TechnipFMC plc (FTI) is overvalued and Tenaris SA ADR (TS) is undervalued.
Against our estimates of intrinsic value, TS trades at the wider discount: a margin of safety of +29%, against -24% for FTI.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.3% (average of 3 methods) values the shares at $57.15; the price of $70.82 is 24% above that value, and 75% of that value comes from beyond year five.
Leak Score 76/100 on 10 of 12 signals
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $78.52; the price of $55.42 is 29% below that value, and 76% of that value comes from beyond year five.
Leak Score 84/100 on 3 of 12 signals
| Metric | FTI | TS |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $70.82 | $55.42 |
| Intrinsic value | $57.15 | $78.52 |
| Margin of safety | -24% | +29% |
| Leak Score | 76/100 (10/12) | 84/100 (3/12) |
| Market cap | $27.8B | $29.7B |
| Revenue growth, 5 years | 8.5% | 18.3% |
| Operating margin | 14.7% | 18.8% |
| Net margin | 11.4% | 15.9% |
| Return on equity | 36.0% | 11.4% |
| Debt to equity | 0.38 | 0.03 |
| P/E | 24.7x | 14.8x |
| Forward P/E | 19.6x | 13.2x |
| P/B | 8.5x | 1.6x |
| Dividend yield | 0.3% | 4.0% |