NOV Inc (NOV) 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 -83% for NOV.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.8% (average of 3 methods) values the shares at $11.05; the price of $20.18 is 83% above that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 3 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 | NOV | TS |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $20.18 | $55.42 |
| Intrinsic value | $11.05 | $78.52 |
| Margin of safety | -83% | +29% |
| Leak Score | 0/100 (3/12) | 84/100 (3/12) |
| Market cap | $7.2B | $29.7B |
| Revenue growth, 5 years | 7.6% | 18.3% |
| Operating margin | 6.9% | 18.8% |
| Net margin | 1.1% | 15.9% |
| Return on equity | 1.5% | 11.4% |
| Debt to equity | 0.37 | 0.03 |
| P/E | 77.5x | 14.8x |
| Forward P/E | 15.9x | 13.2x |
| P/B | 1.2x | 1.6x |
| Dividend yield | 2.2% | 4.0% |