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Tenable Holdings
(NASDAQ:TENB)
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Rating:62Neutral
Price Target:
$38.00
▲(17.83% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by solid financial quality via strong free cash flow and a positive earnings outlook with raised guidance and improving expansion/platform adoption. Offsetting these strengths are a still-leveraged balance sheet, slowing revenue growth and thin net profitability, plus weak/unclear valuation support (negative P/E) and only mixed technical signals.
Positive Factors
Recurring subscription revenue
A subscription‑centric model provides durable, predictable revenue and recurring cash flows that support long‑term planning. High recurring mix reduces volatility, aids ARR visibility, and enables expanding customer lifetime value via renewals, upsells and channel distribution.
Negative Factors
Elevated leverage on balance sheet
Higher leverage constrains strategic optionality and increases sensitivity to cash flow swings. For a software company, elevated debt requires continued FCF and profitability improvement to avoid funding stress and limits the ability to make sizable acquisitions or sustain aggressive investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring subscription revenue
A subscription‑centric model provides durable, predictable revenue and recurring cash flows that support long‑term planning. High recurring mix reduces volatility, aids ARR visibility, and enables expanding customer lifetime value via renewals, upsells and channel distribution.
Read all positive factors
Tenable Holdings Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyTenable Holdings (TENB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.60B
Dividend YieldN/A
Average Volume (3M)3.41M
Price to Earnings (P/E)521.4
Beta (1Y)1.10
Revenue Growth9.93%
EPS GrowthN/A
CountryUS
Employees1,995
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.06
Shares Outstanding110,271,970
10 Day Avg. Volume3,640,922
30 Day Avg. Volume3,412,349
Financial Highlights & Ratios
PEG Ratio24.31
Price to Book (P/B)8.66
Price to Sales (P/S)2.83
P/FCF Ratio11.10
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$35.44Price Target Upside9.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering21
EPS Forecast (FY)1.95
Revenue Forecast (FY)$1.07B
Tenable Holdings Business Overview & Revenue Model
Company Description
Tenable Holdings, Inc. is a cybersecurity firm that specializes in providing comprehensive solutions to identify and manage an organization's exposure to cyber risks. Their services extend globally, catering to clients across the Americas, Europe,...
How the Company Makes Money
Tenable primarily makes money by selling subscriptions to its cybersecurity software and cloud services, typically under term-based agreements that are billed annually or multi-year and recognized as revenue over the subscription period. Its core ...
Tenable Holdings Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call skewed positive: Tenable reported above-guidance Q2 results, raised full-year outlook, and showed strong product and commercial momentum (record Tenable One adoption, Hexa traction, improved net-dollar expansion, solid profitability and EPS gains). The primary caveats are modest top-line acceleration relative to investor expectations, small gross margin compression, historical weakness in expansion that only recently began to stabilize, and ongoing market/competitive uncertainties tied to the evolving AI threat landscape and large platform entrants. Overall, strengths and momentum materially outweigh the listed challenges.Positive Updates
Revenue Growth and Raised Outlook
Revenue of $268.5 million for Q2 2026, up 8.6% year-over-year. Company raised full-year revenue guidance to $1.075B–$1.081B (≈+7.9% YoY at midpoint) and Q3 revenue guidance to $270M–$273M (≈+7.6% YoY at midpoint).
Negative Updates
Moderate Top-Line Acceleration
Revenue growth of 8.6% YoY is positive but modest; management raised guidance only slightly (≈$5M midpoint full-year increase) and acknowledged revenue is a lagging indicator, leading to investor questions about the pace of back-half acceleration.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth and Raised Outlook
Revenue of $268.5 million for Q2 2026, up 8.6% year-over-year. Company raised full-year revenue guidance to $1.075B–$1.081B (≈+7.9% YoY at midpoint) and Q3 revenue guidance to $270M–$273M (≈+7.6% YoY at midpoint).
Read all positive updates
Company Guidance
Tenable raised its full‑year 2026 outlook and provided Q3 and FY guidance: Q3 revenue $270–$273M (≈+7.6% YoY at midpoint) and FY revenue $1.075–$1.081B (≈+7.9% YoY at midpoint, ~ $5M uplift at midpoint vs. prior guide); Q3 non‑GAAP operating income $66–$69M (~24.9% of revenue at midpoint) and FY non‑GAAP operating income $258–$264M (~24.2% of revenue at midpoint, +230 bps YoY); Q3 non‑GAAP net income $58–$61M (≈+15.8% YoY at midpoint) and EPS $0.49–$0.52 (≈+20.2% YoY at midpoint); FY non‑GAAP net income $228–$234M (≈+18.8% YoY at midpoint) and EPS $1.95–$2.00 (≈+24.2% YoY at midpoint); unlevered free cash flow $289–$295M (~27.1% of revenue at midpoint). Management said this guidance assumes sustained momentum including a 106% net‑dollar expansion rate and continued strength in Tenable One adoption (Tenable One = 50% of new business).Tenable Holdings Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
45
Neutral
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.04B | 999.40M | 900.02M | 798.71M | 683.19M | 541.13M |
| Gross Profit | 814.49M | 780.47M | 700.35M | 615.13M | 528.40M | 434.73M |
| EBITDA | 120.31M | 47.44M | 46.24M | -8.95M | -44.09M | -27.56M |
| Net Income | 6.74M | -36.12M | -36.30M | -78.28M | -92.22M | -46.68M |
Balance Sheet | ||||||
| Total Assets | 1.57B | 1.75B | 1.74B | 1.61B | 1.44B | 1.25B |
| Cash, Cash Equivalents and Short-Term Investments | 298.21M | 402.18M | 577.19M | 473.97M | 567.43M | 512.29M |
| Total Debt | 419.10M | 465.56M | 422.31M | 413.31M | 423.12M | 422.09M |
| Total Liabilities | 1.38B | 1.42B | 1.34B | 1.26B | 1.17B | 1.03B |
| Stockholders Equity | 198.40M | 326.38M | 399.95M | 346.34M | 270.87M | 215.31M |
Cash Flow | ||||||
| Free Cash Flow | 268.41M | 254.65M | 213.23M | 141.10M | 112.00M | 90.20M |
| Operating Cash Flow | 270.90M | 266.75M | 217.48M | 149.85M | 131.15M | 96.77M |
| Investing Cash Flow | 24.78M | -174.58M | -41.43M | -212.62M | -128.04M | -391.59M |
| Financing Cash Flow | -343.94M | -234.09M | -79.40M | 1.25M | 23.32M | 397.65M |
Tenable Holdings Technical Analysis
Positive
32.25
Price Trends
32.42
Positive
26.22
Positive
25.26
Positive
Market Momentum
0.23
Positive
56.27
Neutral
93.59
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TENB, the sentiment is Positive. The current price of 32.25 is below the 20-day moving average (MA) of 35.94, below the 50-day MA of 32.42, and above the 200-day MA of 25.26, indicating a bullish trend. The MACD of 0.23 indicates Positive momentum. The RSI at 56.27 is Neutral, neither overbought nor oversold. The STOCH value of 93.59 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TENB.
Tenable Holdings Risk Analysis
Tenable Holdings disclosed 52 risk factors in its most recent earnings report. Tenable Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Tenable Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $5.10B | 25.85 | 37.17% | ― | 10.21% | 13.31% | |
79 Outperform | $24.98B | 22.57 | 30.40% | ― | 18.26% | 16.45% | |
67 Neutral | $2.13B | 46.94 | 19.61% | 0.70% | 12.08% | -8.14% | |
62 Neutral | $3.60B | 521.41 | 2.41% | ― | 9.93% | ― | |
62 Neutral | $4.59B | -32.75 | -26.91% | ― | 15.86% | -33.39% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $644.92M | 27.99 | 16.38% | ― | 1.19% | -25.24% |
* Technology Sector Average
TENB
Tenable Holdings
36.17
6.75
22.94%
CPAY
Corpay Inc
398.28
93.78
30.80%
QLYS
Qualys
181.78
53.15
41.32%
VRNS
Varonis Systems
42.44
-11.92
-21.93%
ATEN
A10 Networks
27.60
9.97
56.58%
RPD
Rapid7
10.38
-9.44
-47.63%
Tenable Holdings Corporate Events
Business Operations and Strategy
Tenable Showcases AI-Native Strategy at Investor Day
Positive
May 21, 2026
On May 21, 2026, Tenable Holdings, Inc. held an Investor Day event where senior management outlined the company’s long-term strategy and its evolution toward becoming an AI-native cybersecurity vendor. Executives emphasized a “system o...
Executive/Board ChangesShareholder Meetings
Tenable Holdings Shareholders Back Directors and Annual Say-on-Pay
Positive
May 13, 2026
On May 13, 2026, Tenable Holdings, Inc. held its 2026 annual meeting of stockholders, where investors voted on director elections, auditor ratification, and executive compensation matters. Stockholders elected three directors to serve until the 20...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.