TENARIS SA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TENARIS SA files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,294	5,289	7,659	7,294	5,147	6,521	11,763	14,869	12,524	11,981
Cost of revenue	3,166	3,685	5,279	5,107	4,087	4,612	7,088	8,669	8,135	7,861
Gross profit	1,128	1,603	2,379	2,187	1,059	1,910	4,675	6,200	4,388	4,120
Research and development	68.6	63.7	63.4	61.1	41.8	45.3	50.7	60	74.2	64.2
Selling, general and administrative	1,197	1,270	1,510	1,366	1,119	1,207	1,635	1,919	1,905	1,828
Operating income	-59.1	335	872	832	-663	708	2,963	4,316	2,419	2,283
Interest expense	22.3	27.1	36.9	43.4	27	23.7	45.9	107	61.2	46.9
Interest income	66.2	47.6	39.9	48	18.4	38	80	213	242	252
Pre-tax income	34.4	428	1,103	934	-619	1,243	3,166	4,633	2,556	2,474
Income tax	17.1	-17.1	229	202	23.2	189	617	675	480	501
Income from continuing operations	17.3	445	874	731	-642	1,053	2,549
Net income to minority interests	3.44	-8.35	-2.16	-11.4	-8	-46.9	-4.58	39.8	40.3	40.5
Net income	55.3	545	876	743	-634	1,100	2,553	3,918	2,036	1,933
EBITDA		943	1,536	1,372	15.7	1,302	3,571	4,865
EPS, basic	0.05	0.46	0.74	0.63
EPS, diluted	0.05	0.46	0.74	0.63

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	400	330	428	1,554	585	318	1,092	1,638	675	573
Short-term investments	1,633	1,192	488	210	872	398	438	1,970	2,373	2,307
Inventory	1,564	2,368	2,524	2,266	1,637	2,673	3,987	3,921	3,710	3,602
Total current assets	4,817	5,381	5,464	5,671	4,288	4,981	8,469	10,504	9,236	9,073
Property, plant and equipment	6,002	6,229	6,064	6,090	6,193	5,825	5,556	6,078	6,121	6,205
Lease right-of-use assets				233	242	109	112	132	149	145
Goodwill		1,292	1,288	1,320	1,086	1,085	1,085	1,104
Total assets	14,003	14,398	14,251	14,843	13,716	14,449	17,550	21,082	20,450	20,072
Accounts payable	557	751	694	556	462	845	1,179	1,108	880	873
Total current liabilities	1,713	2,071	1,718	1,780	1,166	1,560	2,788	2,902	2,637	2,346
Lease liabilities				192	214	82.7	83.6	96.6	100	94.9
Total liabilities	2,590	2,817	2,376	2,657	2,270	2,344	3,516	4,051	3,636	3,243
Total debt	840	966	539	822	619	331	729	583	437	306
Shareholders' equity	11,287	11,482	11,783	11,989	11,263	11,961	13,906	16,843	16,593	16,599
Minority interests	126	98.8	92.6	197	184	145	129	187	221	230
Total equity	11,413	11,589	11,875	12,186	11,446	12,106	14,034	17,030	16,814	16,829
Total liabilities and equity	14,003	14,398	14,251	14,843	13,716	14,449	17,550	21,082	20,450	20,072

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	58.7	536	874	731	-642	1,053	2,549	3,958	2,077	1,973
Depreciation and amortization		609	664	540	679	595	608	549
Cash from operations	864	-22	611	1,528	1,520	119	1,167	4,395	2,866	2,600
Cash from investing	-98.3	349	399	-40.4	-2,092	268	-164	-2,687	-1,397	-193
Debt issued	1,181	1,197	1,019	1,333	658	844	1,512	1,724	1,871	655
Debt repaid	-1,296	-1,090	-1,432	-1,159	-897	-1,121	-1,094	-1,932	-1,999	-773
Share buybacks								-214	-1,440	-1,362
Dividends paid	-508	-484	-484	-484	-82.6	-319	-531	-637	-758	-900
Cash from financing	-653	-401	-900	-354	-375	-648	-178	-1,125	-2,399	-2,478
Exchange rate effect	0.21	-5.83	12.8	6.23	22.5	5.53	52	58.4	25.4	17.5
Net change in cash	113	-74.3	109	1,134	-947	-261
Interest paid	18.9	17.9	31.5	30.7	28.8	21.6	32.8	94.3	60.8	24.8
Income taxes paid	170	177	171	396	140	154	360	818	702	532

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $56.12 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.4%	Gross profit / revenue.
Operating margin	19.1%	Operating income / revenue.
Pre-tax margin	20.6%	Pre-tax income / revenue.
Net margin	16.1%	Net income / revenue.
Operating cash flow margin	21.7%	Cash from operations / revenue.
Effective tax rate	20.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.5%	Net income / average total assets.
Return on invested capital (ROIC)	11.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.5%	Research and development expense / revenue.
SG&A / revenue	15.3%	Selling, general and administrative expense / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	31.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-5.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-5.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-9.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	30.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.87x	Current assets / current liabilities.
Quick ratio	1.23x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.5%	Total debt / total assets.
Liabilities / assets	16.2%	Total liabilities / total assets.
Net debt	-$2.57B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	48.6x	Operating income / interest expense.
Working capital	$6.73B	Current assets - current liabilities.
Tangible book value	$16.60B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	1.94x	Revenue / average property, plant and equipment.
Inventory turnover	2.15x	Cost of revenue / average inventory.
Days inventory	170 days	365 x average inventory / cost of revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
Payout ratio	46.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$30.08B	Share price x shares outstanding.
Enterprise value	$27.51B	Market cap + total debt - cash - short-term investments.
P/E	15.6x	Market cap / net income. Only when net income is positive.
P/S	2.51x	Market cap / revenue.
P/B	1.81x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.81x	Market cap / tangible book value, when positive.
P/OCF	11.6x	Market cap / cash from operations, when positive.
EV/Sales	2.30x	Enterprise value / revenue.
EV/EBIT	12.0x	Enterprise value / operating income, when both are positive.
Earnings yield	6.4%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	7.5%	(Dividends paid + share buybacks) / market cap.

What was TENARIS SA's revenue in fiscal 2025?

TENARIS SA reported revenue of $11.98B for fiscal 2025, 4.3% lower than the year before.

Was TENARIS SA profitable in fiscal 2025?

Yes. Net income was $1.93B, a net margin of 16.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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