Tenaris S.A. American Depositary Shares (TS) is 28.7% below its all-time high, set Jun 30, 2008 (as of market close, Aug 19, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (2002).
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of TS, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Jun 30, 2008 | Oct 29, 2020 | −87.7% | 12.3 yrs | not yet | 18.1 yrs+ |
| Apr 24, 2006 | Jun 12, 2006 | −34.0% | 49 days | Dec 13, 2006 | 8 mo |
| Oct 1, 2007 | Jan 18, 2008 | −33.3% | 4 mo | Apr 21, 2008 | 7 mo |
| Jan 6, 2004 | May 10, 2004 | −27.2% | 4 mo | Aug 4, 2004 | 7 mo |
| Oct 3, 2005 | Oct 27, 2005 | −26.6% |
One dot per month since 2002: how far TS stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Daily closing prices since 2002 (split-adjusted). "All-time" means since our price data begins — TS may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.
| 24 days |
| Jan 19, 2006 |
| 4 mo |
| Mar 7, 2005 | Apr 15, 2005 | −20.1% | 39 days | May 5, 2005 | 59 days |
| Jul 12, 2007 | Aug 16, 2007 | −19.8% | 35 days | Oct 1, 2007 | 3 mo |
| Dec 15, 2006 | Mar 16, 2007 | −18.7% | 3 mo | Jul 9, 2007 | 7 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Read this with survivorship bias in mind: TS is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
