Tenable Holdings, Inc.

Tenable Holdings, Inc.

TENBInfrastructure

Tenable is a cybersecurity company focused on exposure management.

Key figures

Data as of Jun 2026 · Pills compare vs Mar 2026
ARR Multiple
4.2x
+0.5x
ARR
$1.1B
+2.5%
YoY Growth
8.6%
-1.0pp
Market Cap
$4.5B
+12.0%
Revenue (Q)
$269M
+2.5%
Gross Margin
77.5%
-0.8pp
Op. Margin
4.6%
+1.3pp
Rule of 40
13.2
-0.1
Magic Number
0.24
+0.18

Revenue, margins & ratios from SEC filings; market cap & ARR multiple from market data. Market cap & ARR multiple use the close of 13 Oct 2026; their pills compare vs the Jun 2026 quarter-end (3.8x).

Valuation by quarter

Current ARR Multiple: 3.8x· Forward at Q3 FY2026 guidance: 3.7x

Calculated valuation

FRAMEWORK EST.
Valuation data is not available for this company.

Strategy recommendations

Levers ranked by valuation impact
No recommendations for this company.
AI Replacement RiskLOW
8/ 100
LowModerateElevatedHigh

Estimated likelihood that general-purpose AI replaces this product.

Open AI Risk Calculator →

Why this rating

From the AI Risk Calculator model

Structural moats (regulation, integration depth, or proprietary data) make AI-only replacement unlikely in the near term.

What's driving the score
SecurityCategory baseline
low base
Workflow complexity5/5
-12 risk
Data moat3/5
-1 risk
Integration depthHigh
-10 risk
SegmentEnterprise
-8 risk
IndustryOther
neutral
Own AI integration3/5
-1.6 risk

Company overview

Tenable is a cybersecurity company focused on exposure management. It helps organizations understand, prioritize, and reduce cyber risk across IT infrastructure, cloud environments, operational technology, and web applications. Founded in 2002 in Columbia, Maryland, Tenable created Nessus, one of the most widely deployed vulnerability scanning tools in the world.

The Tenable One Exposure Management Platform brings together vulnerability management, cloud security posture management, identity exposure, web application scanning, and attack surface management into a single view. Security teams can see their entire attack surface, from traditional on-premises assets to cloud workloads, containers, Active Directory, and OT/IoT devices. The key is prioritization. Instead of ranking threats by raw CVSS scores, Tenable prioritizes based on actual exploitability and business context. That's a significant difference in practice.

Products include Tenable Vulnerability Management for cloud-based scanning, Tenable Cloud Security (formerly Ermetic) for cloud-native protection, Tenable Identity Exposure for Active Directory security, and Tenable OT Security for industrial and critical infrastructure. Vulnerability Priority Rating and Attack Path Analysis use machine learning to contextualize threats, which significantly reduces alert fatigue. Imagine a security team getting thousands of vulnerability alerts per week. Tenable helps them focus on the handful that attackers could actually exploit.

Tenable serves about 44,000 customers globally, including roughly 65% of the Fortune 500. Financial services, healthcare, government, and technology are the strongest verticals. Annual revenue is approximately $1.0 billion. Subscriptions drive over 95% of recurring revenue. Gross margins exceed 78%. The company employs around 2,200 people.

Entity information

Industry7372: Services-Prepackaged Software
Fiscal YearDec 31
IncorporatedDelaware
Phone(410) 872-0555
Address6100 MERRIWEATHER DRIVE, COLUMBIA, MD, 21044
Mailing address6100 MERRIWEATHER DRIVE, COLUMBIA, MD, 21044
EIN47-5580846
Entity typeoperating
SEC industry framework06 Technology

SaaS KPIs

Reported in at least 3 quarters

Non-GAAP Operating Margin

18 quarters
24.7%
Q2 FY2026+1.1pp

Calculated Current Billings

16 quarters
$327.8M
Q4 FY2025+22.5%

New Enterprise Platform Customers Added

16 quarters
406
Q1 FY2026-19.1%

Unlevered Free Cash Flow

16 quarters
$45.3M
Q2 FY2026-48.9%

Free Cash Flow

15 quarters
$39.2M
Q2 FY2026-52.6%

Net New Six-Figure Customers

15 quarters
32
Q2 FY2026-25.6%

Management outlook

Given with Q2 FY2026 results (Jun 2026)
ReportedGuidance

Guided revenue, Q3 FY2026$270.0M – $273.0M
Midpoint$271.5M
Growth vs Q2 FY2026+1.1%
Growth vs Q3 FY2025+7.6%
Q3 2026
Non-GAAP income from operations$66.0 million - $69.0 million
Non-GAAP net income$58.0 million - $61.0 million
Non-GAAP diluted earnings per share$0.49 - $0.52
Diluted weighted average shares outstanding118.0 million
Full Year 2026
Revenue$1.075 billion - $1.081 billion
Non-GAAP income from operations$258.0 million - $264.0 million
Non-GAAP net income$228.0 million - $234.0 million
Non-GAAP diluted earnings per share$1.95 - $2.00
Diluted weighted average shares outstanding117.0 million
Unlevered free cash flow$289.0 million - $295.0 million

Quarterly financials

Left axis in $ (Revenue, Gross profit, Net income, S&M); right axis for ratios (Rule of 40, Magic number). Click a legend item to toggle it.

Recent news

More news →