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Data-driven stock valuation

Tenaris SA ADR (TS) fair value: what the stock is really worth

We calculate from audited financials what Tenaris SA ADR is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Energy · US · Market cap $28.5B · ISIN US88031M1099

At a glance

TS Tenaris SA ADR logo Tenaris SA ADR TS · US
Price$56.45
Fair Value$45.68
Upside−19.1%
Quality71/100

A solid business, but trading 24% above our fair value of $45.68.

As of Aug 21, 2026, the fair value of Tenaris SA ADR is $45.68 per share against a price of $56.45, so the fair value sits 19% below the price. A model estimate from reported figures, not an analyst target.

!Mixed Growth (revenue 5y +18.4 %/yr)
✓Solidly profitable · 16.2% net margin
✓Low debt · generates free cash flow
·1.58% dividend yield
✓Ranks above peers (9/15)
✓Wide moat 67/100
!Weak on valuation: 1 out of 100
Evidence: High Range $34.32 to $57.67

Fair value as of: Aug 21, 2026

From 23 valuation models · updated 18 days ago

Share price −1.1% over the past month.

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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

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

$64.02 $15.82 Fair Value $45.68 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range $15.82 – $64.02 · fair‑value band $34.32 – $57.67 · the $56.45 price screens above the $45.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 21, 2026.

Full chart & analysis →

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Analysis

Tenaris SA ADR (TS) currently trades at $56.45, while our model-based Fair Value estimate is $45.68, implying the stock looks roughly 23.6% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Energy sector. Bull case: the DCF Models group reads highest at a median of $45.91 per share, and 6 of the 23 models we run sit above the $56.45 price. Bear case: the Asset-Based group reads lowest at $22.03, and 17 of the 23 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Tenaris SA ADR generated revenue of $12.2B at a net margin of 16.2%. Revenue grew 6.1% year over year. It earns a return on equity of 11.6%. The balance sheet holds a net cash position of $124M. Fundamentals as of Aug 21, 2026

Scenario range: $34.32 (bear) to $57.67 (bull), the price of $56.45 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 13% 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 −41% fair-value upside, at −19%, TS screens cheaper than that median.

Fair Value models

Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then ($2.00 per share) are deliberately not added.

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

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. Evidence
Highest evidence
FCF DCF best evidence $42.68 $60.60 $85.96 81
Growth DCF $43.95 $60.72 $83.49 79
Owner Earnings $41.62 $59.09 $83.80 77
All 23 models by family
DCF Models
FCF DCF best evidence $42.68 $60.60 $85.96 81
Owner Earnings $41.62 $59.09 $83.80 77
5Y Revenue Exit $28.14 $38.50 $50.88 73
5Y EBITDA Exit $30.68 $42.99 $56.41 76
5Y P/E Exit $38.60 $56.99 $75.09 71
10Y Revenue Exit $32.66 $42.88 $54.90 68
10Y EBITDA Exit $34.82 $45.91 $58.91 70
10Y P/E Exit $39.75 $55.34 $72.45 65
Earnings-Based
Graham-Dodd $26.04 $58.78 $75.22 65
PEG = 1.0 $9.65 $13.78 $17.92 57
EPV $34.96 $40.59 $45.53 74
Multiples
P/E Multiple $40.20 $53.60 $67.00 63
P/S Multiple $21.36 $28.48 $35.60 58
P/B Multiple $44.39 $59.19 $73.98 55
EV/EBIT $35.21 $46.56 $57.92 66
EV/EBITDA $27.07 $35.72 $44.36 67
EV/Revenue $21.07 $29.61 $38.16 54
Asset-Based
NCAV (Graham) $16.44 $22.03 $32.88 54
Growth DCF
Growth DCF $43.95 $60.72 $83.49 79
Rev-Margin DCF $28.14 $39.17 $51.10 73
Economic Profit
Residual Income $30.18 $35.30 $68.02 72
ROIC Compounder $35.26 $42.83 $51.45 72
Growth Earnings
Growth-Adj P/E $31.05 $44.36 $57.67 67

Widest divergence: DCF Models ($45.91) versus Asset-Based ($22.03). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 14.9
P/S ratio 2.40 P/E × margin
EPS (TTM) $3.80 price ÷ EPS = P/E 14.9
Dividend yield 1.6% payout 23.4%
Net margin 16.1% FY2025
Return on equity 11.6% TTM
More key figures
Profitability
Return on assets (EBIT) 13.1% avg 5y
Operating margin 19.0% TTM
Growth
Revenue (TTM) $12.2B TTM
Revenue growth (YoY) +6.1% 3y avg +0.6%
EPS growth (YoY) +13.7%
Balance sheet & cash flow
Free cash flow $2.0B FY2025
Net cash $124M FY2025

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 69 · Market factors (momentum, volatility) 75

Profitability 51
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 68
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 87
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tenaris SA ADR reported revenue of $12.0B in FY2025 versus $6.5B in FY2021, a compound +16.4%/yr. Reported net income was $1.9B in FY2025, compounding +15.1%/yr from FY2021.

Growth Quality 89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
$12.0B
Latest YoY
−4.3%
Avg. revenue growth/yr (3Y) ⓘ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.
+0.6%
Avg. revenue growth/yr (5Y) ⓘ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.
+18.4%
Avg. revenue growth/yr (25Y) ⓘ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.
+6.8%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+20.6%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+19.0%
Dividend yield1.6%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 19.0% vs 10Y 12.1%, picking up
Operating margin (EBIT) ⓘ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.−12.9% (2020) → 19.1% (2025) · rising
Worst earnings drop172% (2020) (loss year, drop beyond 100%) · in USD
Revenue +16.4%/yr
FY21 $6.5B
FY22 $11.8B
FY23 $14.9B
FY24 $12.5B
FY25 $12.0B
Net income +15.1%/yr
FY21 $1.1B
FY22 $2.6B
FY23 $3.9B
FY24 $2.0B
FY25 $1.9B

TS screens 24% overvalued. Compare with SLB N.V →

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Tenaris SA ADR · Fair Value
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Cite: Fair Value Calculator (2026). "Tenaris SA ADR Fair Value". https://www.fairvalue-calculator.com/stock/TS

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Oil & Gas Equipment & Services · 187 stocks

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.

Valuation
Quality Score 71 · Top 25%
Fair Value upside −23% · Above median
Profitability
Return on equity (TTM) 12% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 19% · Top 25%
Growth and dividend
Revenue growth 6% · Above median
Dividend yield (TTM) 1.6% · Below median

Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper

P/E (TTM) 14.9× · Cheaper than median
P/B 1.72× · Pricier than median
P/S (TTM) 2.34× · Priciest 25%
P/FCF 14.4× · Pricier than median
EV/EBITDA 9.9× · Pricier than median
PEG 3.15× · Priciest 25%

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must Tenaris SA ADR deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years-1.3 % per year
Achieved revenue growth, 5 years+18.4 % p.a.
Sector median revenue growth+1.4 %
FCF yield on price6.76 %
Discount rate (WACC) in the models7.9 %

The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE1 · sector 0
FUTURE31 · sector 0
PAST47 · sector 29
HEALTH100 · sector 92
DIVIDEND32 · sector 35

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 (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
SLB N.V SLB $57.33 $28.66 −50%
Baker Hughes Company BKR $64.63 $32.40 −50%
TechnipFMC plc FTI $75.27 $27.43 −64%
Halliburton Company HAL $36.18 $21.50 −41%
Tenaris S.A TEN €23.24 €18.53 −20%
Yantai Jereh Oilfield Services Group 002353 ¥144.58 ¥34.17 −76%
Saipem SpA SPM €4.57 €2.72 −40%
Subsea 7 S.A SUBC kr 341.20 kr 221.37 −35%
China Oilfield Services Limited 601808 ¥12.31 ¥12.64 +3%
Gaztransport & Technigaz SA GTT €216.20 €95.01 −56%

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Frequently asked questions

Is Tenaris SA ADR (TS) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of $45.68 versus a price of $56.45, about −19% upside (overvalued).
What is the fair value of TS?
Our model-based fair value for Tenaris SA ADR is $45.68 (as of Aug 21, 2026), built from audited fundamentals. The current price: $56.45.
What is the quality score of TS?
Tenaris SA ADR has a Quality Score of 71/100. 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 SA ADR (TS)?
Our model-based price target is the fair value of $45.68 (as of Aug 21, 2026) from 23 valuation models. Cautious scenario $34.32, optimistic scenario $57.67. It is a calculation from audited fundamentals, not an analyst target.
What is the Tenaris SA ADR stock forecast for 2026?
Our models put fair value at $45.68, about −19% upside versus a price of $56.45 (overvalued). Cautious scenario $34.32, optimistic scenario $57.67. The calculation is refreshed regularly with new filings.
What is the revenue of Tenaris SA ADR (TS)?
Tenaris SA ADR reported trailing-twelve-month revenue of about $12.2B (latest available figure, as of Aug 21, 2026).
What is the net profit margin of TS?
The net profit margin of Tenaris SA ADR is about 16.2%, meaning it keeps roughly 16.2% of revenue as net income. Based on the latest reported figures.
Does Tenaris SA ADR pay a dividend?
Tenaris SA ADR currently shows a dividend yield of about 1.58% relative to its recent price (as of Aug 21, 2026).
What growth is priced into Tenaris SA ADR (TS)?
For today's price to be fair in a discounted-cash-flow model, Tenaris SA ADR would have to grow free cash flow by -1.3 % per year for ten years (discount rate 7.9 %, then 2 % perpetual growth). Over the last 5 years revenue grew +18.4 % per year. As of Aug 21, 2026.
What discount rate (WACC) does the fair value of TS use?
Our models discount Tenaris SA ADR at 7.9 %: a base by market capitalisation (large), damped by beta 0.47. The same rate applies in all 26 models.
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