Kodiak Gas Services Inc (KGS) 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 -27% for KGS.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.2% (average of 3 methods) values the shares at $43.16; the price of $54.69 is 27% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 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 | KGS | TS |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $54.69 | $55.42 |
| Intrinsic value | $43.16 | $78.52 |
| Margin of safety | -27% | +29% |
| Leak Score | 0/100 (2/12) | 84/100 (3/12) |
| Market cap | $5.5B | $29.7B |
| Revenue growth, 5 years | 19.7% | 18.3% |
| Operating margin | 32.6% | 18.8% |
| Net margin | 5.6% | 15.9% |
| Return on equity | 4.6% | 11.4% |
| Debt to equity | 1.31 | 0.03 |
| P/E | 65.3x | 14.8x |
| Forward P/E | 18.0x | 13.2x |
| P/B | 2.5x | 1.6x |
| Dividend yield | 3.6% | 4.0% |