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Friday 6 November 2026
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Tenable Holdings, Inc.
TENB Technology Software Infrastructure
Tenable Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $999.4 million, up 11.0% from fiscal 2024.
- Revenue
- +9.49%
- EPS
- +400.0%
- Free cash flow
- +24.4%
- Total debt
- +119.6%
Quarter to September 2026, against a year earlier
44.37
2.97
−6.27%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 124 | 188 | 267 | 355 | 440 | 541 | 683 | 799 | 900 | 999 | 1,067 | +26.1% | 1,086 | 1,166 | 1,250 | +7.7% | |
| Gross margin, % | 88.57 | 86.37 | 83.85 | 82.85 | 82.38 | 80.34 | 77.34 | 77.02 | 77.82 | 78.09 | 78.11 | (10.5) pt | ||||||
| EBT | (36) | (41) | (71) | (86) | (37) | (51) | (85) | (67) | (19) | (23) | 27 | (5.0%) | ||||||
| EBT margin, % | (29.24) | (21.76) | (26.61) | (24.15) | (8.42) | (9.36) | (12.48) | (8.44) | (2.10) | (2.29) | 2.51 | +27.0 pt | ||||||
| Net income | (37) | (41) | (74) | (99) | (43) | (47) | (92) | (78) | (36) | (36) | 16 | (0.3%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 5.93 | 8.45 | 4.98 | 3.69 | 4.36 | 5.09 | 6.14 | 6.92 | 7.58 | 8.32 | 9.80 | +3.8% | |||||
| Earnings | (1.77) | (1.85) | (1.38) | (1.03) | (0.42) | (0.44) | (0.83) | (0.68) | (0.31) | (0.30) | 0.13 | (17.9%) | ||||||
| Cash flow | (0.13) | (0.28) | (0.05) | (0.11) | 0.64 | 0.91 | 1.18 | 1.30 | 1.83 | 2.22 | 2.65 | n/m | ||||||
| Capex | (0.28) | (0.12) | (0.11) | (0.22) | (0.20) | (0.06) | (0.17) | (0.08) | (0.09) | (0.14) | (0.20) | (7.4%) | ||||||
| Free cash flow | (0.41) | (0.41) | (0.15) | (0.33) | 0.44 | 0.85 | 1.01 | 1.22 | 1.74 | 2.08 | 2.45 | n/m | ||||||
| Book value | (14.39) | (16.73) | 2.27 | 1.03 | 1.49 | 2.02 | 2.43 | 3.00 | 3.37 | 2.72 | (0.24) | n/m | ||||||
| Shares, m | 21 | 22 | 54 | 96 | 101 | 106 | 111 | 115 | 119 | 120 | 114 | +21.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 333.36 | 0.0 | |||||
| P/S | 3.33 | 3.33 | 4.45 | 6.49 | 11.99 | 10.83 | 6.18 | 6.35 | 5.20 | 2.83 | 4.53 | 6.1 | ||||||
| P/B | 0.00 | 0.00 | 9.78 | 23.26 | 35.04 | 27.21 | 15.58 | 14.65 | 11.70 | 8.66 | 0.00 | 14.6 | ||||||
| EV/Sales | 3.22 | 3.22 | 3.42 | 6.00 | 11.45 | 10.55 | 5.87 | 6.21 | 4.95 | 2.78 | 4.80 | 5.8 | ||||||
| EV/FCF | (64.69) | (64.69) | (110.19) | (67.76) | 114.71 | 63.31 | 35.83 | 35.15 | 21.56 | 11.11 | 19.18 | (2.6) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (3) | (6) | (3) | (11) | 64 | 97 | 131 | 150 | 217 | 267 | 288 | n/m | |||||
| Capex | (6) | (3) | (6) | (21) | (20) | (7) | (19) | (9) | (11) | (17) | (21) | +12.4% | ||||||
| Free cash flow | (9) | (9) | (8) | (31) | 44 | 90 | 112 | 141 | 207 | 250 | 267 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (19) | (69) | 142 | 35 | 109 | 266 | 273 | 130 | 203 | (39) | 33 | +8.7% | |||||
| Net debt | (33) | (24) | (277) | (171) | (237) | (148) | (205) | (115) | (220) | (48) | 284 | +4.1% | ||||||
| Shareholders’ equity | (302) | (372) | 122 | 99 | 151 | 215 | 271 | 346 | 400 | 326 | (26) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (28.14) | (30.97) | (23.67) | (19.43) | (6.84) | (4.81) | (6.86) | (5.14) | (2.17) | (2.07) | 0.92 | +26.1 pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (38.53) | (64.81) | (14.07) | (2.39) | (2.06) | 11.34 | (2.1) pt | ||||||
| ROE | 11.27 | 12.41 | 59.19 | (89.74) | (34.24) | (25.51) | (37.94) | (25.37) | (9.73) | (9.95) | 9.93 | (21.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | 1,054 | 1,252 | 1,477 | 1,367 | 1,617 | 1,900 | 1,999 | 1,872 | 1,995 | — | +8.3% | |||||
| Revenue/emp, $m | 0.00 | 0.18 | 0.21 | 0.24 | 0.32 | 0.33 | 0.36 | 0.40 | 0.48 | 0.50 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Tenable Holdings, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ACIW ACI Worldwide, Inc. | $6.0B | 36.1× | 21.6× | −11.52% (below 0%: shrinking) | −63.64% (below 0%: shrinking) | +74.53% (above 0%: growing) | 45.78% | 12.27% | Compare |
| BOX Box, Inc. | $6.0B | 60.7× | 109× | +9.23% (above 0%: growing) | +66.67% (above 0%: growing) | +65.84% (above 0%: growing) | 79.08% | 10.16% | Compare |
| WEX WEX Inc. | $5.9B | 15.3× | 14.8× | +12.76% (above 0%: growing) | +69.05% (above 0%: growing) | −117.04% (below 0%: shrinking) | 63.16% | 30.61% | Compare |
| MBGL Mobility Global Inc. | $5.9B | — | — | — | — | — | 71.37% | 17.52% | Compare |
| VRNS Varonis Systems, Inc. | $5.6B | — (loss-making) | — (loss-making) | +17.26% (above 0%: growing) | n/m | −10.99% (below 0%: shrinking) | 75.25% | (25.18%) | Compare |
| BB BlackBerry Limited | $4.9B | 62.9× | 60.2× | +26.00% (above 0%: growing) | +200.00% (above 0%: growing) | +1,470.59% (above 0%: growing) | 77.83% | 20.58% | Compare |
| DOX Amdocs Limited | $4.7B | 10.4× | 11.4× | +2.66% (above 0%: growing) | −57.55% (below 0%: shrinking) | −18.84% (below 0%: shrinking) | 39.76% | 8.90% | Compare |
| TENB Tenable Holdings, Inc. | $4.6B | 333× | 222× | +9.49% (above 0%: growing) | +400.00% (above 0%: growing) | +24.39% (above 0%: growing) | 77.81% | 6.05% | |
| RELY Remitly Global, Inc. | $4.6B | 12.5× | 16.3× | +21.54% (above 0%: growing) | +700.00% (above 0%: growing) | +197.33% (above 0%: growing) | 0.00% | 13.61% | Compare |
| Median of peers | $5.7B | 25.7× | 19.0× | +12.76% | +67.86% | +65.84% | 67.27% | 12.94% |
From the latest earnings call
- On Tenable’s Q2 call, Mark Thurmond said new pricing and packaging made it easier for customers to move to Tenable One.
- CFO Matthew Brown said expansion and renewals helped lift Q2’s net dollar expansion rate to 106%, which he expected to hold for the rest of the year.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
103.25%
Held by the ten largest
62.25%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 16.27m | 14.77% | +254.46k |
| Ameriprise (Columbia Threadneedle) | 15.23m | 13.82% | +6.73m |
| BlackRock | 13.51m | 12.27% | +16.36k |
| Arrowstreet Capital | 4.41m | 4.00% | +674.72k |
| Fidelity (FMR) | 4.14m | 3.76% | +567.59k |
| State Street | 3.24m | 2.94% | +151.48k |
| First Trust | 2.97m | 2.70% | +282.81k |
| Geode Capital Management | 2.96m | 2.69% | +37.19k |
| Penserra Capital Management LLC | 2.95m | 2.68% | −436.08k |
| SHAPIRO CAPITAL MANAGEMENT LLC | 2.88m | 2.62% | −1.27m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 2 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2023 | 9.26m | 11.61m | 88.14 |
| 2022 | 9.98m | 2.50m | 73.00 |
| 2021 | 8.48m | 9.08m | 105.38 |
Ownership
Directors and executive officers, together
1.70%
The Vanguard Group
13.10%
BlackRock, Inc.
9.20%
Ameriprise Financial, Inc.
5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Tenable Holdings, Inc. (TENB) Latest News
29 Oct
28 Oct
27 Oct
8 Oct
6 Oct
10 Sep
TENB metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Tenable provides cybersecurity software that helps organizations find and prioritize weaknesses attackers could exploit. Its approach, called exposure management, extends vulnerability management beyond individual software flaws to consider risks across an organization’s technology environment. Its customers range from small organizations to large enterprises and government agencies.
Tenable One is the company’s enterprise platform. It brings together information about assets, vulnerabilities, configurations and potential attack paths so security teams can decide what to fix. It covers areas including IT infrastructure, cloud resources, web applications, identity systems, industrial technology and AI-related assets. The platform can also bring in data from other security and business systems.