Tenaris SA ADR (TS) financial statements
Tenaris SA ADR reported revenue of $12.0B in fiscal 2025, up 12.1% a year over 9 years.
Net income was $1.9B and the operating margin 19.1%, against -1.4% in 2016.
Free cash flow was $2.0B, and the company returned $900M in dividends and $1.4B in net buybacks.
The diluted share count fell 11% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tenaris SA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B | $5.3B | $7.7B | $7.3B | $5.1B | $6.5B | $11.8B | $14.9B | $12.5B | $12.0B |
| Cost of revenue | $3.2B | $3.7B | $5.3B | $5.1B | $4.1B | $4.6B | $7.1B | $8.7B | $8.1B | $7.9B |
| Gross profit | $1.1B | $1.6B | $2.4B | $2.2B | $1.1B | $1.9B | $4.7B | $6.2B | $4.4B | $4.1B |
| Research and development | $69M | $64M | $63M | $61M | $42M | $45M | $51M | $60M | $74M | $64M |
| Selling, general and admin | $1.2B | $1.3B | $1.5B | $1.4B | $1.1B | $1.2B | $1.6B | $1.9B | $1.9B | $1.8B |
| Operating income | -$59M | $335M | $872M | $832M | -$663M | $708M | $3.0B | $4.3B | $2.4B | $2.3B |
| Interest expense | $22M | $27M | $37M | $43M | $27M | $24M | $46M | $107M | $61M | $47M |
| Pre-tax income | $34M | $428M | $1.1B | $934M | -$619M | $1.2B | $3.2B | $4.6B | $2.6B | $2.5B |
| Income tax | $17M | -$17M | $229M | $202M | $23M | $189M | $617M | $675M | $480M | $501M |
| Net income | $55M | $545M | $876M | $743M | -$634M | $1.1B | $2.6B | $3.9B | $2.0B | $1.9B |
| EPS (diluted) | — | — | — | — | — | $0.93 | $2.16 | $3.32 | $1.81 | $1.83 |
| Diluted shares | 1.18B | 1.18B | 1M | 1M | 1.18B | 1.18B | 1.18B | 1.18B | 1.13B | 1.06B |
| Gross margin | 26.3% | 30.3% | 31.1% | 30.0% | 20.6% | 29.3% | 39.7% | 41.7% | 35.0% | 34.4% |
| Operating margin | -1.4% | 6.3% | 11.4% | 11.4% | -12.9% | 10.8% | 25.2% | 29.0% | 19.3% | 19.1% |
| Net margin | 1.3% | 10.3% | 11.4% | 10.2% | -12.3% | 16.9% | 21.7% | 26.4% | 16.3% | 16.1% |
Balance sheet
Fiscal years, from Tenaris SA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.0B | $1.5B | $916M | $1.8B | $1.5B | $716M | $1.5B | $3.6B | $3.0B | $2.9B |
| Receivables | $955M | $1.2B | $1.7B | $1.3B | $968M | $1.3B | $2.5B | $2.5B | $1.9B | $1.9B |
| Inventory | $1.6B | $2.4B | $2.5B | $2.3B | $1.6B | $2.7B | $4.0B | $3.9B | $3.7B | $3.6B |
| Total current assets | $4.8B | $5.4B | $5.5B | $5.7B | $4.3B | $5.0B | $8.5B | $10.5B | $9.2B | $9.1B |
| Property, plant and equipment | $6.0B | $6.2B | $6.1B | $6.1B | $6.2B | $5.8B | $5.6B | $6.1B | $6.1B | $6.2B |
| Goodwill | — | $1.3B | $1.3B | $1.3B | $1.1B | $1.1B | $1.1B | $1.1B | — | — |
| Total assets | $14.0B | $14.4B | $14.3B | $14.8B | $13.7B | $14.4B | $17.6B | $21.1B | $20.5B | $20.1B |
| Total current liabilities | $1.7B | $2.1B | $1.7B | $1.8B | $1.2B | $1.6B | $2.8B | $2.9B | $2.6B | $2.3B |
| Long-term debt | $32M | $35M | $29M | $41M | $316M | $111M | $46M | $48M | $11M | $368,000 |
| Total liabilities | $2.6B | $2.8B | $2.4B | $2.7B | $2.3B | $2.3B | $3.5B | $4.1B | $3.6B | $3.2B |
| Shareholders' equity | $11.3B | $11.5B | $11.8B | $12.0B | $11.3B | $12.0B | $13.9B | $16.8B | $16.6B | $16.6B |
| Net debt | $440M | $636M | $111M | -$1.2B | $34M | $13M | -$363M | -$1.1B | -$238M | -$267M |
Cash flow
Fiscal years, from Tenaris SA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $864M | -$22M | $611M | $1.5B | $1.5B | $119M | $1.2B | $4.4B | $2.9B | $2.6B |
| Capital spending | $787M | $558M | $349M | $350M | $193M | $240M | $378M | $619M | $694M | $617M |
| Free cash flow | $77M | -$580M | $261M | $1.2B | $1.3B | -$120M | $789M | $3.8B | $2.2B | $2.0B |
| Dividends paid | $508M | $484M | $484M | $484M | $83M | $319M | $531M | $637M | $758M | $900M |
| Share buybacks (net) | — | — | — | — | — | — | — | -$214M | -$1.4B | -$1.4B |
| Net borrowing | -$115M | $107M | -$413M | $174M | -$239M | -$277M | $417M | -$208M | -$129M | -$117M |
| Free cash flow margin | 1.8% | -11.0% | 3.4% | 16.1% | 25.8% | -1.8% | 6.7% | 25.4% | 17.3% | 16.5% |
| Dividends per share | $0.43 | $0.41 | $410.00 | $410.00 | $0.07 | $0.27 | $0.45 | $0.54 | $0.67 | $0.85 |
Questions
What was Tenaris SA ADR's revenue in 2025?
$12.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Tenaris SA ADR generate?
$2.0B in fiscal 2025 (operating cash flow minus capital spending).
From Tenaris SA ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.