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TenarisTS +0.52%80 Net-Net Working Capital is $6.81 as of Mar. 2026. GuruFocus rates TS with a GF Score™ of 80/100 and a GF Value™ of $34.93 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 192 Oil & Gas companies, Tenaris ranks worse than 54.69% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Tenaris's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $6.81.
The industry rank for Tenaris's Net-Net Working Capital or its related term are showing as below:
TS's Price-to-Net-Net-Working-Capital is ranked worse than 54.69% of 192
companies
in the Oil & Gas industry
Industry Median: 6.685
vs TS: 8.37
Tenaris (NYSE:TS) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Tenaris Net-Net Working Capital Related Terms
Tenaris Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Tenaris's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TS vs SLB, BKR, HAL: Net-Net Working Capital Comparison
For the Oil & Gas Equipment & Services subindustry, Tenaris's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Tenaris Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Tenaris's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Tenaris's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $6.81 mean?
Tenaris (TS) has a Net-Net Working Capital of $6.81 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Tenaris According to the industry distribution chart, Tenaris ranks #105 out of 192 companies in the Oil & Gas industry, placing it in the top 54.7%.
Is Tenaris' Net-Net Working Capital too high?
Tenaris' current Net-Net Working Capital is $6.81. The Oil & Gas industry median Net-Net Working Capital is 6.69. Tenaris' value of $6.81 is 1.9% above this industry median. Based on the distribution chart, Tenaris ranks #105 out of 192 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Tenaris has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tenaris' Net-Net Working Capital compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Tenaris ranks #105 out of 192 companies for Net-Net Working Capital. This places Tenaris in the lower half of its industry. The industry median Net-Net Working Capital is 6.69. Tenaris' value of $6.81 is 1.9% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.69, based on 192 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Tenaris's current Net-Net Working Capital of $6.81 is 1.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Tenaris For the Oil & Gas industry, the median Net-Net Working Capital is 6.69 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tenaris's current Net-Net Working Capital is $6.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tenaris stock overvalued right now?
Based on GuruFocus' analysis, Tenaris (TS) is currently considered Significantly Overvalued. The stock's GF Value™ is $34.93, compared to a current price of $56.14 — trading 60.7% above its estimated fair value. The current Net-Net Working Capital is $6.81 and 1.9% above the Oil & Gas industry median of 6.69. Tenaris' overall GF Score™ is 80/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Tenaris (TS), the current Net-Net Working Capital is $6.81 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Tenaris (TS) Overvalued in 2026?
Based on GuruFocus' analysis, Tenaris stock appears to be overvalued.
The current stock price of $56.14 is trading 60.7% above its estimated GF Value™ of $34.93.
GuruFocus considers Tenaris to be Significantly Overvalued.
Key valuation signals for TS:
Net-Net Working Capital: $6.81
GF Value™: $34.93 vs. price of $56.14 (60.7% above fair value)
Industry Position: 1.9% above the Oil & Gas median (#105 of 192)
No single metric tells the full story. See the TS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tenaris SA is engaged in the manufacture and supply of steel pipe products and related services for the energy industry and other industrial applications. The company has one reportable segment, Tubes, which includes the production and sale of steel tubular products such as OCTG, line pipe, and mechanical and structural tubes, mainly for the oil and gas industry. It operates an integrated network of manufacturing, research, and service facilities across the Americas, Europe, the Middle East, Asia, and Africa.
80GF Score
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