Tenaris
TS · NYSESteel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
Tenaris reported revenue of $12B in the fiscal year ended Dec 2025, down 4.3% from the year before. Operating income was $2.3B, an operating margin of 19.1%, and net income was $2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.5B | $11.8B | $14.9B | $12.5B | $12B |
| Cost of revenue | $4.6B | $7.1B | $8.7B | $8.1B | $7.9B |
| Gross profit | $1.9B | $4.7B | $6.2B | $4.4B | $4.1B |
| Research & development | $45M | $51M | $60M | $74M | $64M |
| Selling, general & admin | $1.2B | $1.6B | $1.9B | $1.9B | $1.8B |
| Operating income | $708M | $3B | $4.3B | $2.4B | $2.3B |
| Interest expense | $24M | $46M | $107M | $61M | $47M |
| Pre-tax income | $1.2B | $3.2B | $4.6B | $2.6B | $2.5B |
| Income tax | $189M | $617M | $675M | $480M | $501M |
| Net income | $1.1B | $2.5B | $4B | $2.1B | $2B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $318M | $1.1B | $1.6B | $675M | $573M |
| Inventory | $2.7B | $4B | $3.9B | $3.7B | $3.6B |
| Current assets | $5B | $8.5B | $10.5B | $9.2B | $9.1B |
| Net PP&E | $5.8B | $5.6B | $6.1B | $6.1B | $6.2B |
| Goodwill | $1.1B | $1.1B | $1.1B | – | – |
| Total assets | $14.4B | $17.6B | $21.1B | $20.5B | $20.1B |
| Payables | $845M | $1.2B | $1.1B | $880M | $873M |
| Current liabilities | $1.6B | $2.8B | $2.9B | $2.6B | $2.3B |
| Total liabilities | $2.3B | $3.5B | $4.1B | $3.6B | $3.2B |
| Shareholders' equity | $12B | $13.9B | $16.8B | $16.6B | $16.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $119M | $1.2B | $4.4B | $2.9B | $2.6B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 80.4% | 26.4% | −15.8% | −4.3% |
| Operating income growth (YoY) | – | 318.8% | 45.7% | −44.0% | −5.6% |
| Gross margin | 29.3% | 39.7% | 41.7% | 35.0% | 34.4% |
| Operating margin | 10.8% | 25.2% | 29.0% | 19.3% | 19.1% |
| Net margin | 16.2% | 21.7% | 26.6% | 16.6% | 16.5% |
| Return on equityBlank when equity is negative | 8.8% | 18.3% | 23.5% | 12.5% | 11.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.5% | 20.1% | 23.7% | 13.6% | 12.9% |
| Cash conversion (CFO ÷ net income) | 0.11x | 0.46x | 1.11x | 1.38x | 1.32x |
| Inventory days | 212 | 205 | 165 | 166 | 167 |
| Payable days | 67 | 61 | 47 | 39 | 41 |
| Interest cover | 29.9x | 64.5x | 40.4x | 39.5x | 48.6x |
| Current ratio | 3.19x | 3.04x | 3.62x | 3.50x | 3.87x |
Recent filings
More in Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.