TS vs TX
Tenaris SA and Ternium S.a., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | TS | TX |
|---|---|---|
| Revenue | $12.0B | $15.6B |
| Net income | $1.9B | $425.2M |
| Gross margin | 34.4% | 15.1% |
| Net margin | 16.5% | 1.9% |
| Return on equity | 11.6% | 3.6% |
| Diluted EPS | $1.83 | $0.22 |
| Dividend / share | · | $0.27 |
| Payout ratio | 46.6% | 124.6% |
| Free cash flow | · | $-345.5M |
| Equity | $16.6B | $11.9B |
| Net debt / equity | −0.02× | 0.07× |
| Current ratio | 3.87× | 2.49× |
| Revenue CAGR 5y | 18.4% | 12.3% |
| Profit CAGR 5y | · | −11.4% |
TX bills 1.3× the revenue of TS, and TS keeps more of each dollar of revenue as profit (16.5% against 1.9%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | TS | TX |
|---|---|---|
| FY2025 | $12.0B | $15.6B |
| FY2024 | $12.5B | $17.6B |
| FY2023 | $14.9B | $17.6B |
| FY2022 | $11.8B | $16.4B |
| FY2021 | $6.5B | $16.1B |
| FY2020 | $5.1B | $8.7B |
| FY2019 | $7.3B | $10.2B |
| FY2018 | $7.7B | $11.5B |
| FY2017 | $5.3B | $9.7B |
| FY2016 | $4.3B | $7.2B |
Bottom line
| Fiscal year | TS | TX |
|---|---|---|
| FY2025 | $1.9B | $425.2M |
| FY2024 | $2.0B | $-53.7M |
| FY2023 | $3.9B | $676.0M |
| FY2022 | $2.6B | $1.8B |
| FY2021 | $1.1B | $3.8B |
| FY2020 | $-634.4M | $778.5M |
| FY2019 | $742.7M | $564.3M |
| FY2018 | $876.1M | $1.5B |
| FY2017 | $544.7M | $886.2M |
| FY2016 | $55.3M | $595.6M |
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$3,627,937,000 | TX |
| FY2024 | −$5,125,126,000 | TX |
| FY2023 | −$2,741,232,000 | TX |
| FY2022 | −$4,651,940,000 | TX |
| FY2021 | −$9,569,537,000 | TX |
| FY2020 | −$3,588,701,000 | TX |
| FY2019 | −$2,898,763,000 | TX |
| FY2018 | −$3,796,219,000 | TX |
| FY2017 | −$4,411,792,000 | TX |
| FY2016 | −$2,930,383,000 | TX |
| FY2015 | −$974,326,000 | TX |
TX has reported the higher revenue in every one of these 11 fiscal years. The gap has widened since the earliest year compared.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +14.5 pp | TS |
| FY2024 | +15.6 pp | TS |
| FY2023 | +21.0 pp | TS |
| FY2022 | +8.9 pp | TS |
| FY2021 | −11.0 pp | TX |
| FY2020 | −22.4 pp | TX |
| FY2019 | +3.8 pp | TS |
| FY2018 | −3.1 pp | TX |
| FY2017 | −0.4 pp | TX |
| FY2016 | −8.4 pp | TX |
| FY2015 | −1.8 pp | TX |
The higher net margin has changed hands between TS and TX over this period.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
TS's net margin has been more volatile than TX's over the 11 comparable fiscal years — 10.6 percentage points of standard deviation against 7.3.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between TS and TX over these 11 fiscal years — TS led in 5 and TX in 6.
11 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
TX's return on equity has been more volatile than TS's over the 10 comparable fiscal years — 12.0 percentage points of standard deviation against 8.4.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between TS and TX over these 10 fiscal years — TS led in 4 and TX in 6.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.