Tenable Holdings (TENB)
NASDAQ:TENB
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Tenable Holdings
(NASDAQ:TENB)
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Rating:70Outperform
Price Target:
$32.00
▲(65.37% Upside)
Action:Upgraded
Date:05/22/26
The score is driven primarily by strong financial quality improvements—especially robust and growing free cash flow and materially lower debt—supported by a positive earnings update with raised FY26 guidance and ongoing buybacks. Offsetting this are a technically overextended setup (high RSI/Stoch) and a major valuation headwind from an extremely high P/E alongside still-negative TTM GAAP net income.
Positive Factors
Strong and growing free cash flow
Sustained, large FCF over several years indicates the subscription model is converting into reliable cash, funding R&D, AI investments, buybacks and working capital. Strong cash conversion reduces reliance on external financing and supports strategic optionality over the next 2–6 months and beyond.
Negative Factors
TTM net income remains slightly negative
Although operating profit and cash flow have improved, trailing net income is still negative, indicating GAAP profitability has not fully materialized. This may constrain some investor confidence and limits retained earnings available for reinvestment until consistent GAAP profits appear.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong and growing free cash flow
Sustained, large FCF over several years indicates the subscription model is converting into reliable cash, funding R&D, AI investments, buybacks and working capital. Strong cash conversion reduces reliance on external financing and supports strategic optionality over the next 2–6 months and beyond.
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
$2.96B
Dividend YieldN/A
Average Volume (3M)3.56M
Price to Earnings (P/E)―
Beta (1Y)1.03
Revenue Growth10.74%
EPS Growth74.22%
CountryUS
Employees1,872
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.10
Shares Outstanding110,271,970
10 Day Avg. Volume2,619,656
30 Day Avg. Volume3,564,221
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 Cap1.09
Enterprise Value/Revenue3.17
Enterprise Value/Gross Profit4.06
Enterprise Value/Ebitda28.43
Forecast
1Y Price Target
$29.06Price Target Upside50.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering20
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 cybersecurity software via subscription-based arrangements, where customers pay recurring fees to access and use Tenable’s platforms and capabilities over a contract term. A significant portion of revenue i...
Tenable Holdings Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive tone: strong execution in Q1 with revenue growth, margin expansion, record free cash flow, accelerated Tenable One adoption, product innovation (Hexa AI, OT discovery), and partnerships with frontier AI providers. Management raised full-year guidance and is actively repurchasing shares. Headwinds are manageable but notable — bookings/CRPO volatility, conservative second-half assumptions, potential higher cloud costs, and the operational challenges posed by AI-driven vulnerability volume. On balance, the positive operational and financial momentum, product-led growth, and strengthened market positioning outweigh the risks noted.Positive Updates
Exceeded Guidance and Revenue Growth
Revenue of $262.1M in Q1, up 9.6% year-over-year; company exceeded all guided metrics for the quarter and raised full-year revenue guidance.
Negative Updates
CRPO Deceleration and Bookings Volatility
CRPO growth slowed from 13% in the prior quarter to 10% in Q1; management flagged continued quarter-to-quarter fluctuation in CCB vs CRPO due to seasonality and contract-duration noise.
Read all updates
Q1-2026 Updates
Positive
Negative
Exceeded Guidance and Revenue Growth
Revenue of $262.1M in Q1, up 9.6% year-over-year; company exceeded all guided metrics for the quarter and raised full-year revenue guidance.
Read all positive updates
Company Guidance
Tenable raised its full‑year 2026 outlook and provided Q2 guidance: revenue of $263M–$266M for Q2 (≈7.0% YoY at the midpoint) and FY26 revenue of $1.068B–$1.078B (≈7.4% YoY at the midpoint). Management expects Q2 non‑GAAP operating income of $61M–$64M (≈23.6% of revenue at the midpoint) and FY non‑GAAP operating income of $252M–$262M (≈24.0% of revenue at the midpoint, +210 bps YoY); Q2 non‑GAAP net income of $53M–$56M (+31.5% YoY at the midpoint) and FY non‑GAAP net income of $222M–$232M (+16.8% YoY at the midpoint); and Q2 non‑GAAP EPS of $0.46–$0.48 (+38.2% YoY at the midpoint) and FY non‑GAAP EPS of $1.90–$1.98 (+22.0% YoY at the midpoint). The raise follows a Q1 beat (revenue $262.1M, +9.6% YoY) that gave the company confidence to increase its full‑year outlook.Tenable Holdings Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
72
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.02B | 999.40M | 900.02M | 798.71M | 683.19M | 541.13M |
| Gross Profit | 799.18M | 780.47M | 700.35M | 615.13M | 528.40M | 434.73M |
| EBITDA | 114.11M | 47.44M | 46.24M | -8.95M | -44.09M | -27.56M |
| Net Income | -11.77M | -36.12M | -36.30M | -78.28M | -92.22M | -46.68M |
Balance Sheet | ||||||
| Total Assets | 1.62B | 1.75B | 1.74B | 1.61B | 1.44B | 1.25B |
| Cash, Cash Equivalents and Short-Term Investments | 360.26M | 402.18M | 577.19M | 473.97M | 567.43M | 512.29M |
| Total Debt | 419.32M | 465.56M | 422.31M | 413.31M | 423.12M | 422.09M |
| Total Liabilities | 1.37B | 1.42B | 1.34B | 1.26B | 1.17B | 1.03B |
| Stockholders Equity | 248.22M | 326.38M | 399.95M | 346.34M | 270.87M | 215.31M |
Cash Flow | ||||||
| Free Cash Flow | 263.18M | 254.65M | 213.23M | 141.10M | 112.00M | 90.20M |
| Operating Cash Flow | 268.64M | 266.75M | 217.48M | 149.85M | 131.15M | 96.77M |
| Investing Cash Flow | -54.66M | -174.58M | -41.43M | -212.62M | -128.04M | -391.59M |
| Financing Cash Flow | -308.25M | -234.09M | -79.40M | 1.25M | 23.32M | 397.65M |
Tenable Holdings Technical Analysis
Neutral
19.35
Price Trends
23.19
Positive
21.64
Positive
24.40
Positive
Market Momentum
1.04
Positive
55.69
Neutral
36.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TENB, the sentiment is Neutral. The current price of 19.35 is below the 20-day moving average (MA) of 27.26, below the 50-day MA of 23.19, and below the 200-day MA of 24.40, indicating a neutral trend. The MACD of 1.04 indicates Positive momentum. The RSI at 55.69 is Neutral, neither overbought nor oversold. The STOCH value of 36.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $3.92B | 19.68 | 37.15% | ― | 10.21% | 13.31% | |
78 Outperform | $22.57B | 19.82 | 30.57% | ― | 18.26% | 16.45% | |
71 Outperform | $2.39B | 53.41 | 21.19% | 1.33% | 12.08% | -8.14% | |
70 Outperform | $2.96B | -264.61 | -3.71% | ― | 10.74% | 74.22% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $3.83B | -29.64 | -26.10% | ― | 15.27% | -39.93% | |
55 Neutral | $449.77M | 19.88 | 16.38% | ― | 1.19% | -25.24% |
* Technology Sector Average
TENB
Tenable Holdings
26.87
-6.60
-19.72%
CPAY
Corpay Inc
345.28
23.43
7.28%
QLYS
Qualys
111.30
-29.08
-20.72%
VRNS
Varonis Systems
33.38
-16.06
-32.48%
ATEN
A10 Networks
33.26
15.26
84.76%
RPD
Rapid7
6.73
-16.49
-71.02%
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.