A Look at Tenaris’s Net Debt-To-Equity Ratio in 2017



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%.

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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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