Tenaris SA
In the published model solve dated 2026-Q2, anchored at $57.02, Tenaris SA (TS) is priced for +4.1% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 24, 2026 from SEC EDGAR filings.
• Tenaris is the premium end of the steel-pipe business: a global oil-country tubular goods supplier whose mill-to-well Rig Direct model, which the FY2025 20-F says ⟦"boosts operational efficiency, lowers costs, and enhances reliability and well integrity for oil and gas operations"⟧ (accession 0001554855-26-000490), earns it a 19.1 percent operating margin, more than double the large U.S. steelmakers. • The biggest risk is the cycle plus the price: revenue has fallen from $14.9 billion in 2023
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260 institutional managers reported holding TS in 13F filings for the quarter ended 2026-03-31. Together they hold about 5% of the company; the top 10 hold 4%. 67 opened new positions that quarter. Held by FMR (Fidelity), Renaissance Technologies, Wellington Management, among others. On the short side, 4.8M shares were sold short as of the 2026-06-15 count, about 0.5% of shares outstanding (4 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
TS has cut its share count 10.6% over the past five years. It pays a dividend, and has paid one every year in our records (11 and counting), raised 5 years straight. Cash returned over the past three years: $3.29B in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 24, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.