Tenaris SA

EDGAR

Annual consolidated revenue for 2025: about USD 11.98B, using the latest reported figures. The previous period, 2024, was about USD 12.52B.

Watchlist

Latest fiscal year

Revenue

12 billion USD

2025 · USD

Exact inputs and evidence
  • Revenue: 11981157000 USD Source

Operating margin

19.06%

2025 · %

Exact inputs and evidence
  • Operating Income: 2283216000 USD Source
  • Revenue: 11981157000 USD Source

Operating cash flow

2.6 billion USD

2025 · USD

Exact inputs and evidence
  • Operating Cash Flow: 2599580000 USD Source

Free cash flow

1.98 billion USD

2025 · USD

Exact inputs and evidence
  • Operating Cash Flow: 2599580000 USD Source
  • Capital Expenditure Including Intangibles: 617183000 USD Source
Cash and cash equivalents
573 million USD Source
Exact value

572647000 USD

Long-term debt including current maturities
Not available
Shares outstanding
Not available

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-08-11.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 8 of 11 periods available· newest 2025-12-31
  • Operating income: 8 of 11 periods available· newest 2025-12-31
  • Net income: 8 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 8 of 11 periods available· newest 2025-12-31
  • capital expenditure: No compatible figures in this window
  • Total assets: 8 of 11 periods available· newest 2025-12-31
  • Total liabilities: 7 of 11 periods available· newest 2025-12-31
  • Current assets: 7 of 11 periods available· newest 2025-12-31
  • Current liabilities: 7 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 8 of 11 periods available· newest 2025-12-31
  • long term debt: No compatible figures in this window
  • shares outstanding: No compatible figures in this window

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    -4.3%

    Prior period

    USD 12.52 billion

    –

    Current period

    USD 11.98 billion

    –

    Exact inputs and evidence

    11981157000 − 12523934000 = -542777000 USD

    12523934000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    11981157000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Net income

    -5.1%

    Prior period

    USD 2.04 billion

    –

    Current period

    USD 1.93 billion

    –

    Exact inputs and evidence

    1932813000 − 2036445000 = -103632000 USD

    2036445000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    1932813000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    -9.3%

    Prior period

    USD 2.87 billion

    –

    Current period

    USD 2.6 billion

    –

    Exact inputs and evidence

    2599580000 − 2866218000 = -266638000 USD

    2866218000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    2599580000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 11.98 billion 100% of revenue
  • Cost of revenue USD 7.86 billion 66% of revenue
  • Operating expenses USD 1.89 billion 16% of revenue
  • Operating income USD 2.28 billion 19% of revenue
  • Tax, interest and other Derived USD 350.4 million 2.9% of revenue
  • Net income USD 1.93 billion 16% of revenue

Cash

  • Operating cash flow USD 2.6 billion 22% of revenue
  • Capital expenditure including intangibles USD 617.18 million 5.2% of revenue
  • Free cash flow Derived Capital expenditure here includes intangible assets. USD 1.98 billion 17% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2018 Net income was higher than operating income, so the split is not drawn.
  • 2019 10%89%
  • 2020 Operating loss: operating costs were 113% of revenue.
  • 2021 Net income was higher than operating income, so the split is not drawn.
  • 2022 22%75%
  • 2023 26%71%
  • 2024 16%81%
  • 2025 16%81%
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2018 2018-01-01 – 2018-12-317658588000 6786775000 Derived 871813000 -4250000 Derived 876063000 261329000 Derived Capital expenditure here includes intangible assets.
Source
2019 2019-01-01 – 2019-12-317294055000 6461664000 Derived 832391000 89705000 Derived 742686000 1177765000 Derived Capital expenditure here includes intangible assets.
Source
2020 2020-01-01 – 2020-12-315146734000 5809805000 Derived -663071000 -28653000 Derived -634418000 1327061000 Derived Capital expenditure here includes intangible assets.
Source
2021 2021-01-01 – 2021-12-316521207000 5813698000 Derived 707509000 -392682000 Derived 1100191000 -120443000 Derived Capital expenditure here includes intangible assets.
Source
2022 2022-01-01 – 2022-12-3111762526000 8799251000 Derived 2963275000 409995000 Derived 2553280000 788771000 Derived Capital expenditure here includes intangible assets.
Source
2023 2023-01-01 – 2023-12-3114868860000 10552452000 Derived 4316408000 398343000 Derived 3918065000 3775628000 Derived Capital expenditure here includes intangible assets.
Source
2024 2024-01-01 – 2024-12-3112523934000 10105085000 Derived 2418849000 382404000 Derived 2036445000 2172262000 Derived Capital expenditure here includes intangible assets.
Source
2025 2025-01-01 – 2025-12-3111981157000 9697941000 Derived 2283216000 350403000 Derived 1932813000 1982397000 Derived Capital expenditure here includes intangible assets.
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 12B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.16.1B12.0B8.0B4.0B0.0201820222025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2018Revenue7658588000
2019Revenue7294055000
2020Revenue5146734000
2021Revenue6521207000
2022Revenue11762526000
2023Revenue14868860000
2024Revenue12523934000
2025Revenue11981157000

Revenue growth

Change in revenue from the same financial period one year earlier.

-4.3% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.89%57%25%-6%-38%201820222025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2018Year over yearNo prior comparable period
2019Year over year-4.8%
2020Year over year-29.4%
2021Year over year26.7%
2022Year over year80.4%
2023Year over year26.4%
2024Year over year-15.8%
2025Year over year-4.3%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 19.1% 2025
Net margin 16.1% 2025
Free cash flow margin 16.5% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.32%20%8%-4%-16%201820222025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2018Operating margin11.4%
2019Operating margin11.4%
2020Operating margin-12.9%
2021Operating margin10.8%
2022Operating margin25.2%
2023Operating margin29%
2024Operating margin19.3%
2025Operating margin19.1%
2018Net margin11.4%
2019Net margin10.2%
2020Net margin-12.3%
2021Net margin16.9%
2022Net margin21.7%
2023Net margin26.4%
2024Net margin16.3%
2025Net margin16.1%
2018Free cash flow margin3.4%
2019Free cash flow margin16.1%
2020Free cash flow margin25.8%
2021Free cash flow margin-1.8%
2022Free cash flow margin6.7%
2023Free cash flow margin25.4%
2024Free cash flow margin17.3%
2025Free cash flow margin16.5%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 2.6B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.4.7B3.6B2.4B1.2B0.0201820222025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2018Operating cash flow610802000
2019Operating cash flow1527939000
2020Operating cash flow1520383000
2021Operating cash flow119075000
2022Operating cash flow1167217000
2023Operating cash flow4395073000
2024Operating cash flow2866218000
2025Operating cash flow2599580000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 2B 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.4.1B3.0B1.8B697.7M-432.1M201820222025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2018Free cash flow261329000
2019Free cash flow1177765000
2020Free cash flow1327061000
2021Free cash flow-120443000
2022Free cash flow788771000
2023Free cash flow3775628000
2024Free cash flow2172262000
2025Free cash flow1982397000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

16.2% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.21.6%16.2%10.8%5.4%0.0%2018-12-3120222025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2018-12-31Liabilities / assetsNot reported
2019Liabilities / assets17.9%
2020Liabilities / assets16.5%
2021Liabilities / assets16.2%
2022Liabilities / assets20%
2023Liabilities / assets19.2%
2024Liabilities / assets17.8%
2025Liabilities / assets16.2%

Current assets to current liabilities

Current assets divided by current liabilities.

3.87× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.4.18×3.13×2.09×1.04×0.00×2018-12-3120222025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2018-12-31Current assets / current liabilitiesNot reportedNo source recorded
2019Current assets / current liabilities3.18×
2020Current assets / current liabilities3.68×
2021Current assets / current liabilities3.19×
2022Current assets / current liabilities3.04×
2023Current assets / current liabilities3.62×
2024Current assets / current liabilities3.5×
2025Current assets / current liabilities3.87×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2018 2018-01-01 – 2018-12-31
USD 876.06 million
Exact value

Exact value: 876063000 USD

2018-01-01 – 2018-12-31: 876063000 USD Inspect Net Income Open source
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USD 610.8 million
Exact value

Exact value: 610802000 USD

2018-01-01 – 2018-12-31: 610802000 USD Inspect Operating Cash Flow Open source
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USD 349.47 million Capital expenditure here includes intangible assets.
Exact value

Exact value: 349473000 USD

2018-01-01 – 2018-12-31: 349473000 USD Inspect Capital Expenditure Including Intangibles Open source
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USD 261.33 million Capital expenditure here includes intangible assets.
Calculation and evidence

610802000 − 349473000 USD

Exact free cash flow: 261329000 USD

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2019 2019-01-01 – 2019-12-31
USD 742.69 million
Exact value

Exact value: 742686000 USD

2019-01-01 – 2019-12-31: 742686000 USD Inspect Net Income Open source
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USD 1.53 billion
Exact value

Exact value: 1527939000 USD

2019-01-01 – 2019-12-31: 1527939000 USD Inspect Operating Cash Flow Open source
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USD 350.17 million Capital expenditure here includes intangible assets.
Exact value

Exact value: 350174000 USD

2019-01-01 – 2019-12-31: 350174000 USD Inspect Capital Expenditure Including Intangibles Open source
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USD 1.18 billion Capital expenditure here includes intangible assets.
Calculation and evidence

1527939000 − 350174000 USD

Exact free cash flow: 1177765000 USD

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2020 2020-01-01 – 2020-12-31
−USD 634.42 million
Exact value

Exact value: -634418000 USD

2020-01-01 – 2020-12-31: -634418000 USD Inspect Net Income Open source
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USD 1.52 billion
Exact value

Exact value: 1520383000 USD

2020-01-01 – 2020-12-31: 1520383000 USD Inspect Operating Cash Flow Open source
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USD 193.32 million Capital expenditure here includes intangible assets.
Exact value

Exact value: 193322000 USD

2020-01-01 – 2020-12-31: 193322000 USD Inspect Capital Expenditure Including Intangibles Open source
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USD 1.33 billion Capital expenditure here includes intangible assets.
Calculation and evidence

1520383000 − 193322000 USD

Exact free cash flow: 1327061000 USD

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2021 2021-01-01 – 2021-12-31
USD 1.1 billion
Exact value

Exact value: 1100191000 USD

2021-01-01 – 2021-12-31: 1100191000 USD Inspect Net Income Open source
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USD 119.08 million
Exact value

Exact value: 119075000 USD

2021-01-01 – 2021-12-31: 119075000 USD Inspect Operating Cash Flow Open source
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USD 239.52 million Capital expenditure here includes intangible assets.
Exact value

Exact value: 239518000 USD

2021-01-01 – 2021-12-31: 239518000 USD Inspect Capital Expenditure Including Intangibles Open source
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−USD 120.44 million Capital expenditure here includes intangible assets.
Calculation and evidence

119075000 − 239518000 USD

Exact free cash flow: -120443000 USD

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2022 2022-01-01 – 2022-12-31
USD 2.55 billion
Exact value

Exact value: 2553280000 USD

2022-01-01 – 2022-12-31: 2553280000 USD Inspect Net Income Open source
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USD 1.17 billion
Exact value

Exact value: 1167217000 USD

2022-01-01 – 2022-12-31: 1167217000 USD Inspect Operating Cash Flow Open source
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USD 378.45 million Capital expenditure here includes intangible assets.
Exact value

Exact value: 378446000 USD

2022-01-01 – 2022-12-31: 378446000 USD Inspect Capital Expenditure Including Intangibles Open source
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USD 788.77 million Capital expenditure here includes intangible assets.
Calculation and evidence

1167217000 − 378446000 USD

Exact free cash flow: 788771000 USD

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2023 2023-01-01 – 2023-12-31
USD 3.92 billion
Exact value

Exact value: 3918065000 USD

2023-01-01 – 2023-12-31: 3918065000 USD Inspect Net Income Open source
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USD 4.4 billion
Exact value

Exact value: 4395073000 USD

2023-01-01 – 2023-12-31: 4395073000 USD Inspect Operating Cash Flow Open source
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USD 619.45 million Capital expenditure here includes intangible assets.
Exact value

Exact value: 619445000 USD

2023-01-01 – 2023-12-31: 619445000 USD Inspect Capital Expenditure Including Intangibles Open source
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USD 3.78 billion Capital expenditure here includes intangible assets.
Calculation and evidence

4395073000 − 619445000 USD

Exact free cash flow: 3775628000 USD

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2024 2024-01-01 – 2024-12-31
USD 2.04 billion
Exact value

Exact value: 2036445000 USD

2024-01-01 – 2024-12-31: 2036445000 USD Inspect Net Income Open source
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USD 2.87 billion
Exact value

Exact value: 2866218000 USD

2024-01-01 – 2024-12-31: 2866218000 USD Inspect Operating Cash Flow Open source
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USD 693.96 million Capital expenditure here includes intangible assets.
Exact value

Exact value: 693956000 USD

2024-01-01 – 2024-12-31: 693956000 USD Inspect Capital Expenditure Including Intangibles Open source
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USD 2.17 billion Capital expenditure here includes intangible assets.
Calculation and evidence

2866218000 − 693956000 USD

Exact free cash flow: 2172262000 USD

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2025 2025-01-01 – 2025-12-31
USD 1.93 billion
Exact value

Exact value: 1932813000 USD

2025-01-01 – 2025-12-31: 1932813000 USD Inspect Net Income Open source
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USD 2.6 billion
Exact value

Exact value: 2599580000 USD

2025-01-01 – 2025-12-31: 2599580000 USD Inspect Operating Cash Flow Open source
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USD 617.18 million Capital expenditure here includes intangible assets.
Exact value

Exact value: 617183000 USD

2025-01-01 – 2025-12-31: 617183000 USD Inspect Capital Expenditure Including Intangibles Open source
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USD 1.98 billion Capital expenditure here includes intangible assets.
Calculation and evidence

2599580000 − 617183000 USD

Exact free cash flow: 1982397000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

481 filings · 1,115 latest values · 1,115 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001190723, 1190723, TNRSF, TS, edgar:1190723, ts

Also known as TENARIS SA, Tenaris SA