Tenaris

Tenaris S.A. (Tenaris) is a Luxembourg company that makes seamless and welded steel pipes for the energy industry and other industrial uses. Its Tubes segment earned $2,927 million of the $3,102 million of net sales in Q3 2026. Tenaris shipped 976 thousand metric tons of pipes in the quarter. North America was the largest region, with $1,652 million of Tubes sales.

Gabriel Podskubka is Chief Executive Officer. Tenaris reports in US dollars and files 20-F and 6-K reports. The pick is an American depositary share (ADS), and the 6-K of November 4, 2026 says that each ADS equals two ordinary shares. Tenaris had 1,009,639,756 ordinary shares outstanding at September 30, 2026, and no treasury shares.

The price of Tenaris depends on whether demand and prices for oil and gas pipes keep rising while Tenaris keeps its margin. In Q3 2026, net sales rose 5% from Q2 to $3,102 million, and operating income rose 21% to $598 million. EBITDA was $756 million, a margin of 24.4%. For nine months, EBITDA was $2,141 million, or 23.3% of sales, against 24.3% a year earlier, because raw material, energy and logistic costs rose.

Tenaris expects higher sales and EBITDA in Q4 2026, and says that Q4 should set a new quarterly baseline for 2027 if the geopolitical context does not change significantly. Tenaris had net cash of $3.8 billion at September 30, 2026, and it pays out a large part of its cash. The interim dividend of $0.59 per share ($1.18 per ADS) is payable on November 25, 2026. For the price to hold or rise, three things must be true.

Drilling in North America and offshore must keep growing. OCTG prices must stay above the rise in steel and energy costs. The Middle East conflict must not shut shipping routes again. The Q4 2026 report in February 2027 is the next test.

If these hold, the gap can close over the next year. If oil and gas drilling falls or tariffs change, the gap can last longer.

AI estimate, checked by Kevin. How it is made

1. Nov 25, 2026Pending

   Interim dividend of $1.18 per ADSTenaris pays the interim dividend on November 25, 2026, and this passes.
2. Feb 17, 2027 · est.Pending

   Q4 2026 results and the 2027 baselineQ4 sales and EBITDA are higher than Q3, and Tenaris describes Q4 as a base for 2027, and this passes; a fall in EBITDA fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Tenaris reported Q3 2026 results. Net sales were $3,102 million, up 4% from a year earlier. Operating income was $598 million and net income was $521 million. Earnings were $1.01 per ADS. Free cash flow was $268 million, after an increase of $270 million in working capital.
• November 4, 2026Tenaris said that it expects higher sales and EBITDA in Q4 2026, because of higher OCTG demand and prices in North America and more shipments to offshore projects.
• August 5, 2026The board of Tenaris approved an interim dividend of $0.59 per outstanding share ($1.18 per ADS), about $600 million. It is payable on November 25, 2026, with a record date of November 24, 2026.

Next earnings

Expected about February 17, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed March 31, 2026 · ts-20251231
• 20-FAnnual report for the period ended Dec 31, 2024Filed April 1, 2025 · ts-20241231

Every filing on SEC EDGAR (CIK 1190723)

• Demand depends on oil and gas drilling, which changes with energy prices. The conflict in the Middle East closed the Strait of Hormuz in March 2026, and the 6-K says that the full effect is not known.
• Costs can rise faster than prices. Raw material, energy and logistic costs rose in 2026, and the EBITDA margin for nine months fell by one percentage point.
• Tariffs on steel imports into the US and foreign exchange controls in Argentina can change margin. Both are listed in the notes to the interim statements.
• Tenaris holds investments in non-consolidated companies, mainly Ternium. The carrying value of its Ternium stake was $1,445 million, and the market value was $1,247 million at September 30, 2026. A fall in these values reduces equity income and equity.

At September 30, 2026, Tenaris had net cash of $3,780 million, as it defines it: cash of $806 million, other current investments of $2,145 million and non-current investments of $1,164 million, less borrowings of $337 million. Lease liabilities were $148 million. Read more

Yield at the current rate

3.8% (current annual rate, at today’s price)

Dividend yield

2.0% (last 12 months, at today’s price of $61.21)

Paid per share

$1.20 in the last 12 months (1 payment)

Current annual rate

$2.32 (the last two payments)

Latest ex-dividend date

May 19, 2026, $1.20 per share

Fewer payments or a raise. The last 12 months paid at least 25% less than the current annual rate. A payment may fall just outside the 12 months, or the company may have raised its dividend.

Dividends per share by year

From 2020 to 2025, the dividend grew by about 51.6% a year. From 2015 to 2025, the dividend grew by about 2.2% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.