Tenaris S.A.
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
9.259.0910.7112.03
Price/Sales ratio
1.641.671.691.71
Earnings per Share (EPS)
$3.87$3.94$3.34$2.98

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
13.27-175.24381.1735.0314.3617.99-14.6511.198.125.2216.1914.36
Price/Sales ratio
1.721.974.903.601.641.831.821.881.761.371.621.83
Price/Book Value ratio
1.391.191.861.661.061.110.831.021.491.212.491.06
Price/Cash Flow ratio
8.726.3424.40-866.4420.608.746.19103.4017.784.6613.368.74
Price/Free Cash Flow ratio
19.7512.84210.15-33.1947.0711.327.09-98.0926.955.428.4511.32
Price/Earnings Growth ratio
-1.021.65-2.220.040.23-1.210.07-0.040.060.090.110.11
Dividend Yield
2.97%3.78%2.40%2.53%3.84%3.62%0.87%2.58%2.55%3.10%3.55%3.62%
Profitability Indicator Ratios
Gross Profit Margin
39.18%31.20%26.26%30.31%31.06%29.97%20.58%29.28%39.74%41.54%36.35%31.06%
Operating Profit Margin
18.36%2.75%-1.37%6.32%11.38%11.41%1.96%20.25%25.19%29.02%20.46%11.38%
Pretax Profit Margin
18.88%2.39%0.80%8.08%14.40%12.80%-12.03%19.05%26.91%31.15%22.02%14.40%
Net Profit Margin
12.99%-1.12%1.28%10.30%11.43%10.18%-12.48%16.87%21.70%26.35%20.23%11.43%
Effective Tax Rate
30.02%143.75%49.67%-4.00%20.77%21.68%-3.73%15.24%19.49%14.56%6.24%21.68%
Return on Assets
8.05%-0.53%0.39%3.78%6.14%5.00%-4.68%7.61%14.54%18.58%12.53%6.14%
Return On Equity
10.47%-0.68%0.48%4.74%7.43%6.19%-5.70%9.19%18.36%23.26%15.54%7.43%
Return on Capital Employed
13.49%1.48%-0.48%2.71%6.95%6.37%0.80%10.24%20.07%23.74%14.54%6.95%
Liquidity Ratios
Current Ratio
2.843.272.872.593.173.183.67N/AN/AN/A3.653.17
Quick Ratio
1.772.221.961.451.711.912.271.481.602.262.261.71
Cash ratio
0.160.160.230.150.240.870.500.200.390.560.260.24
Days of Sales Outstanding
80.9266.1793.2294.7587.7474.2677.8783.7085.3567.7773.5074.26
Days of Inventory outstanding
161.37137.73180.31234.57174.52161.92146.15211.53205.31164.67164.79161.92
Operating Cycle
242.30203.91273.53329.33262.27236.19224.02295.24290.67232.44238.30236.19
Days of Payables Outstanding
48.2837.6464.2074.3547.9539.7241.2666.9060.7346.5142.1439.72
Cash Conversion Cycle
194.01166.27209.33254.97214.31196.46182.76228.34229.93185.93196.15196.46
Debt Ratios
Debt Ratio
0.050.060.050.060.000.010.020.010.000.020.020.00
Debt Equity Ratio
0.070.080.070.080.000.020.020.010.010.030.020.00
Long-term Debt to Capitalization
0.000.010.000.000.000.000.020.000.000.000.000.00
Total Debt to Capitalization
0.070.070.060.070.000.020.020.010.010.030.020.00
Interest Coverage Ratio
47.6725.95-2.4312.5423.7719.32-1.22N/AN/AN/A39.3923.77
Cash Flow to Debt Ratio
2.042.281.02-0.0219.815.634.810.527.357.536.416.41
Company Equity Multiplier
1.301.271.241.251.201.231.211.201.261.251.221.20
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.190.310.20-0.000.070.200.290.010.090.290.240.07
Free Cash Flow / Operating Cash Flow Ratio
0.440.490.1126.090.430.770.87-1.050.650.850.780.43
Cash Flow Coverage Ratio
2.042.281.02-0.0219.815.634.810.527.357.536.416.41
Short Term Coverage Ratio
2.112.961.06-0.02371.536.6315.51K1.0110.408.216.606.63
Dividend Payout Ratio
39.54%-662.71%917.99%88.85%55.24%65.17%-12.86%28.97%20.80%16.24%26.18%65.17%