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Tenable Holdings, Inc.

TENB · Technology (services-prepackaged software) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31

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Tenable Holdings, Inc. reported revenue of $999.4 million in fiscal 2025, after growing 26.1% a year over the previous 9 years. Its operating margin widened from -28.8% in 2016 to -0.9%. Of the $903.9 million its operations generated over 10 years, 96.1% went to acquisitions and 40.2% to buybacks. On the accounting screens, it passes 5 of 8 Piotroski tests, its Altman Z'' of -1.62 is in the distress zone and its Beneish M-score is below the -1.78 line; 1 of the six cross-checks between its statements fires.

Revenue, fiscal 2025 999.4M +26.1% a year over 9 years
Operating margin -0.9% gross margin 78.1%
Return on invested capital —  
Free cash flow after stock pay 62.8M 6.3% of revenue
Net debt ÷ EBITDA — net debt —
Piotroski F-score 5/8 tests of improvement passed

Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units: 4-for-1 before fiscal 2018.

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income
Compound growth a year
3 yrs5 yrs9 yrs
Revenue+13.5%+17.8%+26.1%
Free cash flow per share+24.7%+36.4%—
Shares+2.6%+3.5%—

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

GrossOperatingNetFree cash flow

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
-11.1%
Return on assets
-2.1%
Asset turnover
0.57×
Research & development
22.4% of revenue
Overheads (SG&A)
14.6% of revenue

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Where 10 years of operating cash went, 2016–2025

903.9M generated by the business. Each band is its share of that total.

  • Reinvested in the business 9% 85.1M
  • Acquisitions 96% 869.1M
  • Dividends 0% 0
  • Share buybacks 40% 362.9M
  • More than it generated: funded with cash or new debt -46% -413.2M

Over the same years it paid 835.0M in stock. The buybacks did not even cover what was handed out in stock.

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt ÷ EBITDA
—
Interest coverage
-0× operating income ÷ interest
Current ratio
0.95 current assets ÷ current liabilities
Cash conversion cycle
— collects in 102d

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

5of 8 tests passed
  • ProfitableReturn on assets above zero failed
  • Cash from operationsOperating cash flow above zero passed
  • Profitability improvedReturn on assets higher than a year before passed
  • Profit backed by cashOperating cash flow above net income (low accruals) passed
  • Less long-term debtLong-term debt as a share of assets fell — not reported no data
  • More liquidCurrent ratio higher than a year before failed
  • No new sharesShare count did not grow failed
  • Better gross marginGross margin higher than a year before passed
  • Sells more per assetAsset turnover higher than a year before passed

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

-1.62distress zone
  • Working capital ÷ assets -0.02 × 6.56-0.15
  • Retained earnings ÷ assets -0.51 × 3.26-1.67
  • Operating income ÷ assets -0.01 × 6.72-0.04
  • Equity ÷ liabilities 0.23 × 1.05+0.24

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

-3.26below the -1.78 line
  • Receivables vs sales 0.97+0.89
  • Gross margin slipping 1.00+0.53
  • Soft assets 1.00 (not reported, set to 1)+0.40
  • Sales growth 1.11+0.99
  • Slower depreciation 1.00 (not reported, set to 1)+0.12
  • Overheads vs sales 1.06-0.18
  • Profit not in cash -0.17-0.81
  • Leverage rising 1.10-0.36

Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

Capital spending (12M) is well below depreciation (42M).

Benign

Mature assets, or a business that has become less capital-intensive.

Worrying

Under-investing: today's profit is being held up by consuming tomorrow's capacity.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2025

%

revenue grew +17.8% a year over the last 5 years; it fades to the terminal rate by the last year

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

no cash flow lines to measure it

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

no interest line: the risk-free rate + 1.5 points

%

no tax line: the US federal rate, 21%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Event 2026-09-15
Signed a material agreement; terminated a material agreement; took on a financial obligation; sold shares outside a registration; published other information
Quarterly 2026-08-04
Quarterly report
Results 2026-07-29
Reported results
Event 2026-05-21
Published information for investors
Event 2026-05-13
Published the results of a shareholder vote
Quarterly 2026-05-05
Quarterly report
Results 2026-04-29
Reported results
Annual 2026-02-27
Annual report
Estimatein 37d
Results for the period ending 2026-09-29

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$141,1515 sale(s) by 1 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
Other lines320 awards · 16 option exercises · 16 tax withholdings
DateWhoWhatSharesPriceValueHolds after
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Exercised options 4,368 — — 197,401
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Shares withheld for taxes 764 $33.94 $25,930 611,355
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Exercised options 2,345 — — 613,700
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Shares withheld for taxes 1,123 $33.94 $38,115 612,577
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Exercised options 6,095 — — 618,672
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Shares withheld for taxes 2,917 $33.94 $99,003 615,755
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Exercised options 5,095 — — 620,850
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Shares withheld for taxes 2,438 $33.94 $82,746 618,412
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Exercised options 7,764 — — 626,176
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Shares withheld for taxes 3,716 $33.94 $126,121 622,460
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Exercised options 4,519 — — 626,979
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Shares withheld for taxes 2,163 $33.94 $73,412 624,816
24 Aug 2026 Anschutz BarronInsider Exercised options 1,337 — — 75,212
24 Aug 2026 Anschutz BarronInsider Shares withheld for taxes 640 $33.94 $21,722 74,572
24 Aug 2026 Anschutz BarronInsider Exercised options 1,258 — — 75,830
24 Aug 2026 Anschutz BarronInsider Shares withheld for taxes 602 $33.94 $20,432 75,228
24 Aug 2026 Anschutz BarronInsider Exercised options 1,629 — — 76,857
24 Aug 2026 Anschutz BarronInsider Shares withheld for taxes 780 $33.94 $26,473 76,077
24 Aug 2026 Vintz Stephen ACo-Chief Executive Officer Exercised options 1,595 — — 612,119
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Shares withheld for taxes 2,112 $33.94 $71,681 195,289
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Exercised options 1,162 — — 183,350
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Shares withheld for taxes 562 $33.94 $19,074 182,788
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Exercised options 2,267 — — 185,055
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Shares withheld for taxes 1,097 $33.94 $37,232 183,958
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Exercised options 6,095 — — 190,053
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Shares withheld for taxes 2,947 $33.94 $100,021 187,106
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Exercised options 3,713 — — 190,819
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Shares withheld for taxes 1,796 $33.94 $60,956 189,023
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Exercised options 7,764 — — 196,787
24 Aug 2026 Thurmond Mark C.Co-Chief Executive Officer Shares withheld for taxes 3,754 $33.94 $127,411 193,033
21 Aug 2026 Brown Matthew CharlesChief Financial Officer Exercised options 14,544 — — 54,410
21 Aug 2026 Brown Matthew CharlesChief Financial Officer Shares withheld for taxes 7,400 $34.38 $254,412 47,010
19 Aug 2026 Zecher Linda KayDirector Sold on the open market 690 $35.76 $24,674 7,012
18 Aug 2026 Zecher Linda KayDirector Sold on the open market 700 $35.46 $24,822 7,702
7 Aug 2026 Zecher Linda KayDirector Sold on the open market 550 $36.50 $20,075 8,402
4 Aug 2026 Zecher Linda KayDirector Sold on the open market 600 $36.00 $21,600 8,952
3 Aug 2026 Zecher Linda KayDirector Sold on the open market 1,470 $34.00 $49,980 9,552

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Which large funds report holding it

From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.

FundSharesValueShare of the fundSince the quarter before
Norges Bank (Norway's sovereign fund) 30 Jun 2026 33,005 $1.2M 0.0% New

All the funds and what they reported ›

Companies like this one

Same SEC industry (services-prepackaged software) first, then the rest of technology.

MSFT Microsoft CorpORCL Oracle CorpPLTR Palantir Technologies Inc.CRWD CrowdStrike Holdings, Inc.CRM Salesforce, Inc.NOW ServiceNow, Inc.NET Cloudflare, Inc.SNOW Snowflake Inc.

Every figure, year by year

10 fiscal years · 30 measures
2016201720182019202020212022202320242025
Size
Revenue124.4M187.7M267.4M354.6M440.2M541.1M683.2M798.7M900.0M999.4M
Revenue growth—+50.9%+42.4%+32.6%+24.2%+22.9%+26.3%+16.9%+12.7%+11.0%
Operating income-35.8M-40.8M-72.6M-90.8M-36.4M-41.8M-67.8M-52.2M-6.9M-9.2M
Net income-37.2M-41.0M-73.5M-99.0M-42.7M-46.7M-92.2M-78.3M-36.3M-36.1M
Margins
Gross margin88.6%86.4%83.9%82.8%82.4%80.3%77.3%77.0%77.8%78.1%
Operating margin-28.8%-21.7%-27.1%-25.6%-8.3%-7.7%-9.9%-6.5%-0.8%-0.9%
Net margin-29.9%-21.9%-27.5%-27.9%-9.7%-8.6%-13.5%-9.8%-4.0%-3.6%
Free cash flow margin-6.9%-4.8%-3.1%-8.9%10.3%17.2%17.8%18.5%23.7%25.5%
R&D ÷ revenue32.2%30.7%28.7%24.6%23.1%21.5%21.0%19.2%20.2%22.4%
SG&A ÷ revenue16.2%15.4%17.5%19.6%16.6%16.6%15.1%14.5%13.8%14.6%
Cash
Free cash flow-8.6M-9.0M-8.3M-31.4M45.4M92.9M121.8M148.2M213.2M254.6M
Stock-based pay2.5M7.8M22.9M41.6M59.6M79.4M120.6M145.3M163.5M191.8M
Free cash flow after stock pay-11.1M-16.8M-31.2M-73.0M-14.2M13.5M1.2M2.8M49.7M62.8M
Free cash flow to the firm——————————
Free cash flow ÷ net income0.2×0.2×0.1×0.3×-1.1×-2.0×-1.3×-1.9×-5.9×-7.1×
Capex ÷ revenue4.6%1.5%2.1%5.8%4.3%0.7%1.4%0.2%0.5%1.2%
Returns
Return on invested capital——————————
Return on equity——-60.4%-100.1%-28.4%-21.7%-34.0%-22.6%-9.1%-11.1%
Return on assets—-25.0%-16.0%-17.7%-6.2%-3.7%-6.4%-4.9%-2.1%-2.1%
Asset turnover—1.1×0.6×0.6×0.6×0.4×0.5×0.5×0.5×0.6×
Economic profit——————————
Per share
Earnings per share—$-0.42$-0.79$-1.03$-0.42$-0.44$-0.83$-0.68$-0.31$-0.30
Free cash flow per share—$-0.09$-0.09$-0.33$0.45$0.87$1.09$1.28$1.80$2.12
Dividend per share——————————
Payout ratio——————————
Book value per share—$-3.80$1.31$1.00$1.45$1.98$2.40$3.00$3.37$2.72
Diluted shares—97.9M93.1M96.0M101.0M106.4M111.3M115.4M118.8M120.1M
Balance sheet
Net debt——————————
Net debt ÷ EBITDA——————————
Interest coverage—-543.5×-30.8×-15.6×-73.5×-5.6×-3.6×-1.7×-0.2×-0.3×
Current ratio—0.6×1.6×1.1×1.3×1.5×1.5×1.2×1.3×1.0×
Cash conversion cycle (days)——————————
Scores
Piotroski F-score—142543465
Altman Z''—-13.72-1.95-3.75-1.90-0.32-0.52-1.07-0.56-1.62
Beneish M——-2.96-2.17-3.04-2.56-2.87-2.99-3.01-3.26

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.