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Tenaris vs Ternium: revenue, profit, margins and growth compared

Tenaris brought in $12B of revenue in fiscal 2025, Ternium $15.6B in fiscal 2025. Revenue changed by -4.3% at Tenaris and -11.6% at Ternium on the year before, so Tenaris grew faster. Tenaris kept 16.1% of its revenue as net profit, Ternium 2.7%.

Side by side, latest fiscal year

TSTX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$12B$15.6B
Revenue growth-4.3%-11.6%
Net income$1.9B$425.2M
Net margin16.1%2.7%
Free cash flown/a-$345.5M
Free cash flow marginn/a-2.2%
Earnings per share (diluted)n/a$0.22
Cash$572.6M$1.5B
Debt$305.7M$2.4B
Price to earningsn/an/a
Market value$30.1B$10.7B
Dividend yieldn/an/a
Rank by revenue in sector#59 of 587 · Industrials#43 of 587 · Industrials

Over the years

Revenue
TS FY2018: $7.7BTS FY2019: $7.3BTS FY2019: $5.1BTS FY2021: $6.5BTS FY2022: $11.8BTS FY2023: $14.9BTS FY2024: $12.5BTS FY2025: $12BTX FY2018: $11.5BTX FY2019: $10.2BTX FY2020: $8.7BTX FY2021: $16.1BTX FY2022: $16.4BTX FY2023: $17.6BTX FY2024: $17.6BTX FY2025: $15.6BFY18FY19FY20FY21FY22FY23FY24FY25
TS $12BTX $15.6B
Net income
TS FY2018: $876.1MTS FY2019: $742.7MTS FY2019: -$634.4MTS FY2021: $1.1BTS FY2022: $2.6BTS FY2023: $3.9BTS FY2024: $2BTS FY2025: $1.9BTX FY2018: $1.5BTX FY2019: $564.3MTX FY2020: $778.5MTX FY2021: $3.8BTX FY2022: $1.8BTX FY2023: $676MTX FY2024: -$53.7MTX FY2025: $425.2MFY18FY19FY20FY21FY22FY23FY24FY25
TS $1.9BTX $425.2M
Net margin
TS FY2018: 11.4%TS FY2019: 10.2%TS FY2019: -12.3%TS FY2021: 16.9%TS FY2022: 21.7%TS FY2023: 26.4%TS FY2024: 16.3%TS FY2025: 16.1%TX FY2018: 13.2%TX FY2019: 5.5%TX FY2020: 8.9%TX FY2021: 23.8%TX FY2022: 10.8%TX FY2023: 3.8%TX FY2024: -0.3%TX FY2025: 2.7%FY18FY19FY20FY21FY22FY23FY24FY25
TS 16.1%TX 2.7%
Revenue growth
TS FY2019: -4.8%TS FY2019: -29.4%TS FY2021: +26.7%TS FY2022: +80.4%TS FY2023: +26.4%TS FY2024: -15.8%TS FY2025: -4.3%TX FY2019: -11.0%TX FY2020: -14.3%TX FY2021: +84.2%TX FY2022: +2.0%TX FY2023: +7.3%TX FY2024: +0.2%TX FY2025: -11.6%FY19FY20FY21FY22FY23FY24FY25
TS -4.3%TX -11.6%
Free cash flow
TX FY2018: $1.2BTX FY2019: $595.4MTX FY2020: $1.2BTX FY2021: $2.2BTX FY2022: $2.2BTX FY2023: $1.3BTX FY2024: $85MTX FY2025: -$345.5MFY18FY19FY20FY21FY22FY23FY24FY25
TSTX -$345.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Tenaris and Ternium

Which is bigger by revenue, Tenaris or Ternium?

Ternium is bigger by revenue: $15.6B in fiscal 2025, against $12B for Tenaris in fiscal 2025.

Which keeps more of its revenue as profit, Tenaris or Ternium?

Tenaris had a net margin of 16.1% in fiscal 2025; Ternium had 2.7% in fiscal 2025.

Which grew revenue faster, Tenaris or Ternium?

In their latest fiscal years revenue changed by -4.3% at Tenaris and -11.6% at Ternium.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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