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Tenable Holdings, Inc. (TENB) stock

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NASDAQ: TENB Nasdaq Systems Software Next results ~February 3, 2027

C+ Fundamentals grade

Tenable Holdings, Inc. is a US-listed company in the systems software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$33

Cash-flow model

Base case. Range ~$25–$45 across our lower- and higher-growth cases (6%–16% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 30% below it.

Price used: $47.45, November 2, 2026

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 3 selling3 purchases and 7 sales by directors and officers, last 12 monthsInsider trades
  • Funds172 adding, 176 cuttingOf 59 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Tenable Holdings files

Where Tenable stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.04bn, up 9.9% on a year earlier, slower than the 10.7% growth a quarter earlier. Free-cash-flow margin fell to 25.3% from 26.5% a year earlier. Operating margin widened to 3.6% from -1.5%. It passes 1 of our 3 financial-health checks. Our cash-flow model value is $34.88 a share, against a share price of $50.57.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

Tenable Holdings, Inc.'s trailing-twelve-month revenue grew 9.9% year on year, with a free-cash-flow margin of 25.3%.

Our discounted-cash-flow model values the business at ~$33 per share in the base case (~$25–$45 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 9.9% (-0.8pp vs the prior quarter), the 15th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • Margins widening. Operating margin is up 5.1 points on a year ago.
  • Strong cash generation. 25.3% of revenue turned into free cash flow, against a median of 17.3% for systems software companies we cover.
  • Shrinking share count. Diluted shares fell 1.9% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $47.45 is 30% above our value per share of $33.
  • Heavy stock-based pay. Stock pay equals 17.2% of revenue, against a median of 8.5% for systems software companies we cover: a real cost that cash-flow figures leave out.
  • High earnings multiple. The shares trade at 828 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 61% and a beta of 1.2 against the S&P 500.
  • Heavily shorted. 17.1% of the shares available to trade are sold short (4.2 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.63 against an average estimate of $0.51: beat by 24.1%
Revenue
$269m, up 8.6% on a year earlier
Share reaction
+6.4% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $0.57

Tenable Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-6.5%
  • 1 week-1.6%
  • 1 month+28.8%
  • This year+101.7%
  • 1 year+63.5%
  • 5 years-12.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1B
Operating margin
3.6%
Net margin
0.6%
EPS (TTM, diluted)
$0.06

Growth

Revenue growth
+9.9%
Change in growth rate
−0.8 pts
Share count change
−1.9%

Cash

Free cash flow (TTM)
$264M
FCF margin
25.3%
Stock pay % of revenue
17.2%

Earnings

Last results
October 28, 2026
Next results (est.)
February 3, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement
  3. Leadership
  4. Agreement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

What the price is pricing in

The share price implies about 27.0% a year of cash-flow growth for five years.That is faster than the 14.0% a year revenue growth Tenable Holdings has delivered.

  • Priced in27.0%
  • Last 12 months9.9%
  • 3 years a year12.0%
  • 5 years a year14.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($47.75, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$33
Price used
$47.75close November 3, 2026
Implied change
▼ 30%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Tenable Holdings, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($83.9M, FY2026 Q2 TTM), growing 8.8% and 9.6% in the next two years (forecasts, guidance and its record), then back to 11% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$25–~$45 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Tenable Holdings, Inc.'s free cash flow after stock-based pay ( $83.9M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Tenable Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$33 ~$25–$45 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$41 ~$29–$87 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$36 ~$33–$41 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tenable Holdings, Inc. with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −4%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $10$14$19$26$34$45
8.5% $8$10$14$19$25$33
10% $6$8$11$15$19$25

Valuation multiples over time Market data may be delayed

Tenable Holdings, Inc.: market value and multiples by fiscal year
At fiscal year end 20182019202020212022202320242025Now
Share price$22.19$23.96$52.26$55.07$38.15$46.06$39.38$23.53$47.45
Market value$1.2bn$2.3bn$5.3bn$5.9bn$4.2bn$5.3bn$4.7bn$2.8bn$5.6bn
+ Net debt (− = net cash)−$165m−$74m−$178m$97m$70m$130m$35m$172m$233m
Enterprise value$1.0bn$2.2bn$5.1bn$6.0bn$4.3bn$5.4bn$4.7bn$3.0bn$5.8bn
Multiples
Price / sales 4.5x6.5x12.0x10.8x6.2x6.7x5.2x2.8x5.4x
Price / earnings ————————n/m
Price / free cash flow ——116.4x63.1x34.9x35.9x21.9x11.1x21.1x
EV / EBITDA ——————178.8x91.5x73.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard Tenable Holdings's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Cash operating profit has been a median 12.5% of total assets over 7 years.

  • Pricing power 19 / 20

    Gross margin has been a median 78.9%, moving by 2.7 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -7.7%; its worst year was -27.6%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 6 of 9 years, at a median 17.4% of revenue.

  • Discipline 2 / 20

    The diluted share count rose 13.4% over five years; stock-based pay has been a median 16.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (63 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Tenable Holdings, Inc.: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $2.18 +37% $1.1bn +9%
Next $2.45 +13% $1.2bn +7%

Next year's EPS estimate has moved +12.2% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +9.8% on 90 days ago. In the last 30 days, 21 analysts raised Tenable Holdings, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Tenable Holdings, Inc., last 90 days
$1.80 $2.00 $2.20 $2.40 $2.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.98 Current fiscal year, 60 days ago: $1.98 Current fiscal year, 30 days ago: $1.98 Current fiscal year, 7 days ago: $1.99 Current fiscal year, Now: $2.18 $2.18 Next fiscal year, 90 days ago: $2.18 Next fiscal year, 60 days ago: $2.18 Next fiscal year, 30 days ago: $2.18 Next fiscal year, 7 days ago: $2.20 Next fiscal year, Now: $2.45 $2.45

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.98$2.18
60 days ago $1.98$2.18
30 days ago $1.98$2.18
7 days ago $1.99$2.20
Now $2.18$2.45

Earnings against estimates

Tenable Holdings, Inc.: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Sept 2026 $0.51 $0.63 +24.1%
Jun 2026 $0.47 $0.51 +8.6%
Mar 2026 $0.41 $0.47 +15.0%
Dec 2025 $0.41 $0.48 +15.9%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Tenable Holdings, Inc.'s revenue by +8.8% next year and +9.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.9%, weight 69%) and the company's own record (+11.0%, weight 31%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy836%
Hold1255%
Sell29%

Monthly trend

  1. Oct 2026351222
  2. Sep 2026351323
  3. Aug 2026361323
  4. Jul 2026361323

Counts of recommendations published by analysts covering Tenable Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.1%
of tradable shares
Days to cover
4.2
at average volume
Short interest, 1 month
−17%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.6%
of shares
Employees
1,995
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +63.5%

$29.02 on October 31, 2025 to $47.45

Tenable Holdings, Inc.: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $949m $1.0bn +9.9%
P/S multiple 3.7x 5.4x +45.9%
Share count 120m 118m +1.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +27.9%

$37.10 on November 3, 2023 to $47.45

Tenable Holdings, Inc.: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $743m $1.0bn +40.4%
P/S multiple 5.7x 5.4x −5.4%
Share count 113m 118m −3.7%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Tenable Holdings, Inc.: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 202120222023202420252026 to date
Return
TENB+5%−31%+21%−15%−40%+102%
Industry peers (median)+26%−48%+33%+23%+0%+25%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TENB58%33%58%50%25%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TENB−36%−53%−28%−25%−47%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since July 26, 2018: 74% from April 13, 2022 to April 10, 2026. Getting back needed a 291% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$16.04 – $51.78
From 52-week high
−8.4%
vs 50-day average
+23.9%
vs 200-day average
+64.3%
Volatility (1 year)
61%
Beta vs S&P 500
1.19

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±4.7%
After a week
4 up, 7 down
typical move ±7.2%
After a month
5 up, 6 down
typical move ±11.0%
Tenable Holdings, Inc.: share-price change after each results release
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +6.4% 0.0% — —
July 29, 2026 +3.8% +0.1% +14.8% +19.9%
April 29, 2026 +2.2% +1.0% +3.5% +38.1%
February 4, 2026 −1.4% −1.7% +12.5% +4.9%
October 29, 2025 −4.9% −1.1% −8.9% −12.6%
July 30, 2025 −4.8% −0.5% −8.6% −5.5%
April 29, 2025 −7.7% +0.7% −6.0% −2.9%
February 7, 2025 +2.5% −0.2% −2.1% −7.9%
February 5, 2025 −7.4% +0.8% −7.9% −15.2%
January 6, 2025 −0.3% −0.6% −0.1% +2.0%
October 30, 2024 −5.2% −2.3% +0.5% +0.4%
July 31, 2024 −9.9% +0.2% −14.3% −11.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Tenable Holdings, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Tenable Holdings, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Tenable Holdings, Inc.
$700M $800M $900M $1B $1.1B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $770M Revenue (TTM), FY23 Q4: $798.7M Revenue (TTM), FY24 Q1: $825.8M Revenue (TTM), FY24 Q2: $852M Revenue (TTM), FY24 Q3: $877.6M Revenue (TTM), FY24 Q4: $900M Revenue (TTM), FY25 Q1: $923.2M Revenue (TTM), FY25 Q2: $949.3M Revenue (TTM), FY25 Q3: $974.6M Revenue (TTM), FY25 Q4: $999.4M Revenue (TTM), FY26 Q1: $1B Revenue (TTM), FY26 Q2: $1B $1B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $770M
FY23 Q4 $798.7M
FY24 Q1 $825.8M
FY24 Q2 $852M
FY24 Q3 $877.6M
FY24 Q4 $900M
FY25 Q1 $923.2M
FY25 Q2 $949.3M
FY25 Q3 $974.6M
FY25 Q4 $999.4M
FY26 Q1 $1B
FY26 Q2 $1B
Revenue growth, TTM YoY Tenable Holdings, Inc.
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 18.9% Revenue growth, TTM YoY, FY23 Q4: 16.9% Revenue growth, TTM YoY, FY24 Q1: 15.9% Revenue growth, TTM YoY, FY24 Q2: 14.6% Revenue growth, TTM YoY, FY24 Q3: 14.0% Revenue growth, TTM YoY, FY24 Q4: 12.7% Revenue growth, TTM YoY, FY25 Q1: 11.8% Revenue growth, TTM YoY, FY25 Q2: 11.4% Revenue growth, TTM YoY, FY25 Q3: 11.1% Revenue growth, TTM YoY, FY25 Q4: 11.0% Revenue growth, TTM YoY, FY26 Q1: 10.7% Revenue growth, TTM YoY, FY26 Q2: 9.9% 9.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 18.9%
FY23 Q4 16.9%
FY24 Q1 15.9%
FY24 Q2 14.6%
FY24 Q3 14.0%
FY24 Q4 12.7%
FY25 Q1 11.8%
FY25 Q2 11.4%
FY25 Q3 11.1%
FY25 Q4 11.0%
FY26 Q1 10.7%
FY26 Q2 9.9%
Operating margin (TTM) Tenable Holdings, Inc.
-10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -6.7% Operating margin (TTM), FY23 Q4: -6.5% Operating margin (TTM), FY24 Q1: -5.1% Operating margin (TTM), FY24 Q2: -4.7% Operating margin (TTM), FY24 Q3: -3.9% Operating margin (TTM), FY24 Q4: -0.8% Operating margin (TTM), FY25 Q1: -1.7% Operating margin (TTM), FY25 Q2: -1.5% Operating margin (TTM), FY25 Q3: -0.5% Operating margin (TTM), FY25 Q4: -0.9% Operating margin (TTM), FY26 Q1: 1.7% Operating margin (TTM), FY26 Q2: 3.6% 3.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -6.7%
FY23 Q4 -6.5%
FY24 Q1 -5.1%
FY24 Q2 -4.7%
FY24 Q3 -3.9%
FY24 Q4 -0.8%
FY25 Q1 -1.7%
FY25 Q2 -1.5%
FY25 Q3 -0.5%
FY25 Q4 -0.9%
FY26 Q1 1.7%
FY26 Q2 3.6%
FCF margin (TTM) Tenable Holdings, Inc.
15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 17.9% FCF margin (TTM), FY23 Q4: 18.5% FCF margin (TTM), FY24 Q1: 19.3% FCF margin (TTM), FY24 Q2: 18.9% FCF margin (TTM), FY24 Q3: 19.7% FCF margin (TTM), FY24 Q4: 23.7% FCF margin (TTM), FY25 Q1: 26.5% FCF margin (TTM), FY25 Q2: 26.5% FCF margin (TTM), FY25 Q3: 25.7% FCF margin (TTM), FY25 Q4: 25.5% FCF margin (TTM), FY26 Q1: 25.4% FCF margin (TTM), FY26 Q2: 25.3% 25.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 17.9%
FY23 Q4 18.5%
FY24 Q1 19.3%
FY24 Q2 18.9%
FY24 Q3 19.7%
FY24 Q4 23.7%
FY25 Q1 26.5%
FY25 Q2 26.5%
FY25 Q3 25.7%
FY25 Q4 25.5%
FY26 Q1 25.4%
FY26 Q2 25.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Tenable Holdings, Inc.: annual financial statements
Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 124 188 267 355 440 541 683 799 900 999 1,044
Gross profit 110 162 224 294 363 435 528 615 700 780 814
EBITDA −33 −36 −66 −84 −26 −26 −46 −25 26 33 79
Operating income −36 −41 −73 −91 −36 −42 −68 −52 −7 −9 37
Net income −37 −41 −74 −99 −43 −47 −92 −78 −36 −36 7
Diluted EPS −$1.81 −$1.88 −$1.38 −$1.03 −$0.42 −$0.44 −$0.83 −$0.68 −$0.31 −$0.30 $0.06
Growth (year on year)
Revenue — +50.9% +42.4% +32.6% +24.2% +22.9% +26.3% +16.9% +12.7% +11.0% +9.9%
EBITDA — — — — — — — — — +24.4% +232.3%
Margins
Gross margin 88.6% 86.4% 83.9% 82.8% 82.4% 80.3% 77.3% 77.0% 77.8% 78.1% 78.1%
EBITDA margin −26.4% −19.2% −24.8% −23.7% −5.9% −4.7% −6.7% −3.1% 2.9% 3.3% 7.6%
Operating margin −28.8% −21.7% −27.1% −25.6% −8.3% −7.7% −9.9% −6.5% −0.8% −0.9% 3.6%
Net margin −29.9% −21.9% −27.5% −27.9% −9.7% −8.6% −13.5% −9.8% −4.0% −3.6% 0.6%
Free-cash-flow margin −6.9% −4.8% −3.1% −8.9% 10.3% 17.2% 17.8% 18.5% 23.7% 25.5% 25.3%
Cash flow
Cash from operations −3 −6 −3 −11 64 97 131 150 217 267 270
Capital spending 6 3 6 21 19 4 9 2 4 12 5
Free cash flow −9 −9 −8 −31 45 93 122 148 213 255 264
Stock-based pay 3 8 23 42 60 79 121 145 164 192 180
Free cash flow after stock pay −11 −17 −31 −73 −14 13 1 3 50 63 85
Balance sheet
Cash 34 27 165 74 178 278 301 237 329 188 125
Total debt 0 0 0 0 0 375 371 368 364 360 358
Net debt (negative = net cash) −34 −27 −165 −74 −178 97 70 130 35 172 233
Diluted shares 21m 22m 54m 96m 101m 106m 111m 115m 119m 120m 118m
Returned to shareholders
Buybacks 0 0 0 0 0 0 0 15 100 247 353
Total returned 0 0 0 0 0 0 0 15 100 247 353

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 3 checks passed · June 30, 2026
What it owns · $1.6bn
Short-term assets $609mLonger-term assets $965m
What it owes, and who funded it · $1.6bn
Short-term liabilities $775mLonger-term liabilities $600mShareholders' equity $198m
  • Short-term assets cover short-term liabilities $609m of assets due within a year against $775m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $609m short-term assets against $600m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $37m against $27m of interest.

From Tenable Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$353M
Returned to shareholders
133%
of free cash flow
Buybacks, last 3 fiscal years
$362M
Diluted share count
−1.9%
year over year
Total shareholder yield
6.5%
dividends 0.0% + buybacks 6.5% of market value
R&D spending
21.5%
of revenue
Days sales outstanding
72 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Growth, margins and cash generation against peers
Last 12 months unless stated TENB GTLB DLO S SAIL CVLT Median
Revenue, last 12 months $1.0bn $1.1bn $1.1bn $1.1bn $1.2bn $1.3bn $1.1bn
Revenue growth, last 12 months 9.9% 23.0% 46.6% 21.1% 20.1% 14.3% 16.9%
Revenue growth, 3-year average 12.0% 28.1% — 28.0% — 16.2% 16.1%
Revenue growth, latest quarter 8.6% 21.3% — 20.6% 16.8% 13.1% 19.6%
Gross margin 78.1% 85.8% 36.8% 72.5% 66.2% 81.3% 69.6%
Operating margin 3.6% −8.5% 20.1% −29.5% −18.9% 7.4% 3.7%
Operating margin, 3-year average −0.9% −15.3% — −37.1% — 7.5% 4.0%
Net margin 0.6% −5.0% 18.0% −31.0% −16.9% 6.6% 2.4%
Cash from operations / revenue 25.8% 21.2% 38.0% 5.2% 17.2% 21.0% 16.6%
Free-cash-flow margin 25.3% 20.3% 37.8% 5.1% 16.7% 20.4% 15.0%
Free-cash-flow margin, 3-year average 23.6% 11.5% — 3.8% — 21.3% 18.8%
Stock pay / revenue 17.2% 21.8% 2.2% 29.3% 20.4% 10.6% 8.2%
Change in share count −1.9% 4.2% −1.1% 3.4% — −4.9% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measures ranked against peers
Measure Company Peer median Rank
Revenue growth Growth 9.9% 16.9% 25 of 37
Change in growth rate Growth -0.8pp -0.3pp 23 of 37
Gross margin Profitability 78.1% 70.4% 10 of 32
Operating margin Profitability 3.6% 3.8% 18 of 34
Net margin Profitability 0.6% 2.4% 20 of 37
Free-cash-flow margin Cash generation 25.3% 17.3% 13 of 34
Stock pay as % of revenue Cash generation 17.2% 8.5% 27 of 36
Change in share count Balance sheet -1.9% 3.1% 8 of 34
Days sales outstanding Balance sheet 72 days 72 days 15 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Subscriptions $920M 92.0% ▲ 11.5%
License and Maintenance $44.7M 4.5% ▼ 6.5%
Other services $35.2M 3.5% ▲ 27.5%
Geography
Region Revenue Share YoY
Americas $611M 61.1% ▲ 9.5%
EMEA $273M 27.3% ▲ 13.9%
Asia Pacific $115M 11.5% ▲ 12.8%

From Tenable Holdings, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$4.3B
Institutions reporting
311
Shares held vs prior quarter
▼ 2.2%
Positions opened / closed
71 / 65

Top buyers and sellers, Q2 2026: 172 institutions bought and 176 sold ; the biggest buyer was Ameriprise Financial Inc (+6.7M shares) and the biggest seller Mackenzie Financial Corp (−2.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Ameriprise Financial Inc $562M 15.2M 13.2% ▲ 79.1%
Blackrock, Inc. $498M 13.5M 11.7% ▲ 0.1%
Vanguard Portfolio Management LLC $378M 10.2M 8.8% ▲ 6.3%
Vanguard Capital Management LLC $184M 5.0M 4.3% ▼ 6.6%
Arrowstreet Capital, Limited Partnership $163M 4.4M 3.8% ▲ 18.1%
FMR LLC $153M 4.1M 3.6% ▲ 15.9%
State Street Corp $119M 3.2M 2.8% ▲ 4.9%
First Trust Advisors LP $110M 3.0M 2.6% ▲ 10.5%
Geode Capital Management, LLC $109M 3.0M 2.6% ▲ 1.3%
Penserra Capital Management LLC $109M 3.0M 2.5% ▼ 12.9%
Shapiro Capital Management LLC $106M 2.9M 2.5% ▼ 30.5%
Goldman Sachs Group Inc $90.3M 2.4M 2.1% ▲ 23.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Tenable Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Zecher Linda Kay Director August 19, 2026 Sell 690 $35.76 $24,674
Zecher Linda Kay Director August 18, 2026 Sell 700 $35.46 $24,822
Zecher Linda Kay Director August 7, 2026 Sell 550 $36.50 $20,075
Vicks Raymond Jr. Director August 7, 2026 Sell pre-set plan 1,819 $35.94 $65,375
Zecher Linda Kay Director August 4, 2026 Sell 600 $36.00 $21,600
Zecher Linda Kay Director August 3, 2026 Sell 1,470 $34.00 $49,980
Brown Matthew Charles Chief Financial Officer May 4, 2026 Buy 12,000 $21.54 $258,480
Vicks Raymond Jr. Director February 12, 2026 Buy 4,500 $22.17 $99,765
Coviello Arthur W Jr Director February 9, 2026 Buy 12,000 $21.50 $258,000
Seawell A Brooke Director December 15, 2025 Sell 115,000 $24.82 $2.9M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 4, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Tenable Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Tenable Holdings, Inc. in brief

What does Tenable Holdings, Inc. do?
Tenable Holdings, Inc. is a US-listed company in the systems software industry. Its financial year ends in December.
What is Tenable Holdings, Inc.'s stock ticker?
Tenable Holdings, Inc. trades under the ticker TENB on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tenable Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tenable Holdings, Inc. reported revenue of $1B, 9.9% higher than a year earlier, according to its SEC filings.
What is Tenable Holdings, Inc.'s free cash flow?
Tenable Holdings, Inc.'s free-cash-flow margin is 25.3% of revenue over the trailing twelve months, ranking 13 of the 34 systems software companies we cover.
What is Tenable Holdings, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Tenable Holdings, Inc.'s free cash flow after stock-based pay gives ~$33 per share in the base case, and ~$25–$45 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Tenable Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Ameriprise Financial Inc, Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Tenable Holdings, Inc. buying back stock, and does it pay a dividend?
Tenable Holdings, Inc. spent $353M on share repurchases over the trailing twelve months, and its diluted share count fell 1.9% over the year.
What is Tenable Holdings, Inc.'s market cap?
On November 2, 2026, Tenable Holdings, Inc.'s market capitalisation was about $5.6B, with a price-to-earnings ratio of 828.5 and net debt of $233M. Market figures come from third-party market data and may be delayed.
Who are Tenable Holdings, Inc.'s competitors?
In our Systems Software peer group, the companies closest to Tenable Holdings, Inc. are Gitlab Inc., Dlocal Ltd, Sentinelone, Inc., Sailpoint, Inc. and Commvault Systems Inc. The side-by-side comparison below sets their revenue, margins and growth against Tenable Holdings, Inc.'s.
Are insiders buying or selling Tenable Holdings, Inc. stock?
Over the last 12 months, Tenable Holdings, Inc.'s directors and officers reported 3 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is Tenable Holdings, Inc.'s next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Tenable Holdings, Inc. announces its own schedule.