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Tenaris S.A (0HXB) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Tenaris S.A €19.20, price €24.74, upside -22.4%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Energy · GB · ISIN LU0156801721

TS Thin data Oct 3, 2026

Tenaris S.A

0HXB · LSE

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value €19.20 · Overvalued (−22.4%)
!Quality 55/100
!Weak Growth (revenue 3y −0.9 %/yr)
✓Solidly profitable · 16.2% net margin (TTM)
✓Low debt
·3.6% dividend yield · Safety not assessed
!Moderate moat 55/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

€27.47 €6.73 Fair Value €19.20 Jun 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range €6.73 – €27.47 · fair‑value band €15.83 – €22.63 · the €24.74 price screens above the €19.20 fair value. Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

Tenaris S.A., together with its subsidiaries, manufactures and supplies steel pipe products and related services for the energy industry and other industrial applications in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

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Tenaris S.A., together with its subsidiaries, manufactures and supplies steel pipe products and related services for the energy industry and other industrial applications in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. It provides steel casings to sustain the walls of oil and gas wells during and after drilling; steel tubing for conducting crude oil and natural gas to the surface after drilling has been completed; steel line pipes to transport crude oil and natural gas from wells to refineries, storage tanks, and loading and distribution centers; and mechanical and structural pipes for the transportation of other forms of gas and liquids under high pressure. The company also offers cold-drawn pipes for use in boilers, superheaters, condensers, heat exchangers, automobile production, and other industrial applications; premium joints and couplings for use in high temperature or high pressure environments under the TenarisHydril brand name; coiled tubing is used for oil and gas drilling and well workovers and for subsea pipelines; sucker rods used in oil extraction activities, tubes used for plumbing and construction applications, and oilfield / hydraulic fracturing services; pipe coating services; and automotive components. In addition, it engages in the sale of energy and raw materials; development, management, and licensing of intellectual property; procurement and trading services; and financial operations, as well as markets steel products. Further, the company manufactures and markets connections; and welded and seamless steel pipes. Tenaris S.A. was incorporated in 2001 and is based in Luxembourg, Luxembourg. Tenaris S.A. operates as a subsidiary of Techint Holdings S.àr.l.

Stock analysis

Tenaris S.A (0HXB) currently trades at €24.74, while our model-based Fair Value estimate is €19.20, 22.4% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of €18.15 per share, and 2 of the 9 models we run sit above the €24.74 price.

Bear case: the Dividend Discount group reads lowest at €9.80, and 7 of the 9 models stay below the price. Evidence for this calculation is low.

Scenario range: €15.83 (bear) to €22.63 (bull), the price of €24.74 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 55/100 (solid quality), in the Energy sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Tenaris S.A reported revenue of €5.1B in FY2020 versus €4.3B in FY2016, a compound +4.6%/yr. Reported net income was −€634M in FY2020.

Key figures

Market cap €13.5B · P/S ratio 1.11 · Dividend yield 3.6% · Net margin −12.3% · Return on equity 11.6% · Return on assets (EBIT) 1.8% · Operating margin 19.0% · Revenue (TTM) €12.2B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).

What moves the price

The share trades about 10% below its 52-week high and 74% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Energy peers we cover trades at −32% fair-value upside, at −22%, 0HXB screens cheaper than that median.

Fair Value models

Bear €15.83 Fair Value €19.20 Bull €22.63
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF €20.43 €28.61 €43.76 76
Growth DCF €21.40 €29.34 €42.92 75
5Y Revenue Exit €12.10 €15.92 €21.45 70
All 9 models by family
DCF Models
FCF DCF €20.43 €28.61 €43.76 76
5Y Revenue Exit €12.10 €15.92 €21.45 70
10Y Revenue Exit €15.00 €18.15 €21.34 65
Dividend Discount
Gordon GGM €8.96 €9.80 €11.09 67
DDM Multi-Stage €8.96 €11.24 €14.44 65
Multiples
EV/Revenue €7.54 €10.94 €14.34 53
Asset-Based
NCAV (Graham) €10.34 €13.86 €20.68 54
Growth DCF
Growth DCF €21.40 €29.34 €42.92 75
Rev-Margin DCF €12.10 €16.41 €21.90 70

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Quality Score breakdown

Overall quality 55/100

Of which business quality 54 · Market factors (momentum, volatility) 77

Profitability 7
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 90
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 90
Distance to the 52-week high (market factor)

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 37/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−29.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.9%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−1.4% (2016) → −12.9% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

0HXB screens overvalued: fair value 22% below the price. Compare with SLB N.V →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Equipment & Services · 184 stocks

Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 55 · Above median
Fair Value upside −36.4% · Below median
Profitability
Return on equity (TTM) 11.6% · Above median
Return on assets 7.0% · Top 25%
Net margin (TTM) 16.2% · Top 25%
Operating margin (TTM) 19.0% · Top 25%
Growth and dividend
Revenue growth 6.1% · Above median
Dividend yield (TTM) 3.6% · Top 25%
Balance sheet
Debt / equity 0.03× · Lowest 25%

Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper

P/B 1.39× · Pricier than median
P/S (TTM) 1.29× · Pricier than median
EV/EBITDA 5.6× · Cheaper than median

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

Similar stocks

10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
SLB N.V SLB $48.72 $28.87 −41%
Baker Hughes Company BKR $55.62 $32.38 −42%
TechnipFMC plc FTI $70.99 $27.88 −61%
Halliburton Company HAL $31.88 $21.56 −32%
Yantai Jereh Oilfield Services Group 002353 ¥116.02 ¥127.62 +10%
Subsea 7 S.A SUBC kr 324.80 kr 251.18 −23%
Saipem SpA SPM €4.30 €2.72 −37%
Gaztransport & Technigaz SA GTT €210.00 €231.00 +10%
China Oilfield Services Limited 601808 ¥12.12 ¥13.04 +8%
NOV Inc NOV $18.73 $8.59 −54%

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Tenaris S.A · Fair Value
€19.20 −22%Fair Value
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Cite: Fair Value Calculator (2026). "Tenaris S.A Fair Value". https://www.fairvalue-calculator.com/stock/0HXB

Frequently asked questions

Is Tenaris S.A (0HXB) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of €19.20 versus a price of €24.74, about −22% upside (overvalued).
What is the fair value of 0HXB?
Our model-based fair value for Tenaris S.A is €19.20 (as of Oct 3, 2026), built from audited fundamentals. The current price: €24.74.
What is the quality score of 0HXB?
Tenaris S.A has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Tenaris S.A (0HXB)?
Our model-based price target is the fair value of €19.20 (as of Oct 3, 2026) from 9 valuation models. Cautious scenario €15.83, optimistic scenario €22.63. It is a calculation from audited fundamentals, not an analyst target.
What is the Tenaris S.A stock forecast for 2026?
Our models put fair value at €19.20, about −22% upside versus a price of €24.74 (overvalued). Cautious scenario €15.83, optimistic scenario €22.63. The calculation is refreshed regularly with new filings.
What is the revenue of Tenaris S.A (0HXB)?
Tenaris S.A reported trailing-twelve-month revenue of about €12.2B (latest available figure, as of Oct 3, 2026).
Does Tenaris S.A pay a dividend?
Tenaris S.A currently shows a dividend yield of about 3.60% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of Tenaris S.A (0HXB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tenaris S.A it is €19.20 per share (as of Oct 3, 2026), against a price of €24.74. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Tenaris S.A stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 0HXB trades above its calculated fair value: price €24.74, fair value €19.20, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0HXB?
No. The price is what the market pays today (€24.74); the fair value is what the company's own numbers justify (€19.20). For Tenaris S.A the two are €5.54 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tenaris S.A worth?
The market values Tenaris S.A at about €13.5B (market capitalisation, as of Oct 3, 2026). Per share that is €24.74; our models calculate a fair value of €19.20 per share.
What do the bullish and bearish scenarios say about 0HXB?
Our models span a range for Tenaris S.A: cautious scenario €15.83, base €19.20, optimistic €22.63 per share (as of Oct 3, 2026, price €24.74). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Tenaris S.A (0HXB)?
Balance-sheet figures for Tenaris S.A (as of Oct 3, 2026): return on equity 11.6%, debt of 0.03 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 0HXB from its 52-week high?
Tenaris S.A trades at €24.74, about 10% below its 52-week high of €27.47 and 74% above the low of €14.21 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €19.20 is for.
Which stocks are comparable to Tenaris S.A?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, TechnipFMC plc, Halliburton Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Tenaris S.A stock attractive at the current price?
The data as of Oct 3, 2026: price €24.74, calculated fair value €19.20 (−22%), Quality Score 55/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0HXB calculated?
We run Tenaris S.A through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €19.20, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Tenaris S.A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Tenaris S.A (0HXB)?
The closing price on Oct 2, 2026 was €24.74. Our model-based fair value is €19.20, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tenaris S.A right now?
The price sits above even our optimistic bull case (€22.63). The favourable scenario is already priced in. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Tenaris S.A

How large is the market capitalisation of Tenaris S.A (0HXB)?
The market capitalisation of Tenaris S.A is €13.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Tenaris S.A (0HXB)?
The price-to-sales ratio of Tenaris S.A is 1.11 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Tenaris S.A (0HXB)?
The dividend yield of Tenaris S.A is 3.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Tenaris S.A (0HXB)?
The net margin of Tenaris S.A is −12.3% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Tenaris S.A (0HXB)?
The return on equity (ROE) of Tenaris S.A is 11.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Tenaris S.A (0HXB)?
On an EBIT basis the return on assets of Tenaris S.A is 1.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Tenaris S.A (0HXB)?
The operating margin of Tenaris S.A is 19.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tenaris S.A (0HXB)?
Revenue at Tenaris S.A is growing +6.1% versus a year earlier (3y avg −0.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Tenaris S.A (0HXB)?
Earnings per share at Tenaris S.A are growing +13.7% versus a year earlier. How much earnings per share grew versus a year earlier.
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