Latest Ratios: P/E Ratio 14.5x · EV/EBITDA 9.9x · ROE 11.5%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.9B | $20.0B | $21.3B | $20.5B | $20.8B | $12.3B | $9.4B | $13.4B | $12.6B | $18.8B | $21.1B |
| Enterprise Value | $28.7B | $19.9B | $21.2B | $19.0B | $20.5B | $12.4B | $9.7B | $12.1B | $12.7B | $19.4B | $21.5B |
| P/E Ratio → | 14.46 | 10.34 | 5.22 | 5.22 | 8.14 | 11.22 | — | 17.97 | 14.41 | 34.63 | 357.10 |
| P/S Ratio | 2.41 | 1.67 | 1.70 | 1.38 | 1.76 | 1.89 | 1.83 | 1.83 | 1.64 | 3.56 | 4.91 |
| P/B Ratio | 1.66 | 1.19 | 1.26 | 1.20 | 1.48 | 1.02 | 0.82 | 1.10 | 1.06 | 1.62 | 1.85 |
| P/FCF | 14.56 | 10.08 | 9.83 | 5.42 | 26.96 | — | 7.10 | 11.33 | 47.07 | — | 210.15 |
| P/OCF | 11.10 | 7.69 | 7.42 | 4.66 | 17.78 | 103.41 | 6.19 | 8.75 | 20.60 | — | 24.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.66 | 1.69 | 1.28 | 1.74 | 1.91 | 1.89 | 1.66 | 1.66 | 3.68 | 5.01 |
| EV / EBITDA | 9.91 | 6.85 | 6.94 | 3.91 | 5.74 | 9.56 | 619.63 | 8.81 | 8.26 | 20.61 | 35.67 |
| EV / EBIT | 12.59 | 8.70 | 8.38 | 4.02 | 6.38 | 9.83 | — | 12.36 | 11.14 | 42.75 | 379.13 |
| EV / FCF | — | 10.02 | 9.79 | 5.04 | 26.63 | — | 7.35 | 10.24 | 47.49 | — | 214.54 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.4% | 34.4% | 35.0% | 41.7% | 39.7% | 29.3% | 20.6% | 30.0% | 31.1% | 30.3% | 26.3% |
| Operating Margin | 19.1% | 19.1% | 19.3% | 29.0% | 25.2% | 10.8% | -12.9% | 11.4% | 11.4% | 6.3% | -1.4% |
| Net Profit Margin | 16.1% | 16.1% | 16.3% | 26.4% | 21.7% | 16.9% | -12.3% | 10.2% | 11.4% | 10.3% | 1.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 11.5% | 12.0% | 25.2% | 19.5% | 9.3% | -5.4% | 6.2% | 7.5% | 4.7% | 0.5% |
| ROA | 9.5% | 9.5% | 9.8% | 20.3% | 16.0% | 7.8% | -4.4% | 5.1% | 6.1% | 3.8% | 0.4% |
| ROIC | 10.2% | 10.2% | 11.2% | 22.0% | 17.1% | 4.4% | -4.4% | 5.5% | 5.4% | 2.1% | -0.4% |
| ROCE | 12.8% | 12.8% | 13.4% | 26.2% | 21.4% | 5.6% | -5.2% | 6.5% | 7.0% | 2.7% | -0.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.01 | 0.06 | 0.04 | 0.08 | 0.02 | 0.05 | 0.08 | 0.07 |
| Debt / EBITDA | 0.15 | 0.15 | 0.19 | 0.04 | 0.24 | 0.34 | 58.46 | 0.20 | 0.35 | 1.02 | 1.39 |
| Net Debt / Equity | — | -0.01 | -0.01 | -0.08 | -0.02 | 0.01 | 0.03 | -0.11 | 0.01 | 0.05 | 0.04 |
| Net Debt / EBITDA | -0.04 | -0.04 | -0.03 | -0.29 | -0.07 | 0.10 | 21.30 | -0.94 | 0.07 | 0.67 | 0.73 |
| Debt / FCF | — | -0.06 | -0.04 | -0.38 | -0.33 | — | 0.25 | -1.09 | 0.41 | — | 4.39 |
| Interest Coverage | 48.50 | 48.50 | 41.26 | 44.35 | 69.91 | 53.49 | -21.92 | 21.73 | 30.02 | 16.80 | 2.54 |
Net cash position: cash ($573M) exceeds total debt ($449M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.87 | 3.87 | 3.50 | 3.62 | 3.04 | 3.19 | 3.68 | 3.18 | 3.18 | 2.60 | 2.87 |
| Quick Ratio | 2.33 | 2.33 | 2.10 | 2.27 | 1.61 | 1.48 | 2.27 | 1.91 | 1.71 | 1.45 | 1.97 |
| Cash Ratio | 1.23 | 1.23 | 1.16 | 1.24 | 0.55 | 0.46 | 1.25 | 0.99 | 0.53 | 0.74 | 1.17 |
| Asset Turnover | — | 0.60 | 0.61 | 0.71 | 0.67 | 0.45 | 0.38 | 0.49 | 0.54 | 0.37 | 0.31 |
| Inventory Turnover | 2.18 | 2.18 | 2.19 | 2.21 | 1.78 | 1.73 | 2.50 | 2.25 | 2.09 | 1.56 | 2.02 |
| Days Sales Outstanding | — | 59.59 | 70.92 | 60.90 | 77.39 | 87.92 | 68.66 | 67.46 | 82.80 | 83.79 | 81.16 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.2% | 4.5% | 3.6% | 3.1% | 2.6% | 2.6% | 0.9% | 3.6% | 3.8% | 2.6% | 2.4% |
| Payout Ratio | 46.6% | 46.6% | 37.2% | 16.2% | 20.8% | 29.0% | — | 65.2% | 55.2% | 88.9% | 918.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.9% | 9.7% | 19.2% | 19.2% | 12.3% | 8.9% | — | 5.6% | 6.9% | 2.9% | 0.3% |
| FCF Yield | 6.9% | 9.9% | 10.2% | 18.4% | 3.7% | — | 14.1% | 8.8% | 2.1% | — | 0.5% |
| Buyback Yield | 4.7% | 6.8% | 6.8% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.9% | 11.3% | 10.3% | 4.2% | 2.6% | 2.6% | 0.9% | 3.6% | 3.8% | 2.6% | 2.4% |
| Shares Outstanding | — | $520M | $563M | $589M | $590M | $590M | $590M | $590M | $590M | $590M | $590M |
Cyclical demand and pricing
According to current market data, Tenaris trades at a P/E of 15.06, which appears to command a premium over generic steel producers, reflecting investor confidence in the company's integrated Rig Direct service model and its superior ability to maintain profitability throughout the volatile energy sector cycle.
The current forward P/E of 14.79 suggests that the market anticipates stable earnings despite the cyclical nature of oilfield tubular goods. Investors should monitor whether this valuation multiple remains sustainable if North American rig counts continue to plateau, as the current pricing implies a growth trajectory that may be sensitive to global offshore project final investment decisions.
Based on reported financial figures, Tenaris's ROIC has fluctuated between 2.3% and 3.8% over the last ten quarters, indicating that while the company maintains a fortress balance sheet, its ability to compound returns is heavily constrained by the capital-intensive nature of its global manufacturing footprint.
The modest ROIC levels suggest that the company's primary value proposition lies in its logistics and service integration rather than pure capital efficiency. Analysts should note that the recent compression in returns warrants further investigation into whether current capacity utilization levels are sufficient to justify the heavy investment in regional finishing facilities.
As reported in quarterly filings, the company's cash conversion cycle remains elevated, peaking at 213 days in 2024Q4, which highlights the significant working capital burden inherent in the Rig Direct model that requires maintaining substantial inventory levels directly at the customer's point of consumption.
The high days inventory outstanding, which reached 181 days in 2024Q3, suggests that Tenaris effectively acts as a strategic inventory buffer for its clients. While this creates a competitive moat, it also ties up significant capital, making the company's cash flow highly sensitive to shifts in inventory turnover rates during periods of slowing demand.
Based on Tenaris's reported figures, the company maintains a negligible debt-to-equity ratio of 0.03 as of 2026Q1, providing a substantial financial cushion that allows it to navigate industry downturns without the refinancing risks that typically plague more leveraged peers in the oilfield services sector.
This ultra-conservative capital structure appears to be a deliberate strategic choice by management to prioritize liquidity over aggressive leverage. The interest coverage ratio of 50.03 further confirms that debt service is not a material risk, allowing the firm to pursue opportunistic acquisitions during cyclical troughs.
The most commonly misapplied metric for Tenaris is the standard EV/EBITDA multiple used for commodity steel producers, which fails to account for the value-added service component of the Rig Direct model and the company's unique position as a technology-driven logistics provider rather than a pure manufacturer.
By treating Tenaris as a commodity player, investors may overlook the durability of its margins during mid-cycle periods. A more appropriate analytical framework would involve adjusting for the service-based revenue component, which likely provides a higher floor for valuation than the cyclical volatility typically associated with raw steel production.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying TS stock.
Tenaris S.A.'s current P/E ratio is 14.5x. The historical average is 14.5x. This places it at the 48th percentile of its historical range.
Tenaris S.A.'s current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Tenaris S.A.'s return on equity (ROE) is 11.5%. The historical average is 14.7%.
Based on historical data, Tenaris S.A. is trading at a P/E of 14.5x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tenaris S.A.'s current dividend yield is 3.22% with a payout ratio of 46.6%.
Tenaris S.A. has 34.4% gross margin and 19.1% operating margin. Operating margin between 10-20% is typical for established companies.
Tenaris S.A.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.