TENB
Tenable Holdings, Inc.

Tenable Holdings, Inc.TENB

Technology · Software - Infrastructure
35.88USD
-0.97%
Sep 25, 2026
TENB overview ready
Exposure-Management Software Driving Continuous Cybersecurity Modernization
Tenable is a direct, exposure-management-focused software provider: its Tenable One platform aggregates security and technology data to discover assets and attack paths, prioritize material exposures, and coordinate remediation across enterprise environments.
Direct narrative exposure
Exposed to the Enterprise Cybersecurity Modernization narrative through Continuous Exposure Management — pure play.
Constructive pullback in an uptrend
Longer-term context reads early recovery, with a near-term setup of constructive pullback.
Attractive valuation
Current market expectations look undemanding relative to how much growth and cash flow it delivers per turn of revenue multiple.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Pressure on operating margins.
Market Sep 24Filing Jun 30Price action Aug 9Research Jul 30

Conviction Level

NarrativeHeat8.0ThemeHeat7.7PriceAction9.4Valuation9.9CompanyPosition9.3
Price
Loading price history…

Price Action

Constructive pullback in an uptrend
Longer-term context reads early recovery, with a near-term setup of constructive pullback.
EntryConstructive

Structure is constructive on both timeframes without excessive extension — a reasonable entry location.

Key Financials

Market Cap
$4.0B
Avg Volume (60D)
4.4M
60 sessions
Revenue Growth YoY
+11.0%
FY2025 vs FY2024
Gross Margin
+78.1%
Trailing twelve months
Operating Margin
+3.6%
Trailing twelve months
Free Cash Flow Yield
+6.6%
Next Earnings
2026-10-28
P/E
591.9x
EV / EBITDA
50.8x
EV / Sales
3.8x
Market metrics as of Sep 23, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Fundamentals & Valuation

The available comparisons disagreed; the intrinsic comparison is the more reliable method for this business and the others are published as dissent.
Tenable Holdings, Inc. has a Cheap valuation stance because current market expectations look undemanding relative to how much growth and cash flow it delivers per turn of revenue multiple.

What changed

  • Tenable Holdings, Inc. — 8-K (items 1.01, 1.02, 2.03, 3.02, 8.01, 9.01)
    Reported on 8-K, dated 2026-09-15. TENB closed +8.6% while the broad market was close to flat (-0.5%).
    2026-09-15 · source
  • TENB rose 16.5% in one session
    TENB closed +16.5% while the broad market was close to flat (-0.5%).
    2026-09-14
  • Tenable Shares Fall 7% After $650 Million Convertible Notes Offering
    Dated 2026-09-10.
    2026-09-10 · source
  • TENB rose 11.8% in one session
    TENB closed +11.8% while the broad market was close to flat (+0.7%).
    2026-08-27

Company Research

Thesis
Tenable is a direct, exposure-management-focused software provider: its Tenable One platform aggregates security and technology data to discover assets and attack paths, prioritize material exposures, and coordinate remediation across enterprise environments.
Opportunity
High opportunity
Enterprise security spending on continuous discovery, contextual prioritization, validation and remediation of exposures across hybrid infrastructure, cloud services, identities, applications and AI environments.
Key risk
Pressure on operating margins.

Narrative & Theme

Enterprise Cybersecurity Modernization
Part of Continuous Exposure Management, with strong fit.
The core customer budget driver is the need to reduce an expanding, constantly changing attack surface rather than merely collect vulnerability findings.
Narrative HeatHeating up8.0 / 10
Theme HeatHeating up7.7 / 10

Business & Markets

Technology · Software - Infrastructure
What they do

Tenable Holdings, Inc. provides cyber exposure management solutions globally, helping organizations identify, assess, and reduce security risks across traditional and modern IT environments.

How it earns

The company primarily generates revenue through subscription-based, cloud-delivered software services.

Products & services
Tenable AI Exposure
Tenable Vulnerability Management
Tenable Cloud Security
Customers & end markets
Enterprises
Government agencies
Market position

Tenable is a recognized leader in vulnerability management and cyber exposure solutions.

Demand drivers
Low cyclicality

Demand for cybersecurity solutions tends to be stable and driven by ongoing security requirements rather than economic cycles.