Tenaris (TS) Stock Analysis

November 11, 2026

This is a peer-relative look at Tenaris (TS): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Energy peers, so every number reads in context rather than in isolation.

Company Profile

Tenaris (TS) trades as an ADR rather than ordinary local shares — read it with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile fields for Tenaris (TS)
Profile Item	TS
Name	Tenaris S.A. American Depositary Shares
Country/Region	Luxembourg
GICS Sector	Energy
GICS Industry Group	Energy
GICS Industry	Energy Equipment & Services
GICS Sub-Industry	Oil & Gas Equipment & Services
Market Capitalization	29.71 billion USD
Currency	USD
Exchange	NYSE
Listing Date	December 16, 2002
Security Type	ADR

Price Performance

Cumulative Growth

GSPC

Tenaris (TS) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

Loading price history…

Trailing total returns for Tenaris (TS) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

Loading price history…

Calendar-year total returns for Tenaris (TS) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Tenaris (TS) metric values compared with Energy industry-group medians
Metric	Current stock: TS	Industry group median
Total Return (1Y)	49.29%	32.08%
Total Return (3Y, Annualized)	24.84%	14.39%
Total Return (5Y, Annualized)	22.48%	15.43%

Risk Profile

Drawdown History

GSPC

Tenaris (TS) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

Loading price history…

Distribution of monthly total returns for Tenaris (TS) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Tenaris (TS) metric values compared with Energy industry-group medians
Metric	Current stock: TS	Industry group median
Volatility (1Y, Annualized)	29.07%	41.29%
Beta (5Y)	0.88	0.66
Max Drawdown (5Y)	-33.71%	-52.09%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. TS is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Tenaris (TS) metric values compared with Energy industry-group medians
Metric	Current stock: TS	Industry group median
Sharpe Ratio (1Y)	1.55	0.67
Sortino Ratio (1Y)	2.30	1.01

Profitability

ROE (TTM)

Tenaris (TS) posts ROE of 11.86%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

TS

Energy industry group

11.86%

Group distribution

Max: 53.85%
Q3: 24.79%
Median: 12.85%
TS: 11.86%
Q1: 2.03%
Min: -29.09%

Largest peers

PBR: 30.27%
TTE: 17.83%
COP: 17.66%
SHEL: 17.43%
XOM: 15.53%
CVX: 13.85%
TS: 11.86%

Where Tenaris (TS) stands on ROE within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Tenaris (TS) keeps 16.24% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

TS

Energy industry group

16.24%

Group distribution

Max: 56.92%
Q3: 22.92%
TS: 16.24%
Median: 10.10%
Q1: 0.07%
Min: -27.38%

Largest peers

PBR: 24.32%
COP: 16.76%
TS: 16.24%
CVX: 11.92%
XOM: 10.46%
TTE: 10.46%
SHEL: 10.18%

Where Tenaris (TS) stands on net margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Tenaris (TS) turns 19.26% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

TS

Energy industry group

19.26%

Group distribution

Max: 71.31%
Q3: 33.75%
TS: 19.26%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

Largest peers

PBR: 44.68%
COP: 30.05%
TTE: 24.51%
TS: 19.26%
SHEL: 18.76%
CVX: 17.89%
XOM: 16.98%

Where Tenaris (TS) stands on operating margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Tenaris (TS) metric values compared with Energy industry-group medians
Metric	Current stock: TS	Industry group median
ROE (TTM)	11.86%	12.85%
ROA (TTM)	6.69%	5.49%
Net Margin (TTM)	16.24%	10.10%
Operating Margin (TTM)	19.26%	18.73%
Gross Margin (TTM)	38.54%	44.52%

Growth

Revenue Growth

Tenaris (TS) grew revenue -4.33%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Tenaris (TS): Revenue Growth across different time periods, set against Energy industry-group medians.

EPS Growth

Tenaris (TS) grew earnings per share 1.11%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

Tenaris (TS): EPS Growth across different time periods, set against Energy industry-group medians.

Growth Metrics

Tenaris (TS) metric values compared with Energy industry-group medians
Metric	Current stock: TS	Industry group median
Revenue Growth (YoY)	-4.33%	0.51%
Revenue Growth (3Y CAGR)	0.62%	0.37%
EPS Growth (YoY)	1.11%	-11.75%
EPS Growth (3Y CAGR)	-5.38%	-12.07%

Financial Strength

Current Ratio (MRQ)

Tenaris (TS) has current ratio of 3.25, above the industry’s typical middle range. Liquidity looks ample versus peers, though an unusually high cushion can also mean idle current assets or inefficient working capital.

TS

Energy industry group

3.25

Group distribution

Max: 3.64
TS: 3.25
Q3: 2.21
Median: 1.41
Q1: 0.88
Min: 0.24

Largest peers

TS: 3.25
COP: 1.52
SHEL: 1.38
CVX: 1.34
XOM: 1.19
TTE: 1.11
PBR: 0.85

Where Tenaris (TS) stands on current ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Tenaris (TS) has debt-to-equity ratio of 0.03, in the lower-leverage quartile for its industry. Borrowing is modest relative to equity compared with most peers, which can leave more flexibility through a cycle.

TS

Energy industry group

0.03

Group distribution

Max: 1.75
Q3: 0.93
Median: 0.54
Q1: 0.30
TS: 0.03
Min: 0.00

Largest peers

PBR: 0.76
TTE: 0.46
SHEL: 0.38
COP: 0.35
CVX: 0.17
XOM: 0.13
TS: 0.03

Where Tenaris (TS) stands on debt-to-equity ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Tenaris (TS) metric values compared with Energy industry-group medians
Metric	Current stock: TS	Industry group median
Current Ratio (MRQ)	3.25	1.41
Debt / Equity (MRQ)	0.03	0.54
Net Debt / EBITDA	-0.90	1.13

Dividends

Dividend Yield (TTM)

Tenaris (TS) has dividend yield of 2.11%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

TS

Energy industry group

2.11%

Group distribution

Max: 8.57%
Q3: 3.58%
TS: 2.11%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Largest peers

PBR: 19.51%
TTE: 4.58%
CVX: 3.31%
XOM: 2.49%
COP: 2.48%
TS: 2.11%
SHEL: 1.54%

Where Tenaris (TS) stands on dividend yield within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Tenaris (TS) has payout ratio of 45.64%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

TS

Energy industry group

45.64%

Group distribution

Max: 133.24%
Q3: 53.31%
TS: 45.64%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

Largest peers

CVX: 51.76%
TS: 45.64%
XOM: 42.39%
TTE: 39.93%
COP: 35.41%
PBR: 28.93%
SHEL: 26.24%

Where Tenaris (TS) stands on payout ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Tenaris (TS) metric values compared with Energy industry-group medians
Metric	Current stock: TS	Industry group median
Dividend Yield (TTM)	2.11%	1.71%
Dividend Payout Ratio (TTM)	45.64%	25.24%

Valuation

P/E Ratio (TTM)

Tenaris (TS) trades at P/E ratio of 15.09, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

TS

Energy industry group

15.09

Group distribution

Max: 39.54
Q3: 21.72
TS: 15.09
Median: 12.19
Q1: 7.71
Min: 2.99

Largest peers

XOM: 17.06
CVX: 15.61
TS: 15.09
COP: 14.36
TTE: 8.76
SHEL: 8.60
PBR: 4.68

Where Tenaris (TS) stands on P/E ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Tenaris (TS) trades at 2.44 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

TS

Energy industry group

2.44

Group distribution

Max: 5.40
Q3: 2.85
TS: 2.44
Median: 1.69
Q1: 0.88
Min: 0.00

Largest peers

TS: 2.44
COP: 2.34
CVX: 1.83
XOM: 1.74
TTE: 0.90
SHEL: 0.87
PBR: 0.22

Where Tenaris (TS) stands on P/S ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Tenaris (TS) trades at 3.53 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

TS

Energy industry group

3.53

Group distribution

Max: 4.21
TS: 3.53
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

Largest peers

TS: 3.53
XOM: 2.55
COP: 2.44
CVX: 2.13
TTE: 1.46
SHEL: 1.43
PBR: 1.25

Where Tenaris (TS) stands on P/B ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Tenaris (TS) metric values compared with Energy industry-group medians
Metric	Current stock: TS	Industry group median
P/E Ratio (TTM)	15.09	12.19
P/S Ratio (TTM)	2.44	1.69
P/B Ratio (MRQ)	3.53	1.51
Free Cash Flow Yield (TTM)	6.50%	5.94%