TENARIS (TS) Company Report

Analyst Coverage

Research analysts who have asked questions during TENARIS earnings calls.

Alessandro Pozzi

Mediobanca

8 questions for TS

Also covers: E

Arun Jayaram

JPMorgan Chase & Co.

8 questions for TS

Also covers: APA, AR, BKR +33 more

Marc Bianchi

TD Cowen

7 questions for TS

Also covers: BKR, FTI, GTLS +7 more

Kevin Roger

Kepler Cheuvreux

6 questions for TS

Matt Smith

Bank of America

4 questions for TS

Also covers: BRBR, GIS, HAIN +8 more

Sebastian Erskine

Bank of America Securities

4 questions for TS

Also covers: FTI, KGS, THNPY

Derek Podhaizer

Piper Sandler Companies

3 questions for TS

Also covers: AESI, FLOC, FTI +17 more

Jamie Franklin

Jefferies

3 questions for TS

Also covers: CDLR, THNPY

Luigi De Bellis

Equita SIM

3 questions for TS

Daniel Thomson

BNP Paribas Exane

2 questions for TS

Also covers: THNPY

David Anderson

Barclays PLC

2 questions for TS

Also covers: ASPN, BKR, CHX +8 more

J. David Anderson

Barclays

2 questions for TS

Also covers: ASPN, BKR, FTI +7 more

Marco Cristofori

Intesa Sanpaolo

2 questions for TS

Paul Redman

BNP Paribas

2 questions for TS

Also covers: E, EQNR, OMVKY

Rodrigo Reis de Almeida

Santander

2 questions for TS

Also covers: BAK, PBR, UGP

Sebastian Sherwin

Redburn Atlantic

2 questions for TS

Stephen Gengaro

Stifel

2 questions for TS

Also covers: ACDC, AESI, BKR +17 more

Chris Copeland

Bank of America

1 question for TS

Also covers: BP

Christopher Kuplent

Bank of America

1 question for TS

Also covers: BP, EQNR, SHEL +1 more

Mick Pickup

Barclays

1 question for TS

Stephen Gengaro

Stifel Financial Corp.

1 question for TS

Also covers: ACDC, AESI, AMRC +24 more

Latest news

Recent press releases and 8-K filings for TS.

Tenaris terminates second tranche of share buyback program

Share Buyback

Tenaris S.A. announced the termination of the second tranche of its USD 1.2 billion Share Buyback Program, effective March 3, 2026.
Under this tranche, which began on November 3, 2025, Tenaris repurchased 29,295,219 ordinary shares at an aggregate cost of approximately USD 583.6 million.
The company terminated the tranche early due to high market volatility, aiming to prevent a significant incremental pay-out to its counterparty.
Tenaris's board of directors will consider when to pursue additional buyback programs in the future.

4 days ago

6-K

Tenaris Terminates Second Tranche of Share Buyback Program

Share Buyback

Tenaris S.A. is terminating the second tranche of its Share Buyback Program, effective March 3, 2026.
The company has repurchased approximately USD 583.6 million of shares, acquiring 29,295,219 ordinary shares, out of the USD 600 million tranche that began on November 3, 2025.
The termination is due to high market volatility, to avoid a significant incremental pay-out to its counterparty.
Tenaris's board of directors will consider pursuing additional buyback programs in the future.

4 days ago

Press Release

Tenaris Reports Full Year 2025 Financial Results and Shareholder Returns

Earnings

Share Buyback

Dividends

Tenaris reported net sales of $11,981,157 thousand for the year ended December 31, 2025, a decrease from $12,523,934 thousand in 2024.
Income for the year was $1,973,279 thousand in 2025, down from $2,076,773 thousand in 2024, with basic and diluted earnings per ADS increasing slightly to $3.66 in 2025 from $3.61 in 2024.
The company initiated a third share buyback program of up to $1.2 billion in May 2025, and acquired approximately $1,360 million in shares during 2025 under its various buyback programs.
The Board plans to propose an annual dividend of $0.89 per outstanding share ($1.78 per ADS) for 2025, which includes the $0.29 per outstanding share ($0.58 per ADS) interim dividend paid in November 2025.
Throughout 2025, U.S. and Canadian tariffs on steel imports saw significant changes, including increases to 50% in the U.S. and the application of tariff rate quotas in Canada, impacting market dynamics.

Feb 20, 2026, 12:30 AM

6-K

Tenaris Announces 2025 Fourth Quarter and Annual Results

Earnings

Dividends

Guidance Update

Tenaris reported net sales of $2,995 million for Q4 2025, a 5% increase compared to Q4 2024, and earnings per ADS of $0.87.
For the full year 2025, total net sales were $11,981 million, a 4% decrease from 2024, with free cash flow of $2.0 billion and a net cash position of $3.3 billion at year-end.
The board proposes an annual dividend of $0.89 per share for 2025, including the $0.29 interim dividend already paid, with the remaining $0.60 per share ($1.20 per ADS) to be paid on May 20, 2026, subject to approval.
The company's sales in North America showed resilience, and margins held up despite Section 232 tariffs; for Q1 2026, sales and margins are expected to remain near current levels.

Feb 19, 2026, 10:09 PM

6-K

Tenaris Reports Q4 and Full-Year 2025 Results, Proposes Increased Dividend

Earnings

Dividends

Guidance Update

Tenaris reported Q4 2025 sales of $3 billion, an increase of 5% compared to the previous year, and EBITDA of $717 million, which was 24% of sales. For the full year 2025, the company achieved net sales of $12 billion, EBITDA of $2.9 billion, and net income of $2 billion.
The board proposed an annual dividend of $0.89 per share (or $1.78 per ADR), representing a 7% increase over the previous year, and the company maintained a net cash position of $3.3 billion at the end of Q4 2025.
The company expects working capital to be quite neutral in 2026, with an anticipated increase in the first quarter, and projects offshore revenues in the first half of 2026 to be higher than the second half of 2025.
Higher hot-rolled coil costs are expected to impact ERW margins mainly in Q2 2026, with a potential recovery in Q3 and Q4.
The Venezuela opportunity is estimated at $50 million for 2026, with a clear perspective of higher potential into 2027.

Feb 19, 2026, 12:30 PM

Transcript

Tenaris Reports Strong FY 2025 Results and Stable Q1 2026 Outlook

Earnings

Guidance Update

Share Buyback

Tenaris reported FY 2025 net sales of $12 billion, EBITDA of $2.9 billion, net income of $2 billion, and free cash flow of $2 billion, with all free cash flow distributed to shareholders.
The company is proposing a 7% increase in the annual dividend per share and continues its $1.2 billion share buyback program (May 2025 to May 2026), with the second $600 million tranche approved in October.
For Q1 2026, Tenaris forecasts relative stability in performance and margins, in line with Q4 2025, although U.S. ERW pipe margins are expected to face pressure in Q2 2026 due to increased hot rolled coil prices.
Internationally, pricing remains stable driven by strong demand for premium products in offshore and the Middle East, with offshore revenues in H1 2026 expected to be higher than H2 2025.

Feb 19, 2026, 12:30 PM

Transcript

Tenaris Reports Q4 2025 Results and Provides Q1 2026 Outlook

Earnings

Dividends

Guidance Update

Tenaris reported Q4 2025 sales of $3 billion, an increase of 5% compared to the corresponding quarter of the previous year, and EBITDA of $717 million, which was 24% of sales.
The company's net cash position decreased to $3.3 billion at the end of Q4 2025, following the payment of a $300 million interim dividend and $537 million spent on share buybacks.
For Q1 2026, Tenaris anticipates relative stability in performance, margin, and results, expecting them to be more or less in line with Q4 2025, with a lower level of tariff impact.
The Board of Directors proposed an annual dividend of $0.89 per share ($1.78 per ADR), which includes the interim dividend, with a payment of $0.60 per share ($1.20 per ADR) scheduled for May 20 if approved.
Tenaris expects increased drilling activity in Argentina in the second half of 2026 and projects $50 million in revenue from Venezuela in 2026, with higher potential in 2027.

Feb 19, 2026, 12:30 PM

Transcript

Tenaris Announces 2025 Results

Earnings

Dividends

Share Buyback

For the full year 2025, Tenaris reported net sales of $11,981 million, a 4% decrease from 2024, and net income of $1,973 million, a 5% decrease.
Earnings per share increased by 1% to $1.83 for FY 2025, up from $1.81 in FY 2024.
The company generated $2.6 billion in cash from operating activities and $2.0 billion in free cash flow during 2025, ending the year with a net cash position of $3.3 billion at December 31, 2025.
Tenaris returned capital to shareholders through $900 million in dividend payments and $1,362 million in share buybacks in 2025.

Feb 18, 2026, 9:46 PM

Press Release

Tenaris reports on weekly share buyback activity

Share Buyback

Tenaris S.A. repurchased 3,320,025 ordinary shares between December 29, 2025, and January 2, 2026, for a total consideration of $64,206,753.
These repurchases are part of the Second Tranche of its $1.2 billion Share Buyback Program, which was announced on November 2, 2025, and covers up to $600 million.
As of January 2, 2026, Tenaris held 62,328,172 ordinary shares in treasury, representing 5.81% of the total issued share capital.

Jan 5, 2026, 11:05 AM

6-K

Tenaris Reports Share Buyback Milestone and Controlling Shareholder's Share Sales

Share Buyback

As of December 17, 2025, Tenaris's share buyback program has resulted in 5.07% of its voting rights being held in treasury.
Between December 9, 2025, and December 12, 2025, Tenaris's controlling shareholder, Techint Holdings, sold a total of 2,600,000 Tenaris ordinary shares.
On December 12, 2025, Techint Holdings entered into an accelerated share disposal agreement to sell up to 21,000,000 ordinary shares of Tenaris, with sales occurring between December 15, 2025, and May 19, 2026.
These sales by the controlling shareholder are for portfolio-management purposes, in response to Tenaris's ongoing share repurchase program passively increasing the beneficial ownership of San Faustin, the indirect controlling shareholder.