Tenaris
73
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−8
- Quality of growth−3
- Peers−3
Strengths
- Net cash+3
- Pricing power+1
How the score is built
From 100 to 73, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 25.67 EUR
- Median analyst target
- 29.04 EUR
- Upside to median
- +13.1%
- Analysts
- 14
- Target range
- 21.50 – 35.61 EUR
- 52-week change
- +48%
- P/E (trailing)
- 15.7
- Forward P/E
- 14.6
- PEG
- 1.56
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−7 of −30
- −3Quality of growthRevenue is $12.0bn (TTM) vs $14.9bn in 2023, and EPS is $1.87 vs $3.32 in 2023; sales fell 4% in Q2 2026 both vs Q1 and vs the year before, and management expects H2 to be on a par with H1.
- −2MarginThe EBITDA margin fell to 21.9% in Q2 2026 from 23.7% in Q1 due to higher logistics and raw-material costs and lower capacity utilisation; the operating margin is 18.4% (TTM) vs 28.7% in 2023.
- −2ROICROIC 12.1% (TTM) vs 26.5% in 2023, 19.0% in 2022 and 14.3% in 2024 – falling three years in a row.
Price
Today's multiples against the company's own history and its peers. · 3 findings−12 of −35
- −8Multiples vs own historyTrailing P/E 15.2 vs. 5.2–11.2 in 2021–2025 and forward P/E 14.1 vs. 7.4–12.7; EV/EBITDA 9.1 vs. 3.7–6.2 in 2022–2025. The price has risen 60% over a year, while EPS is unchanged – the entire rise is multiple expansion.
- −3PeersForward P/E 14.1 and EV/EBITDA 9.1 vs Vallourec (forward P/E 11.7, EV/EBITDA 5.4), which has risen only 12.5% in 52 weeks.
- −1Absolute price levelFCF yield 6.1% and earnings yield 6.7% vs 10.4% and 9.9% at the end of 2025; FCF ($1.74bn TTM) has fallen 9%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−8 of −35
- −3The Middle East and HormuzDeliveries to customers in the Middle East were postponed due to the de facto closure of the Strait of Hormuz, which pulled sales down in Q2; a recovery in H2 requires the strait to reopen.
- −2Controlling shareholder and governanceThe Rocca family's San Faustino (Techint) controls about 60% of the shares, and free float is only about 319 m of 1,010 m shares; in 2022 the company paid 78 m $ in a settlement with the SEC over bribery in Brazil.
- −2Tariff dependenceThe US market position is protected by 50% Section 232 tariffs and trade cases against imports; at the same time margins bear the full effect of the tariff on own pipes from Mexico and Argentina. A change in tariff policy could cut both ways.
- −1Lawsuit (Usiminas)Brazil's Supreme Court ordered the subsidiary Confab in 2024 to pay damages to CSN in the case concerning the Usiminas acquisition; the case is still running, and the provision was increased by USD 5.3m in Q2 2026.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3
- +1Pricing powerOCTG pipe prices in the US (Pipe Logix) have risen about 9% this year with at least a further 5% expected; imports are held down by tariffs and trade cases.
Caveats
What the score does not capture, or where the data is weak.
The Milan listing (TEN); reports in USD, stockanalysis converts market value and multiples to EUR. Cyclical = yes: demand for pipes (OCTG) follows oil and gas drilling. Industry set to 'Energy: oil & gas' (steel pipes and services for the oil and gas industry). The share price is up 60% over 52 weeks while EPS is largely unchanged, driven among other things by the Hormuz conflict, higher rig activity in the US and 50% US steel tariffs (Section 232); a large part of the multiple expansion may be a geopolitical premium. Stockanalysis' net cash ($2.3bn) excludes long-term investments; the company reports net cash of $3.6bn. The criminal 'Cuadernos' case in Argentina against chairman Paolo Rocca has not been examined. Insider trades not examined.
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