Tenable Holdings, Inc. (TENB)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.0B

Revenue growth

9.9%

Net income, last twelve months

$6.7M

Earnings per share

$0.05

Gross margin

78.1%

Operating margin

3.6%

Net margin

0.6%

Free cash flow

$264.4M

Return on equity

3.4%

Market value

$5.4B

Price to earnings

974.0x

Cash

$125.4M

Debt

$358.1M

Debt to equity

1.81

Shares outstanding

110.1M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 29 July 2026.

• Revenue grew 8.6% year-over-year. Revenue reached $268.5 million, up from $247.3 million a year earlier. Management described the quarter as better than expected.
• GAAP results returned to profit. GAAP income from operations was $12.4 million, against a loss of $7.4 million a year earlier. GAAP net income was $3.8 million, against a loss of $14.7 million.
• Non-GAAP earnings per share rose. Non-GAAP net income was $57.9 million, against $41.4 million. Non-GAAP diluted EPS was $0.51, against $0.34 a year earlier.
• Hexa AI orchestration advanced. Hexa AI added multi-step reasoning and automated remediation workflows, aimed at faster risk reduction at machine speed.
• Federal authorization for cloud product. Tenable One Cloud Exposure received FedRAMP High and Impact Level 5 authorization for highly sensitive federal environments.
• Cloud detection and response added. New cloud detection and response capabilities for Tenable One were unveiled, designed to turn threat investigations into remediation action.
• Customer additions below first quarter. 381 new enterprise platform customers and 32 net new six-figure customers were added, against 406 and 43 in the first quarter release.
• Non-GAAP operating margin expanded. Non-GAAP operating income was $66.2 million, against $47.7 million. The release describes a year-over-year increase of 540 basis points in non-GAAP operating margin.
• Sales and marketing ratio fell. Non-GAAP sales and marketing was 32.8% of revenue, against 36.0%. Non-GAAP R&D was 16.0%, against 17.6%, and non-GAAP G&A was 7.9%, against 9.2%.
• Gross margin edged lower. Non-GAAP gross margin was 81.4%, against 82.0%. GAAP gross margin was 77.5%, against 78.0% a year earlier.
• Restructuring and prior-year CEO vesting. Restructuring expense was $0.7 million, against none a year earlier. Six-month 2025 stock compensation included $14.6 million of accelerated vesting for the former Chairman and CEO.
• Remaining obligations rose 15.4%. Remaining performance obligations reached $1,026.1 million, up from $889.1 million a year earlier.
• Current deferred revenue declined. Current deferred revenue was $670.1 million at June 30, 2026, against $680.0 million at March 31, 2026, per the balance sheet comparison in the prior release.
• Operating cash flow reached $44.7 million. Net cash from operations was $44.7 million, against $42.5 million. Free cash flow was $39.2 million, against $37.4 million a year earlier.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 76 held.

Every filing

The newest filings with the SEC of 166 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

379 funds held it at 30 Jun 2026: 169 added and 110 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Microsoft Corp. (MSFT): revenue $346.4B, market value $3.95T
• Palantir Technologies Inc. (PLTR): revenue $6.2B, market value $473.1B
• Oracle Corp. (ORCL): revenue $71.8B, market value $436.3B
• SAP SE (SAP): revenue $41.6B, market value $276.7B
• CrowdStrike Holdings, Inc. (CRWD): revenue $5.4B, market value $273.1B
• Shopify Inc. (SHOP): revenue $13.3B, market value $218.4B
• Salesforce, Inc. (CRM): revenue $43.9B, market value $199.5B
• ServiceNow, Inc. (NOW): revenue $15.4B, market value $155.6B
• Snowflake Inc. (SNOW): revenue $5.4B, market value $119.8B
• Cloudflare, Inc. (NET): revenue $2.5B, market value $113.0B

What the company does

Tenable Holdings, Inc. sells software that helps organizations find and reduce cybersecurity weaknesses across their technology. The company calls itself the leading provider of exposure management solutions. Its main platform is Tenable One, and its older Nessus product line has been in the market since 1998. Tenable has over 40,000 customers in over 170 countries and 1,995 employees. Its headquarters are in Columbia, Maryland.

What it sells

Exposure management extends traditional vulnerability management. Vulnerability management focuses on publicly disclosed Common Vulnerabilities and Exposures. Exposure management adds configuration issues and attack paths across cloud environments, identity systems such as Active Directory, web applications and AI-related assets.

Tenable One is the company's exposure management platform, which it describes as AI-powered. It brings together these products:

- Tenable AI Exposure - Tenable Vulnerability Management, a cloud-delivered software-as-a-service product - Tenable Cloud Security - Tenable Identity Exposure - Tenable Web App Scanning - Tenable Attack Surface Management - Tenable Security Center, an on-premises vulnerability management product - Tenable OT Security, for operational technology and internet of things environments

The Nessus line underpins the enterprise platform. Nessus Expert adds web app scanning, Infrastructure as Code scanning and external attack surface discovery. Tenable also pulls in third-party data such as ticketing, configuration management databases and systems management data. It exports its own data to other IT and security systems.

How it earns money

Tenable sells mainly on subscriptions with a one-year term. Terms are increasingly longer but generally not longer than three years. Subscriptions are typically invoiced in advance. Multi-year subscriptions are increasingly invoiced annually in installments.

The company also sells perpetual licenses with maintenance, plus professional services. The services are mainly advisory work and training on deploying and optimizing its products. Recurring revenue, which covers subscriptions and maintenance on perpetual licenses, was 96% of revenue in 2025.

Customers sign a higher share of new and renewal agreements in the third and fourth quarters. The third-quarter increase comes mainly from United States government agencies. The fourth-quarter increase comes mainly from large enterprise buying patterns.

Who buys from it

Customers range from small to large organizations. They include manufacturing, energy and industrials; technology, media and telecommunications; banking, insurance and finance; government, education and non-profit; healthcare; and retail and consumer. At 31 December 2025 they included approximately 65% of the Fortune 500 and approximately 50% of the Global 2000 and large government agencies. In 2025, 2024 and 2023, no single customer represented more than 2% of revenue.

How it sells

Tenable uses a direct sales force alongside a lower-touch approach through channel partners and its e-commerce website. It runs a two-tiered channel model. It sells to distributors, who sell to resellers, who sell to end users. Channel partners include distributors, value-added resellers, system integrators and managed security service providers.

The sales team is divided by customer size and geography: the Americas; Europe, the Middle East and Africa; and Asia Pacific and Japan. Marketing targets security executives, functional managers, practitioners, managed service providers and consultants. The company runs a community forum where customers can ask questions of its experts and their peers.

Who it competes with

The company describes the cybersecurity market as fragmented and intensely competitive. Competitors named in the filing include:

- Qualys and Rapid7, in vulnerability management and assessment - CrowdStrike, among endpoint security vendors with vulnerability assessment capabilities - Palo Alto Networks and Wiz, in cloud security - Providers of point solutions, and diversified security software and services vendors

Many organizations also build their own tools in-house, often using open-source code. The company lists the main competitive factors as product functionality, breadth and depth of offerings, flexibility of delivery models, ease of deployment and use, integration capabilities, scalability, uptime and performance.

Research, intellectual property and people

Tenable Research is a team of cybersecurity, cloud and data science experts. It supplies vulnerability checks, zero-day research, configuration benchmarks and security advisories to the products. At 31 December 2025 Tenable held 53 issued patents and 22 pending patent applications in the United States, along with 13 registered trademarks. The issued patents expire between 2027 and 2044.

Of its 1,995 employees, 949 are located outside the United States. None of its United States employees are covered by a collective bargaining agreement. Certain international employees are covered by collective bargaining agreements under local labor laws. Tenable outsources its data center needs to Amazon Web Services.

*From Tenable's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1660280/000166028026000005/tenb-20251231.htm)*

From the company's 10-K.