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TS · NYSE · United States · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
In shortTENARIS SA is profitable, generates cash and holds more cash than debt, with revenue shrinking (−4.3% last year).
Financial health
Solid
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 19.1% | 80/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 16.1% | 85/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 11.6% | 58/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 10.8% | 72/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 3.87× | 100/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.02× | 100/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 48.65× | 100/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | – | n/a |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 21.7% | 100/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 1.34× | 100/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 2 of 5 | 33/100 |
| Revenue growth volatility | 37.3% | 0/100 |
| Operating margin volatility | 6.9% | 46/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 0.6% | 20/100 |
|---|---|---|
| EPS growth, 3-year average | -5.4% | 0/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 6,521 | 11,763 | 14,869 | 12,524 | 11,981 |
| Cost of revenue | 4,612 | 7,088 | 8,669 | 8,135 | 7,861 |
| Gross profit | 1,910 | 4,675 | 6,200 | 4,388 | 4,120 |
| Research & development | 45 | 51 | 60 | 74 | 64 |
| Selling, general & admin | 1,207 | 1,635 | 1,919 | 1,905 | 1,828 |
| Operating income | 708 | 2,963 | 4,316 | 2,419 | 2,283 |
| Interest expense | 24 | 46 | 107 | 61 | 47 |
| Pre-tax income | 1,243 | 3,166 | 4,633 | 2,556 | 2,474 |
| Income tax | 189 | 617 | 675 | 480 | 501 |
| Net income | 1,100 | 2,553 | 3,918 | 2,036 | 1,933 |
| Diluted EPS | $0.93 | $2.16 | $3.32 | $1.81 | $1.83 |
| Diluted shares (millions) | 1,181 | 1,181 | 1,179 | 1,127 | 1,056 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
Not computed: a required balance-sheet item is missing.
6/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Mar 31, 2026