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Tenable Holdings

TENB
40
Software - Infrastructure · Technology
Also trades as: 0ZC0.L GBP 0.44 (+6.45%)
Price
$44.59
+2.59 (+6.17%)
Market Cap
$4.91B
Exchange
NASDAQ
Winston Score
40
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Mixed
8/20
Cash Flow
Exceptional
10/10
Stability
Weak
1/10
Valuation
Data not available
0/10
Ownership
Mixed
4/15
Dividends
Not counted
n/a

38 of 95 counted points = Winston Score 40. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+12.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 106.4M (2021) → 120.1M (2025)

§Winston Score History

The full picture

Tenable Holdings makes cybersecurity software that helps companies find weaknesses in their computer systems before hackers do. This process is called "vulnerability management," and Tenable's main products include Tenable One, an exposure management platform, and Nessus, one of the most widely used vulnerability scanning tools in the world. Its customers include large corporations, government agencies, and healthcare organizations across many industries.

Tenable earns most of its revenue through annual software subscriptions, which creates a recurring and predictable income stream. The company operates globally, with customers in over 170 countries, and generated roughly $900 million in annual revenue in its most recent fiscal year. Nessus has a strong reputation built over two decades, giving Tenable brand recognition and customer loyalty as competitive advantages. The key growth driver is expanding its platform beyond basic scanning into broader "exposure management," but the company faces stiff competition from larger rivals like Microsoft and CrowdStrike, which could pressure pricing and market share.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.6% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

+131.5% YoY

Quarterly reporting periods ended:

30 Jun 2025: $-0.12

30 Jun 2026: $0.0378

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$224M/ year

↑ Rising (+23% vs prior year)

22.4% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

1.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$298M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Tenable Holdings is putting 22% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
77.5%
Premium pricing power — 77.5% gross margin
Profit after running costs
Operating Margin
4.6%
Thin — 4.6% operating margin
Return on the money invested
ROCE
8.1%
Below par — 8.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+9.9%
Steady sales growth (+9.9% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
4018%
Turns 4018% of profit into real cash
Spare cash per sale
FCF Margin
25.3%
Converts sales into free cash efficiently (25.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
2.12
Heavy debt load (2.12)
Covers its interest
Interest Cover
0.72x
Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/A
Data not available
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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