TENB

MKT CAP:$2B

Tenable Holdings, Inc.

Market Cap

$2B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$19.20-$3.53 (-15.53%)

Apr 17, 2026

Company Details

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 organization...

CEO

Stephen A. Vintz

IPO Date

Jul 26, 2018

Website

www.tenable.com

Key Metrics TTM

Revenue

$999M

+11.0% YoY

Net Income

-$36M

EPS (Diluted)

-$0.30

Free Cash Flow

$259M

Revenue / Share

$8.40

Gross Margin

78.1%

Operating Margin

0.1%

Net Margin

-3.6%

FCF Margin

25.9%

P/S

2.4x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 27, 2026

$999M+11.0%EPS -$0.30

Q4 2025

Feb 27, 2026

$261M+10.5%EPS -$0.01

Q3 2025

Nov 4, 2025

$252M+11.2%EPS $0.02

Q2 2025

Aug 8, 2025

$247M+11.8%EPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$159M	$124M	-$18M
Q2 22	$164M	$128M	-$23M
Q3 22	$175M	$136M	-$13M
Q4 22	$185M	$139M	-$14M
Q1 23	$189M	$143M	-$19M
Q2 23	$195M	$152M	-$11M
Q3 23	$202M	$156M	-$8M
Q4 23	$213M	$165M	-$14M
Q1 24	$216M	$167M	-$9M
Q2 24	$221M	$172M	-$9M
Q3 24	$227M	$177M	-$2M
Q4 24	$236M	$184M	$13M
Q1 25	$239M	$187M	-$18M
Q2 25	$247M	$193M	-$7M
Q3 25	$252M	$196M	$7M
Q4 25	$261M	$205M	$19M

Valuation

Quarter	P/S	P/E
Q1 22	4.1x	—
Q2 22	3.9x	—
Q3 22	3.7x	—
Q4 22	3.5x	—
Q1 23	3.3x	—
Q2 23	3.2x	—
Q3 23	3.1x	—
Q4 23	3.0x	—
Q1 24	2.9x	—
Q2 24	2.8x	—
Q3 24	2.7x	—
Q4 24	2.6x	—
Q1 25	2.6x	—
Q2 25	2.5x	—
Q3 25	2.4x	—
Q4 25	2.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$33M	$28M
Q2 22	$31M	$26M
Q3 22	$36M	$32M
Q4 22	$32M	$27M
Q1 23	$39M	$37M
Q2 23	$30M	$28M
Q3 23	$42M	$40M
Q4 23	$39M	$36M
Q1 24	$50M	$47M
Q2 24	$31M	$29M
Q3 24	$55M	$53M
Q4 24	$81M	$79M
Q1 25	$87M	$81M
Q2 25	$42M	$38M
Q3 25	$54M	$53M
Q4 25	$84M	$87M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$5M
Q3 22	$4M
Q4 22	$5M
Q1 23	$1M
Q2 23	$3M
Q3 23	$2M
Q4 23	$3M
Q1 24	$3M
Q2 24	$3M
Q3 24	$2M
Q4 24	$2M
Q1 25	$7M
Q2 25	$4M
Q3 25	$867.0K
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+29.4%	+37.2%
Q2 22	+26.2%	+32.0%
Q3 22	+26.1%	+25.3%
Q4 22	+23.9%	+22.8%
Q1 23	+18.5%	+17.6%
Q2 23	+18.7%	+9.7%
Q3 23	+15.3%	+11.5%
Q4 23	+15.5%	+14.6%
Q1 24	+14.4%	+8.1%
Q2 24	+13.4%	+11.8%
Q3 24	+12.7%	+9.4%
Q4 24	+10.5%	-2.2%
Q1 25	+10.7%	+14.2%
Q2 25	+11.8%	+10.7%
Q3 25	+11.2%	+7.0%
Q4 25	+10.5%	+8.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$25M	15.9%
Q2 22	$32M	19.4%
Q3 22	$33M	18.7%
Q4 22	$31M	16.6%
Q1 23	$34M	18.1%
Q2 23	$38M	19.4%
Q3 23	$37M	18.3%
Q4 23	$37M	17.1%
Q1 24	$40M	18.4%
Q2 24	$41M	18.7%
Q3 24	$42M	18.4%
Q4 24	$41M	17.3%
Q1 25	$56M	23.4%
Q2 25	$47M	18.8%
Q3 25	$45M	17.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$34M	$26M	$82M
Q2 22	$36M	$27M	$88M
Q3 22	$36M	$25M	$88M
Q4 22	$37M	$25M	$91M
Q1 23	$38M	$27M	$97M
Q2 23	$38M	$27M	$98M
Q3 23	$37M	$32M	$95M
Q4 23	$40M	$31M	$104M
Q1 24	$44M	$31M	$100M
Q2 24	$45M	$30M	$101M
Q3 24	$48M	$32M	$99M
Q4 24	$45M	$31M	$95M
Q1 25	$53M	$48M	$103M
Q2 25	$59M	$34M	$107M
Q3 25	$56M	$32M	$100M
Q4 25	$55M	$32M	$107M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	29.4%	-8.4%	21.0
Q2 22	26.2%	-12.1%	14.1
Q3 22	26.1%	-4.3%	21.8
Q4 22	23.9%	-2.2%	21.7
Q1 23	18.5%	-4.4%	14.1
Q2 23	18.7%	0.6%	19.3
Q3 23	15.3%	-0.2%	15.0
Q4 23	15.5%	-0.6%	14.9
Q1 24	14.4%	1.7%	16.0
Q2 24	13.4%	2.2%	15.6
Q3 24	12.7%	5.7%	18.3
Q4 24	10.5%	10.6%	21.1
Q1 25	10.7%	-1.0%	9.7
Q2 25	11.8%	3.0%	14.8
Q3 25	11.2%	17.9%	29.0
Q4 25	10.5%	15.3%	25.8

Rule of 40

Revenue Segments

Quarter	License and Maintenance	Service, Other	Subscription and Circulation
Q1 22	$13M	$4M	$143M
Q2 22	$13M	$5M	$147M
Q3 22	$13M	$5M	$157M
Q4 22	$12M	$6M	$166M
Q1 23	$12M	$6M	$171M
Q2 23	$12M	$6M	$177M
Q3 23	$12M	$6M	$183M
Q4 23	$12M	$7M	$194M
Q1 24	$12M	$6M	$198M
Q2 24	$12M	$7M	$203M
Q3 24	$12M	$7M	$209M
Q1 25	$12M	$7M	$220M
Q2 25	$11M	$8M	$228M
Q3 25	$11M	$9M	$232M
Q4 25	$11M	$11M	$239M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea
Q1 22	$100M	$17M	$43M
Q2 22	$105M	$18M	$42M
Q3 22	$111M	$20M	$44M
Q4 22	$117M	$21M	$47M
Q1 23	$119M	$21M	$48M
Q2 23	$122M	$22M	$51M
Q3 23	$127M	$23M	$51M
Q4 23	$132M	$26M	$55M
Q1 24	$134M	$24M	$57M
Q2 24	$137M	$25M	$59M
Q3 24	$142M	$26M	$60M
Q4 24	$145M	$27M	$64M
Q1 25	$151M	$27M	$61M
Q2 25	$152M	$28M	$67M
Q3 25	$155M	$29M	$68M
Q4 25	$153M	$31M	$77M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$287M	$239M	$526M
Q2 22	$268M	$243M	$511M
Q3 22	$288M	$260M	$548M
Q4 22	$301M	$267M	$567M
Q1 23	$360M	$256M	$617M
Q2 23	$376M	$269M	$646M
Q3 23	$445M	$248M	$693M
Q4 23	$237M	$237M	$474M
Q1 24	$260M	$251M	$511M
Q2 24	$233M	$254M	$487M
Q3 24	$312M	$236M	$548M
Q4 24	$329M	$249M	$577M
Q1 25	$233M	$227M	$460M
Q2 25	$175M	$211M	$387M
Q3 25	$172M	$212M	$384M
Q4 25	$188M	$214M	$402M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	110M	+1.2%	+4.8%
Q2 22	111M	+1.4%	+4.9%
Q3 22	112M	+0.8%	+4.7%
Q4 22	113M	+0.7%	+4.2%
Q1 23	114M	+0.9%	+3.9%
Q2 23	115M	+1.2%	+3.7%
Q3 23	116M	+0.7%	+3.6%
Q4 23	117M	+0.7%	+3.5%
Q1 24	118M	+0.7%	+3.3%
Q2 24	119M	+1.0%	+3.1%
Q3 24	119M	+0.4%	+2.8%
Q4 24	124M	+3.9%	+6.1%
Q1 25	120M	-3.0%	+2.2%
Q2 25	121M	+0.4%	+1.6%
Q3 25	121M	-0.0%	+1.1%
Q4 25	119M	-1.3%	-4.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$98.6K	2K
Q2 22	$101.6K	2K
Q3 22	$108.1K	2K
Q4 22	$97.2K	2K
Q1 23	$99.4K	2K
Q2 23	$102.7K	2K
Q3 23	$106.1K	2K
Q4 23	$106.7K	2K
Q1 24	$108.0K	2K
Q2 24	$110.7K	2K
Q3 24	$113.6K	2K
Q4 24	$125.9K	2K
Q1 25	$127.7K	2K
Q2 25	$132.1K	2K
Q3 25	$134.9K	2K
Q4 25	$130.6K	2K

Revenue / Employee