What is Tenaris's earnings per share (EPS)?

Tenaris (TS) reported diluted earnings per share of $1.83 for fiscal year 2025. This represents a 1.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Tenaris Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Tenaris (TS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TS FY2025 2026-04-22

Tenaris’s dominant financial mechanic is cash-backed profitability inside a near-debt-free balance sheet, with capital returned aggressively rather than borrowed.

From FY2023 to FY2025, net income fell from $4.0B to $2.0B, yet operating cash flow still topped earnings in both FY2024 and FY2025; that says the slowdown hit profitability harder than cash conversion. The cash balance of $573M looks less restrictive beside FY2025 financing outflow of $2.5B, because buybacks and dividends—not debt service—were doing most of the draining, and operations were still replenishing cash.

The balance sheet remains unusually self-funded: long-term debt was only $95M against equity of $16.8B. Total liabilities fell from $4.1B in FY2023 to $3.2B in FY2025, and equity barely moved, so solvency rests far more on retained capital than on lenders.

Short-term flexibility comes from a large working-capital buffer, not from a large cash hoard: the current ratio was 3.9x while inventory still sat at $3.6B. With cash at only $573M, liquidity depends on working assets converting cleanly; in other words, it is liquid because it carries current assets, not because it stockpiles cash.

Financial Health Signals

Financial Profile 39/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Tenaris's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Tenaris's revenue declined 4.3% year-over-year, from $12.5B to $12.0B. This contraction results in a growth score of 16/100.

Leverage

100

Tenaris carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.87, Tenaris holds $3.87 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 76/100.

Returns

Tenaris's ROE of 11.7% shows moderate profitability relative to equity, earning a score of 43/100. This is down from 12.3% the prior year.

Piotroski F-Score Neutral

6/9

Tenaris passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.32x

For every $1 of reported earnings, Tenaris generates $1.32 in operating cash flow ($2.6B OCF vs $2.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$12.0B

YoY-4.3%

5Y CAGR+18.4%

10Y CAGR+5.7%

Tenaris generated $12.0B in revenue in fiscal year 2025. This represents a decrease of 4.3% from the prior year.

EBITDA

N/A

Net Income

$2.0B

YoY-5.0%

Tenaris reported $2.0B in net income in fiscal year 2025. This represents a decrease of 5.0% from the prior year.

EPS (Diluted)

$1.83

YoY+1.1%

Tenaris earned $1.83 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$572.6M

YoY-15.2%

5Y CAGR-0.4%

Tenaris held $572.6M in cash against $94.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.07B

YoY-7.8%

5Y CAGR-1.9%

Tenaris had 1.07B shares outstanding in fiscal year 2025. This represents a decrease of 7.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

16.5%

YoY-0.1pp

5Y CAGR+28.9pp

10Y CAGR+17.6pp

Tenaris's net profit margin was 16.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.1 percentage points from the prior year.

Return on Equity

11.7%

YoY-0.6pp

5Y CAGR+17.3pp

10Y CAGR+12.4pp

Tenaris's ROE was 11.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$1.4B

YoY-5.7%

Tenaris spent $1.4B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 5.7% from the prior year.

Capital Expenditures

N/A

TS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$12.0B-4.3%	$12.5B-15.8%	$14.9B+26.4%	$11.8B+80.4%	$6.5B+26.7%	$5.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$132.6M+2.8%	$129.1M+3695.8%	$3.4M-2.9%	$3.5M+40.0%	$2.5M+103.8%	-$65.0M
Income Tax	$500.6M+4.4%	$479.7M-28.9%	$675.0M+9.4%	$617.2M+225.8%	$189.4M+718.3%	$23.1M
Net Income	$2.0B-5.0%	$2.1B-47.5%	$4.0B+55.3%	$2.5B+142.0%	$1.1B+264.0%	-$642.4M
EPS (Diluted)	$1.83+1.1%	$1.81-45.5%	$3.32+53.7%	$2.16+132.3%	$0.93	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$20.1B-1.8%	$20.5B-3.0%	$21.1B+20.1%	$17.6B+21.5%	$14.4B+5.3%	$13.7B
Current Assets	$9.1B-1.8%	$9.2B-12.1%	$10.5B+24.0%	$8.5B+70.0%	$5.0B+16.2%	$4.3B
Cash & Equivalents	$572.6M-15.2%	$675.3M-58.8%	$1.6B+50.0%	$1.1B+243.1%	$318.1M-45.6%	$584.7M
Inventory	$3.6B-2.9%	$3.7B-5.4%	$3.9B-1.7%	$4.0B+49.2%	$2.7B+63.3%	$1.6B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.4B0.0%	$1.4B+23.0%	$1.1B+1.8%	$1.1B0.0%	$1.1B-0.1%	$1.1B
Total Liabilities	$3.2B-10.8%	$3.6B-10.2%	$4.1B+15.2%	$3.5B+50.0%	$2.3B+3.3%	$2.3B
Current Liabilities	$2.3B-11.0%	$2.6B-9.1%	$2.9B+4.1%	$2.8B+78.8%	$1.6B+33.7%	$1.2B
Long-Term Debt	$94.9M-5.5%	$100.4M+4.0%	$96.6M+15.5%	$83.6M+1.1%	$82.7M-61.3%	$213.8M
Total Equity	$16.8B+0.1%	$16.8B-1.3%	$17.0B+21.3%	$14.0B+15.9%	$12.1B+5.8%	$11.4B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$20.1B-1.8%	$20.5B-3.0%	$21.1B+20.1%	$17.6B+21.5%	$14.4B+5.3%	$13.7B-7.6%	$14.8B+4.2%	$14.3B
Current Assets	$9.1B-1.8%	$9.2B-12.1%	$10.5B+24.0%	$8.5B+70.0%	$5.0B+16.2%	$4.3B-24.4%	$5.7B+3.8%	$5.5B
Cash & Equivalents	$572.6M-15.2%	$675.3M-58.8%	$1.6B+50.0%	$1.1B+243.1%	$318.1M-45.6%	$584.7M-62.4%	$1.6B+262.8%	$428.4M
Inventory	$3.6B-2.9%	$3.7B-5.4%	$3.9B-1.7%	$4.0B+49.2%	$2.7B+63.3%	$1.6B-27.8%	$2.3B-10.2%	$2.5B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.4B0.0%	$1.4B+23.0%	$1.1B+1.8%	$1.1B0.0%	$1.1B-0.1%	$1.1B-17.7%	$1.3B+2.5%	$1.3B
Total Liabilities	$3.2B-10.8%	$3.6B-10.2%	$4.1B+15.2%	$3.5B+50.0%	$2.3B+3.3%	$2.3B-14.6%	$2.7B+11.8%	$2.4B
Current Liabilities	$2.3B-11.0%	$2.6B-9.1%	$2.9B+4.1%	$2.8B+78.8%	$1.6B+33.7%	$1.2B-34.5%	$1.8B+3.6%	$1.7B
Long-Term Debt	$94.9M-5.5%	$100.4M+4.0%	$96.6M+15.5%	$83.6M+1.1%	$82.7M-61.3%	$213.8M+11.2%	$192.3M-64.3%	$539.0M
Total Equity	$16.8B+0.1%	$16.8B-1.3%	$17.0B+21.3%	$14.0B+15.9%	$12.1B+5.8%	$11.4B-6.1%	$12.2B+2.6%	$11.9B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.6B-9.3%	$2.9B-34.8%	$4.4B+276.5%	$1.2B+880.2%	$119.1M-92.2%	$1.5B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$192.6M+86.2%	-$1.4B+48.0%	-$2.7B-1542.6%	-$163.6M-161.1%	$267.9M+112.8%	-$2.1B
Financing Cash Flow	-$2.5B-3.3%	-$2.4B-113.3%	-$1.1B-530.8%	-$178.3M+72.5%	-$648.0M-72.6%	-$375.3M
Dividends Paid	$900.4M+18.8%	$757.8M+19.1%	$636.5M+19.8%	$531.2M+66.7%	$318.7M+285.7%	$82.6M
Share Buybacks	$1.4B-5.7%	$1.4B+574.6%	$213.7M	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	16.5%-0.1pp	16.6%-10.0pp	26.6%+4.9pp	21.7%+5.5pp	16.2%+28.6pp	-12.5%
Return on Equity	11.7%-0.6pp	12.3%-10.9pp	23.2%+5.1pp	18.2%+9.5pp	8.7%+14.3pp	-5.6%
Return on Assets	9.8%-0.3pp	10.2%-8.6pp	18.8%+4.3pp	14.5%+7.2pp	7.3%+12.0pp	-4.7%
Current Ratio	3.87+0.4	3.50-0.1	3.62+0.6	3.04-0.2	3.19-0.5	3.68
Debt-to-Equity	0.010.0	0.010.0	0.010.0	0.010.0	0.01-0.0	0.02
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	3.87+0.4	3.50-0.1	3.62+0.6	3.04-0.2	3.19-0.5	3.68+0.5	3.180.0	3.18
Debt-to-Equity	0.010.0	0.010.0	0.010.0	0.010.0	0.01-0.0	0.020.0	0.02-0.0	0.05
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Tenaris's annual revenue?

Tenaris (TS) reported $12.0B in total revenue for fiscal year 2025. This represents a -4.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Tenaris's revenue growing?

Tenaris (TS) revenue declined by 4.3% year-over-year, from $12.5B to $12.0B in fiscal year 2025.

Is Tenaris profitable?

Yes, Tenaris (TS) reported a net income of $2.0B in fiscal year 2025, with a net profit margin of 16.5%.

How much debt does Tenaris have?

As of fiscal year 2025, Tenaris (TS) had $572.6M in cash and equivalents against $94.9M in long-term debt.

What is Tenaris's net profit margin?

Tenaris (TS) had a net profit margin of 16.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Tenaris's return on equity (ROE)?

Tenaris (TS) has a return on equity of 11.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tenaris's operating cash flow?

Tenaris (TS) generated $2.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tenaris's total assets?

Tenaris (TS) had $20.1B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Tenaris buy back shares?

Yes, Tenaris (TS) spent $1.4B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Tenaris have outstanding?

Tenaris (TS) had 1.07B shares outstanding as of fiscal year 2025.

What is Tenaris's current ratio?

Tenaris (TS) had a current ratio of 3.87 as of fiscal year 2025, which is generally considered healthy.

What is Tenaris's debt-to-equity ratio?

Tenaris (TS) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tenaris's return on assets (ROA)?

Tenaris (TS) had a return on assets of 9.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tenaris's Piotroski F-Score?

Tenaris (TS) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tenaris's earnings high quality?

Tenaris (TS) has an earnings quality ratio of 1.32x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Tenaris?

Tenaris (TS) scores 39 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.