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1. Company Snapshot

1.a. 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 a risk-based view of traditional and modern attack surfaces; Tenable.cs, a cloud-native application platform that enables organizations to programmatically detect and fix cloud infrastructure misconfigurations; Tenable.io WAS, which provides scanning for modern web applications; and Tenable.ep, an unified platform that helps organizations identify, assess, and accurately prioritize cyber risks across the entire attack surface.


The company also offers Tenable.ad, a solution to secure Active Directory environments; Tenable.ot, an on-premises solution that provides threat detection and mitigation, asset tracking, vulnerability management, and configuration control capabilities to protect OT environments, including industrial networks; Tenable.sc, an on-premises solution that provides a risk-based view of an organization's IT, security and compliance posture.In addition, it provides Nessus Professional, a vulnerability assessment solution for identifying security vulnerabilities, configuration issues, and malware; and Nessus Essentials, which includes vulnerability and configuration assessment for a limited number of assets.The company was founded in 2002 and is headquartered in Columbia, Maryland.

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1.b. Last Insights on TENB

Tenable Holdings, Inc.'s recent performance was negatively impacted by softness in Q4 guidance, despite delivering a strong Q3 with double-digit revenue growth and improved profitability. However, the company's Q4 earnings beat expectations, with revenue growth of 11% year-over-year and record new enterprise platform customer wins driven by AI-powered Tenable One. A $150 million increase to its share repurchase authorization also supports shareholder value. According to Marketbeat, analysts have a consensus rating of "Hold" on the stock. (Source: Marketbeat)

1.c. Company Highlights

2. Tenable Holdings' Q4 2025 Earnings: A Strong Finish to the Year

Tenable Holdings, Inc. reported a robust fourth quarter 2025, exceeding guided metrics across the board. Revenue came in at $260.5 million, representing a 10.5% year-over-year growth, while non-GAAP gross margin stood at 82.7%. Non-GAAP earnings per share (EPS) was $0.48, beating estimates of $0.42. The company's operating margin expanded to 24.4% of revenue, driven by a strong performance in its AI-powered exposure management platform, Tenable One, which accounted for 46% of new business.

Publication Date: Feb -09

📋 Highlights
  • Revenue Growth & Margin Expansion:: Q4 revenue hit $260.5M (+10.5% YoY) with a 24.4% operating margin, exceeding guided metrics and reflecting strong financial performance.
  • Tenable One Adoption:: 46% of new business came from Tenable One, with 502 new customers added, highlighting the AI-powered platform’s role in driving growth.
  • 2026 Revenue & Profit Milestones:: Full-year 2026 revenue guidance of $1.065B-$1.075B surpasses $1B for the first time, with non-GAAP EPS projected at $1.81-$1.90 (+16.7% YoY midpoint growth).
  • Free Cash Flow & Margin Strength:: Unlevered free cash flow reached $87.5M in Q4, while 2026 guidance targets 27.1% revenue conversion to free cash flow and a 23.4% non-GAAP operating margin (+150 bps YoY).
  • AI-Driven Exposure Management:: Tenable One’s AI capabilities led to a first 7-figure deal, 80% ASP uplift for Tenable One migrations, and a 106% net expansion rate, signaling strong product traction.

Driving Growth through Tenable One

Tenable One is emerging as the essential foundation for exposure management, helping customers turn fragmented security data into a unified actionable roadmap for risk reduction. The platform's adoption is driving growth, with customers adopting multiple modules, including vulnerability management, web app, and cloud security. The company is seeing strength in large customer cohorts and net additions of $100,000 ACV customers, indicating a strong pipeline.

Valuation Metrics and Future Outlook

With a P/S Ratio of 2.57 and an EV/EBITDA of 60.05, the market is pricing in a certain level of growth. Tenable Holdings is guiding to 7.1% revenue growth in 2026, with revenue expected to be in the range of $1.065 billion to $1.075 billion, exceeding the $1 billion milestone for the first time. Non-GAAP EPS is expected to be in the range of $1.81 to $1.90 per share, representing a year-over-year increase of 16.7% at the midpoint.

Operational Highlights and Guidance

The company generated $87.5 million in unlevered free cash flow during the quarter and repurchased 2.3 million shares for $62.5 million. For Q1 2026, the company expects revenue to be in the range of $257 million to $260 million, representing a year-over-year increase of 8.1% at the midpoint. The guidance implies a net expansion rate of 105% in the first half of the year, indicating stabilizing growth.

AI Exposure Management: A Growing Opportunity

The company sees AI as a massive opportunity, making exposure management more critical for customers. Tenable Holdings believes its data differentiation and AI capabilities position it well to solve the exposure gap. The company is closing its first 7-figure deal in AI exposure management and seeing increased demand, indicating a strong potential for growth in this area.

3. NewsRoom

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1 Small-Cap Growth Stock Down 65% to Buy on the Dip, According to Wall Street

Feb -12

Source: fool.com

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Tenable (NASDAQ:TENB) Director Acquires $258,000.00 in Stock

Feb -12

Source: defenseworld.net

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Tenable Q4 Earnings Call Highlights

Feb -06

Source: defenseworld.net

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Tenable (NASDAQ:TENB) Shares Gap Up Following Earnings Beat

Feb -06

Source: defenseworld.net

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Tenable: Deep Value At 12x P/E Despite Consistent Growth And Recurring Revenue Deals

Feb -05

Source: seekingalpha.com

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Compared to Estimates, Tenable (TENB) Q4 Earnings: A Look at Key Metrics

Feb -05

Source: zacks.com

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Tenable Holdings, Inc. (TENB) Q4 2025 Earnings Call Transcript

Feb -05

Source: seekingalpha.com

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Tenable (TENB) Q4 Earnings and Revenues Surpass Estimates

Feb -05

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.88%)

6. Segments

Subscription

Expected Growth: 12%

Tenable Holdings, Inc.'s 12% subscription growth is driven by increasing demand for vulnerability management and cyber exposure solutions, expansion into new markets, and strategic partnerships. Additionally, the company's cloud-based offerings and scalable platform have enabled it to capitalize on the growing trend of digital transformation and cloud adoption.

Perpetual License and Maintenance

Expected Growth: 11%

Tenable Holdings, Inc.'s Perpetual License and Maintenance growth is driven by increasing demand for vulnerability management, rising adoption of cloud-based solutions, and growing need for cybersecurity measures amidst escalating threats. Additionally, the company's expanding partner network, innovative product offerings, and strategic acquisitions contribute to its 11% growth.

Professional Services and Other

Expected Growth: 10%

Tenable Holdings' Professional Services and Other segment growth is driven by increasing demand for vulnerability management and cyber exposure solutions, expansion into new markets, and strategic partnerships. The 10% growth rate is also fueled by the company's investments in sales and marketing, as well as its ability to upsell and cross-sell its services to existing customers.

7. Detailed Products

Nessus

A vulnerability scanner that identifies vulnerabilities, configuration issues, and malware

Tenable.io

A cloud-based vulnerability management platform that provides real-time visibility into vulnerabilities

Tenable.sc

A comprehensive vulnerability management platform that provides real-time visibility into vulnerabilities

Nessus Network Monitor

A network traffic analysis tool that provides real-time visibility into network activity

Tenable.ot

An operational technology (OT) security platform that provides real-time visibility into OT systems

Tenable.ad

An active directory security platform that provides real-time visibility into AD security

8. Tenable Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Tenable Holdings, Inc. operates in the cybersecurity industry, which is characterized by rapid innovation and advancements. While there are substitutes available, such as open-source alternatives, Tenable's proprietary technology and strong brand recognition mitigate the threat of substitutes.

Bargaining Power Of Customers

Tenable Holdings, Inc. has a diverse customer base across various industries, reducing dependence on a single customer. Additionally, the company's products and services are critical to customers' cybersecurity infrastructure, giving Tenable a strong bargaining position.

Bargaining Power Of Suppliers

Tenable Holdings, Inc. is not heavily reliant on a single supplier, and the company's technology is largely developed in-house. This reduces the bargaining power of suppliers and minimizes the risk of supply chain disruptions.

Threat Of New Entrants

The cybersecurity industry is highly competitive, and new entrants can easily disrupt the market with innovative solutions. Tenable Holdings, Inc. must continue to innovate and invest in research and development to stay ahead of new entrants.

Intensity Of Rivalry

The cybersecurity industry is highly competitive, with numerous established players and new entrants vying for market share. Tenable Holdings, Inc. must differentiate its products and services through innovation, customer support, and strategic partnerships to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 51.33%
Debt Cost 6.53%
Equity Weight 48.67%
Equity Cost 8.65%
WACC 7.56%
Leverage 105.46%

11. Quality Control: Tenable Holdings, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

22.55$

Current Price

22.55$

Potential

-0.00%

Expected Cash-Flows