TenarisTS +1.20%81 Pretax Margin % is 21.53% as of Mar. 2026, which is 29% above its 10-year median of 16.73. GuruFocus rates TS with a GF Score™ of 81/100 and a GF Value™ of $34.59 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 916 Oil & Gas companies, Tenaris ranks better than 78.71% on this metric.
Pre-Tax margin is calculated as Pre-Tax Income divided by its Revenue. Tenaris's Pre-Tax Income for the
three
months ended in Mar. 2026 was $668 Mil. Tenaris's Revenue for the
three
months ended in Mar. 2026 was $3,100 Mil. Therefore, Tenaris's pretax margin for the quarter that ended in Mar. 2026 was 21.53%.
The historical rank and industry rank for Tenaris's Pretax Margin % or its related term are showing as below:
TS'
s Pretax Margin % Range Over the Past 10 Years
Min: -12.03 Med: 16.73 Max: 31.16
Current: 20.91
TS's Pretax Margin % is ranked better than 78.71% of 916
companies
in the Oil & Gas industry
Industry Median: 5.165
vs TS: 20.91
Tenaris (NYSE:TS) Pretax Margin % Explanation
The pretax margin, as know as pretax profit margin, is widely used to measure the operating efficiency of a company before deducting taxes.
The pretax margin is sometimes preferred over the net margin as tax expenditures can make profitability comparisons between companies misleading.
It is a useful tool to compare companies operating in the same sector and less effective when comparing companies from other sectors as each industry generally has different operating expenses and sales patterns.
The long term trend of the pretax margin is a good indicator of the competitiveness and health of the business.
Tenaris Pretax Margin % Related Terms
Tenaris Pretax Margin % Historical Data
* Premium members only.
The historical data trend for Tenaris's Pretax Margin % 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.
For the Oil & Gas Equipment & Services subindustry, Tenaris's Pretax Margin %, along with its competitors' market caps and Pretax Margin % 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 Pretax Margin % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Tenaris's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where Tenaris's Pretax Margin % 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.
Tenaris (TS) has a Pretax Margin % of 21.53% as of Mar. 2026. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Tenaris and its competitors. This is 29% above median its historical median of 16.73. According to the industry distribution chart, Tenaris ranks #195 out of 916 companies in the Oil & Gas industry, placing it in the top 21.3%.
Is Tenaris' Pretax Margin % too high?
Tenaris' current Pretax Margin % of 21.53% is 29% above median its 10-year median of 16.73. The Oil & Gas industry median Pretax Margin % is 5.17. Tenaris' value of 21.53% is 316.8% above this industry median. Based on the distribution chart, Tenaris ranks #195 out of 916 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Tenaris has a GF Score™ of 81/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tenaris' Pretax Margin % compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Tenaris ranks #195 out of 916 companies for Pretax Margin %. This places Tenaris in the top 21% of its industry — outperforming the majority of peers. The industry median Pretax Margin % is 5.17. Tenaris' value of 21.53% is 316.8% above this benchmark. While the company's 10-year median is 16.73 vs. the industry median of 5.17, Tenaris has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Pretax Margin % for an Oil & Gas company?
The median Pretax Margin % among Oil & Gas companies is 5.17, based on 916 companies in the industry. Companies in the top quartile (top 25%) have a Pretax Margin % significantly above this median, while those in the bottom quartile fall well below. However, Pretax Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Tenaris's current Pretax Margin % of 21.53% is 316.8% 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 Pretax Margin % mean?
A high Pretax Margin % can signal that a stock is expensive relative to its fundamentals. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Tenaris and its competitors. For the Oil & Gas industry, the median Pretax Margin % is 5.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tenaris's current Pretax Margin % is 21.53%, which is 29% above median its own 10-year median of 16.73. 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 $34.59, compared to a current price of $57.20 — trading 65.4% above its estimated fair value. The current Pretax Margin % is 21.53%, which is 29% above median its 10-year median of 16.73 and 316.8% above the Oil & Gas industry median of 5.17. Tenaris' overall GF Score™ is 81/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For Tenaris (TS), the current Pretax Margin % is 21.53% 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 $57.20 is trading 65.4% above its estimated GF Value™ of $34.59.
GuruFocus considers Tenaris to be Significantly Overvalued.
Key valuation signals for TS:
Pretax Margin %: 21.53% (29% above median its 10-year median of 16.73)
GF Value™: $34.59 vs. price of $57.20 (65.4% above fair value)
Industry Position: 316.8% above the Oil & Gas median (#195 of 916)
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.
81GF Score
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