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. In the quarter to June 2026, revenue grew 8.58%, EPS grew 125.0%, free cash flow grew 4.67% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five; insiders bought in the last twelve months.

37.20 2.12 −5.39%
Market cap
$4.3B
P/E
701×
Fwd P/E
245×
Dividend yield
—
F-score
6/9
Altman Z
1.00
Beneish M
−3.17
Dividend safety
n/a

Insider Decisions trades per month

Total buys 0.62
Total sells 3.06
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — 2 — — 1 — — — — —
Sell — 1 — — — — — — — 3 — —
Insider Ownership 2.08%

Capital & Financial Ratios $m

Market Cap 4,330.00
Revenue 1,043.54
Net Income 6.74
Free Cash Flow 254.33
Net Debt 54.77
Current Ratio 0.79 (below 1: weak)
Debt/Equity 1.78
P/E ratio 700.57 (above 35: high)
Fwd P/E 245.00 (above 35: high)
P/S ratio 3.95
P/B ratio 20.76 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 24.97% (at or above 15%: strong)
Next Y EPS Growth 10.09%
Next Y revenue growth 7.96%
Next 5Y EPS Growth 15.76% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 15.04%
10-year low 10-year high
P/B against its own 10 years 63.60%
10-year low 10-year high
EV/Sales against its own 10 years 16.49%
10-year low 10-year high
EV/FCF against its own 10 years 23.11%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 474 577 402 298
Receivables 220 259 279 204
Inventory — — — —
Other — — — —
805 941 774 609
2023 2024 2025 Q'26
Payables 17 20 22 28
ST’ Debt — — — —
Other 6 5 5 5
676 738 813 775

Compound Annual Growth %

10y 5y 3y
Sales — 17.82% 13.52%
Cash Flow — 32.94% 26.70%
Earnings — 0.00% 0.00%
Book Value — 16.72% 6.41%

Revenue $m

Mar Jun Sep Dec Year
’26 262 269 — — —
’25 239 247 252 261 999
’24 216 221 227 236 900
’23 189 195 202 213 799
’22 159 164 175 185 683
’21 123 130 139 149 541
’20 103 107 112 118 440
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 88 45 — — —
’25 87 42 54 83 267
’24 50 31 55 81 217
’23 39 30 42 39 150
’22 33 31 36 32 131
’21 39 17 20 22 97
’20 4 17 25 18 64
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 83 39 — — —
’25 80 37 52 81 250
’24 47 29 53 78 207
’23 37 28 40 36 141
’22 28 26 32 27 112
’21 38 15 18 19 90
’20 4 7 17 17 44
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.01 0.03 — — —
’25 (0.19) (0.12) 0.02 (0.01) (0.30)
’24 (0.12) (0.12) (0.08) 0.02 (0.31)
’23 (0.22) (0.14) (0.13) (0.19) (0.68)
’22 (0.22) (0.25) (0.17) (0.19) (0.83)
’21 (0.07) (0.11) (0.15) (0.10) (0.44)
’20 (0.23) (0.12) (0.06) (0.02) (0.42)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — 20.00 20.29 16.28 35.32 28.80 33.85 35.25 23.46

Analyst estimates 2026–2028

Powerpack
High — — 39.38 36.26 56.99 58.45 63.61 49.77 53.50 45.44
People
People Employees — 1,054 1,252 1,477 1,367 1,617 1,900 1,999 1,872 1,995
Revenue/emp, $m 0.00 0.18 0.21 0.24 0.32 0.33 0.36 0.40 0.48 0.50
Income, $m
Income, $m Revenue 124 188 267 355 440 541 683 799 900 999
Gross margin, % 88.57 86.37 83.85 82.85 82.38 80.34 77.34 77.02 77.82 78.09
EBT (36) (41) (71) (86) (37) (51) (85) (67) (19) (23)
EBT margin, % (29.24) (21.76) (26.61) (24.15) (8.42) (9.36) (12.48) (8.44) (2.10) (2.29)
Net income (37) (41) (74) (99) (43) (47) (92) (78) (36) (36)
Depreciation 3 5 6 7 11 18 22 20 27 40
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
Earnings (1.77) (1.85) (1.38) (1.03) (0.42) (0.44) (0.83) (0.68) (0.31) (0.30)
Cash flow (0.13) (0.28) (0.05) (0.11) 0.64 0.91 1.18 1.30 1.83 2.22
Capex (0.28) (0.12) (0.11) (0.22) (0.20) (0.06) (0.17) (0.08) (0.09) (0.14)
Free cash flow (0.41) (0.41) (0.15) (0.33) 0.44 0.85 1.01 1.22 1.74 2.08
Book value (14.39) (16.73) 2.27 1.03 1.49 2.02 2.43 3.00 3.37 2.72
Shares, m 21 22 54 96 101 106 111 115 119 120
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S 3.33 3.33 4.45 6.49 11.99 10.83 6.18 6.35 5.20 2.83
P/B 0.00 0.00 9.78 23.26 35.04 27.21 15.58 14.65 11.70 8.66
EV/Sales 3.22 3.22 3.42 6.00 11.45 10.55 5.87 6.21 4.95 2.78
EV/FCF (64.69) (64.69) (110.19) (67.76) 114.71 63.31 35.83 35.15 21.56 11.11
Cash, $m
Cash, $m Operating cash flow (3) (6) (3) (11) 64 97 131 150 217 267
Capex (6) (3) (6) (21) (20) (7) (19) (9) (11) (17)
Free cash flow (9) (9) (8) (31) 44 90 112 141 207 250
Balance, $m
Balance, $m Working capital (19) (69) 142 35 109 266 273 130 203 (39)
Total debt 1 3 6 41 55 365 362 359 357 354
Net debt (33) (24) (277) (171) (237) (148) (205) (115) (220) (48)
Shareholders’ equity (302) (372) 122 99 151 215 271 346 400 326
Returns, %
Returns, % ROA (28.14) (30.97) (23.67) (19.43) (6.84) (4.81) (6.86) (5.14) (2.17) (2.07)
ROIC 0.00 0.00 0.00 0.00 0.00 (38.53) (64.81) (14.07) (2.39) (2.06)
ROE 11.27 12.41 59.19 (89.74) (34.24) (25.51) (37.94) (25.37) (9.73) (9.95)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
BOX Box, Inc. $5.4B 54.9× 64.3× +9.23% (above 0%: growing) +66.67% (above 0%: growing) +65.84% (above 0%: growing) 79.08% 10.16% Compare
ACIW ACI Worldwide, Inc. $5.3B 24.0× 17.0× +7.27% (above 0%: growing) +158.33% (above 0%: growing) +35.07% (above 0%: growing) 42.18% 10.37% Compare
RELY Remitly Global, Inc. $5.2B 16.7× 28.8× +20.23% (above 0%: growing) +3,166.67% (above 0%: growing) +197.33% (above 0%: growing) 62.07% 13.47% Compare
BB BlackBerry Limited $5.1B 59.9× 67.1× +26.00% (above 0%: growing) +200.00% (above 0%: growing) +1,470.59% (above 0%: growing) 77.83% 20.58% Compare
BLSH Bullish $4.8B — (loss-making) — (loss-making) −44.34% (below 0%: shrinking) n/m +2.25% (above 0%: growing) 0.25% (0.87%) Compare
CORZ Core Scientific, Inc. $4.6B — (loss-making) — (loss-making) +108.83% (above 0%: growing) n/m −852.12% (below 0%: shrinking) 42.66% (47.79%) Compare
TENB Tenable Holdings, Inc. $4.3B 701× 245× +8.58% (above 0%: growing) n/m +4.67% (above 0%: growing) 77.53% 4.61%
DLO DLocal Limited $4.3B 21.0× 14.1× +55.84% (above 0%: growing) +26.67% (above 0%: growing) +12.57% (above 0%: growing) 31.81% 16.05% Compare
PAY Paymentus Holdings, Inc. $4.1B 47.1× 31.9× +28.80% (above 0%: growing) +66.67% (above 0%: growing) +73.67% (above 0%: growing) 26.14% 9.04% Compare
Median of peers $5.0B 35.5× 30.4× +23.12% +112.50% +50.46% 42.42% 10.26%

All 173 Software Infrastructure stocks →

Tenable Holdings, Inc. (TENB) key facts

  • Strength: Tenable Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $999.4 million, up 11.0% from fiscal 2024.
  • Tenable Holdings, Inc. (TENB) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, TENB traded at $37.20, a market capitalization of $4.3 billion.
  • Return on equity was −9.95% and debt-to-equity 1.78.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.00 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Tenable Holdings, Inc. (TENB) Latest News

7 Aug

Impact 4 · transcript

29 Jul

Impact 4 · transcript
stockrow.com/TENB · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com