Tenable (TENB)

Attractive cash flow generation CFO/Rev LTM Cash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTM Free Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%

Attractive yield FCF Yield is 5.6%

Low stock price volatility Vol 12M is 48%

Megatrend and thematic drivers Megatrends include Cybersecurity . Themes include Software Security, Network Security, and Cloud Security.

Trading close to highs Dist 52W High is 0.0%

Weak multi-year price returns 2Y Excs Rtn is -46%, 3Y Excs Rtn is -80%

Expensive valuation multiples P/EBIT Price/EBIT or Price/(Operating Income) ratio is 153x

Significant based compensation SBC/Rev LTM Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18%

Valuation getting more expensive P/S 6M Chg % Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 56%

Yield minus risk free rate is negative ERP Equity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.5%

Key risks TENB key risks include [1] a history of significant net losses that challenge its path to profitability and [2] financial metrics indicating potential instability, Show more. TENB key risks include [1] a history of significant net losses that challenge its path to profitability and [2] financial metrics indicating potential instability, with an Altman Z-Score placing it in the "distress zone." Show less.

Weight = TENB's of each fund

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2021 2022 2023 2024 2025 2026 Total [1] Returns TENB Return 5% -31% 21% -15% -40% 61% -27% Peers Return 8% -42% 55% 11% -5% -2% 2% S&P 500 Return 27% -19% 24% 23% 16% 9% 99% Monthly Win Rates [3] TENB Win Rate 58% 33% 58% 50% 25% 57% Peers Win Rate 52% 35% 60% 62% 54% 40% S&P 500 Win Rate 75% 42% 67% 75% 67% 43% Max Drawdowns [4] TENB Max Drawdown -36% -53% -28% -25% -47% -33% Peers Max Drawdown -22% -53% -30% -35% -34% -37% S&P 500 Max Drawdown -5% -25% -10% -8% -19% -9% [1] Cumulative total returns since the beginning of 2021 [2] Peers: GEN , PATH , CVLT , S , AIBZ . See TENB Returns vs. Peers. [3] Win Rate = % of calendar months in which monthly returns were positive [4] Max drawdown represents maximum peak-to-trough decline within a year [5] 2026 data is for the year up to 7/2/2026 (YTD)

Event TENB S&P 500 Summer-Fall 2023 Five Percent Yield Shock % Loss -19.3% -9.5% % Gain to Breakeven 23.9% 10.5% Time to Breakeven 43 days 24 days 2023 SVB Regional Banking Crisis % Loss -24.1% -6.7% % Gain to Breakeven 31.7% 7.1% Time to Breakeven 85 days 31 days 2020 COVID-19 Crash % Loss -40.8% -33.7% % Gain to Breakeven 68.9% 50.9% Time to Breakeven 54 days 140 days Q4 2018 Fed Policy Error / Growth Scare % Loss -45.9% -19.2% % Gain to Breakeven 84.9% 23.8% Time to Breakeven 607 days 105 days

Tenable's stock fell -4.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 5.1% gain to breakeven.

Limiting losses and compounding gains is essential to preserving wealth.

Event TENB S&P 500 2023 SVB Regional Banking Crisis % Loss -24.1% -6.7% % Gain to Breakeven 31.7% 7.1% Time to Breakeven 85 days 31 days 2020 COVID-19 Crash % Loss -40.8% -33.7% % Gain to Breakeven 68.9% 50.9% Time to Breakeven 54 days 140 days Q4 2018 Fed Policy Error / Growth Scare % Loss -45.9% -19.2% % Gain to Breakeven 84.9% 23.8% Time to Breakeven 607 days 105 days

Tenable's stock fell -4.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 5.1% gain to breakeven.

Limiting losses and compounding gains is essential to preserving wealth.

Tenable Holdings, Inc. (TENB) is a global cybersecurity company that specializes in providing "Cyber Exposure" solutions. The company's primary goal is to help organizations understand, manage, and reduce their overall cyber risk by providing a comprehensive view of their digital assets and vulnerabilities. This encompasses a broad range of environments, including traditional IT infrastructure, modern cloud platforms, web applications, operational technology (OT) systems, and critical identity systems like Active Directory.

Tenable offers a robust portfolio of products, available as both cloud-delivered Software-as-a-Service (SaaS) and on-premises solutions. Key cloud platforms include Tenable.io, which gives organizations a risk-based perspective of their traditional and modern attack surfaces, and Tenable.cs, designed to detect and remediate misconfigurations in cloud infrastructure. Tenable.io WAS specifically focuses on scanning modern web applications, while Tenable.ep serves as a unified platform to identify, assess, and prioritize cyber risks across an entire organization's attack surface.

Beyond its core platforms, Tenable provides specialized solutions like Tenable.ad for securing Active Directory environments and Tenable.ot for protecting critical industrial and operational technology networks through threat detection and vulnerability management. For on-premises needs, Tenable.sc offers a comprehensive view of an organization's IT, security, and compliance posture. The company also offers the widely recognized Nessus Professional and Nessus Essentials tools for identifying security vulnerabilities and configuration issues. Tenable serves a diverse, global customer base across the Americas, Europe, the Middle East, Africa, Asia Pacific, and Japan, helping organizations of all sizes enhance their cybersecurity defenses.

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Here are 1-2 brief analogies for Tenable (TENB):

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Tenable (TENB) primarily sells its cyber exposure solutions to other companies and organizations (B2B).

Due to the confidential nature of client relationships in the cybersecurity industry and Tenable's highly diversified customer base, specific names of major customer companies are not publicly disclosed. Tenable's financial filings indicate that no single customer or small group of customers accounts for a material portion of their revenue.

However, Tenable serves a wide range of organizations globally across various industries. Its customer base can be broadly categorized as:

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Steve Vintz Co-Chief Executive Officer & Chief Financial Officer

Steve Vintz joined Tenable in October 2014 as Chief Financial Officer and was appointed Co-Chief Executive Officer in April 2025, following the passing of former CEO Amit Yoran. He continues to serve as CFO while the company searches for a permanent replacement. During his tenure at Tenable, he played a pivotal role in leading the company's Series B funding round in 2015 and its initial public offering in 2018. Before joining Tenable, Mr. Vintz served as Executive Vice President and Chief Financial Officer of Vocus, Inc., a publicly-traded public relations software company, from 2001 to 2014. At Vocus, he was instrumental in positioning the company for 40 consecutive quarters of revenue growth and rapid expansion, including an IPO, a follow-on offering, and several acquisitions. Prior to Vocus, he was Vice President of Strategic Planning and Analysis at Snyder Communications, where he contributed to over 45 acquisitions and oversaw significant revenue growth. He also worked for Ernst & Young's entrepreneurial services/middle market group.

Mark Thurmond Co-Chief Executive Officer

Mark Thurmond was appointed Co-Chief Executive Officer of Tenable in April 2025, serving alongside Steve Vintz. He previously served as Tenable's Chief Operating Officer, a role he held since 2020. As co-CEO, he is responsible for overseeing all go-to-market activities, including sales, professional services, technical support, marketing, and customer success. Mr. Thurmond is described as an accomplished technology industry veteran with extensive experience in leading global sales and go-to-market strategies.

Vlad Korsunsky Chief Technology Officer

Vlad Korsunsky was appointed Chief Technology Officer and Managing Director of Tenable Israel in December 2025. In this role, he leads Tenable's global technology strategy, overseeing the company's technical vision and platform roadmap, with a particular focus on artificial intelligence (AI) and exposure management. Prior to joining Tenable, Mr. Korsunsky spent over a decade at Microsoft, where he most recently served as Corporate Vice President of Cloud and Enterprise Security. At Microsoft, he led teams responsible for building and operating multi-cloud security and enterprise AI security products, and he played a central role in shaping the company's AI security strategy. He brings over 25 years of experience in software engineering and cybersecurity leadership roles to Tenable.

Robert Huber Chief Security Officer

Robert Huber serves as Tenable's Chief Security Officer, where he is responsible for the company's global security strategy and leads Tenable Research. He possesses more than 25 years of cybersecurity experience spanning the financial, defense, critical infrastructure, and technology sectors. Before his tenure at Tenable, Mr. Huber was the Chief Security and Strategy Officer at Eastwind Networks. He also co-founded and served as president of Critical Intelligence, an operational technology (OT) threat intelligence and solutions provider, which was acquired by iSIGHT Partners in 2015. His professional background includes security roles at JPMorgan Chase & Co., the Lockheed Martin Computer Incident Response Team (CIRT), and Idaho National Laboratory. Additionally, Mr. Huber served for over 22 years in the U.S. Air Force and Air National Guard, providing offensive and defensive cyber capabilities.

Dino DiMarino Chief Revenue Officer

Dino DiMarino was appointed Chief Revenue Officer of Tenable in March 2026, succeeding Dave Feringa who retired. In this role, he oversees the company's global sales, partner ecosystems, and revenue operations. Mr. DiMarino brings over 20 years of experience in technology and cybersecurity leadership to Tenable. His roles include serving as Chief Revenue Officer at Snyk, Qualys, and Mimecast, and he also held the CEO position at AppViewX. Earlier in his career, he held senior executive positions at RSA Security and Dell EMC.

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The public company Tenable (TENB), a provider of cyber exposure solutions, faces several key risks inherent to the dynamic and competitive cybersecurity industry.

Intense Competition and Rapid Technological Obsolescence: Tenable operates in a highly competitive and rapidly evolving cybersecurity market. It faces competition from both established players and emerging vendors, including companies like Qualys, Rapid7, and CrowdStrike. This intense competition necessitates continuous innovation and significant investment in research and development to keep pace with evolving cyber threats and technological advancements, such as AI in security. Failure to adapt or for their solutions to be superseded by newer technologies, or for core offerings to be integrated into broader platforms by competitors, could lead to a loss of market and hinder growth prospects.

Reputational Damage from Security Incidents: As a cybersecurity company, Tenable's business relies heavily on trust and its ability to secure digital environments. A significant risk is the potential for its own systems to be compromised or for its software to fail in preventing a major cyberattack on a customer's infrastructure. Such incidents could severely damage its reputation, erode customer trust, and lead to a decline in demand for its solutions. For instance, Tenable confirmed a data breach in September 2025 that exposed customer information from its Salesforce CRM instance, highlighting this vulnerability, even though its core vulnerability assessment products remained uncompromised.

Inability to Achieve and Sustain Profitability: Tenable has a history of net losses, which raises concerns its long-term financial performance. The company reported net losses of $36.1 million in 2025, $36.3 million in 2024, and $78.3 million in 2023. These persistent GAAP losses, alongside factors like heavy reliance on stock-based compensation and strong competition, indicate that achieving and maintaining consistent profitability remains a challenge and a key financial risk for the company.

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The increasing maturity and integration of native security offerings from major cloud providers (AWS, Azure, GCP) represent a clear emerging threat. These cloud providers are continuously enhancing their built-in tools for vulnerability management, security posture management, and threat detection, which are deeply integrated into their respective cloud environments. As organizations increasingly adopt cloud-native strategies and seek to consolidate security vendors, there is a growing tendency to leverage these comprehensive, integrated cloud provider solutions. This trend could potentially displace specialized third-party cloud security solutions, such as Tenable.cs and Tenable.io WAS, by offering a unified and often more cost-effective approach for managing cloud-specific risks directly within the cloud provider's ecosystem.

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Tenable Holdings, Inc. (TENB) operates in several addressable markets related to cybersecurity and exposure management. The company estimates its total addressable market (TAM) to be approximately $50 billion, with a projected compound annual growth rate (CAGR) of 20% through 2027. This broad market encompasses cloud security, specialty assets (including OT, application security, identity, attack surface management, and governance, risk, and compliance), traditional vulnerability management, and third-party risk.

Exposure Management: The overall Exposure Management market, which Tenable's unified platform, Tenable One, addresses, is projected to grow from $2.79 billion in 2025 to $14.71 billion by 2032, with a CAGR of 26.8%.

Vulnerability Management (Tenable.io, Tenable.sc, Nessus Professional/Essentials): The global vulnerability management market was valued at approximately $15.9 billion in 2023 and is projected to reach $34.7 billion by 2032, exhibiting a CAGR of over 9.2% from 2024 to 2032. Another estimate places the global security and vulnerability management market at $16.51 billion in 2024, with a projection to reach $24.47 billion by 2030, growing at a CAGR of 6.8% from 2025 to 2030. North America constituted approximately 39.8% of the global security and vulnerability management market in 2024.

Cloud Security Posture Management (CSPM) (Tenable.cs): The global cloud security posture management market size was valued at $5.17 billion in 2024 and is anticipated to register a CAGR of 10.6% from 2025 to 2034. Another source indicates the market size at $6.43 billion in 2025, predicted to increase to $15.64 billion by 2034, expanding at a CAGR of 10.37% from 2025 to 2034. North America held a dominant position in the global market in 2024.

Active Directory Security (Tenable.ad): The global Active Directory Security market size was valued at $1.85 billion in 2024 and is forecasted to reach $6.75 billion by 2033, growing at a robust CAGR of 15.2%. Another report estimates this market reached approximately $1.21 billion in 2024 and is projected to grow to $3.85 billion by 2033, expanding at a CAGR of approximately 13.8% between 2025 and 2033. North America commands the largest of the global Active Directory Security market, at approximately 38% in 2024.

Operational Technology (OT) Security (Tenable.ot): The global operational technology (OT) security market is projected to reach $50.29 billion by 2030, from $23.47 billion in 2025, at a CAGR of 16.5% from 2025 to 2030. Other estimates suggest the market will grow from $18.1 billion in 2023 to $107.1 billion by 2033, at a CAGR of 19.46%. North America dominated the market in 2022, accounting for over 41% of the global revenue.

Web Application Security (Tenable.io WAS - part of Application Security): The global application security market, which includes web application security, was estimated at $10.65 billion in 2025 and is projected to reach $42.09 billion by 2033, growing at a CAGR of 18.8% from 2026 to 2033. Another source forecasts the global application security market size at $14.86 billion in 2026, expected to reach $43.28 billion by 2034, with a CAGR of 14.30% from 2026–2034. The web application security segment is anticipated to dominate the market in 2026. North America accounted for the largest global revenue in application security, at 39.4% in 2025.

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Latest: Q1 2026 Earnings Reported 4/29/2026

Prior: Q4 2025 Earnings Reported 2/4/2026