TS’s net debt
Since 2013, Tenaris’s (TS) net debt has been negative, as the company’s cash and cash equivalents have exceeded its total debt. In 2017, TS’s net debt rose 15% to -$556.6 million from -$1.2 billion in 2016, and its cash and equivalents fell 25%.
Tenaris’s shareholder equity
Tenaris’s shareholder equity rose 1.7% between 2016 and 2017. TS accounts for 4.3% of the VanEck Vectors Oil Services ETF (OIH), which tracks an index of 25 oilfield equipment and service companies. OIH has fallen 24% in the past year, whereas TS has risen 2%.
TS’s net debt-to-equity ratio
Tenaris’s lower negative net debt and higher shareholder equity reduced its net debt-to-equity ratio to -0.05x in 2017 from -0.11x in 2016. It has had a negative net debt-to-equity ratio for five years, reflecting balance sheet strength. Next, we’ll discuss Oil States International’s (OIS) debt and equity.
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