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TENB

Tenable Holdings, Inc.

TENB

Tenable Holdings, Inc. • NASDAQ
$26.81 ▲ 2.06% (+0.54)
Market Cap $3.23 B
52w High $45.44
52w Low $25.28
Dividend Yield 0%
P/E -95.75
Volume 423.29K
Outstanding Shares 120.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $252.44M ▲ $188.551M ▼ $2.26M ▲ 0.895% ▲ $0.019 ▲ $45.105M ▲
Q2-2025 $247.295M ▲ $200.309M ▼ $-14.706M ▲ -5.947% ▲ $-0.12 ▲ $7.483M ▲
Q1-2025 $239.137M ▲ $204.388M ▲ $-22.935M ▼ -9.591% ▼ $-0.19 ▼ $-2.456M ▼
Q4-2024 $235.731M ▲ $171.317M ▼ $1.868M ▲ 0.792% ▲ $0.016 ▲ $24.911M ▲
Q3-2024 $227.088M $178.672M $-9.211M -4.056% $-0.077 $12.835M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $383.571M ▼ $1.653B ▼ $1.308B ▲ $344.376M ▼
Q2-2025 $386.514M ▼ $1.657B ▼ $1.306B ▼ $350.699M ▼
Q1-2025 $460.277M ▼ $1.694B ▼ $1.31B ▼ $383.161M ▼
Q4-2024 $577.194M ▲ $1.742B ▲ $1.342B ▲ $399.954M ▼
Q3-2024 $548.449M $1.634B $1.23B $404.555M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 ▲ $53.85M ▲ $-1.524M ▲ $-54.904M ▲ $-3.173M ▲ $52.983M ▲
Q2-2025 $-14.706M ▲ $42.463M ▼ $-36.643M ▲ $-65.414M ▼ $-58.416M ▲ $38.115M ▼
Q1-2025 $-22.935M ▼ $87.407M ▲ $-132.123M ▼ $-50.89M ▼ $-95.206M ▼ $80.854M ▲
Q4-2024 $1.868M ▲ $81.119M ▲ $-14.332M ▼ $-47.657M ▼ $16.44M ▼ $78.796M ▲
Q3-2024 $-9.211M $54.607M $17.386M $6.109M $78.74M $52.711M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License and Maintenance
License and Maintenance
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Service Other
Service Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Subscription and Circulation
Subscription and Circulation
 $420.00M ▲$220.00M ▼$230.00M ▲$230.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Tenable has grown its revenue steadily over the past five years, showing that demand for its cybersecurity platforms is strong and still expanding. Its gross profit has also risen, suggesting a healthy business model with attractive economics once scale is fully achieved. That said, the company is still reporting accounting losses, though these losses have narrowed over time and operating performance is now close to breakeven. The direction of travel is positive—better margins and shrinking losses—but the business is not yet consistently profitable under standard earnings metrics, so the sustainability of this improvement is an important watchpoint.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been steadily building its asset base and shareholder equity as it has grown. Cash levels are solid and have generally increased over time, providing flexibility and a buffer against shocks. The company does carry a meaningful amount of debt, but it has remained fairly stable in recent years rather than climbing rapidly. Overall, the financial position looks reasonably sound for a growing software firm, but continued discipline around leverage and liquidity will matter, especially in a cyclical or risk‑off environment.

Cash Flow

Cash Flow Despite reporting net losses, Tenable has been consistently generating cash from its operations, and that cash generation has improved year after year. Free cash flow is positive and has grown steadily, helped by relatively modest spending on physical assets. This pattern—accounting losses but solid cash inflows—is common in subscription software, where upfront costs and non‑cash expenses can mask underlying cash strength. The key question going forward is whether the company can maintain and expand this cash flow as it continues to invest in growth and integrate acquisitions.

Competitive Edge

Competitive Edge Tenable holds a strong position in vulnerability and exposure management, built on the long-standing success of its Nessus scanner and its extensive vulnerability research. Its main edge comes from deep security expertise, a very large and rich dataset, and a unified platform (Tenable One) that helps customers see and manage risk across many types of environments—IT, cloud, operational technology, and applications. The company has also broadened its capabilities through targeted acquisitions in areas like industrial systems, Active Directory, exposure management, and AI security, which strengthens its platform story and can make its products harder to displace. However, cybersecurity is a crowded, fast-moving field with many capable rivals and large platform players, so Tenable must keep innovating and executing well to defend and grow its share.

Innovation and R&D

Innovation and R&D Innovation is clearly a core focus for Tenable. The company has moved beyond basic vulnerability scanning into broader exposure management, with Tenable One acting as a central hub that pulls in data from many sources and prioritizes what matters most. Its Vulnerability Priority Rating and use of threat intelligence and data science are examples of how it tries to give customers smarter, more actionable insights rather than just long lists of issues. Tenable is investing in high-growth areas such as cloud security, industrial and operational technology security, and now AI and exposure management through acquisitions like Vulcan Cyber and Apex Security. The main opportunity is to turn these investments into a tightly integrated, easy-to-use platform; the main risk is the complexity and execution challenge of stitching many products and acquisitions together while keeping quality and user experience high.

Summary

Overall, Tenable looks like a growing cybersecurity platform company with strong demand for its products, a solid gross margin profile, and a clear path toward better profitability, even though it is not yet consistently profitable on a net income basis. Its balance sheet and cash generation provide a reasonable financial foundation to keep investing in product development and acquisitions. The company’s competitive strengths lie in its deep vulnerability research, massive data assets, and its evolution into a broad exposure management platform that spans traditional IT, cloud, and industrial systems. At the same time, it operates in a highly competitive and rapidly evolving market, and its strategy depends on continued innovation, successful integration of acquisitions, and the ability to stay in front of emerging trends such as cloud-native architectures and AI-related threats. How well Tenable converts its technology and data advantages into durable, profitable growth over the next several years will be a key factor in its long-term story.

NEWS

October 29, 2025 · 4:05 PM UTC

Tenable Announces Third Quarter 2025 Financial Results

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September 16, 2025 · 9:00 AM UTC

Tenable Ranks #1 in Device Vulnerability and Exposure Management

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September 10, 2025 · 9:00 AM UTC

Tenable Research Shows Organizations Struggling to Keep Pace with Cloud Security Challenges

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