# Tenable Holdings, Inc. (TENB)

> Source: Nexqual · https://nexqual.com/TENB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Tenable Holdings, Inc. (TENB), nexqual.com/TENB" · informational, not investment advice.

**Price:** USD 42 (+3.27% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 40.67 · day 40.2–42.05 · 52w 15.73–43.67 · market cap $4.63B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.04B, net income $6.7M (0.6% margin), free cash flow $264M (SEC filings).
- Valuation: P/E 686.1x.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $207K; 2 not under a Rule 10b5-1 plan ($141K); 3 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $258K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.65 on a 1–5 scale) (23 analysts), mean target USD 36 (range 23–50).
- Total return with dividends: 1Y +39.9% vs S&P 500 +14.9%; 5Y -19.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.51, revenue estimate $272M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $541M | $683M | $799M | $900M | $999M | $1.04B |
| Gross profit | $435M | $528M | $615M | $700M | $780M | — |
| Operating income | -$41.8M | -$67.8M | -$52.2M | -$6.9M | -$9.2M | $37.1M |
| Net income | -$46.7M | -$92.2M | -$78.3M | -$36.3M | -$36.1M | $6.7M |
| EPS (diluted) | -$0.44 | -$0.83 | -$0.68 | -$0.31 | -$0.30 | — |
| Free cash flow | $92.9M | $122M | $148M | $213M | $255M | $264M |
| Gross margin | 80.3% | 77.3% | 77.0% | 77.8% | 78.1% | — |
| Operating margin | -7.7% | -9.9% | -6.5% | -0.8% | -0.9% | 3.6% |
| Net margin | -8.6% | -13.5% | -9.8% | -4.0% | -3.6% | 0.6% |
| Revenue growth | +22.9% | +26.3% | +16.9% | +12.7% | +11.0% | — |
| Cash + short-term investments | $512M | $567M | $474M | $577M | $402M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 686.1x · P/S 4.4x · P/FCF 17.5x · P/B 23.3x · FCF yield 5.72% · Earnings yield 0.15% · Buyback yield (TTM) 7.62%

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-18…2026-08-19 | Zecher Linda Kay | Director | 1,390 | $49K | 16.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-07 | Vicks Raymond Jr. | Director | 1,819 | $65K | 6.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03…2026-08-07 | Zecher Linda Kay | Director | 2,620 | $92K | 23.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $258K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-04 | Brown Matthew Charles | Chief Financial Officer | 12,000 | $258K | 21.54 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 2.65 on a 1–5 scale), 23 analysts; mean target USD 36 (low 23, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Truist Securities | Target raised | Hold | $30 → $35 |
| 2026-10-15 | Wells Fargo | Target raised | Equal-Weight | $35 → $38 |
| 2026-07-30 | UBS | Target lowered | Neutral | $37 → $34 |
| 2026-07-30 | Susquehanna | Target raised | Positive | $26 → $36 |
| 2026-07-30 | Stifel | Target raised | Hold | $26 → $31 |
| 2026-07-30 | Truist Securities | Target lowered | Hold | $40 → $30 |
| 2026-07-30 | Canaccord Genuity | Target raised | Buy | $30 → $36 |
| 2026-07-30 | Wells Fargo | Target lowered | Equal-Weight | $43 → $35 |
| 2026-07-30 | Barclays | Target lowered | Equal-Weight | $41 → $38 |
| 2026-07-30 | Needham | Target raised | Buy | $30 → $36 |
| 2026-07-30 | Jefferies | Target lowered | Hold | $35 → $30 |
| 2026-07-30 | Piper Sandler | Downgrade | Overweight → Neutral | $35 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +39.9% | -19.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +40.1% | -4.1% |
| Volatility (annualized) | 59.9% | 47.4% |
| Max drawdown | -47.1% (Oct 2025→Apr 2026) | -73.7% (Apr 2022→Apr 2026) |

## Peers (Software - Infrastructure)
DLO (DLocal Limited) USD 14.84 -2.05% · BLSH (Bullish) USD 29.19 -1.95% · BB (BlackBerry Limited) USD 8.59 -8.71% · RELY (Remitly Global, Inc.) USD 25.32 -0.39% · VRNS (Varonis Systems, Inc.) USD 48.89 +0.41% · ACIW (ACI Worldwide, Inc.) USD 56.19 +4.33%

## More
Full page: https://nexqual.com/TENB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TENB's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1660280/000166028026000005/tenb-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "Because our agreements with certain third-party service providers, such as AWS and Snowflake, limit their liability for damages, we may not be able to recover a material portion of our liabilities to our customers and th…" |
| Customer | Snowflake (SNOW) | "Because our agreements with certain third-party service providers, such as AWS and Snowflake, limit their liability for damages, we may not be able to recover a material portion of our liabilities to our customers and th…" |
| Customer | Eureka Security | "Adding Eureka's DSPM capabilities to our solutions provides customers a view into their organization's cloud data security footprint, fight policy drift and misconfigurations that put data at risk, and enables customers …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription revenue | $248.3M | 92.5% | +8.9% |
| Professional services and other revenue | $10.4M | 3.9% | +32.2% |
| Perpetual license and maintenance revenue | $9.9M | 3.7% | -13.6% |
| Total revenue | $268.5M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $161.8M | 60.3% | +6.3% |
| EMEA | $75.6M | 28.2% | +12.9% |
| Asia Pacific | $31.1M | 11.6% | +10.5% |
| Total revenue | $268.5M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 30% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Company outlook (8-K filed 2026-07-29)

- "Full-Year Outlook • Revenue of $268.5 million, year-over-year growth of 8.6% • GAAP operating margin of 4.6%;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.51 | $0.49 | +4.4% | $271.6M | 22 |
| Next quarter (ends 2026-12-31) | $0.50 | $0.52 | -4.1% | $276.4M | 22 |
| Current fiscal year (ends 2026-12-31) | $1.99 | $1.96 | +1.5% | $1.08B | 23 |
| Next fiscal year (ends 2027-12-31) | $2.20 | $2.17 | +1.1% | $1.16B | 23 |