Tenaris S. A. (TS)

NYSE: TS · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · Luxembourg, LU · filing with the SEC since 2002

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Grade6.6

◀ Past 6.5● Present 7.4▶ Future 5.9

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Tenaris S. A.

Nine metrics read from its own filings, by tense

Headline grade

6.6/10

◀ Past6.530% of the headline

● Present7.440% of the headline

▶ Future5.930% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.5/1030% of the headline grade · 3 of 3 filed

Surviving crises

as filed

6.7/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 33% of this tense · 67th percentile among 12 sector filers · read for itself

From the record

Tenaris S. A.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

5.8/10

What has it actually done, year after year?

+12.1% a year over 10 filed years; profitable in 9 of 10.

weight 45% of this tense · 58th percentile among 12 sector filers · read for its customers

From the record

Tenaris S. A.'s 10 filed years say what it did: revenue went from $4.3 billion in fiscal 2016 to $12 billion in fiscal 2025, up 12.1% a year; it rose in 5 of 9 years; the deepest fall was 33% from fiscal 2018 to fiscal 2020; net income was positive in 9 of 10 of those years (its annual reports).

What it rests on

revenue growth over the filed span12.1%top 4% of its family
the share of years revenue rosetop 50% of its family
the share of filed years with a profittop 42% of its family
the deepest fall from a revenue peak32.8%bottom 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

7.5/10

How has it treated the people who own it?

Share count shrank 3.6% a year. 54% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 75th percentile among 12 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Tenaris S. A.'s diluted share count shrank about 3.6% a year, and dividends and buybacks returned about 54% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearstop 37% of its family
cash returned against operating cash flowtop 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

7.4/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

8.5/10

Is it financially healthy right now?

ROE 12%: 12¢ of profit per shareholder dollar. Leverage 16%: owes 16¢ per asset dollar.

weight 45% of this tense · 85th percentile among 12 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Tenaris S. A. earned about 12 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 21 cents per dollar of everything the company owns. Leverage: it owed about 16 cents per dollar of assets, and net share issuance: its share count shrank 6.3% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 4% of its family
return on equitytop 29% of its family
gross profit against assetstop 14% of its family
the share count against the year beforetop 14% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

7.4/10

How strong is its position in its industry?

top 26% of 12 in its family; net margin 16.5%.

weight 33% of this tense · 74th percentile among 12 sector filers · read for its customers

From the record

Tenaris S. A.'s standing among 12 graded names in its industry family: revenue of $12 billion in fiscal 2025 ranks in the top 45% by size; a net margin of 16.5% ranks in the top 12%; revenue growth of 0.6% a year over the last 3 filed years ranks in the top 21% (its annual reports).

What it rests on

revenue against the family$11.98Btop 45% of its family
net margin16.5%top 12% of its family
three-year revenue growth0.6%top 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 7 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 7 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 7 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Tenaris S. A.'s leadership is put at 5.0 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 7 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.9/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed

7.6/10

How much room does it have to grow?

top 24% of 12 in its family for room to expand.

weight 45% of this tense · 76th percentile among 12 sector filers · read for itself

From the record

Tenaris S. A.'s room to grow, from the newest filed statements (fiscal 2025): cash of $573 million against debt of $306 million leaves 1.3% of its assets as net cash, top 12% of its family; cash from operations less capital spending is 21.7% of revenue (top 4%); a gross margin of 34.4% (top 5%); research spending of 0.5% of revenue (bottom 25%) (its annual report).

What it rests on

cash less debt against assets1.3%top 12% of its family
cash from operations less capital spending against revenue21.7%top 4% of its family
gross margin34.4%top 5% of its family
research spending against revenue0.5%bottom 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

4.4/10

What could actually drive growth from here?

bottom 44% of 12 in its family for growth drivers.

weight 33% of this tense · 44th percentile among 12 sector filers · read for its customers

From the record

Tenaris S. A.'s growth drivers, from the filed years to fiscal 2025: revenue grew 0.6% a year over the last three filed years against 12.1% over all 10, slowing (bottom 29% of its family); the newest year grew -4.3% (bottom 38%); research spending grew 8.2% a year (top 36%) (its annual reports). Tenaris S. A. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-11.5 points a yearbottom 29% of its family
the newest year's revenue growth-4.3%bottom 38% of its family
three-year growth of research spending8.2%top 36% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

4.6/10

Did its newest year beat what its own record pointed to?

bottom 46% of 12 in its family for expectations against reality.

weight 22% of this tense · 46th percentile among 12 sector filers · read for its shareholders

From the record

Tenaris S. A.'s newest year against its own record: revenue of $12 billion in fiscal 2025 came in 7.3% below the $13 billion its prior three years' pace pointed to (bottom 21% of its family); net income of $2.0 billion against a prior three-year average of $2.9 billion (top 29%); a net margin of 16.5% against 21.6% before (bottom 46%) (its annual reports).

What it rests on

revenue against the prior three years' pace-7.3%bottom 21% of its family
net income against the prior three years' average-31%top 29% of its family
net margin against its prior average-5.2 pointsbottom 46% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton TS · research, not advice