Tenaris S.A. (BIT:TEN) defied analyst predictions to release its quarterly results, which were ahead of market expectations. Tenaris beat earnings, with revenues hitting US$3.1b, ahead of expectations, and statutory earnings per share outperforming analyst reckonings by a solid 16%. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. So we collected the latest post-earnings statutory consensus estimates to see what could be in store for next year.

Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit.

Following last week's earnings report, Tenaris' 19 analysts are forecasting 2026 revenues to be US$12.3b, approximately in line with the last 12 months. Statutory earnings per share are forecast to shrink 5.8% to US$1.83 in the same period. In the lead-up to this report, the analysts had been modelling revenues of US$12.0b and earnings per share (EPS) of US$1.82 in 2026. So it looks like there's been no major change in sentiment following the latest results, although the analysts have made a slight bump in to revenue forecasts.

View our latest analysis for Tenaris

Even though revenue forecasts increased, there was no change to the consensus price target of €24.99, suggesting the analysts are focused on earnings as the driver of value creation. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. The most optimistic Tenaris analyst has a price target of €34.47 per share, while the most pessimistic values it at €18.70. These price targets show that analysts do have some differing views on the business, but the estimates do not vary enough to suggest to us that some are betting on wild success or utter failure.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. It's pretty clear that there is an expectation that Tenaris' revenue growth will slow down substantially, with revenues to the end of 2026 expected to display 1.6% growth on an annualised basis. This is compared to a historical growth rate of 14% over the past five years. Compare this against other companies (with analyst forecasts) in the industry, which are in aggregate expected to see revenue growth of 2.3% annually. So it's pretty clear that, while revenue growth is expected to slow down, the wider industry is also expected to grow faster than Tenaris.

The Bottom Line

The most important thing to take away is that there's been no major change in sentiment, with the analysts reconfirming that the business is performing in line with their previous earnings per share estimates. Fortunately, they also upgraded their revenue estimates, although our data indicates it is expected to perform worse than the wider industry. The consensus price target held steady at €24.99, with the latest estimates not enough to have an impact on their price targets.

Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. We have forecasts for Tenaris going out to 2028, and you can see them free on our platform here.

Before you take the next step you should know about the 2 warning signs for Tenaris (1 shouldn't be ignored!) that we have uncovered.