Tenaris S.A. (TS) Stock Price & How to Invest
Last updated July 2026
Short answer
Tenaris S.A. is the world's largest maker of steel pipe for oil and gas wells, and it trades on the NYSE as an American Depositary Share under TS, where one ADS represents two Luxembourg ordinary shares. It is a genuine large-cap operating business with roughly $12 billion of annual sales and net cash on the balance sheet, and the stock behaves as a geared bet on how many wells get drilled.
TS stock price
As of 2026-08-25, Tenaris S.A. (TS) last closed at $54.60, up 51.2% over the past year. Over the past 52 weeks it has traded between $33.69 and $64.02.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Tenaris S.A.'s investor relations page. Walnut is informational, not investment advice.
What does Tenaris S.A. (TS) do?
Tenaris S.A. is a Luxembourg-domiciled manufacturer of steel tubular products, and about 95% of its revenue sits in a single segment called Tubes. It makes oil country tubular goods (the casing and tubing that line a well), line pipe that moves hydrocarbons away from the wellhead, and premium threaded connections sold under the TenarisHydril brand. The remaining 5% is an Others segment covering oilfield services, industrial equipment and sucker rods, concentrated in South America. Tenaris runs mills across the Americas, Europe and Asia, employed about 24,875 people at the end of 2025, and shipped roughly 946 thousand metric tons of pipe in the second quarter of 2026 alone.
The investment picture is a cycle question wearing a quality company's clothes. Revenue peaked near $14.87 billion in 2023, fell to about $12.52 billion in 2024 and about $11.98 billion in 2025, then steadied at roughly $6.07 billion in the first half of 2026, up about 1% year over year. EBITDA margin ran about 22.8% in the first half against about 23.8% a year earlier, hurt by US steel tariff costs and by the effective closure of the strait of Hormuz, which pushed Middle East shipments into later periods. Against that, the balance sheet carries a net cash position of roughly $3.6 billion, first-half free cash flow was about $0.9 billion, and management retired roughly 5% of the share count over the past year while paying a semi-annual dividend. The central question is whether rising US OCTG prices and a wave of offshore sanctioning can lift earnings back toward the 2023 peak, or whether 2023 was the top of a cycle that will not repeat soon.
What's driving Tenaris S.A. (TS)?
1. North American drilling and OCTG pricing
North America produced about $1.47 billion of Tubes revenue in the second quarter of 2026, the largest single region, and it is where the price cycle bites hardest. US OCTG prices have been climbing as demand firms and as producers recover higher raw material and freight costs, which converts a flat rig count into higher revenue per ton. Tenaris also melts its own steel at Bay City, Texas and bought a scrap processing business in Beaver Falls, Pennsylvania in late 2025.
2. Offshore sanctioning and long-cycle line pipe
Operators are approving cost-competitive offshore developments again as security of supply moves up the agenda, and those projects order line pipe years before first oil. Tenaris began delivering offshore line pipe to the Sakarya development in the Black Sea during the second quarter of 2026 and is growing in Guyana, Suriname and Brazil. Offshore work carries higher specification requirements and better pricing than onshore shale casing, so product mix matters as much as tonnage.
3. Cash returns and a shrinking share count
Tenaris has run three buyback programs since November 2023, the most recent authorized at up to $1.2 billion in May 2025, and cancelled 62.4 million treasury shares in May 2026. Outstanding shares fell from roughly 1.059 billion in June 2025 to about 1.010 billion a year later, which is why first-half earnings per share rose about 4% while net income was flat. The board also approved an interim dividend of $0.59 per share ($1.18 per ADS), around $600 million, payable in November 2026.
4. Argentina and Vaca Muerta
Drilling activity has been rising in Argentina alongside the United States and Canada, and Tenaris has deep mill capacity and an oilfield services business there. Argentine shale needs casing and tubing to complete wells and pipelines to move production out of the basin, which touches both reporting segments. The export infrastructure buildout is a multi-year source of line pipe demand, and a standing source of policy volatility in reported results.
What are the risks to Tenaris S.A. (TS)?
Tenaris sells into upstream capital budgets, so an oil price fall that causes operators to cut drilling would hit volumes and pricing together, and the roughly 19% revenue decline from 2023 to 2025 shows how fast that happens. Geopolitics is a live operating problem rather than a theoretical one: shipping disruption at the strait of Hormuz severely affected drilling in Iraq, Kuwait and Qatar, delayed deliveries, and raised unit logistics costs. Trade policy cuts both ways, since US tariffs on steel raise Tenaris input costs at its American mills even as tariffs on imported pipe support domestic OCTG prices. Governance is concentrated, with San Faustin controlling the business through Techint and a stated intention to hold at least 67% of outstanding shares. There is also a provision for ongoing litigation tied to the Usiminas participation, and Tenaris settled a US securities class action filed in 2018 over Argentine bribery allegations for about $9.5 million in 2023.
What is the Tenaris S.A. (TS) forecast?
12 analysts publish price targets on TS, averaging $63.91 against a $54.60 price as of August 2026, or +17.1%. The published targets run from $42.00 to $80.00, a moderate spread, and the ratings split 7 buy, 4 hold, 1 sell. Over the last six months there have been 7 raises and 2 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full TS forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is TS a buy or a sell?
We give no verdict on Tenaris S.A.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. North American drilling and OCTG pricing. North America produced about $1.47 billion of Tubes revenue in the second quarter of 2026, the largest single region, and it is where the price cycle bites hardest. The most optimistic published target, $80.00, assumes this works close to its best case.
The case against. Tenaris sells into upstream capital budgets, so an oil price fall that causes operators to cut drilling would hit volumes and pricing together, and the roughly 19% revenue decline from 2023 to 2025 shows how fast that happens. The most pessimistic target, $42.00, is roughly what TS is worth if this bites instead.
Read the full bull and bear case on TS, including what would have to change to break either one. Walnut is not an investment adviser.
How is Tenaris S.A. (TS) valued? (approximate, August 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Tenaris S.A.'s investor relations page or your broker.
- Revenue (TTM): ~$12.04B
- Net income attributable to shareholders (TTM): ~$1.91B
- EBITDA margin (H1 2026): ~22.8%
- Net cash position (June 30, 2026): ~$3.6B
- Market cap: ~$27.6B
- Employees (December 2025): ~24,875
Trailing revenue of roughly $12.04 billion combines full-year 2025 sales of about $11.98 billion with a first half of 2026 up about 1% year over year. Trailing net income attributable to shareholders of roughly $1.91 billion works out to about $3.75 per ADS, putting the ADS in the mid-teens on price to earnings at a market value near $27.6 billion, against roughly $3.6 billion of net cash. Figures come from the FY2025 Form 20-F and the half-year report ended June 30, 2026.
Who competes with Tenaris S.A. (TS)?
Global OCTG and premium connection makers
Vallourec of France is the closest like-for-like rival, competing on hot-rolled tube without a weld seam and on premium threaded connections, where its VAM line goes head to head with TenarisHydril. Nippon Steel, JFE Steel and Hunting PLC also chase high-specification offshore and deep-well orders. These tenders turn on metallurgy, connection performance under pressure and on-time delivery to remote wellsites, which is where Tenaris's mill footprint does the work.
US domestic welded pipe producers and importers
In American shale, Tenaris faces welded OCTG from U.S. Steel's tubular business, Zekelman Industries, Welspun and Borusan Mannesmann, plus imported pipe from South Korean producers such as SeAH. This group sets the marginal price for standard onshore casing, so when import volumes rise or trade remedies lapse the whole US OCTG price deck moves. The Bay City furnace and the Beaver Falls scrap operation are direct answers to that cost competition.
State-backed and low-cost Asian mills
Chinese producers including TPCO and Baosteel supply large volumes of tubular product into the Middle East, Africa and Southeast Asia at prices that anchor the low end of the market. They rarely win the most demanding offshore or sour-service work, but they cap what Tenaris can charge on commodity grades in export markets.
What stocks are similar to Tenaris S.A. (TS)?
Other names that sit close to TS: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Tenaris S.A. (TS)
There are three common ways to get TS exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so TS sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where TS fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Tenaris S.A. (TS)
Tenaris is a high-quality, net-cash pipe maker whose earnings swing with rig counts, offshore project sanctioning and US OCTG pricing, so a mid-teens earnings multiple reflects a cyclical business rather than a cheap one.
More on Tenaris S.A. (TS)
Whether TS is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TS a buy or a sell?, and where the stock could go from here in the TS stock forecast.
For income investors, whether TS pays a dividend and how the payout looks is covered in does TS pay a dividend? And to weigh TS against a peer, read the full side-by-side comparisons: TS vs BE and TS vs CVX.
Wondering how TS fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Tenaris S.A. with AI
Connect the broker you already use and ask Walnut's AI how TS fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What exactly is the security trading as TS on the NYSE?
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TS is an American Depositary Share of Tenaris S.A., and each ADS represents two Luxembourg ordinary shares of $1.00 par value. The ordinary shares trade on the Italian Stock Exchange under TEN and on the Mexican Stock Exchange under TS. Tenaris withdrew its Buenos Aires listing in October 2019, so no Argentine quotation exists despite the manufacturing base there. Per-ADS figures are exactly double the per-share numbers Tenaris publishes.
How does the dividend work, and how is it taxed for a US holder?
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Tenaris pays twice a year rather than quarterly: an interim approved with second-quarter results and paid in November, and a final approved at the annual shareholders meeting and paid in May. The interim declared in August 2026 was $0.59 per share, or $1.18 per ADS, roughly $600 million in total, payable November 25, 2026. Luxembourg withholds tax on dividends, generally 15% for US portfolio investors under the treaty, before the cash reaches a US brokerage account. In a taxable account that amount can usually be claimed as a foreign tax credit; in an IRA it is typically lost.
Why did second-quarter 2026 revenue fall if drilling activity is rising?
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The decline was mostly a shipping problem. The effective closure of the strait of Hormuz for most of the quarter forced Tenaris to postpone Middle East deliveries, and sales in the Asia Pacific, Middle East and Africa region fell about 28% year over year to roughly $557 million. Drilling in Iraq, Kuwait and Qatar was severely affected while Saudi Arabia and the UAE largely held up. The same disruption raised unit logistics costs, part of why EBITDA margin slipped to about 21.9%.
How do rig counts translate into Tenaris revenue?
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Every well drilled consumes casing and tubing, so wells completed sets the tonnage Tenaris ships. Longer laterals and deeper wells use more pipe per well, which makes footage drilled a better guide than rig count alone. Offshore is the slower half of the equation, since a sanctioned development orders line pipe long before it produces anything. Tenaris shipped about 946 thousand metric tons in the second quarter of 2026, down about 4% year over year.
What are US OCTG prices and why do they matter so much?
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OCTG stands for oil country tubular goods, and the US spot price for that pipe is the most watched number in Tenaris's largest market. Prices have risen through 2026 on firmer demand and on the recovery of higher raw material and freight costs. Because the tonnage a driller needs is fairly inelastic in the short run, price changes reach revenue and margin faster than volume changes do. US trade policy on imported pipe is therefore a recurring swing factor.
Is Tenaris a steel company or an energy company?
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The SEC classifies Tenaris under blast furnaces and rolling mills, and it does melt its own steel at several sites. Most index providers place it in energy equipment and services, because its customers are oil and gas operators and its results track upstream capital spending far more closely than flat-rolled steel prices. A comparison to Nucor or Cleveland-Cliffs shows a weak correlation, while oilfield service names track better.
What do the buybacks and the net cash position mean?
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Tenaris has run three buyback programs since November 2023, sized at about $1.2 billion, up to $700 million, and up to $1.2 billion. Outstanding shares fell from roughly 1.059 billion in mid-2025 to about 1.010 billion a year later, and 62.4 million treasury shares were cancelled in May 2026. The company also held about $3.6 billion of net cash at June 30, 2026 after paying $606 million of dividends in the quarter. A cyclical manufacturer with no net debt can keep spending through a downturn, which changes how the earnings volatility reads.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Tenaris S.A.'s investor relations page or your broker before making investment decisions.