Tenable Holdings Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today bets that the operational turn converts into sustained GAAP profits before the growth slowdown catches up with the narrative — after the stock's double within three months, half of the valuation discount for that bet is already spent. Whoever waits checks three lines in every quarterly report (10-Q): the dollar-based net expansion rate (does it hold 105 percent?), revenue from new customers (does it turn positive again?), and operating cash flow (does it stay above roughly $60 million per quarter?). A turnaround that answers all three questions with yes for two consecutive quarters will still be early enough — one that does not was never a turnaround. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Tenable is the rare turnaround candidate whose cash never broke: the market value halved within a year to roughly $2.0 billion (March 31, 2026) while operating cash flow rose to $266.8 million and the first quarter of 2026 printed the first black ink in a long time — the perfect turnaround-check score is deserved. Against that stand a growth engine cooling for three years (expansion rate 111 → 105 percent, new-customer revenue declining), structural GAAP losses with $191.8 million of stock-based compensation, a balance sheet without a cushion, and a savings-minded major customer in Washington. Whoever invests here buys the direction of the improvement — not the certainty that the break-even becomes a growth story. Not investment advice.
Cash machine & customer base
Operating cash flow up from $149.9 million (2023) through $217.5 million to $266.8 million (2025), plus $88.0 million in Q1 2026 alone; 96 percent recurring revenue, a 78 percent gross margin, 2,204 customers above $100,000 in annual contract value (03/31/2026) and no customer above 2 percent of revenue (10-K 2025; 10-Q as of 03/31/2026).
Operational turn
Q1 2026 with $8.8 million in operating income and $1.4 million in net income after minus $22.9 million in the prior-year quarter; net margin above the level of three quarters earlier, market confirmation via insider buying, funds adding and a price above the moving averages — rank 1 in the turnaround scanner with 8 of 8 points (data as of 07/18/2026).
Growth momentum
Revenue growth cooled from 12.7 percent (2024) through 11.0 percent (2025) to 9.6 percent (Q1 2026); the dollar-based net expansion rate slid from 111 percent (year-end 2023) to 105 percent (03/31/2026); new-customer revenue declined in Q1 2026 (minus $1.9 million), and annual new platform customer additions fell three years in a row (10-K 2025; 10-Q as of 03/31/2026).
GAAP profitability & dilution
Net losses of $78.3 / $36.3 / $36.1 million (2023–2025) against an accumulated deficit of $897.5 million; stock-based compensation of $191.8 million in 2025 alone; per the 10-K, the company expects "to continue incurring operating losses in the near term" — buybacks keep the share count in check, but they cost reserves.
Balance sheet & capital allocation
Cash and short-term investments of $360.3 million just cover the term loan balloon of $350.6 million (due 07/07/2028); the covenant ratio of 0.81 (limit 3.5) is comfortable, but equity is only $248.2 million against $697.9 million of goodwill; $492.4 million of buybacks since late 2023, $130 million of it in Q1 2026 at prices around $21 — countercyclically successful so far (10-Q as of 03/31/2026).
Government business & seasonality
The strongest booking quarter is traditionally Q3 thanks to U.S. government agencies; the 10-K 2025 names federal budget cuts (including those previously driven by the Department of Government Efficiency) and potentially longer purchasing and approval phases in 2026 as a concrete risk — no single-customer concentration (none above 2 percent), but a customer group with a common paymaster.
Worth Noting
TENB made the research list as rank 1 of our in-house turnaround candidates scanner (U.S. selection, turnaround check 8 of 8, as of July 18, 2026) — the opener of our series on the top 20 of that selection.
The turnaround check tests four operational trend criteria (revenue, net margin, cash flow, balance-sheet healing) and four market criteria (50-day line, relative strength, insiders, institutions); mandatory gates are at least a 50 percent distance to the all-time high and an Altman Z-Score outside the acute danger zone — a test of direction, not of quality.
Market-value history ($4.2 → $2.0 → ~$3.0 billion) from quarter-end levels of the fundamental data and the July 18, 2026 feed, sanity-checked against 115.9 million weighted shares per the 10-Q as of March 31, 2026; analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at TENB since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 16.00 $ to 42.70 $ · Last price: 36.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Tenable Holdings Inc TENB | 4.0 | – | 49.1 | 78.1 | 4.3 | 11.0 | 21.0 |
| Microsoft Corporation MSFT | 3,632.6 | 30.8 | 17.6 | 67.9 | 46.3 | 14.9 | -1.6 |
| Oracle Corporation ORCL | 435.3 | 24.7 | 14.8 | 64.0 | 36.2 | 17.4 | -49.5 |
| Palantir Technologies Inc. PLTR | 432.5 | 199.0 | 147.5 | 84.8 | 46.2 | 56.2 | 4.7 |
| Palo Alto Networks Inc PANW | 305.7 | 302.6 | 194.0 | 70.4 | -2.5 | 14.9 | 84.7 |
| Crowdstrike Holdings Inc CRWD | 248.2 | – | 490.1 | 75.2 | -2.2 | 21.7 | 120.6 |
| Fortinet Inc FTNT | 124.2 | 61.8 | 39.6 | 80.2 | 31.3 | 14.2 | 115.0 |
| Cloudflare Inc NET | 115.1 | – | 2,805.8 | 72.6 | -9.7 | 29.9 | 56.1 |
| Synopsys Inc SNPS | 73.0 | 77.0 | 22.3 | 82.9 | 10.4 | 15.1 | -10.4 |
| Median of companies shown | 248.2 | 69.4 | 49.1 | 75.2 | 10.4 | 15.1 | 21.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 124 | -36 | -37 | -0.47 | -3 | -302 | 105 |
| 2017 | 188 | -41 | -41 | -0.52 | -6 | -372 | 164 |
| 2018 | 267 | -73 | -74 | -1.37 | -3 | 122 | 461 |
| 2019 | 355 | -91 | -99 | -1.03 | -11 | 99 | 559 |
| 2020 | 440 | -36 | -43 | -0.42 | 64 | 151 | 691 |
| 2021 | 541 | -42 | -47 | -0.44 | 97 | 215 | 1,249 |
| 2022 | 683 | -68 | -92 | -0.83 | 131 | 271 | 1,440 |
| 2023 | 799 | -52 | -78 | -0.68 | 150 | 346 | 1,607 |
| 2024 | 900 | -7 | -36 | -0.31 | 217 | 400 | 1,742 |
| 2025 | 999 | 1 | -36 | -0.30 | 267 | 326 | 1,748 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.02 | – | 236 | 10.50 | 0.80 | 81 | 79 |
| 2025: Q1 | -0.19 | – | 239 | 10.70 | -9.60 | 87 | 81 |
| 2025: Q2 | -0.12 | – | 247 | 11.80 | -5.90 | 43 | 38 |
| 2025: Q3 | 0.02 | – | 252 | 11.20 | 0.90 | 54 | 53 |
| 2025: Q4 | -0.01 | -141.10 | 261 | 10.50 | -0.30 | 84 | 87 |
| 2026: Q1 | 0.01 | – | 262 | 9.60 | 0.50 | 88 | 85 |
| 2026: Q2 | 0.03 | 125.00 | 269 | 8.60 | 1.40 | 45 | 43 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.98 | 1.97 – 2.01 | 1,079 | 24.7% | 23 |
| 12/31/2027 | 2.18 | 2.00 – 2.35 | 1,156 | 10.0% | 23 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 3.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $268.4M |
|---|---|
| Market cap | $3.99B |
| Free cash flow in year ten | $384.0M |
| Terminal value as a share of market value | 50.8% |
For comparison: over the past five years free cash flow grew by 42.1% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
KI-Produkte sind eine dokumentierte Umsatzquelle: Der 10-K 2025 beschreibt die Kernplattform Tenable One in Item 1 ausdrücklich als „AI-powered exposure management platform“ und führt mit Tenable AI Exposure ein eigenes Produkt, das Sicherheitsrisiken aus dem KI-Einsatz der Kunden erkennt und reduziert; KI-Funktionen wie ExposureAI und der Tenable AI Assistant stecken laut Bericht in den Produkten. 2025 kaufte Tenable dafür gezielt zu (Apex Security, „innovator in securing the rapidly expanding AI attack surface“). Vorrang-Regel: Verkauft KI vor Nutzt/Bedroht.
View the full file — quotes, sources, reviewed filings
„Tenable One is an AI-powered exposure management platform that gives enterprises a single, unified view of risk across all types of assets and attack pathways."
Tenable One ist eine KI-gestützte Exposure-Management-Plattform, die Unternehmen eine einzige, einheitliche Sicht auf Risiken über alle Arten von Assets und Angriffspfade hinweg gibt.
10-K · 2026-02-27 · View SEC filing
„Tenable AI Exposure: Our solution helps organizations identify, assess and reduce security risks associated with the use of artificial intelligence technologies. It provides visibility into AI-related assets, data usage and configurations across enterprise environments, allowing users to detect exposure such as sensitive data leakage, insecure configurations and excessive access."
Tenable AI Exposure: Unsere Lösung hilft Organisationen, Sicherheitsrisiken im Zusammenhang mit dem Einsatz von Künstlicher Intelligenz zu erkennen, zu bewerten und zu verringern. Sie schafft Sichtbarkeit über KI-bezogene Assets, Datennutzung und Konfigurationen in Unternehmensumgebungen und erlaubt es Nutzern, Gefährdungen wie das Abfließen sensibler Daten, unsichere Konfigurationen und überzogene Zugriffsrechte zu erkennen.
10-K · 2026-02-27 · View SEC filing
„We have incorporated and may in the future further incorporate AI features in certain of our products and services, including ExposureAI and Tenable AI Assistant and within Tenable One."
Wir haben KI-Funktionen in bestimmte unserer Produkte und Dienste integriert — darunter ExposureAI und den Tenable AI Assistant sowie innerhalb von Tenable One — und werden dies künftig möglicherweise weiter tun.
10-K · 2026-02-27 · View SEC filing
„In June 2025, we acquired Apex Security, Inc. (“Apex”), an innovator in securing the rapidly expanding AI attack surface."
Im Juni 2025 haben wir Apex Security, Inc. („Apex“) übernommen, einen Innovator bei der Absicherung der rasant wachsenden KI-Angriffsfläche.
10-K · 2026-02-27 · View SEC filing
Filings Reviewed: 10-Q 2026-05-05 · 10-Q 2025-11-04 · 10-Q 2025-08-08 · 10-Q 2025-05-06 · 10-K 2026-02-27 · 10-K 2025-02-24
Rated on July 19, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 13.5%
- More than 10% revenue growth is expected for the coming year 7.2%
- Share count grows by less than 3% a year 2.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 36.5%
- Gross margin at 40% or higher and without meaningful erosion 78.1%
- Goodwill from acquisitions does not grow faster than revenue 39.9%
- Net debt below twice EBITDA 1.3 x EBITDA
- Operating cash flow covers the profits of the last three years 785 m
- Return on capital at 15% or higher, or up versus two years ago 0.1%
- Insiders hold at least 10% or are net buyers 1.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 26.1%
- Exp. sales growth 3Y > 5% 7.5%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 7.5%
- Net debt < 4x EBIT 52.8x
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% –
- ROCE > 15% 0.1%
- Expected return > 10% 14.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | Thurmond Mark C. | Co-Chief Executive Officer | Other | 2,112 | 33.94 | 71,681 |
| Aug 24, 2026 | Thurmond Mark C. | Co-Chief Executive Officer | Other | 4,368 | 0.00 | – |
| Aug 24, 2026 | Thurmond Mark C. | Co-Chief Executive Officer | Other | 3,754 | 33.94 | 127,411 |
| Aug 24, 2026 | Thurmond Mark C. | Co-Chief Executive Officer | Other | 7,764 | 0.00 | – |
| Aug 24, 2026 | Thurmond Mark C. | Co-Chief Executive Officer | Other | 1,796 | 33.94 | 60,956 |
| Aug 24, 2026 | Thurmond Mark C. | Co-Chief Executive Officer | Other | 3,713 | 0.00 | – |
| Aug 24, 2026 | Thurmond Mark C. | Co-Chief Executive Officer | Other | 2,947 | 33.94 | 100,021 |
| Aug 24, 2026 | Thurmond Mark C. | Co-Chief Executive Officer | Other | 6,095 | 0.00 | – |
| Aug 24, 2026 | Thurmond Mark C. | Co-Chief Executive Officer | Other | 1,097 | 33.94 | 37,232 |
| Aug 24, 2026 | Thurmond Mark C. | Co-Chief Executive Officer | Other | 2,267 | 0.00 | – |
The company
About the Company
Tenable Holdings, Inc. bietet Lösungen für das Cyber-Exposure-Management in Amerika, Europa, dem Nahen Osten, Afrika, im asiatisch-pazifischen Raum und Japan an.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 1,995
- Headquarters
- Columbia, MD
- Address
- 6100 Merriweather Drive, 21044 Columbia, United States
- Phone
- 410 872 0555
- Website
- tenable.com
- IPO Date
- 07/26/2018
- ISIN
- US88025T1025
Management
| Name | Title | Birth Year |
|---|---|---|
| Stephen A. Vintz CPA | Co-CEO & Director | 1969 |
| Mark Thurmond | Co-CEO & Director | 1971 |
| John C. Huffard Jr. | Co-Founder & Director | 1968 |
| Matthew Charles Brown | Chief Financial Officer | 1981 |
| J. Barron Anschutz | Chief Accounting Officer | 1969 |
| Vlad Korsunsky | Chief Technology Officer & Managing Director of Tenable Israel | – |
| Patricia Grant | Chief Information Officer | – |
| Andrea DiMarco | Head of Investor Relations | – |
| Michelle VonderHaar | Chief Legal Officer & Corporate Secretary | – |
| C. Matthew Olton | Senior Vice President of Corporate Development & Strategy | 1967 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/15/2026 Tenable Holdings, Inc. (TENB): Entry into a Material Definitive Agreement; Termination of a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Unregistered Sales of Equity Securities; Other Events; Financial Statements and Exhibits SEC ↗
- 07/29/2026 Tenable Holdings, Inc. (TENB): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.