TENB
Tenable Holdings, Inc.

Tenable Holdings, Inc.TENB

Technology · Software - Infrastructure
42.13USD
-4.60%
Nov 09, 2026
TENB overview ready
Exposure management software enabling continuous enterprise cybersecurity
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.
Primary theme is weakening
Cybersecurity is weakening (-3.1pp vs SPY over 21 sessions; 8 of 20 members ahead of SPY).
Constructive pullback in an uptrend
Longer-term context reads early trend, 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
Intense competition in cybersecurity software.
Market Nov 6Filing Sep 30Price action Nov 8Research Jul 30

Conviction Level

PriceAction8.0BusinessPerformance7.0BusinessQuality5.5Valuation9.5ThemeMomentum3.0Improving — Revenue is growing at a steady pace (+9.5% year over year). Diluted EPS moved to $0.10 from $0.02; the prior-year base is too small for a meaningful percentage. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
CybersecurityWeakening
vs SPY
−3.1pp
Theme return
−8.1%
Beating SPY
8 of 20
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Constructive pullback in an uptrend
Longer-term context reads early trend, with a near-term setup of constructive pullback.
EntryBreakout + retest

Price broke through the weekly SMA200, then retested it constructively and recovered — a fresh structural entry rather than a chase.

Key Financials

Market Cap
$4.4B
Avg Volume (60D)
4.4M
60 sessions
Revenue Growth YoY
+11.0%
FY2025 vs FY2024
Gross Margin
+78.1%
Trailing twelve months
Operating Margin
+4.4%
Trailing twelve months
Free Cash Flow Yield
+6.4%
Distance from 200DMA
+43.6%
P/E
279.0x
EV / EBITDA
53.3x
EV / Sales
4.4x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Improving

Revenue is growing at a steady pace (+9.5% year over year). Diluted EPS moved to $0.10 from $0.02; the prior-year base is too small for a meaningful percentage.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthGrowing
+9.5%
$276M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +11%
  2. +9.6%
  3. +8.6%
  4. +9.5%
Earnings growthGrowing
$0.10
Diluted EPS $0.10 vs $0.02 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
6.0%
+3.2 pp YoY · gross margin 77.8% (+0.3 pp)

Business Quality

5.5 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

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 2.02, 9.01)
    Reported on 8-K, dated 2026-10-28.
    2026-10-28 · source
  • TENB rose 7.8% in one session
    TENB closed +7.8% while the broad market was close to flat (-1.2%).
    2026-10-22
  • Tenable Holdings, Inc. — 8-K (items 1.01, 2.03, 7.01, 9.01)
    Reported on 8-K, dated 2026-10-13.
    2026-10-14 · source

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
Intense competition in cybersecurity software.

Economic classification

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Business & Markets

Technology · Software - Infrastructure
What they do

Tenable Holdings, Inc. provides cyber exposure management software that helps organizations identify, assess, and reduce security risks across traditional, cloud, and AI environments globally.

How it earns

The company primarily generates revenue through subscription-based, cloud-delivered software-as-a-service offerings.

Products & services
Tenable AI Exposure
Tenable Vulnerability Management
Tenable Cloud Security
Customers & end markets
Enterprises with hybrid IT infrastructure
Organizations managing cloud and AI security risks
Market position

Tenable is a leader in exposure-management-focused cybersecurity software with a comprehensive platform covering traditional and emerging attack surfaces.

Demand drivers
Low cyclicality

Demand for cybersecurity solutions remains steady due to persistent and evolving security threats regardless of economic cycles.

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