Tenable Holdings (TENB)
NASDAQ:TENB
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Tenable Holdings
(NASDAQ:TENB)
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Rating:60Neutral
Price Target:
$17.00
▼(-2.35% Downside)
Action:ReiteratedDate:02/07/26
The score is supported primarily by strong free-cash-flow generation and improving operating fundamentals, reinforced by positive FY2026 guidance and platform traction from the latest earnings call. These strengths are tempered by weak technicals (downtrend and negative momentum) and valuation pressure implied by ongoing GAAP losses (negative P/E).
Positive Factors
Robust free cash flow
Sustained, high free cash flow despite GAAP losses provides durable internal funding for R&D, AI investments, buybacks and debt reduction. Strong cash conversion supports strategic flexibility, lowers refinancing risk, and underpins multi‑quarter execution even if revenue growth moderates.
Negative Factors
Slowing revenue growth guide
A meaningful step‑down in year‑over‑year growth implies tougher comps, potential market saturation in segments, or a shift to longer contracts. Slower top‑line expansion can limit upside from operating leverage and extend the timeline to convert improving non‑GAAP results into sustained GAAP profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust free cash flow
Sustained, high free cash flow despite GAAP losses provides durable internal funding for R&D, AI investments, buybacks and debt reduction. Strong cash conversion supports strategic flexibility, lowers refinancing risk, and underpins multi‑quarter execution even if revenue growth moderates.
Read all positive factors
Tenable Holdings (TENB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.84B
Dividend YieldN/A
Average Volume (3M)2.85M
Price to Earnings (P/E)―
Beta (1Y)0.83
Revenue Growth11.05%
EPS Growth45.23%
CountryUS
Employees1,872
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.48
Shares Outstanding114,887,620
10 Day Avg. Volume3,092,684
30 Day Avg. Volume2,854,358
Financial Highlights & Ratios
PEG Ratio24.26
Price to Book (P/B)8.66
Price to Sales (P/S)2.83
P/FCF Ratio11.10
Enterprise Value/Market Cap1.28
Enterprise Value/Revenue2.36
Enterprise Value/Gross Profit3.02
Enterprise Value/Ebitda26.19
Forecast
1Y Price Target
$29.40Price Target Upside68.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering18
EPS Forecast (FY)1.87
Revenue Forecast (FY)$1.07B
Tenable Holdings Business Overview & Revenue Model
Company Description
Tenable Holdings, Inc. provides cyber exposure solutions for in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan. Its platforms include Tenable.io, a cloud-delivered software as a service that provides organizations with ...
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 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 Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum: platform adoption (Tenable One) accelerated (46% of new/expansion business), revenue and profitability metrics improved, cash flow and share repurchases demonstrate balance-sheet strength, and management provided a positive 2026 guide including a notable >$1B revenue milestone. Principal negatives were transitory and related to billing-pattern shifts, temporary restructuring costs, and a guidance profile that implies slower percentage growth versus 2025. Overall, the positives (robust platform traction, margin expansion, cash generation, analyst recognition, and AI-driven pipeline) materially outweigh the lowlights, which are largely timing/metric-reporting and thus manageable in the midterm.Positive Updates
Revenue Growth — Q4 and Full Year
Q4 revenue of $260.5M, up 10.5% year-over-year; full-year revenue growth of 11.0% YoY, demonstrating continued top-line expansion.
Negative Updates
Billing Pattern & Billings Metrics Distortion
Changes in upfront billing patterns and increasing contract durations caused divergence between CCB and CRPO; Q4 calculated current billings (CCB) was $327.8M (+8.5% YoY) while management said CCB is distorted and will no longer be a primary internal metric; TCV also being de-emphasized.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth — Q4 and Full Year
Q4 revenue of $260.5M, up 10.5% year-over-year; full-year revenue growth of 11.0% YoY, demonstrating continued top-line expansion.
Read all positive updates
Company Guidance
Tenable guided Q1 2026 revenue of $257–$260M (≈8.1% YoY at the midpoint) with Q1 non‑GAAP operating income $53–$56M (≈21.1% of revenue at the midpoint), Q1 non‑GAAP net income $46–$49M (≈7.2% YoY at the midpoint) and Q1 non‑GAAP EPS $0.39–$0.42 (≈12.5% YoY at the midpoint). For full‑year 2026 the company expects revenue of $1.065–$1.075B (exceeding $1B and ≈7.1% YoY at the midpoint), non‑GAAP operating income $245–$255M (≈23.4% of revenue at the midpoint, +150 bps YoY), non‑GAAP net income $214–$224M (+12.7% YoY at the midpoint), non‑GAAP EPS $1.81–$1.90 (+16.7% YoY at the midpoint) and unlevered free cash flow $285–$295M (≈27.1% of revenue at the midpoint). Management said it will stop guiding to CCB/TCV (though expects full‑year CCB to be in line with consensus despite billings‑duration headwinds), expects net dollar expansion to stabilize around ~105%, and disclosed an estimated $24M (~220 bps) headwind to 2026 unlevered FCF from reduced upfront multiyear billings plus restructuring (Q4 restructuring $3.1M; ≈$5M more expected in H1).Tenable Holdings Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
55
Neutral
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 999.40M | 900.02M | 798.71M | 683.19M | 541.13M |
| Gross Profit | 780.47M | 700.35M | 615.13M | 528.40M | 434.73M |
| EBITDA | 47.44M | 46.24M | -8.95M | -44.09M | -27.56M |
| Net Income | -36.12M | -36.30M | -78.28M | -92.22M | -46.68M |
Balance Sheet | |||||
| Total Assets | 1.75B | 1.74B | 1.61B | 1.44B | 1.25B |
| Cash, Cash Equivalents and Short-Term Investments | 402.18M | 577.19M | 473.97M | 567.43M | 512.29M |
| Total Debt | 465.56M | 422.31M | 413.31M | 420.40M | 422.09M |
| Total Liabilities | 1.42B | 1.34B | 1.26B | 1.17B | 1.03B |
| Stockholders Equity | 326.38M | 399.95M | 346.34M | 270.87M | 215.31M |
Cash Flow | |||||
| Free Cash Flow | 254.65M | 213.23M | 141.10M | 112.00M | 90.20M |
| Operating Cash Flow | 266.75M | 217.48M | 149.85M | 131.15M | 96.77M |
| Investing Cash Flow | -174.58M | -41.43M | -212.62M | -128.04M | -391.59M |
| Financing Cash Flow | -234.09M | -79.40M | 1.25M | 23.32M | 397.65M |
Tenable Holdings Technical Analysis
Negative
17.41
Price Trends
19.74
Negative
22.11
Negative
26.33
Negative
Market Momentum
-0.89
Positive
42.88
Neutral
26.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TENB, the sentiment is Negative. The current price of 17.41 is below the 20-day moving average (MA) of 18.30, below the 50-day MA of 19.74, and below the 200-day MA of 26.33, indicating a bearish trend. The MACD of -0.89 indicates Positive momentum. The RSI at 42.88 is Neutral, neither overbought nor oversold. The STOCH value of 26.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TENB.
Tenable Holdings Risk Analysis
Tenable Holdings disclosed 53 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $20.61B | 19.73 | 27.89% | ― | 11.27% | 4.47% | |
70 Outperform | $1.72B | 30.33 | 20.61% | 1.33% | 10.27% | 3.52% | |
67 Neutral | $2.72B | 24.22 | 37.83% | ― | 9.95% | 12.72% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $1.84B | -949.46 | -10.29% | ― | 11.05% | 45.23% | |
54 Neutral | $2.37B | -38.13 | -27.04% | ― | 11.37% | -34.44% | |
49 Neutral | $334.08M | 79.72 | 22.00% | ― | 3.08% | -54.07% |
* Technology Sector Average
TENB
Tenable Holdings
17.41
-15.62
-47.29%
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Tenable Holdings Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Tenable Reports Strong Q4 Results and Expands Buyback Plan
Positive
Feb 4, 2026
On February 4, 2026, Tenable reported that it exceeded all guided metrics for the fourth quarter and full year 2025, delivering 11% year-over-year revenue growth to $260.5 million for the quarter and $999.4 million for the year, alongside solid no...
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.