TS financial statements
The full income statement, balance sheet, and cash-flow statement for Tenaris S.A. American Depositary Shares (TS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 12.0B-4.3% | 12.5B-15.8% | 14.9B+26.4% | 11.8B+80.4% | 6.52B+26.7% | |
| 4.12B-6.1% | 4.39B-29.2% | 6.20B+32.6% | 4.67B+144.8% | 1.91B+80.3% | ||
| Cost of revenue | 7.86B-3.4% | 8.14B-6.2% | 8.67B+22.3% | 7.09B+53.7% | 4.61B+12.8% | |
| Research & development | 64.2M-13.5% | 74.2M+23.7% | 60.0M+18.3% | 50.7M+11.9% | 45.3M+8.4% | |
| Operating income | 2.28B-5.6% | 2.42B-44.0% | 4.32B+45.7% | 2.96B+318.8% | 708M+206.7% | |
| Interest expense | 46.9M-23.3% | 61.2M-42.7% | 107M+132.6% | 45.9M+94.0% | 23.7M-12.4% | |
| Pre-tax income | 2.47B-3.2% | 2.56B-44.8% | 4.63B+46.3% | 3.17B+154.7% | 1.24B+300.7% | |
| Income tax | 501M+4.4% | 480M-28.9% | 675M+9.4% | 617M+225.8% | 189M+718.3% | |
| 1.97B-5.0% | 2.08B-47.5% | 3.96B+55.3% | 2.55B+142.0% | 1.05B+264.0% | ||
| Net income to common | 1.93B-5.1% | 2.04B-48.0% | 3.92B+53.5% | 2.55B+132.1% | 1.10B+273.4% | |
| Weighted-avg shares (basic) | 528M-6.3% | 564M-4.4% | 589M-0.1% | 590M+0.0% | 590M+0.0% | |
| Dividends per share | $1.74+32.4% | $1.31+18.3% | $1.11+21.0% | $0.92+68.2% | $0.55+266.3% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 9.07B-1.8% | 9.24B-12.1% | 10.5B+24.0% | 8.47B+70.0% | 4.98B+16.2% | ||
| Cash & equivalents | 573M-15.2% | 675M-58.8% | 1.64B+50.0% | 1.09B+243.1% | 318M-45.6% | |
| Inventory | 3.60B-2.9% | 3.71B-5.4% | 3.92B-1.7% | 3.99B+49.2% | 2.67B+63.3% | |
| 20.1B-1.8% | 20.5B-3.0% | 21.1B+20.1% | 17.6B+21.5% | 14.4B+5.3% | ||
| Property, plant & equipment | 6.21B+1.4% | 6.12B+0.7% | 6.08B+9.4% | 5.56B-4.6% | 5.82B-5.9% | |
| Goodwill | — | — | 1.10B+1.8% | 1.08B+0.0% | 1.08B-0.1% | |
| Total non-current assets | 11.0B-1.9% | 11.2B+6.0% | 10.6B+16.5% | 9.08B-4.1% | 9.47B+0.4% | |
| Total current liabilities | 2.35B-11.0% | 2.64B-9.1% | 2.90B+4.1% | 2.79B+78.8% | 1.56B+33.7% | |
| 3.24B-10.8% | 3.64B-10.2% | 4.05B+15.2% | 3.52B+50.0% | 2.34B+3.3% | ||
| Long-term debt | 368K-96.8% | 11.4M-76.4% | 48.3M+4.0% | 46.4M-58.3% | 111M-64.7% | |
| 16.6B+0.0% | 16.6B-1.5% | 16.8B+21.1% | 13.9B+16.3% | 12.0B+6.2% | ||
| Total equity incl. non-controlling | 16.8B+0.1% | 16.8B-1.3% | 17.0B+21.3% | 14.0B+15.9% | 12.1B+5.8% | |
| Common shares issued | 536M-7.8% | 581M-1.5% | 590M+0.0% | 590M+0.0% | 590M+0.0% | |
| Common shares outstanding | 506M-6.7% | 542M-7.2% | 584M-1.1% | 590M+0.0% | 590M+0.0% | |
| Shares outstanding (cover) | 536M-7.8% | 581M-1.5% | 590M+0.0% | 590M+0.0% | 590M+0.0% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.60B-9.3% | 2.87B-34.8% | 4.40B+276.5% | 1.17B+880.2% | 119M-92.2% | ||
| Depreciation & amortization | — | — | 549M-9.7% | 608M+2.2% | 595M-12.4% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt issued | 655M-65.0% | 1.87B+8.5% | 1.72B+14.0% | 1.51B+79.2% | 844M+28.2% | |
| Long-term debt repaid | 773M-61.4% | 2.00B+3.5% | 1.93B+76.5% | 1.09B-2.4% | 1.12B+25.0% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 1.36B-5.7% | 1.44B+574.6% | 214M | 0.00 | 0.00 | |
| Dividends paid | 932M+22.0% | 764M+16.5% | 655M+21.0% | 542M+68.2% | 322M+266.3% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 20.6B-6.2% | 22.0B+7.1% | 20.5B-1.1% | 20.8B+68.6% | 12.3B+30.8% | |
| P/E | 10.4×-1.3% | 10.6×+31.4% | 8.1×-59.1% | 19.7×+68.6% | 11.7× | |
| P/S | 1.7×-1.9% | 1.8×+0.6% | 1.7×-45.2% | 3.2×+68.6% | 1.9×+3.2% | |
| P/B | 1.2×-6.2% | 1.3×-10.3% | 1.5×-15.0% | 1.7×+68.6% | 1.0×+23.2% | |
| Earnings yield | 9.6%+1.3% | 9.5%-23.9% | 12.4%+144.8% | 5.1%-40.7% | 8.6% | |
| Dividend yield | 4.5%+30.1% | 3.5%+8.8% | 3.2%+22.4% | 2.6%-0.2% | 2.6%+180.1% | |
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: TS’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TS filings on SEC EDGAR → Not investment advice.