Tenaris S.A. (T1SS34) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Tenaris S.A. BRL 99.02, price BRL 146, upside -32.3%, quality 68 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Tenaris S.A.
T1SS34 · SAOvervalued / MonitorQuality is not strong enough to offset the price risk.
What runs behind every stock
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range R$42.19 – R$163.00 · fair‑value band R$79.29 – R$133.88 · the R$146.16 price screens above the R$99.02 fair value. Dashed = 300-day average. As of Sep 29, 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. (T1SS34) currently trades at R$146.16, while our model-based Fair Value estimate is R$99.02, 32.3% 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 R$108.01 per share, and 2 of the 24 models we run sit above the R$146.16 price.
Bear case: the Dividend Discount group reads lowest at R$46.80, and 22 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: R$79.29 (bear) to R$133.88 (bull), the price of R$146.16 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 68/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Tenaris S.A. reported revenue of $12.0B in FY2025 versus $11.8B in FY2022, a compound +0.6%/yr. Reported net income was $1.9B in FY2025, compounding −8.9%/yr from FY2022.
Key figures
Market cap R$148B (≈ $28.3B) · P/E ratio 14.9 · P/S ratio 2.40 · EPS (TTM) R$9.84 · Dividend yield 0.6% · Net margin 16.1% · Return on equity 11.6% · Return on assets (EBIT) 15.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 64% 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 −32%, T1SS34 screens cheaper than that median.
Fair Value models
All 24 models by family
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Set up alert →Quality Score breakdown
Of which business quality 68 · Market factors (momentum, volatility) 78
Revenue & earnings trend
Growth Forecast
T1SS34 screens overvalued: fair value 32% below the price. Compare with SLB N.V →
Compare Tenaris S.A. with another stock
Price, fair value, quality and upside side by side.
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
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Energy
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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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Key figures of Tenaris S.A.
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