TS vs. TX

Last updated Apr 1, 2026

Compare and contrast key facts about Tenaris S.A. (TS) and Ternium S.A. (TX).

Performance

TS vs. TX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tenaris S.A. (TS) and Ternium S.A. (TX). The values are adjusted to include any dividend payments, if applicable.

TS vs. TX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TS Tenaris S.A.	51.31%	4.98%	12.88%	2.63%	73.26%	34.03%	-28.87%	9.68%	-31.51%	-6.68%
TX Ternium S.A.	5.13%	43.56%	-25.86%	49.94%	-24.80%	60.96%	32.18%	-14.86%	-11.86%	36.48%

Fundamentals

Market Cap TS : $30.24B TX : $7.88B
EPS TS : $3.63 TX : $2.17
PE Ratio TS : 16.04 TX : 18.54
PEG Ratio TS : 0.44 TX : 0.31
PS Ratio TS : 2.59 TX : 0.50
PB Ratio TS : 1.82 TX : 0.66
Total Revenue (TTM) TS : $11.97B TX : $15.61B
Gross Profit (TTM) TS : $3.84B TX : $2.35B
EBITDA (TTM) TS : $3.10B TX : $1.62B

Returns By Period

In the year-to-date period, TS achieves a 51.31% return, which is significantly higher than TX's 5.13% return. Over the past 10 years, TS has underperformed TX with an annualized return of 12.29%, while TX has yielded a comparatively higher 14.36% annualized return.

TS

• 1D: 1.71%
• 1M: 6.95%
• YTD: 51.31%
• 6M: 65.07%
• 1Y: 53.49%
• 3Y*: 31.55%
• 5Y*: 24.12%
• 10Y*: 12.29%

TX

• 1D: 4.34%
• 1M: -7.64%
• YTD: 5.13%
• 6M: 18.55%
• 1Y: 40.85%
• 3Y*: 7.51%
• 5Y*: 8.62%
• 10Y*: 14.36%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

TS vs. TX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TS

TS Risk / Return Rank: 83
TS Sharpe Ratio Rank: 87
TS Sortino Ratio Rank: 83
TS Omega Ratio Rank: 83
TS Calmar Ratio Rank: 82
TS Martin Ratio Rank: 82

TX

TX Risk / Return Rank: 78
TX Sharpe Ratio Rank: 82
TX Sortino Ratio Rank: 76
TX Omega Ratio Rank: 74
TX Calmar Ratio Rank: 77
TX Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TS vs. TX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tenaris S.A. (TS) and Ternium S.A. (TX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TS	TX	Difference
Sharpe ratio Return per unit of total volatility	1.69	1.33	+0.36
Sortino ratio Return per unit of downside risk	2.24	1.86	+0.38
Omega ratio Gain probability vs. loss probability	1.31	1.24	+0.07
Calmar ratio Return relative to maximum drawdown	2.41	1.93	+0.48
Martin ratio Return relative to average drawdown	6.55	6.99	-0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TS vs. TX - Sharpe Ratio Comparison

The current TS Sharpe Ratio is 1.69, which is comparable to the TX Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of TS and TX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TS	TX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	1.33	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.25	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.38	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.15	+0.25

Correlation

The correlation between TS and TX is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TS vs. TX - Dividend Comparison

TS's dividend yield for the trailing twelve months is around 1.96%, less than TX's 6.72% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TS Tenaris S.A.	1.96%	2.96%	3.55%	3.11%	2.56%	2.59%	0.88%	3.62%	3.85%	4.39%	2.41%	3.78%
TX Ternium S.A.	6.72%	7.07%	10.66%	6.83%	8.84%	6.66%	0.00%	5.45%	4.06%	3.17%	3.73%	7.24%

Drawdowns

TS vs. TX - Drawdown Comparison

The maximum TS drawdown since its inception was -83.34%, smaller than the maximum TX drawdown of -89.66%. Use the drawdown chart below to compare losses from any high point for TS and TX.

Drawdown Indicators

	TS	TX	Difference
Max Drawdown Largest peak-to-trough decline	-83.34%	-89.66%	+6.32%
Max Drawdown (1Y) Largest decline over 1 year	-22.17%	-21.26%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	-33.71%	-49.48%	+15.77%
Max Drawdown (10Y) Largest decline over 10 years	-76.21%	-74.94%	-1.27%
Current Drawdown Current decline from peak	-0.26%	-11.27%	+11.01%
Average Drawdown Average peak-to-trough decline	-37.08%	-31.52%	-5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.17%	5.88%	+2.29%

Volatility

TS vs. TX - Volatility Comparison

The current volatility for Tenaris S.A. (TS) is 7.69%, while Ternium S.A. (TX) has a volatility of 9.99%. This indicates that TS experiences smaller price fluctuations and is considered to be less risky than TX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TS	TX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.69%	9.99%	-2.30%
Volatility (6M) Calculated over the trailing 6-month period	21.26%	19.83%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	31.76%	30.84%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.94%	34.98%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.93%	38.06%	-1.13%

Financials

TS vs. TX - Profitability Comparison

The chart below illustrates the profitability comparison between Tenaris S.A. and Ternium S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Tenaris S.A. reported a gross profit of 735.68M and revenue of 3.00B. Therefore, the gross margin over that period was 24.6%.

TX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Ternium S.A. reported a gross profit of 604.00M and revenue of 3.78B. Therefore, the gross margin over that period was 16.0%.

TS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Tenaris S.A. reported an operating income of 553.94M and revenue of 3.00B, resulting in an operating margin of 18.5%.

TX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Ternium S.A. reported an operating income of 159.00M and revenue of 3.78B, resulting in an operating margin of 4.2%.

TS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Tenaris S.A. reported a net income of 448.87M and revenue of 3.00B, resulting in a net margin of 15.0%.

TX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Ternium S.A. reported a net income of 122.00M and revenue of 3.78B, resulting in a net margin of 3.2%.