MeritValue

TENARIS SA

TSdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

TENARIS SA earns about 15% on invested capital, and has bought back 9% of its shares over 5 years. The applicable estimate puts fair value near $19.69 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.52B1$11.8B2$14.9B3$12.5B3$12B3
Net income$1.1B4$2.55B5$3.92B6$2.04B6$1.93B6
Operating cash flow$119.1M7$1.17B8$4.4B9$2.87B9$2.6B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$330.9M10$728.8M11$583.4M12$437.4M12$305.7M12
Cash & equivalents$318.1M13$1.09B14$1.64B15$675.3M15$572.6M15
Diluted shares1.18B1.18B1.18B1.16B1.07B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$154.84
your share of equity
Profit it earned you last year
$18.03
Free cash flow it threw off
—
Debt you’d be carrying
$2.85

10 shares is a claim on $154.84 of net worth that earned you $18.03 last year, against $2.85 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
15% avg · 5y
FY21 9%FY22 19%FY23 25%FY24 13%FY25 12%

It earned an average 15% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−9% shares · 5y

Share count is down 9% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$19.69
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.04B
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001554855-24-000207 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001554855-25-000262 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001554855-26-000490 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001554855-24-000207 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001554855-25-000262 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001554855-26-000490 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001554855-24-000207 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001554855-25-000262 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001554855-26-000490 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001554855-23-000209 (Borrowings)
  11. 20-F · period ending 2022-12-31 · accession 0001554855-25-000262 (Borrowings)
  12. 20-F · period ending 2023-12-31 · accession 0001554855-26-000490 (Borrowings)
  13. 20-F · period ending 2021-12-31 · accession 0001554855-24-000207 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001554855-25-000262 (CashAndCashEquivalents)
  15. 20-F · period ending 2023-12-31 · accession 0001554855-26-000490 (CashAndCashEquivalents)