Fair Value & Analysis
Energy · US · Market cap $28.5B · ISIN US88031M1099
What is Tenaris SA ADR really worth?
Tenaris SA ADR
TS · US
A solid business, but trading 23% above our fair value of $45.68.
Strengths
Risks
For context
Fair value as of: Aug 21, 2026
From 23 valuation models · updated 15 days ago
Share price −2.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits in the upper half of our model range, so the margin of safety is thin.
- The data supports the verdict: every model runs on fully documented inputs.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range $15.82 – $64.02 · fair‑value band $34.32 – $57.67 · the $56.31 price screens above the $45.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 21, 2026.
Analysis
Tenaris SA ADR (TS) currently trades at $56.31, while our model-based Fair Value estimate is $45.68, implying the stock looks roughly 23.3% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Energy sector. Bull case: the DCF Models group reads highest at a median of $45.91 per share, and 6 of the 23 models we run sit above the $56.31 price. Bear case: the Asset-Based group reads lowest at $22.03, and 17 of the 23 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Tenaris SA ADR 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 21, 2026
Our scenario range runs from $34.32 (bear case) to $57.67 (bull case); at $56.31, 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 13% below its 52-week high and 73% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −41% fair-value upside, at −19%, TS screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $1.97 per share, which is 4.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 23 models by family
Widest divergence: DCF Models ($45.91) versus Asset-Based ($22.03). Highest evidence: FCF DCF (81).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 69 · Market factors (momentum, volatility) 75
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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 SA ADR 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 23% overvalued. Compare with SLB N.V →
Earlier 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 · 185 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
Strength profile in five axes (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.
Similar stocks
10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SLB N.V SLB | $57.33 | $28.66 | −50% |
| Baker Hughes Company BKR | $64.63 | $32.40 | −50% |
| TechnipFMC plc FTI | $75.27 | $27.43 | −64% |
| Halliburton Company HAL | $36.18 | $21.50 | −41% |
| Tenaris S.A TEN | €23.24 | €18.53 | −20% |
| Yantai Jereh Oilfield Services Group 002353 | ¥144.58 | ¥34.17 | −76% |
| Saipem SpA SPM | €4.57 | €2.72 | −40% |
| Subsea 7 S.A SUBC | kr 341.20 | kr 221.37 | −35% |
| China Oilfield Services Limited 601808 | ¥12.31 | ¥12.64 | +3% |
| Gaztransport & Technigaz SA GTT | €211.80 | €95.01 | −55% |
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