Tenaris S.A. (TS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+138.0%

$138.41

vs $58.16 price

Levered DCF

$136.88

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

8.86

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.34×	5.22×	5.22×	8.14×	11.22×	-14.77×	17.97×	14.41×
P/B	1.2×	1.28×	1.22×	1.49×	1.03×	0.84×	1.11×	1.07×
P/S	1.67×	1.7×	1.38×	1.76×	1.89×	1.83×	1.83×	1.64×
EV / EBITDA	6.33×	6.7×	3.7×	5.37×	6.69×	112.65×	7.97×	7.04×
Gross margin	34.4%	35.0%	41.7%	39.7%	29.3%	20.6%	30.0%	31.1%
Operating margin	19.1%	19.3%	29.0%	25.2%	10.8%	-12.9%	11.4%	11.4%
Net margin	16.1%	16.3%	26.4%	21.7%	16.9%	-12.3%	10.2%	11.4%
Current ratio	3.87×	3.5×	3.62×	3.04×	3.19×	3.68×	3.18×	3.18×
Debt / equity	0.03×	0.04×	0.04×	0.06×	0.04×	0.08×	0.02×	0.05×
Interest coverage	48.87×	39.52×	40.39×	64.5×	29.88×	-24.55×	18.51×	22.96×
Dividend yield	4.5%	3.6%	3.1%	2.6%	2.6%	0.9%	3.6%	3.8%
Payout ratio	46.6%	37.2%	16.2%	20.8%	29.0%	-13.0%	65.2%	55.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.6%	12.3%	23.3%	18.4%	9.2%	-5.6%	6.2%	7.4%
Return on invested capital	10.1%	10.7%	19.7%	15.4%	4.6%	-5.1%	5.0%	5.5%
Return on assets	9.6%	10.0%	18.6%	14.5%	7.6%	-4.6%	5.0%	6.1%
Free cash flow yield	9.9%	10.2%	18.4%	3.7%	-1.0%	14.1%	8.8%	2.1%
Earnings yield	9.7%	9.6%	19.1%	12.3%	8.9%	-6.7%	5.6%	7.0%
Enterprise value	$19.9B	$21.2B	$19.6B	$20.5B	$12.4B	$9.7B	$12.1B	$12.7B
Net debt / EBITDA	-0.04×	-0.03×	-0.17×	-0.07×	0.07×	3.87×	-0.85×	0.06×
Cash conversion cycle (days)	204	198	190	234	233	174	190	209