Tenable Holdings Inc (TENB)
🔔 Watch stock
Cybersecurity firm Tenable sits at rank 1 of our in-house turnaround candidates scanner (U.S. selection): 8 of 8 points on the turnaround check, as of July 18, 2026. Behind that score is a rare constellation: the market value more than halved within a year while operating cash flow climbed to a record $266.8 million and the first quarter of 2026 delivered the first GAAP profit in a long time. We read the annual reports (10-K) and the quarterly report (10-Q) as of March 31, 2026 — and found the counter-evidence there too: a net expansion rate cooling from 111 to 105 percent, shrinking new-customer revenue, almost $900 million of accumulated deficit, and a $350 million loan coming due in 2028. Not investment advice — just a sober reconciliation of what the price narrates with what the cash receipts prove.
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This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
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Basics
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Profitability
Balance Sheet & Safety
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Quality & Screener
AI Rating
Sells AIKI-Produkte sind eine dokumentierte Umsatzquelle: Der 10-K 2025 beschreibt die Kernplattform Tenable One in Item 1 ausdrücklich als „AI-powered exposure management platform“ und führt mit Tenable AI Exposure ein eigenes Produkt, das Sicherheitsrisiken aus dem KI-Einsatz der Kunden erkennt und reduziert; KI-Funktionen wie ExposureAI und der Tenable AI Assistant stecken laut Bericht in den Produkten. 2025 kaufte Tenable dafür gezielt zu (Apex Security, „innovator in securing the rapidly expanding AI attack surface“). Vorrang-Regel: Verkauft KI vor Nutzt/Bedroht.
View the full file — quotes, sources, reviewed filings
„Tenable One is an AI-powered exposure management platform that gives enterprises a single, unified view of risk across all types of assets and attack pathways."
Tenable One ist eine KI-gestützte Exposure-Management-Plattform, die Unternehmen eine einzige, einheitliche Sicht auf Risiken über alle Arten von Assets und Angriffspfade hinweg gibt.
„Tenable AI Exposure: Our solution helps organizations identify, assess and reduce security risks associated with the use of artificial intelligence technologies. It provides visibility into AI-related assets, data usage and configurations across enterprise environments, allowing users to detect exposure such as sensitive data leakage, insecure configurations and excessive access."
Tenable AI Exposure: Unsere Lösung hilft Organisationen, Sicherheitsrisiken im Zusammenhang mit dem Einsatz von Künstlicher Intelligenz zu erkennen, zu bewerten und zu verringern. Sie schafft Sichtbarkeit über KI-bezogene Assets, Datennutzung und Konfigurationen in Unternehmensumgebungen und erlaubt es Nutzern, Gefährdungen wie das Abfließen sensibler Daten, unsichere Konfigurationen und überzogene Zugriffsrechte zu erkennen.
„We have incorporated and may in the future further incorporate AI features in certain of our products and services, including ExposureAI and Tenable AI Assistant and within Tenable One."
Wir haben KI-Funktionen in bestimmte unserer Produkte und Dienste integriert — darunter ExposureAI und den Tenable AI Assistant sowie innerhalb von Tenable One — und werden dies künftig möglicherweise weiter tun.
„In June 2025, we acquired Apex Security, Inc. (“Apex”), an innovator in securing the rapidly expanding AI attack surface."
Im Juni 2025 haben wir Apex Security, Inc. („Apex“) übernommen, einen Innovator bei der Absicherung der rasant wachsenden KI-Angriffsfläche.
Filings Reviewed: 10-Q 2026-05-05 · 10-Q 2025-11-04 · 10-Q 2025-08-08 · 10-Q 2025-05-06 · 10-K 2026-02-27 · 10-K 2025-02-24
Rated on July 19, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.02 | – | 236 | 10.50 | 0.80 | 81 | 79 |
| 2025: Q1 | -0.19 | – | 239 | 10.70 | -9.60 | 87 | 81 |
| 2025: Q2 | -0.12 | – | 247 | 11.80 | -5.90 | 43 | 38 |
| 2025: Q3 | 0.02 | – | 252 | 11.20 | 0.90 | 54 | 53 |
| 2025: Q4 | -0.01 | -141.10 | 261 | 10.50 | -0.30 | 84 | 87 |
| 2026: Q1 | 0.01 | – | 262 | 9.60 | 0.50 | 88 | 85 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Operating cash flow up from $149.9 million (2023) through $217.5 million to $266.8 million (2025), plus $88.0 million in Q1 2026 alone; 96 percent recurring revenue, a 78 percent gross margin, 2,204 customers above $100,000 in annual contract value (03/31/2026) and no customer above 2 percent of revenue (10-K 2025; 10-Q as of 03/31/2026).
Q1 2026 with $8.8 million in operating income and $1.4 million in net income after minus $22.9 million in the prior-year quarter; net margin above the level of three quarters earlier, market confirmation via insider buying, funds adding and a price above the moving averages — rank 1 in the turnaround scanner with 8 of 8 points (data as of 07/18/2026).
Revenue growth cooled from 12.7 percent (2024) through 11.0 percent (2025) to 9.6 percent (Q1 2026); the dollar-based net expansion rate slid from 111 percent (year-end 2023) to 105 percent (03/31/2026); new-customer revenue declined in Q1 2026 (minus $1.9 million), and annual new platform customer additions fell three years in a row (10-K 2025; 10-Q as of 03/31/2026).
Net losses of $78.3 / $36.3 / $36.1 million (2023–2025) against an accumulated deficit of $897.5 million; stock-based compensation of $191.8 million in 2025 alone; per the 10-K, the company expects "to continue incurring operating losses in the near term" — buybacks keep the share count in check, but they cost reserves.
Cash and short-term investments of $360.3 million just cover the term loan balloon of $350.6 million (due 07/07/2028); the covenant ratio of 0.81 (limit 3.5) is comfortable, but equity is only $248.2 million against $697.9 million of goodwill; $492.4 million of buybacks since late 2023, $130 million of it in Q1 2026 at prices around $21 — countercyclically successful so far (10-Q as of 03/31/2026).
The strongest booking quarter is traditionally Q3 thanks to U.S. government agencies; the 10-K 2025 names federal budget cuts (including those previously driven by the Department of Government Efficiency) and potentially longer purchasing and approval phases in 2026 as a concrete risk — no single-customer concentration (none above 2 percent), but a customer group with a common paymaster.
Tenable is the rare turnaround candidate whose cash never broke: the market value halved within a year to roughly $2.0 billion (March 31, 2026) while operating cash flow rose to $266.8 million and the first quarter of 2026 printed the first black ink in a long time — the perfect turnaround-check score is deserved. Against that stand a growth engine cooling for three years (expansion rate 111 → 105 percent, new-customer revenue declining), structural GAAP losses with $191.8 million of stock-based compensation, a balance sheet without a cushion, and a savings-minded major customer in Washington. Whoever invests here buys the direction of the improvement — not the certainty that the break-even becomes a growth story. Not investment advice.
- TENB made the research list as rank 1 of our in-house turnaround candidates scanner (U.S. selection, turnaround check 8 of 8, as of July 18, 2026) — the opener of our series on the top 20 of that selection.
- The turnaround check tests four operational trend criteria (revenue, net margin, cash flow, balance-sheet healing) and four market criteria (50-day line, relative strength, insiders, institutions); mandatory gates are at least a 50 percent distance to the all-time high and an Altman Z-Score outside the acute danger zone — a test of direction, not of quality.
- Market-value history ($4.2 → $2.0 → ~$3.0 billion) from quarter-end levels of the fundamental data and the July 18, 2026 feed, sanity-checked against 115.9 million weighted shares per the 10-Q as of March 31, 2026; analyses are evergreen, daily prices are not a buy argument.
About the Company
Tenable Holdings, Inc. bietet Lösungen für das Cyber-Exposure-Management in Amerika, Europa, dem Nahen Osten, Afrika, im asiatisch-pazifischen Raum und Japan an.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 1,995 |
| Headquarters | Columbia, MD |
| Website | tenable.com |
| IPO Date | 26. Jul 2018 |
| Next Earnings | 29. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Stephen A. Vintz CPA | Co-CEO & Director | 1969 |
| Mark Thurmond | Co-CEO & Director | 1971 |
| John C. Huffard Jr. | Co-Founder & Director | 1968 |
| Matthew Charles Brown M.D. | Chief Financial Officer | 1981 |
| J. Barron Anschutz | Chief Accounting Officer | 1969 |
| Vlad Korsunsky | Chief Technology Officer & Managing Director of Tenable Israel | – |
| Patricia Grant | Chief Information Officer | – |
| Andrea DiMarco | Head of Investor Relations | – |
| Michelle VonderHaar | Chief Legal Officer & Corporate Secretary | – |
| C. Matthew Olton | Senior Vice President of Corporate Development & Strategy | 1967 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.