Tenable Holdings, Inc. (TENB) vs WEX Inc. (WEX)

Tenable Holdings, Inc. and WEX Inc. are both Software Infrastructure companies. WEX Inc. is the larger, with a market value of $6.0B against $5.2B — 1.2× the size. WEX Inc. trades at the lower P/E: 15.4× against 345×. WEX Inc. grew revenue faster over the last twelve months: 9.75% against 9.53%. WEX Inc. has the higher net margin (14.0% vs 1.48%) and the higher return on invested capital (0.00% vs 0.00%). Across the 18 metrics below, WEX Inc. leads on 12 and Tenable Holdings, Inc. on 6.

Valuation

Metric TENB WEX Software Infrastructure median
P/E 344.59 15.38 26.15
P/S 4.81 2.13 2.87
P/B n/m 5.34 2.94
Price to free cash flow 19.25 n/m 17.26
EV/EBITDA 63.65 5.02 15.00
EV/Sales 4.68 1.91 2.95
Earnings yield 0.29% 6.50% 0.00%
Free cash flow yield 5.20% (5.69%) 0.39%

Profitability

Metric TENB WEX Software Infrastructure median
Gross margin 78.11% 60.39% 59.21%
Operating margin 4.37% 26.61% 0.00%
Net margin 1.48% 14.04% 0.00%
Free cash flow margin 25.01% (12.15%) 0.00%
Return on equity 9.93% 35.63% 0.00%
Return on assets 0.92% 2.64% 0.00%
Return on invested capital 0.00% 0.00% 0.00%

Growth

Metric TENB WEX Software Infrastructure median
Revenue growth (TTM) 9.53% 9.75% 13.57%
EPS growth (last fiscal year) 3.23% 12.93% 20.22%
Revenue growth, 5-year CAGR 17.82% 11.27% 16.02%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric TENB WEX Software Infrastructure median
Debt to equity 0.00 3.00 0.02
Current ratio 1.04 1.03 1.54
Net debt to EBITDA (1.54) (2.49) 0.05

Dividend

Metric TENB WEX Software Infrastructure median
Dividend yield — — 1.09%
Payout ratio — — 0.30

Size

Metric TENB WEX Software Infrastructure median
Market cap 5.18b 5.98b 655.75m

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