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Tenaris SA vs Steel Dynamics: TS and STLD compared
Tenaris SA is the larger company: $12.0B of revenue in its latest quarter (FY2025) against $6.5B for Steel Dynamics (Q3 2026). Steel Dynamics is growing faster (+35% against -4% a year earlier). Tenaris SA is more profitable, with an operating margin of 19.1% against 15.5%.
Where the money goes: TS and STLD
Tenaris SA (TS) · FY2025
Tenaris SA, FY2025: revenue $12.0B (-4% year over year), operating margin 19.1%, net earnings $1.9B, operating cash flow $2.6B. The chart follows the revenue to costs, profit and cash.
Steel Dynamics (STLD) · Q3 2026
Steel Dynamics, Q3 2026: revenue $6.5B (+35% year over year), operating margin 15.5%, net earnings $756M, operating cash flow $846M. The chart follows the revenue to costs, profit and cash.
| Tenaris SA (TS) | Steel Dynamics (STLD) | |
|---|---|---|
| Latest quarter | FY2025 | Q3 2026 |
| Revenue | $12.0B | $6.5B |
| Revenue growth, Y/Y | -4% | +35% |
| Gross margin | 34.4% | 19.7% |
| Operating margin | 19.1% | 15.5% |
| Net earnings | $1.9B | $756M |
| Net margin | 16.1% | 11.6% |
| Operating cash flow | $2.6B | $846M |
| Free cash flow | — | $696M |
| Market value | $63.1B | $31.9B |
| P/E | 32.0× | 16.4× |
| Analysts’ mean target | $66.82 | $272.68 |
Questions
Which is bigger, Tenaris SA or Steel Dynamics?
Tenaris SA is the larger company: $12.0B of revenue in its latest quarter (FY2025) against $6.5B for Steel Dynamics (Q3 2026).
Is Tenaris SA or Steel Dynamics growing faster?
Steel Dynamics is growing faster (+35% against -4% a year earlier).
Which is more profitable, Tenaris SA or Steel Dynamics?
Tenaris SA is more profitable, with an operating margin of 19.1% against 15.5%.
More: Tenaris SA earnings · how Tenaris SA makes money · Steel Dynamics earnings · how Steel Dynamics makes money
From the companies' latest 10-Q, 10-K or earnings release (20-F filed Mar 31, 2026; 10-Q filed Oct 23, 2026). Fiscal quarters can end on different dates. Not investment advice.