Tenaris S.A. Financial Ratios — TS Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	13.99	16.02	13.2	9.2	-0.64	0.46	4.59	7.24	5.98	-5.2	9	18.73	24.06	11.06	10.21
Return on Assets (%)	9.11	11.03	9.73	7.14	-0.51	0.38	3.84	6.12	5.11	-4.44	7.81	15.96	20.28	9.81	9.54
Return on Capital (%)	11.38	14.07	11.9	8.49	-0.74	0.48	- -	7.01	5.9	- -	8.94	18	23.05	10.62	9.81
Return on Invested Capital (%)	11.16	13.62	11.51	10.05	-2.76	-0.26	- -	5.46	5	- -	5.15	17.58	21.87	11.4	10.36
Gross Margin (%)	37.09	38.74	39.07	39.45	31.22	26.27	30.32	31.07	29.98	20.58	29.28	39.74	41.7	35.04	34.39
EBITDA Margin (%)	24.03	26.97	26.34	26.61	17.65	13.94	17.76	19.99	18.74	12.29	20.76	31.03	32.44	25.17	24.28
Operating Margin (%)	18.48	21.73	20.59	20.53	8.11	-1.49	6.25	11.32	11.34	-0.9	11.64	25.86	28.75	20.12	19.14
Incremental Operating Margin (%)	17.39	59.36	72.7	21.71	47.02	- -	39.62	22.64	10.86	- -	58.6	43.55	39.68	74.84	41.64
Pretax Margin (%)	19.02	20.71	20.78	17.25	2.04	0.8	8.09	14.4	12.8	-12.03	19.06	26.92	31.16	20.41	20.65
Profit Margin (%)	13.35	15.69	14.64	11.42	-1.16	1.29	10.3	11.44	10.18	-12.33	16.87	21.71	26.35	16.26	16.13
Net Income to Common Margin (%)	13.35	15.69	14.64	11.42	-1.16	1.29	10.3	11.44	10.18	-12.33	16.87	21.71	26.35	16.26	16.13
Effective Tax Rate (%)	25.06	24.14	28.51	33.18	166.43	49.67	- -	20.78	21.68	- -	15.24	19.5	14.57	18.76	20.24
Dvd Payout Ratio (%)	26.57	26.32	31.78	44.58	-604.94	2,444.18	110.89	55.52	67.24	-12.71	31.67	20.88	15.92	35.79	44.71
Sustainable Growth Rate (%)	10.28	11.81	9	5.1	-4.49	-10.74	-0.5	3.22	1.96	-5.86	6.15	14.82	20.23	7.1	5.65

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	931	1,744	931	999	972	840	966	539	1,052	876	448	841	718	582	449
ST Debt	781	1,212	685	968	748	809	931	510	819	347	254	711	573	470	354
LT Debt	150	532	246	31	223	32	35	29	233	530	194	130	145	112	95
Total Debt/EBITDA	0.39	0.6	0.33	0.37	0.8	1.4	1.03	0.35	0.77	1.39	0.33	0.23	0.15	0.18	0.15
Net Debt/EBITDA	0.04	0.31	0.11	0.22	0.56	0.74	0.68	0.07	-0.54	0.05	0.01	-0.1	-0.22	-0.08	-0.09
Total Debt/EBIT	0.51	0.74	0.43	0.48	1.74	-13.16	2.92	0.62	1.27	-18.98	0.59	0.28	0.17	0.23	0.2
Net Debt/EBIT	0.06	0.39	0.14	0.28	1.22	-6.9	1.92	0.13	-0.88	-0.74	0.02	-0.12	-0.25	-0.09	-0.12
EBITDA to Interest Expense	45.73	52.63	39.62	60.94	52.85	26.81	34.69	41.45	31.51	23.42	57.19	79.44	45.13	51.5	62
EBITDA-CapEx/Interest Expense	45.73	52.63	39.62	60.94	52.85	26.81	34.69	41.45	31.51	23.38	56.97	79.03	45.13	51.33	62
EBIT to Interest Expense	35.16	42.41	30.96	47.04	24.28	-2.86	12.2	23.47	19.07	-1.71	32.07	66.21	40	41.16	48.87
Interest Expense	52	56	70	44	23	22	27	37	43	27	24	46	107	61	47
Common Equity/Total Assets	67.14	70.37	77.05	78.15	82.56	84.54	82.64	86.28	84.59	86.31	87.34	83.43	85.02	92.44	94.43
Long-Term Debt/Equity (%)	1.34	4.63	1.97	0.24	1.88	0.28	0.3	0.25	1.91	4.63	1.6	0.93	0.85	0.67	0.57
Long-Term Debt/Capital (%)	1.29	4.05	1.84	0.22	1.66	0.25	0.27	0.23	1.69	4.11	1.47	0.83	0.77	0.57	0.49
Long-Term Debt/Total Assets (%)	1.01	3.34	1.55	0.19	1.5	0.23	0.24	0.2	1.57	3.86	1.34	0.74	0.69	0.55	0.47
Total Debt/Equity (%)	8.33	15.17	7.47	7.8	8.19	7.36	8.34	4.54	8.64	7.66	3.7	5.99	4.22	3.46	2.67
Total Debt/Capital (%)	8.04	13.27	6.95	7.11	7.24	6.56	7.45	4.17	7.62	6.79	3.39	5.39	3.81	2.95	2.29
Total Debt/Total Assets (%)	6.26	10.93	5.84	6.05	6.53	6	6.71	3.78	7.09	6.39	3.1	4.79	3.41	2.85	2.24
Net Debt to Equity	0.96	7.94	2.52	4.53	5.77	3.86	5.49	0.93	-6.01	0.3	0.11	-2.58	-6.19	-1.41	-1.59
Net Debt/Capital (%)	0.99	7.42	2.46	4.26	5.21	3.55	5.03	0.88	-5.98	0.28	0.1	-2.5	-6.13	-1.25	-1.4
EBITDA	2,397	2,922	2,791	2,698	1,219	599	939	1,531	1,367	633	1,354	3,649	4,823	3,152	2,910
EBITDA-CapEx	2,397	2,922	2,791	2,698	1,219	599	939	1,531	1,367	632	1,349	3,631	4,823	3,142	2,910
Operating Income (Loss)	1,842	2,354	2,181	2,083	560	-64	330	867	827	-46	759	3,042	4,274	2,519	2,293

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.53	0.53	0.87	0.87	1.38	1.17	0.74	0.53	0.99	1.25	0.46	0.55	1.24	1.16	1.23
Current Ratio	2.66	2.47	3.26	2.84	3.27	2.87	2.6	3.18	3.18	3.68	3.19	3.04	3.62	3.5	3.87
Quick Ratio	1.44	1.38	1.94	1.75	2.2	1.87	1.44	1.69	1.89	2.25	1.47	1.58	2.25	2.08	2.31
CFO/Avg Current Liab	0.54	0.71	0.96	0.87	1.02	0.5	-0.01	0.32	0.87	1.03	0.09	0.54	1.54	1.03	1.04
Common Equity/Total Assets	67.14	70.37	77.05	78.15	82.56	84.54	82.64	86.28	84.59	86.31	87.34	83.43	85.02	92.44	94.43
Long-Term Debt/Equity (%)	1.34	4.63	1.97	0.24	1.88	0.28	0.3	0.25	1.91	4.63	1.6	0.93	0.85	0.67	0.57
Long-Term Debt/Capital (%)	1.29	4.05	1.84	0.22	1.66	0.25	0.27	0.23	1.69	4.11	1.47	0.83	0.77	0.57	0.49
Long-Term Debt/Total Assets (%)	1.01	3.34	1.55	0.19	1.5	0.23	0.24	0.2	1.57	3.86	1.34	0.74	0.69	0.55	0.47
Total Debt/Equity (%)	8.33	15.17	7.47	7.8	8.19	7.36	8.34	4.54	8.64	7.66	3.7	5.99	4.22	3.46	2.67
Total Debt/Capital (%)	8.04	13.27	6.95	7.11	7.24	6.56	7.45	4.17	7.62	6.79	3.39	5.39	3.81	2.95	2.29
Total Debt/Total Assets (%)	6.26	10.93	5.84	6.05	6.53	6	6.71	3.78	7.09	6.39	3.1	4.79	3.41	2.85	2.24
CFO/Total Liabilities	34.77	41.61	68.69	55.18	73.32	33.34	-0.78	25.71	57.51	66.99	5.08	33.2	108.48	78.82	80.15
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,474.67	23.46	61.75	- -	275.84	- -
Altman's Z-Score	6.45	6.28	7.51	5.74	5.07	6.77	6	5.57	5.32	4.41	5.38	6.47	6.16	6.32	6.57

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	6	5.46	5.23	5.14	4.46	4.11	4.88	5.19	4.73	4.44	5.75	6.2	5.98	5.71	6.26
Days Sales Outstanding	60.8	66.9	69.81	71.02	81.92	88.83	74.84	70.33	77.2	82.13	63.45	58.85	61.06	63.95	58.31
Inventory Turnover	2.38	2.29	2.27	2.24	2.05	1.86	1.87	2.16	2.13	2.09	2.14	2.13	2.19	2.13	2.15
Days Inventory Outstanding	153.22	159.26	160.78	162.95	177.72	196.43	194.74	169.13	171.16	174.25	170.54	171.47	166.48	171.18	169.76
Accounts Payable Turnover	7.7	7.64	7.19	7.46	5.71	5.44	6.87	7.53	7.76	6.79	8.64	8.3	7.52	7.97	8.84
Accounts Payable Turnover Days	47.42	47.79	50.78	48.91	63.96	67.07	53.15	48.5	47.03	53.72	42.25	43.98	48.52	45.78	41.27
Cash Conversion Cycle	166.59	178.37	179.82	185.05	195.68	218.19	216.43	190.97	201.34	202.66	191.74	186.35	179.03	189.35	186.81
Inventory to Cash Days	-92.42	-92.37	-90.97	-91.93	-95.8	-107.6	-119.9	-98.8	-93.96	-92.12	-107.09	-112.62	-105.42	-107.24	-111.45
Inventories	2,806	2,986	2,703	2,780	1,843	1,564	2,368	2,524	2,266	1,637	2,673	3,987	3,921	3,710	3,602
Raw Materials	965	998	936	952	781	612	767	761	708	632	844	1,150	1,218	1,216	1,143
Work In Process	694	757	651	622	407	376	620	709	613	417	708	937	1,069	993	875
Finished Goods	1,301	1,416	1,345	1,399	885	816	1,197	1,264	1,162	851	1,366	2,123	1,843	1,704	1,814
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	21,946	24,744	25,789	17,832	14,048	21,078	18,806	12,585	13,364	9,415	12,313	20,754	20,486	21,304	20,300
- Cash & Cash Equivalents	824	828	615	418	287	400	330	428	1,554	585	318	1,092	1,638	675	573
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	667	172	179	152	153	126	99	93	197	184	145	129	187	221	230
+ Total Debt	931	1,744	931	999	972	840	966	539	1,052	876	448	841	718	582	449
Enterprise Value	22,268	25,165	25,057	16,727	12,745	20,011	18,348	12,300	12,849	9,018	12,190	20,194	17,784	19,059	18,100
Total Capital	11,578	13,147	13,386	14,054	13,415	12,805	12,964	12,928	13,805	12,899	13,213	15,612	18,828	19,708	19,633
Total Debt/Capital (%)	8.04	13.27	6.95	7.11	7.24	6.56	7.45	4.17	7.62	6.79	3.39	5.39	3.81	2.95	2.29
Total Debt / EV	0.04	0.07	0.04	0.06	0.08	0.04	0.05	0.04	0.08	0.1	0.04	0.04	0.04	0.03	0.02
EV/Sales	2.23	2.32	2.36	1.65	1.85	4.66	3.47	1.61	1.76	1.75	1.87	1.72	1.2	1.52	1.51
EV/EBITDA	9.29	8.61	8.98	6.2	10.46	33.43	19.54	8.03	9.4	14.25	9	5.53	3.69	6.05	6.22
EV/EBIT	12.09	10.69	11.49	8.03	22.77	- -	55.54	14.19	15.53	- -	16.06	6.64	4.16	7.56	7.89
EV/Cash Flow to Firm	16.84	13.26	10.32	8.07	5.79	22.88	2,992.37	19.22	8.23	5.82	87.61	16.77	3.96	6.54	6.86
EV/Free Cash Flow to Firm	16.84	13.26	10.32	8.07	5.79	22.88	2,992.37	19.22	8.23	5.82	84.53	16.51	3.96	6.51	6.86
Diluted Market Cap	21,946	24,744	25,789	17,832	14,048	21,078	18,806	12,585	13,364	9,415	12,313	20,754	20,486	21,304	20,300
Diluted Enterprise Value	22,720	25,831	26,285	18,566	14,886	21,645	19,540	12,788	13,059	9,890	12,588	20,632	19,754	21,432	20,406
EV per Share	37.72	42.63	42.45	28.34	21.59	33.9	31.08	20.84	21.77	15.28	20.65	34.21	30.18	33.81	34.28
TTM Sales	9,972	10,834	10,597	10,141	6,903	4,294	5,289	7,659	7,294	5,147	6,521	11,763	14,869	12,524	11,981
TTM EBITDA	2,397	2,922	2,791	2,698	1,219	599	939	1,531	1,367	633	1,354	3,649	4,823	3,152	2,910
TTM Operating Income	1,842	2,354	2,181	2,083	560	-64	330	867	827	-46	759	3,042	4,274	2,519	2,293
TTM Cash Flow to Firm	1,323	1,898	2,428	2,074	2,200	875	6	640	1,562	1,548	139	1,204	4,486	2,916	2,637
TTM Free Cash Flow to Firm	1,323	1,898	2,428	2,074	2,200	875	6	640	1,562	1,549	144	1,223	4,486	2,926	2,637

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	17.1	13.33	10.85	8.72	6.34	24.41	-853.85	20.6	8.75	6.19	99.18	17.5	4.66	7.41	7.81
EV/EBIT	12.09	10.69	11.49	8.03	22.77	- -	55.54	14.19	15.53	- -	16.06	6.64	4.16	7.56	7.89
Enterprise Value	22,268	25,165	25,057	16,727	12,745	20,011	18,348	12,300	12,849	9,018	12,190	20,194	17,784	19,059	18,100
Low Price	23.29	29.79	38.47	28.17	22.85	18.53	25.91	20.45	19.9	8.86	14.88	21.25	24.69	27.24	30.06
EV/Sales	2.23	2.32	2.36	1.65	1.85	4.66	3.47	1.61	1.76	1.75	1.87	1.72	1.2	1.52	1.51
EV/EBITDA	9.29	8.61	8.98	6.2	10.46	33.43	19.54	8.03	9.4	14.25	9	5.53	3.69	6.05	6.22
Price/Earnings	16.48	14.56	16.62	15.39	- -	381.18	34.52	14.36	17.99	- -	11.19	8.13	5.23	10.46	10.5
Price/Earnings Average	18.09	13.33	16.52	21.51	-200.53	286.73	33.5	22.55	19.34	-13.17	11.26	6.66	4.76	9.3	10.08
Price/Earnings High	22.64	15.59	18.97	24.69	-241.3	386.2	40.32	27.38	24.1	-21.9	13.7	8.26	5.72	11.28	11.41
Price/Earnings Low	10.32	10.35	14.64	14.35	-168.25	197.8	28.08	13.78	15.82	-8.24	7.98	4.91	3.71	7.54	8.21
Price/Book Value	2.2	2.2	2.1	1.38	1.14	1.78	1.58	1.02	1.06	0.8	0.98	1.42	1.14	1.13	1.07
Price/Book Value Average	2.41	2.02	2.09	1.93	1.31	1.34	1.53	1.61	1.14	0.71	0.98	1.16	1.04	1	1.03
Price/Book Value High	3.02	2.36	2.4	2.22	1.57	1.8	1.85	1.95	1.43	1.17	1.19	1.44	1.25	1.21	1.16
Price/Book Value Low	1.38	1.57	1.85	1.29	1.1	0.92	1.29	0.98	0.94	0.44	0.7	0.86	0.81	0.81	0.84
Price/Tangible Book Value	2.81	2.98	2.74	1.77	1.44	2.21	1.9	1.21	1.26	0.94	1.15	1.63	1.31	1.38	1.31
Price/Tangible Book Value Average	3.09	2.73	2.73	2.48	1.65	1.66	1.84	1.9	1.35	0.83	1.15	1.34	1.19	1.23	1.26
Price/Tangible Book Value High	3.87	3.19	3.13	2.85	1.99	2.24	2.21	2.3	1.68	1.39	1.4	1.66	1.43	1.49	1.43
Price/Tangible Book Value Low	1.76	2.12	2.42	1.65	1.39	1.15	1.54	1.16	1.11	0.52	0.82	0.99	0.93	0.99	1.03
Price/Sales	2.2	2.28	2.43	1.76	2.04	4.91	3.56	1.64	1.83	1.83	1.89	1.76	1.38	1.7	1.69
Price/Sales Average	2.42	2.09	2.42	2.46	2.33	3.69	3.45	2.58	1.97	1.62	1.9	1.45	1.25	1.51	1.63
Price/Sales High	3.02	2.45	2.78	2.82	2.8	4.97	4.15	3.13	2.45	2.7	2.31	1.79	1.51	1.83	1.84
Price/Sales Low	1.38	1.62	2.14	1.64	1.95	2.55	2.89	1.58	1.61	1.02	1.35	1.07	0.98	1.23	1.32
Price/Cash Flow	17.1	13.33	10.85	8.72	6.34	24.41	-853.85	20.6	8.75	6.19	103.41	17.78	4.66	7.43	7.81
Price/Cash Flow Average	18.77	12.2	10.78	12.19	7.26	18.36	-828.53	32.34	9.4	5.49	104.02	14.57	4.24	6.61	7.49
Price/Cash Flow High	23.49	14.27	12.38	13.99	8.73	24.73	-997.23	39.27	11.71	9.14	126.6	18.08	5.1	8.01	8.48
Price/Cash Flow Low	10.71	9.47	9.55	8.13	6.09	12.67	-694.39	19.76	7.69	3.44	73.76	10.75	3.31	5.36	6.11
Price/Free Cash Flow Average	18.77	12.2	10.78	12.19	7.26	18.36	-828.53	32.34	9.4	5.49	99.76	14.34	4.24	6.58	7.49
Price/Free Cash Flow High	23.49	14.27	12.38	13.99	8.73	24.73	-997.23	39.27	11.71	9.13	121.43	17.79	5.1	7.98	8.48
Price/Free Cash Flow Low	10.71	9.47	9.55	8.13	6.09	12.67	-694.39	19.76	7.69	3.44	70.75	10.58	3.31	5.34	6.11
EV/Sales Average	2.49	2.19	2.47	2.53	2.45	3.82	3.59	2.61	1.93	1.72	1.94	1.44	1.21	1.52	1.63
EV/Sales High	3.1	2.55	2.82	2.89	2.92	5.11	4.29	3.16	2.41	2.79	2.35	1.78	1.46	1.84	1.85
EV/Sales Low	1.46	1.72	2.19	1.71	2.08	2.68	3.03	1.6	1.57	1.11	1.39	1.06	0.93	1.24	1.33
EV/EBITDA Average	10.37	8.12	9.36	9.51	13.88	27.44	20.22	13.03	10.29	13.96	9.35	4.63	3.72	6.05	6.73
EV/EBITDA High	12.9	9.44	10.72	10.87	16.56	36.62	24.17	15.8	12.87	22.71	11.34	5.75	4.49	7.32	7.61
EV/EBITDA Low	6.06	6.39	8.31	6.43	11.76	19.22	17.07	8.02	8.37	9.02	6.69	3.4	2.87	4.91	5.49
EV/EBIT Average	13.5	10.08	11.98	12.32	30.22	-257.19	57.46	23.02	17	-191.23	16.68	5.55	4.19	7.57	8.54
EV/EBIT High	16.78	11.72	13.72	14.08	36.05	-343.33	68.7	27.91	21.26	-311.24	20.22	6.9	5.07	9.16	9.66
EV/EBIT Low	7.88	7.93	10.64	8.34	25.59	-180.16	48.51	14.16	13.83	-123.57	11.93	4.08	3.23	6.15	6.97
Last Price	37.18	41.92	43.69	30.21	23.8	35.71	31.86	21.32	22.64	15.95	20.86	35.16	34.76	37.79	38.45
High Price	51.07	44.88	49.87	48.45	32.77	36.18	37.21	40.64	30.32	23.54	25.54	35.75	38	40.73	41.76
Enterprise Value Average	24,865	23,735	26,128	25,651	16,913	16,422	18,983	19,958	14,062	8,829	12,661	16,888	17,921	19,064	19,580
Enterprise Value High	30,919	27,579	29,933	29,332	20,181	21,922	22,698	24,192	17,592	14,370	15,351	20,980	21,664	23,089	22,154
Enterprise Value Low	14,521	18,671	23,203	17,362	14,325	11,504	16,028	12,274	11,442	5,705	9,058	12,421	13,819	15,484	15,977

Shares Outstanding	1,181	1,181	1,181	1,181	1,181	1,181	1,181	1,181	1,181	1,181	1,181	1,181	1,168	1,084	1,012
Diluted Weighted Avg Shares	590	590	590	590	590	590	590	590	590	590	590	590	589	564	528
Basic Weighted Avg Shares	590	590	590	590	590	590	590	590	590	590	590	590	589	564	528
Revenue per Share	16.89	18.35	17.95	17.18	11.69	7.27	8.96	12.97	12.36	8.72	11.05	19.93	25.23	22.22	22.69
EBITDA per Share	4.06	4.95	4.73	4.57	2.06	1.01	1.59	2.59	2.32	1.07	2.29	6.18	8.18	5.59	5.51
Operating Income per Share	3.12	3.99	3.7	3.53	0.95	-0.11	0.56	1.47	1.4	-0.08	1.29	5.15	7.25	4.47	4.34
Basic EPS, GAAP	2.26	2.88	2.63	1.96	-0.14	0.09	0.92	1.48	1.26	-1.07	1.86	4.33	6.65	3.61	3.66
Basic EPS from Cont Ops	2.41	2.88	2.67	1.98	-0.16	0.03	0.75	1.48	1.24	-1.09	1.78	4.32	6.72	3.68	3.74
Diluted EPS, GAAP	2.26	2.88	2.63	1.96	-0.14	0.09	0.92	1.48	1.26	-1.07	1.86	4.33	6.65	3.61	3.66
Diluted EPS from Cont Ops	2.41	2.88	2.67	1.98	-0.16	0.03	0.75	1.48	1.24	-1.09	1.78	4.32	6.72	3.68	3.74
Dividend per Share	0.68	0.76	0.86	0.9	0.9	0.86	0.82	0.82	0.82	0.14	0.54	0.9	1.08	1.34	1.71
Cash Flow per Share	2.17	3.14	4.03	3.46	3.75	1.46	-0.04	1.03	2.59	2.58	0.2	1.98	7.46	5.08	4.92
Free Cash Flow per Basic Share	2.17	3.14	4.03	3.46	3.75	1.46	-0.04	1.03	2.59	2.57	0.19	1.95	7.46	5.07	4.92
Cash & Equivalents per Share	2.16	2.53	3.12	3.82	4.11	3.44	2.58	1.55	2.99	2.47	1.21	2.59	6.12	5.41	5.45
Book Value per Share	16.91	19.03	20.8	21.86	20.82	20.06	20.16	20.83	21.27	20.06	21.38	24.81	30.41	33.53	35.9
Tangible Book Value per Share	13.21	14.06	15.93	17.02	16.47	16.18	16.81	17.64	18	16.97	18.18	21.52	26.56	27.42	29.3

Tenaris S.A.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)