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Global maker of seamless steel pipes (OCTG) used to drill and produce oil and gas wells.
Global maker of seamless steel pipes (OCTG) used to drill and produce oil and gas wells.
Sells steel pipes for oil and gas wells, with much of the volume under supply agreements that include delivery to rig sites, so demand follows drilling activity rather than steel prices alone. Premium threaded connections, the joints that seal casing in demanding wells, carry higher prices than standard pipe. The Rocca family's Techint group controls it.
In one line: A global steel-tubular maker like a Luxembourg-based U.S. Steel Tubular.
Moat: narrow (scale, process know-how, distribution). Global mill network and premium-connection technology give service/lead-time advantages over regional rivals.
Headquarters: Luxembourg City, Luxembourg · Employees: 24,875
Size Tenaris (TEN.MI) is an Italy Materials company (Steel) with a market value of $30.2B, the 12th largest of 123 Italy companies the cockpit tracks. Shares closed at €26.64 on 6 Nov 2026.
Performance Over six months the shares fell 1.1%, against -3.2% for the median peer and +3.1% for the Italy market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue fell 4.6% over the last twelve months (peer median +10.2%); the operating margin is 18.8% (peer median 8.9%).
Valuation It trades at 15.9× forward earnings against a peer median of 12.9× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points above its cost of capital (8.9% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €10.3B | €10.6B | €11.6B | €13.8B | €11.2B |
| Revenue growth | — | -8% | -16% | +23% | — |
| Gross profit | €3.43B | €3.63B | €4.03B | €5.71B | €4.40B |
| EBITDA | €2.48B | €2.58B | €2.89B | €4.45B | €3.38B |
| Net income | €1.64B | €1.71B | €1.88B | €3.62B | €2.43B |
| Free cash flow | €1.52B | €1.85B | €2.13B | €3.60B | €844M |
| Capital expenditure | €428M | €547M | €642M | €573M | €360M |
| Total debt | €391M | €382M | €562M | €650M | €788M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tenaris TEN.MI | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% |
| Vallourec VK.PA | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% |
| ArcelorMittal MT.AS | $45.7B | 0% | -3% | 4% | 23.7× | n/a |
| Nippon Steel 5401.T | $22.3B | +15% | +28% | 4% | 11.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TEN.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | -3.2% | 4th highest of 20 |
| 6-month return | -1.1% | -3.2% | 10th highest of 20 |
| Distance from 52-week high | -4.2% | -20.0% | 2nd highest of 20 |
| Revenue growth (TTM) | -4.6% | +10.2% | 3rd lowest of 20 |
| Operating margin | 18.8% | 8.9% | 4th highest of 20 |
| Forward P/E | 15.9× | 12.9× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 6.1% | 8.7% | 6th least demanding of 12 |
| Growth delivered (Del g) | +18.6% | +8.0% | highest of 12 |
| Hurdle (Req g minus delivered) | -12.5 pp | -2.0 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +1.7 pp | -2.1 pp | 7th highest of 20 |
| EV / EBITDA | 10.1× | 9.6× | 8th cheapest of 15 |
| Net debt / EBITDA | -0.8× | 1.0× | 2nd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tenaris TEN.MI | Italy | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% | +18.6% |
| Steel Dynamics STLD | United States | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% | +13.6% |
| Fortescue FMG.AX | Australia | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% | -3.5% |
| JSW Steel JSWSTEEL.NS | India | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% | +18.4% |
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| Nippon Steel 5401.T | Japan | $22.3B | +15% | +28% | 4% | 11.2× | n/a | n/a |
| Reliance RS | United States | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% | +10.2% |
| Vale S.A. Sponsored ADR VALE | United States | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% | -0.9% |
| Baoshan Iron & Steel 600019.SS | China | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% | +2.4% |
| ArcelorMittal MT.AS | Netherlands | $45.7B | 0% | -3% | 4% | 23.7× | n/a | n/a |
| Nucor NUE | United States | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% | +10.0% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |