Tenable Holdings Financials
This page shows Tenable Holdings (TENB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
High-margin software economics are producing substantial internal cash despite losses, but aggressive buybacks have tightened liquidity.
Over the last two years, free cash flow rose from$148.2M to$254.6M even though net losses persisted, which means the business is becoming a stronger cash machine than the income statement alone would suggest. That reflects excellent cash conversion, but because share buybacks reached$247.5M , the stronger cash engine still ended with cash down to$187.8M .
The notable margin pattern is scale covering more overhead, not obvious cost retreat or underinvestment. With gross margin still near
The balance sheet now provides less room for error than the cash flow line might imply. Cash fell to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Tenable Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Tenable Holdings has an operating margin of -0.9%, meaning the company retains $-1 of operating profit per $100 of revenue. This results in a moderate score of 36/100, indicating healthy but not exceptional operating efficiency. This is down from -0.8% the prior year.
Tenable Holdings's revenue grew 11.0% year-over-year to $999.4M, a solid pace of expansion. This earns a growth score of 69/100.
Tenable Holdings has elevated debt relative to equity (D/E of 4.35), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 13/100, reflecting increased financial risk.
Tenable Holdings's current ratio of 0.95 is below the typical benchmark, resulting in a score of 17/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Tenable Holdings converts 25.5% of revenue into free cash flow ($254.6M). This strong cash generation earns a score of 90/100.
Tenable Holdings's ROE of -11.1% shows moderate profitability relative to equity, earning a score of 35/100. This is down from -9.1% the prior year.
Tenable Holdings scores 1.73, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.6B) relative to total liabilities ($1.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Tenable Holdings passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Tenable Holdings generates $-7.39 in operating cash flow ($266.8M OCF vs -$36.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Tenable Holdings earns $-0.3 in operating income for every $1 of interest expense (-$9.2M vs $28.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Tenable Holdings generated $999.4M in revenue in fiscal year 2025. This represents an increase of 11.0% from the prior year.
Tenable Holdings's EBITDA was $32.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 24.4% from the prior year.
Tenable Holdings reported -$36.1M in net income in fiscal year 2025. This represents an increase of 0.5% from the prior year.
Tenable Holdings earned $-0.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.2% from the prior year.
Cash & Balance Sheet
Tenable Holdings generated $254.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 19.4% from the prior year.
Tenable Holdings held $187.8M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Tenable Holdings's gross margin was 78.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.3 percentage points from the prior year.
Tenable Holdings's operating margin was -0.9% in fiscal year 2025, reflecting core business profitability. This is down 0.2 percentage points from the prior year.
Tenable Holdings's net profit margin was -3.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.4 percentage points from the prior year.
Tenable Holdings's ROE was -11.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.0 percentage points from the prior year.
Capital Allocation
Tenable Holdings invested $223.7M in research and development in fiscal year 2025. This represents an increase of 23.1% from the prior year.
Tenable Holdings spent $247.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 147.5% from the prior year.
Tenable Holdings invested $12.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 185.0% from the prior year.
TENB Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $262.1M+0.6% | $260.5M+3.2% | $252.4M+2.1% | $247.3M+3.4% | $239.1M+1.4% | $235.7M+3.8% | $227.1M+2.6% | $221.2M |
| Cost of Revenue | $56.7M+2.5% | $55.3M-2.6% | $56.8M+4.3% | $54.4M+3.8% | $52.5M+2.0% | $51.4M+1.9% | $50.5M+3.5% | $48.8M |
| Gross Profit | $205.4M+0.1% | $205.2M+4.9% | $195.7M+1.5% | $192.9M+3.3% | $186.7M+1.3% | $184.3M+4.4% | $176.6M+2.4% | $172.4M |
| R&D Expenses | $55.8M+1.5% | $54.9M-2.3% | $56.3M-5.0% | $59.2M+11.3% | $53.2M+19.0% | $44.7M-6.9% | $48.0M+6.4% | $45.1M |
| SG&A Expenses | $31.4M-0.5% | $31.6M-2.3% | $32.3M-4.8% | $34.0M-29.2% | $48.0M+53.6% | $31.2M-1.0% | $31.6M+4.2% | $30.3M |
| Operating Income | $8.8M-1.0% | $8.9M+24.1% | $7.1M+195.8% | -$7.4M+57.9% | -$17.7M-236.5% | $13.0M+722.9% | -$2.1M+76.4% | -$8.8M |
| Interest Expense | $6.4M-9.1% | $7.1M-2.2% | $7.2M+1.0% | $7.1M+1.8% | $7.0M-7.6% | $7.6M-6.9% | $8.1M+0.9% | $8.1M |
| Income Tax | $3.7M-23.4% | $4.8M+772.2% | $550K-87.0% | $4.2M+16.9% | $3.6M-45.9% | $6.7M+25.4% | $5.3M+42.2% | $3.7M |
| Net Income | $1.4M+291.9% | -$737K-132.6% | $2.3M+115.4% | -$14.7M+35.9% | -$22.9M-1327.8% | $1.9M+120.3% | -$9.2M+36.8% | -$14.6M |
| EPS (Diluted) | $0.01 | N/A | $0.02+116.7% | $-0.12+36.8% | $-0.19 | N/A | $-0.08+33.3% | $-0.12 |
TENB Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.6B-7.3% | $1.7B+5.8% | $1.7B-0.2% | $1.7B-2.2% | $1.7B-2.8% | $1.7B+6.6% | $1.6B+3.7% | $1.6B |
| Current Assets | $647.2M-16.3% | $773.6M+13.9% | $679.3M+1.0% | $672.5M-9.9% | $746.4M-20.7% | $940.7M+11.5% | $843.5M+8.9% | $774.9M |
| Cash & Equivalents | $139.2M-25.9% | $187.8M+9.3% | $171.9M-1.8% | $175.0M-25.0% | $233.4M-29.0% | $328.6M+5.3% | $312.2M+33.7% | $233.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $170.3M-39.0% | $279.1M+38.9% | $201.0M+11.0% | $181.1M+7.9% | $167.8M-35.1% | $258.7M+34.3% | $192.6M+7.3% | $179.6M |
| Goodwill | $697.9M0.0% | $697.9M0.0% | $697.9M0.0% | $697.8M+6.3% | $656.5M+21.3% | $541.3M0.0% | $541.3M0.0% | $541.3M |
| Total Liabilities | $1.4B-3.5% | $1.4B+8.6% | $1.3B+0.2% | $1.3B-0.3% | $1.3B-2.4% | $1.3B+9.1% | $1.2B+1.4% | $1.2B |
| Current Liabilities | $762.4M-6.2% | $812.9M+12.9% | $720.3M+1.0% | $713.3M-0.2% | $715.0M-3.1% | $738.1M+12.3% | $657.1M+3.0% | $638.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $248.2M-23.9% | $326.4M-5.2% | $344.4M-1.8% | $350.7M-8.5% | $383.2M-4.2% | $400.0M-1.1% | $404.6M+11.3% | $363.6M |
| Retained Earnings | -$896.0M+0.2% | -$897.5M-0.1% | -$896.7M+0.3% | -$899.0M-1.7% | -$884.3M-2.7% | -$861.3M+0.2% | -$863.2M-1.1% | -$854.0M |
TENB Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $88.0M+6.0% | $83.0M+54.2% | $53.9M+26.8% | $42.5M-51.4% | $87.4M+7.8% | $81.1M+48.6% | $54.6M+73.8% | $31.4M |
| Capital Expenditures | $2.6M+674.6% | $334K-61.5% | $867K-80.1% | $4.3M-33.6% | $6.6M+182.1% | $2.3M+216.9% | $733K+39.4% | $526K |
| Free Cash Flow | $85.4M+3.3% | $82.7M+56.1% | $53.0M+39.0% | $38.1M-52.9% | $80.9M+2.6% | $78.8M+46.3% | $53.9M+74.4% | $30.9M |
| Investing Cash Flow | -$12.2M-184.7% | -$4.3M-181.4% | -$1.5M+95.8% | -$36.6M+72.3% | -$132.1M-821.9% | -$14.3M-182.4% | $17.4M+152.8% | -$32.9M |
| Financing Cash Flow | -$123.7M-96.7% | -$62.9M-14.5% | -$54.9M+16.1% | -$65.4M-28.5% | -$50.9M-6.8% | -$47.7M-880.1% | $6.1M+125.8% | -$23.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $130.2M+108.3% | $62.5M+4.2% | $60.0M-7.7% | $65.0M+8.3% | $60.0M+20.0% | $50.0M | $0-100.0% | $25.0M |
TENB Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.4%-0.4pp | 78.8%+1.3pp | 77.5%-0.5pp | 78.0%-0.1pp | 78.1%-0.1pp | 78.2%+0.4pp | 77.8%-0.2pp | 77.9% |
| Operating Margin | 3.3%-0.1pp | 3.4%+0.6pp | 2.8%+5.8pp | -3.0%+4.4pp | -7.4%-12.9pp | 5.5%+6.4pp | -0.9%+3.1pp | -4.0% |
| Net Margin | 0.5%+0.8pp | -0.3%-1.2pp | 0.9%+6.8pp | -5.9%+3.6pp | -9.6%-10.4pp | 0.8%+4.9pp | -4.1%+2.5pp | -6.6% |
| Return on Equity | 0.6%+0.8pp | -0.2%-0.9pp | 0.7%+4.9pp | -4.2%+1.8pp | -6.0%-6.5pp | 0.5%+2.8pp | -2.3%+1.7pp | -4.0% |
| Return on Assets | 0.1%+0.1pp | -0.0%-0.2pp | 0.1%+1.0pp | -0.9%+0.5pp | -1.4%-1.5pp | 0.1%+0.7pp | -0.6%+0.4pp | -0.9% |
| Current Ratio | 0.85-0.1 | 0.950.0 | 0.940.0 | 0.94-0.1 | 1.04-0.2 | 1.270.0 | 1.28+0.1 | 1.21 |
| Debt-to-Equity | 5.53+1.2 | 4.35+0.6 | 3.80+0.1 | 3.72+0.3 | 3.42+0.1 | 3.36+0.3 | 3.04-0.3 | 3.34 |
| FCF Margin | 32.6%+0.8pp | 31.7%+10.8pp | 21.0%+5.6pp | 15.4%-18.4pp | 33.8%+0.4pp | 33.4%+9.7pp | 23.7%+9.8pp | 14.0% |
Note: The current ratio is below 1.0 (0.95), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Tenable Holdings's annual revenue?
Tenable Holdings (TENB) reported $999.4M in total revenue for fiscal year 2025. This represents a 11.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Tenable Holdings's revenue growing?
Tenable Holdings (TENB) revenue grew by 11% year-over-year, from $900.0M to $999.4M in fiscal year 2025.
Is Tenable Holdings profitable?
No, Tenable Holdings (TENB) reported a net income of -$36.1M in fiscal year 2025, with a net profit margin of -3.6%.
What is Tenable Holdings's EBITDA?
Tenable Holdings (TENB) had EBITDA of $32.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Tenable Holdings's gross margin?
Tenable Holdings (TENB) had a gross margin of 78.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Tenable Holdings's operating margin?
Tenable Holdings (TENB) had an operating margin of -0.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Tenable Holdings's net profit margin?
Tenable Holdings (TENB) had a net profit margin of -3.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Tenable Holdings's return on equity (ROE)?
Tenable Holdings (TENB) has a return on equity of -11.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tenable Holdings's free cash flow?
Tenable Holdings (TENB) generated $254.6M in free cash flow during fiscal year 2025. This represents a 19.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tenable Holdings's operating cash flow?
Tenable Holdings (TENB) generated $266.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Tenable Holdings's total assets?
Tenable Holdings (TENB) had $1.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tenable Holdings's capital expenditures?
Tenable Holdings (TENB) invested $12.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Tenable Holdings spend on research and development?
Tenable Holdings (TENB) invested $223.7M in research and development during fiscal year 2025.
What is Tenable Holdings's current ratio?
Tenable Holdings (TENB) had a current ratio of 0.95 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Tenable Holdings's debt-to-equity ratio?
Tenable Holdings (TENB) had a debt-to-equity ratio of 4.35 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tenable Holdings's return on assets (ROA)?
Tenable Holdings (TENB) had a return on assets of -2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Tenable Holdings's Altman Z-Score?
Tenable Holdings (TENB) has an Altman Z-Score of 1.73, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Tenable Holdings's Piotroski F-Score?
Tenable Holdings (TENB) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tenable Holdings's earnings high quality?
Tenable Holdings (TENB) has an earnings quality ratio of -7.39x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Tenable Holdings cover its interest payments?
Tenable Holdings (TENB) has an interest coverage ratio of -0.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Tenable Holdings?
Tenable Holdings (TENB) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.