Stock fact sheet · data as of
Tenaris S.A. (TS): fair value, margin of safety and Wheel Score
Energy · Oil & Gas Equipment & Services · Luxembourg · ADR · Defensive
Is TS undervalued?
TS closed at 58.17 on 16 Oct 2026 against a GLS average fair value of 58.58 - 0.7% below fair value, which our screens read as "fairly priced". 3 of 9 models are above the current price. There is no discount to lean on here, so the margin of safety is not the reason to look at the stock.
There is a wide gap between Lynch (11.06) and DCF (130.46). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files TS under Defensive: a low beta, a dividend and positive earnings.
Nine valuation models for TS
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 130.46 | +124% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 26.65 | -54% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 53.04 | -9% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 11.06 | -81% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 54.04 | -7% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 94.92 | +63% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 89.63 | +54% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 25.46 | -56% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 42.01 | -28% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 10.86 | -81% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 67.33 | +16% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Tenaris S.A. scores 8 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the Sunday Scan's "6 or more" rule with room to spare. A GLS Moat score of 4.8/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are moderate - ROIC 11.3%, ROE 11.6%, ROA 9.6% - with debt at 0.03 times equity and a free-cash-flow yield of 6.0%.
The dividend yield is 3.00% at a payout ratio of 47%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold.
Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 8 / 9 | ROIC | 11.3% |
|---|---|---|---|
| GLS Moat | 4.8 / 10 | ROE | 11.6% |
| Debt / equity | 0.03 | ROA | 9.6% |
| Free-cash-flow yield | 6.0% | Payout ratio | 47% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 75: Good
With a Wheel Score of 75 - the Good band - Tenaris S.A. clears the Sunday Scan's "70 or higher" rule. The parts: Value 13/25, Health 18/20, Moat 7/15, Premium 20/20, Stability 17/20; Moat (7/15) scores lowest.
Implied volatility is 38% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 8,692 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 756k shares a day on a market cap of $31.2B, with a beta of 0.48 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 17 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 13 / 25 | 1% margin of safety | |
| Health | 18 / 20 | Piotroski 8/9 | |
| Moat | 7 / 15 | moat 4.8/10 | |
| Premium | 20 / 20 | implied volatility 38% | |
| Stability | 17 / 20 | 756k shares/day, $31.2B cap, beta 0.48 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 4 Nov 2026 (after the close), 19 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium. The next ex-dividend date is 24 Nov 2026 (1.18 per share).
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Oil & Gas Equipment & Services
The 12 companies below are the closest to Tenaris S.A. by market cap within the Oil & Gas Equipment & Services industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| HAL Halliburton Company | 32.89 | 37.69 | +13% | 79Good | $27.4B |
| FTI TechnipFMC plc | 68.23 | 72.88 | +6% | 83Prime | $26.8B |
| BKR Baker Hughes Company | 54.40 | 78.66 | +31% | 86Prime | $54.0B |
| SLB Slb N.V. | 48.51 | 46.07 | -5% | 67Good | $72.0B |
| NOV NOV Inc. | 18.64 | 18.66 | +0% | 69Good | $6.6B |
| WFRD Weatherford International plc | 75.45 | 171.67 | +56% | 86Prime | $5.4B |
| AROC Archrock, Inc. | 29.25 | 47.33 | +38% | 91Prime | $5.1B |
| KGS Kodiak Gas Services, Inc. | 47.81 | 27.34 | -75% | 62Fair | $4.8B |
| SEI Solaris Energy Infrastructure, Inc. | 69.37 | 27.99 | -148% | 48Weak | $4.6B |
| WHD Cactus, Inc. | 62.52 | 48.58 | -29% | 51Fair | $4.4B |
| OII Oceaneering International, Inc. | 43.05 | 76.59 | +44% | 83Prime | $4.3B |
| TDW Tidewater Inc. | 82.78 | 174.18 | +52% | 80Prime | $4.1B |
Screen the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the same eight-rule screen, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about TS
Is TS undervalued right now?
Not meaningfully: at 58.17 the stock trades within a few percent of the GLS average fair value of 58.58 (0.7% below fair value, data as of 16 Oct 2026).
What is the Wheel Score of TS and what does it mean?
TS scores 75 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for TS?
58.58 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Tenaris S.A. report earnings next?
The next earnings report is due on 4 Nov 2026 (after the close), 19 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does TS have listed options, and how liquid are they?
Yes. The nightly snapshot found 204 listed contracts with 8,692 open interest across all expiries and implied volatility of 38% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.