Tenable Holdings
Software that checks every computer, cloud account and login a company has for known security holes, and ranks which to fix first.
Our viewNeutral Medium conviction
The scores
The profile · 1-4
Growth2/4 ↓
Growth has halved since 2022 and its own guidance implies about 6% by Q4; the customer count and contracted backlog still rise.
Business quality2/4 ↓
Real switching costs and a two-decade detection library, but the core job is now bundled free by Microsoft into a subscription the buyer already holds.
Financial position3/4 →
Debt is now $800M of 0.25% notes due 2031 against about $484M of cash on June balances; nothing falls due inside the horizon.
Execution record3/4 ↑
Six straight quarters of beating its own guidance and raising the year, against four years of an expansion rate falling and a retired growth metric.
Per share capture3/4 ↑
Buybacks outran issuance - 6.8% off the count by June, 4.8% more in September - and the new notes add no net shares below $64.06.
Potential2/4 →
The upside needs the platform to reach half of revenue, and the company's own arithmetic caps that at about 10% growth in 2029.
Risk profile3/4 ↓
No customer above 2% across 160 countries and no litigation, against one real dependency: the US federal budget, which its own filing names.
Valuation3/4 →
The price is undemanding on cash and demanding on filed profit; at 15.5 times adjusted operating profit it broadly pays for the plan working.
Evidence quality3/4 →
Every load-bearing number is filed, and three external sources anchor the driver and the threat; the moat rests on unaudited counts the company alone publishes.
The Verdict
We rate Tenable neutral. It sells software that finds the security holes in a company's computers and cloud accounts, a steady subscription business that makes real cash. But the business is mixed: growth has slowed almost every year since 2017, and it pays staff so heavily in shares that its real profit is not yet earned. We count that share pay as a real cost, but it is falling as a share of sales, so the price is fair. The view hinges on share pay continuing to fall and the reported profit catching up, while existing customers keep spending more.
The long caseAI has made finding software flaws cheap, so known security holes pile up faster than people can fix them; Tenable must turn that into growth its owners keep.
The evidence under this - 7 claims
C02facthigh confidence
At 31 December 2025 Tenable had over 40,000 customers, including about 65% of the Fortune 500 and about 50% of the Global 2000, and no single customer was more than 2% of revenue in 2025, 2024 or 2023.
C03facthigh confidence
Annual revenue growth has fallen in every year but one since 2017, from 50.9% in 2017 to 11.0% in 2025.
C05estimatehigh confidence
Full-year 2026 guidance, raised on 28 October to $1.084B to $1.087B, and a fourth-quarter range of $277.0M to $280.0M imply fourth-quarter revenue growth of about 6.9% at the midpoint, against 9.5% in Q3 2026 and 8.6% in Q2 2026.
derivedQ4 2026 guide midpoint $278.5M against Q4 2025 revenue of $260.533M (S24 and the Q4 2025 filed quarter). Range on the guidance corners is 6.3% to 7.5%.
against this
- Management attributes part of the Q3-to-Q4 shape to the timing of professional services rather than to subscription demand: 'there's a little bit of timing going on there with expectations when we think professional services are going to come in.' Professional services is 3.9% of Q2 2026 revenue, so timing within it cannot move the quarter by the amount in question, but it is a real qualifier on the exact figure.
- Management says the second half improved after the guide was set: expectations for calculated current billings are '$8 million to $10 million higher than where we started the year with the majority of that benefiting the back half'. Billings lead revenue, so a Q4 revenue figure can understate the bookings underneath it.
- The range has been raised twice this year - the low end of the current guide is where the February high end was - so the implied fourth quarter is a floor the company has twice moved up rather than a forecast it has defended.
- 2026-10-28editedQ3 2026 release (S24) raised the year and set a Q4 range of $277.0M to $280.0M; midpoint $278.5M against Q4 2025 revenue of $260.533M is 6.9%, up from the 5.9% the earlier range implied.
C06facthigh confidence
Tenable's own 2026 forecast carries stock compensation of $183.3M against GAAP operating income of $42.3M - the equity paid to staff is 4.3 times the operating profit the accounts report, and 17.0% of revenue.
against this
- Stock compensation is falling as a share of revenue: $90.2M in the first half of 2026 against $102.4M a year earlier, or 17.0% of revenue against 21.1%. The direction is the company's own and it is the right direction.
- The 2025 comparative was inflated by $14.6M of accelerated vesting for the former Chairman and Chief Executive Officer, so part of the improvement is the absence of a one-off rather than restraint.
C29estimatehigh confidence
At $33.44 the enterprise value is 15.5 times the operating profit Tenable's 2026 forecast reports after adjustments and 94 times the operating profit the same forecast reports under the accounting rules.
derivedEnterprise value of $3.98B from the research pack, against the two operating income figures in the Investor Day's own 2026 reconciliation: $257.0M non-GAAP and $42.3M GAAP. The gap between them is stock compensation of $183.3M, acquisition amortisation of $26.9M and restructuring of $4.5M.
against this
- The cash is real whichever line you take: unlevered free cash flow is guided at $289M to $295M, which puts the enterprise value at 13.6 times it. Stock compensation does not leave the building as cash.
- It leaves as shares instead, and the company is buying those back - $230M in six months against $122M of free cash flow. The cash cost of the equity is therefore visible in the financing line rather than absent, which is the reason the two figures can both be true.
- Against the filed cohort the picture is not one-sided: Rapid7, the other named vulnerability management peer, is dearer still on this measure.
C32factmedium confidence
The shares have fallen a long way against their own record: $3.53 for each dollar of yearly sales against a six-year average of $6.44, while free cash flow guided at $289M to $295M is 7.9% of the market value.
C30factmedium confidence
The vendor analyst panel is evenly split - 15 buy and 14 hold, no sells - and has adjusted earnings per share rising 10.3% in 2027 against the 24.2% the company itself guides for 2026.
The company
Security flaws in software are being reported faster than ever: submissions rose 263% between 2020 and 2025. A security team has to find which of its own machines carry each flaw and fix the dangerous ones first.
Tenable's software checks everything on a company's network, from laptops and cloud accounts to logins and factory equipment, against about 300,000 known flaws, ranks what it finds, and increasingly drives the fix. Without it the team works from spreadsheets, or learns from the breach.
The evidence under this - 3 claims
C13facthigh confidence
Vulnerability disclosure is accelerating: CVE submissions rose 263% between 2020 and 2025, and submissions in the first three months of 2026 were nearly a third higher than the same period a year earlier.
C01facthigh confidence
Tenable sells subscription software that finds security weaknesses across a company's computers, cloud accounts, identities and industrial equipment, then ranks which ones matter and drives the fix.
C24management claimlow confidence
The moat is the sensor and detection library: roughly 300,000 vulnerability checks built over two decades with about 100 added a week, plus 300 or more data integrations, feeding a detection set deployed behind the customer's firewall.
sourceTenable Investor Day presentation (8-K Exhibit 99.1)primaryTenable Q2 2026 earnings call transcriptprimary
against this
- Microsoft's own documentation shows it shipping the same job - discovery, assessment, configuration assessment and prioritisation across Windows, macOS, Linux, Android, iOS and network devices - inside a subscription the customer already holds, which is what a detection library being commoditised looks like.
- The count is disclosed only in an investor presentation. No filing carries it, no third party audits it, and no competitor publishes a comparable number, so it cannot be ranked against anything.
- An independent scorer places Tenable as a Challenger rather than a Leader in the 2026 Gartner Magic Quadrant for cyber-physical systems protection - the operational-technology coverage that is one of the moat's stated edges.
How it makes money
Customers pay yearly or multi-year subscriptions, priced by how many machines are covered. Revenue was $268.5M in the June 2026 quarter. The wider bundle, Tenable One, covers more of a company's systems for a higher price; it was a record 50% of new business and is about a third of revenue.
The evidence under this - 2 claims
C04facthigh confidence
Q2 2026 revenue was $268.5M, 8.6% above Q2 2025, and subscription revenue alone grew 8.9%.
C23management claimmedium confidence
Tenable One was a record 50% of new business in Q2 2026, up from 41% in Q1 2026 and 40% a year earlier; it is about a third of total revenue and management targets 40% by the end of 2026.
sourceTenable Q2 2026 earnings call transcriptprimaryTenable Investor Day presentation (8-K Exhibit 99.1)primary
against this
- New business is the flattering cut: it is a share of the smallest and fastest-moving part of the revenue, and the share of total revenue has moved from about a third to a stated aspiration of 40% over the same period the growth rate fell.
- The tier that most customers land on is priced only 6% above standalone vulnerability management. The 60% uplift belongs to the Advanced tier, so platform share and platform revenue are different quantities.
Where the money comes from, stream by stream
| Stream | Share of sales (Q2 2026) | How it earns it |
|---|---|---|
| Subscriptions | 92.5% | Term licences and cloud software for vulnerability and exposure management, recognised over the contract, mostly one to three years. |
| Perpetual licences and maintenance | 3.7% | Legacy one-time licences, chiefly on-premise and industrial products, plus their annual support; shrinking as customers move to subscriptions. |
| Professional services and other | 3.9% | Deployment, training and consulting sold alongside the software. |
Who runs it
Two co-chief executives, Stephen Vintz and Mark Thurmond, have run Tenable since April 2025; Vintz was finance chief for a decade before that and Thurmond ran operations. Insiders own under 2% of the company. Their bonus and most performance shares ride on new orders signed, sales and cash flow, none on accounting profit or the cost of the shares handed to staff.
The evidence under this - 3 claims
C51facthigh confidence
Stephen Vintz and Mark Thurmond have been Co-Chief Executive Officers since April 2025, after four months as interim co-chiefs; Vintz was CFO from 2014 to August 2025 and Thurmond COO from 2020. Matthew Brown, formerly Altair Engineering's CFO, has been CFO since August 2025.
C52facthigh confidence
Directors and executive officers as a group owned 1.7% of Tenable at 17 March 2026; the largest insider, Co-CEO Stephen Vintz, held 957,885 shares, under 1%, while Vanguard held 13.1%, BlackRock 9.2% and Ameriprise 5.6%.
C53facthigh confidence
Tenable's 2025 cash bonus, paid quarterly and annually, and its PSUs both paid on one-year goals: Global Bookings weighted 50%, revenue plus unlevered free cash flow 50%. PSUs were 35% of the co-CEOs' 2025 equity, the rest time-vested RSUs, and are 50% from 2026.
against this
- No measure in the 2025 plan pays on GAAP operating income, stock compensation or per-share results, so the dilution the thesis turns on (C06) costs the plan nothing.
- The proxy does not state the 2026 PSU metrics in the passages read; the larger PSU share may add a measure the 2025 plan lacked.
Why it wins, and who could beat it
Why customers come back
Once installed, Tenable becomes the record an auditor and a regulator are shown. Replacing it means re-scanning everything, re-scoring every risk and explaining a break in that record. Its library of about 300,000 checks and 300-plus links into other systems sit underneath the team's daily work.
So customers stay and buy a little more. Those who stayed spent 106% of what they spent a year earlier, the first rise since early 2022, and no customer is more than 2% of revenue.
The evidence under this - 3 claims
C24management claimlow confidence
The moat is the sensor and detection library: roughly 300,000 vulnerability checks built over two decades with about 100 added a week, plus 300 or more data integrations, feeding a detection set deployed behind the customer's firewall.
sourceTenable Investor Day presentation (8-K Exhibit 99.1)primaryTenable Q2 2026 earnings call transcriptprimary
against this
- Microsoft's own documentation shows it shipping the same job - discovery, assessment, configuration assessment and prioritisation across Windows, macOS, Linux, Android, iOS and network devices - inside a subscription the customer already holds, which is what a detection library being commoditised looks like.
- The count is disclosed only in an investor presentation. No filing carries it, no third party audits it, and no competitor publishes a comparable number, so it cannot be ranked against anything.
- An independent scorer places Tenable as a Challenger rather than a Leader in the 2026 Gartner Magic Quadrant for cyber-physical systems protection - the operational-technology coverage that is one of the moat's stated edges.
C19management claimmedium confidence
The net dollar expansion rate rose to 107% in Q3 2026 from 106% in Q2 2026 and 105% before that, a second consecutive quarter-on-quarter increase after the first since Q1 2022.
sourceTenable Q2 2026 earnings call transcriptprimaryTenable Q3 2026 results release (8-K Exhibit 99.1)primary
against this
- A one-point move on a metric the company computes itself and does not reconcile in any filing is a thin foundation, and management guides it to hold flat at 106% for the rest of the year rather than to keep rising.
- 106% means existing customers spend 6% more a year. That is low for enterprise software and is the level the rate had fallen to over four years of decline - the turn is in the second derivative, not the level.
- The improvement is corroborated outside the metric the company computes: net new six-figure customers went from 5 in Q4 2025 to 32 in Q2 2026, and the 2026 revenue range has been raised twice from where it started.
- 2026-10-28editedQ3 2026 release (S24) reports 107%, so the claim is re-struck to the newest quarter; the 106% figure stays in the sentence as the comparison.
C02facthigh confidence
At 31 December 2025 Tenable had over 40,000 customers, including about 65% of the Fortune 500 and about 50% of the Global 2000, and no single customer was more than 2% of revenue in 2025, 2024 or 2023.
The threat
Microsoft now includes the same basic job, finding machines, spotting flaws and ranking them, at no extra price in a security product large companies already pay for. It has even started calling it exposure management, the name Tenable uses for its own category.
The evidence under this - 2 claims
C16facthigh confidence
Microsoft includes device discovery, vulnerability assessment, configuration assessment, risk-based prioritisation and remediation tracking in Defender for Endpoint Plan 2 at no extra price, charging an add-on only for the extras.
against this
- Microsoft's list is endpoint-and-server-centric and depends on the Defender agent. It does not cover industrial control systems, external web application scanning, or multi-cloud posture across Amazon and Google - and Microsoft has deprecated its authenticated scan for unmanaged Windows devices, which is the case Tenable's agentless scanners exist for.
- Management reported the strongest competitive quarter it has had against exactly these vendors: 'a very strong quarter in regard to some of the larger players that have pricing and packaging where they talk to a customer and want to give away free capabilities'. That is a management claim, and it is the right one to weigh here.
C17facthigh confidence
Microsoft has moved its vulnerability management product under a portal section it now calls Exposure management - the category name Tenable uses for itself.
The rivals: MSFT, CRWD, PANW, QLYS, RPD.
Who else does this, rival by rival
| Ticker | Rival | How far along | Priced against it |
|---|---|---|---|
| MSFT | Microsoft Defender Vulnerability ManagementPriced against it: Small part of it | On sale | Small part of it |
| CRWD | CrowdStrike Falcon Exposure ManagementPriced against it: One segment only | On sale | One segment only |
| PANW | Palo Alto Networks Cortex Xpanse and Cortex CloudPriced against it: One segment only | On sale | One segment only |
| QLYS | QualysPriced against it: Yes | On sale | Yes |
| RPD | Rapid7Priced against it: Yes | On sale | Yes |
How big it could get
How big this could get
The work keeps growing. Flaw submissions in the first three months of 2026 were nearly a third higher than a year earlier, and since June every federal civilian agency must track its internet-facing machines continuously and report them every seven days.
Tenable already sells to about 65% of the Fortune 500, so the room left is less in new customers than in what each one spends.
The evidence under this - 3 claims
C13facthigh confidence
Vulnerability disclosure is accelerating: CVE submissions rose 263% between 2020 and 2025, and submissions in the first three months of 2026 were nearly a third higher than the same period a year earlier.
C18facthigh confidence
A regulator has just mandated the product: CISA's directive of 10 June 2026 requires every federal civilian agency to continuously identify externally reachable assets and report them to CISA every seven days.
against this
- The directive binds Federal Civilian Executive Branch agencies only - roughly a hundred bodies - and neither the directive nor Tenable discloses what federal exposure management is worth to Tenable, so a real mandate sits on an unsized population.
- It is technology-neutral. Agencies can meet it with Microsoft's bundled capability, with an existing contract, or with in-house tooling; the directive creates a requirement, not a Tenable requirement.
C02facthigh confidence
At 31 December 2025 Tenable had over 40,000 customers, including about 65% of the Fortune 500 and about 50% of the Global 2000, and no single customer was more than 2% of revenue in 2025, 2024 or 2023.
Who has signed
Customers have signed for $1.03B of future revenue at June 2026, 15.4% more than a year earlier and growing faster than revenue itself. $721.1M of it falls due within a year.
The evidence under this - 2 claims
C20facthigh confidence
Contracted future revenue is growing faster than reported revenue: remaining performance obligations reached $1.03B at 30 June 2026, 15.4% above a year earlier, with the portion due within a year up 12.3%.
against this
- The long-dated portion grew 23.4% against 12.3% for the near portion, so part of the headline growth is customers signing longer contracts rather than buying more each year - which lengthens the average duration without lifting the annual run rate.
- Tenable itself retired calculated current billings as a performance metric in the FY2025 10-K, saying a shift to annual instalment billing on multi-year deals 'creates a negative distortion'. The same shift flatters remaining performance obligations, which counts the whole contract.
C02facthigh confidence
At 31 December 2025 Tenable had over 40,000 customers, including about 65% of the Fortune 500 and about 50% of the Global 2000, and no single customer was more than 2% of revenue in 2025, 2024 or 2023.
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its half-year rate |
|---|---|---|---|---|---|
| Subscription and Circulation | 92% | +8.9% | +9.6% | +10.7% | 92% |
| Service, Other | 4% | +32.2% | +27.6% | +27.0% | 6% |
| License and Maintenance | 4% | -13.6% | -12.8% | -9.0% | 2% |
| Whole company | 100% | +8.6% | +9.1% | +10.2% | 100% |
On the filed split through 2026-06-30, if each business keeps its last half-year's growth, the company grows about 9% next year and 10% in year 3, against 9.9% over the last twelve months. A scenario, not a forecast: no business holds its rate.
The results
The numbers
Is it growing?Steady
Sales grew 9.9% over the twelve months to Jun 2026, about the same pace as the 11% in the year to Dec 2025.
Is it profitable?Thin
Operating margin is 3.6%, up from −6.5% in the year to Dec 2023.
Does growth pay off?Pays off
Running costs take 74¢ of each sales dollar, down from 88¢ in the year to Dec 2021.
Does it earn good returns?Low
Shareholders' money earned 2.5% a year, up from −26% in the year to Dec 2021.
Is it making cash?Strong
It turned 25% of sales into free cash, $264M over the last twelve months.
How steady is it?Uneven
Yearly sales growth has ranged from +11% to +26% over the last 5 years.
Are shares being diluted?Creeping
The share count rose 6.9% in 4.5 years, and pay in shares costs 17% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-04. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $541M | $683M | $799M | $900M | $999M | $1.04B |
| Sales growth | +23% | +26% | +17% | +13% | +11% | +9.9% |
| Profit | ||||||
| Gross margin | 80% | 77% | 77% | 78% | 78% | 78% |
| Operating margin | −7.7% | −9.9% | −6.5% | −0.8% | −0.9% | 3.6% |
| Net margin | −8.6% | −13% | −9.8% | −4.0% | −3.6% | 0.6% |
| What growth costs, per sales dollar | ||||||
| Research and development | 22% | 21% | 19% | 20% | 22% | 21% |
| Sales and marketing | 50% | 51% | 49% | 44% | 42% | 40% |
| General and admin | 17% | 15% | 15% | 14% | 15% | 12% |
| Pay in shares | 15% | 18% | 18% | 18% | 19% | 17% |
| Capital spending | 0.7% | 1.4% | 0.2% | 0.5% | 1.2% | 0.5% |
| Cash | ||||||
| Cash from operations | $96.8M | $131M | $150M | $217M | $267M | $270M |
| Free cash flow | $92.9M | $122M | $148M | $213M | $255M | $264M |
| Balance sheet | ||||||
| Cash and short-term investments | $512M | $567M | $474M | $577M | $402M | $298M |
| Returns and shares | ||||||
| Shares (diluted) | 106M | 111M | 115M | 119M | 120M | 114M |
What growth costs
Growing has made Tenable a little more profitable, but almost all of it came from spending relatively less on selling. Research spending and the shares paid to staff have kept pace with sales, so the cost the thesis worries about has not yet started to shrink.
The evidence under this - 2 claims
C55facthigh confidence
Per sales dollar from 2023 to the year to June 2026, sales and marketing fell from 49.3 cents to 40.2 and general and administrative from 14.5 to 12.2, while R&D rose from 19.2 to 21.5 and stock pay stayed near 17 to 19; operating margin went from -6.5% to 3.6%.
against this
- Gross margin is no higher than in 2023 (77.0% to 78.1%) and below 2020's 82.4%, so none of the gain came from the product itself getting cheaper to deliver.
- The widening is almost all one line, sales and marketing; R&D per sales dollar rose and stock pay peaked at 19.2% in 2025, so the costs the thesis worries about have not yet shown leverage.
C06facthigh confidence
Tenable's own 2026 forecast carries stock compensation of $183.3M against GAAP operating income of $42.3M - the equity paid to staff is 4.3 times the operating profit the accounts report, and 17.0% of revenue.
against this
- Stock compensation is falling as a share of revenue: $90.2M in the first half of 2026 against $102.4M a year earlier, or 17.0% of revenue against 21.1%. The direction is the company's own and it is the right direction.
- The 2025 comparative was inflated by $14.6M of accelerated vesting for the former Chairman and Chief Executive Officer, so part of the improvement is the absence of a one-off rather than restraint.
The last report (29 Jul)
Quarter ended June 2026, filed figures.
9%
Sales growth
against the same quarter a year earlier
2.5%
Growth from the quarter before
against 0.6% the quarter before that
5¢
Operating profit
per dollar of sales
In the quarter ended September 30, 2026 revenue rose 9.5% to $276.4M and the company raised its forecast for the year to $1.084B to $1.087B. Existing customers spent 7% more than a year earlier, up from 6%, and it added a net 39 customers paying six figures a year.
The catch is the pay in shares. It was $51.2M, 18.5% of revenue, not the lower figure the case was waiting for. And the forecast still has growth easing to about 6.9% in the December quarter.
What it did to the thesisIt supported the parts of the case that are working: customers spending more and bigger accounts. But pay in shares did not fall as hoped, and the shares have risen a lot since we wrote the case, so the view stays Neutral.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $0.51 against $0.47 expected; $0.03 as filed, the gap being what the company adds back.
The evidence under this - 5 claims
C19management claimmedium confidence
The net dollar expansion rate rose to 107% in Q3 2026 from 106% in Q2 2026 and 105% before that, a second consecutive quarter-on-quarter increase after the first since Q1 2022.
sourceTenable Q2 2026 earnings call transcriptprimaryTenable Q3 2026 results release (8-K Exhibit 99.1)primary
against this
- A one-point move on a metric the company computes itself and does not reconcile in any filing is a thin foundation, and management guides it to hold flat at 106% for the rest of the year rather than to keep rising.
- 106% means existing customers spend 6% more a year. That is low for enterprise software and is the level the rate had fallen to over four years of decline - the turn is in the second derivative, not the level.
- The improvement is corroborated outside the metric the company computes: net new six-figure customers went from 5 in Q4 2025 to 32 in Q2 2026, and the 2026 revenue range has been raised twice from where it started.
- 2026-10-28editedQ3 2026 release (S24) reports 107%, so the claim is re-struck to the newest quarter; the 106% figure stays in the sentence as the comparison.
C43facthigh confidence
The improvement in large-account demand is real and recent: Tenable added 5 net new six-figure customers in Q4 2025, 32 in Q2 2026 and 39 in Q3 2026.
sourceTenable Q4 and full-year 2025 results release (8-K Exhibit…primaryTenable Q2 2026 results release (8-K Exhibit 99.1)primaryTenable Q3 2026 results release (8-K Exhibit 99.1)primary
against this
- Both figures are net, so a low quarter can be churn among existing six-figure accounts rather than weak landing, and the company does not disclose the gross adds behind either.
- New enterprise platform customers moved the other way over the same comparison, 502 in Q4 2025 against 381 in Q2 2026 - so the mix has shifted towards fewer, larger accounts rather than simply improving.
- 2026-10-28editedQ3 2026 release (S24) reports 39 net new six-figure customers, the third step up in a row.
C05estimatehigh confidence
Full-year 2026 guidance, raised on 28 October to $1.084B to $1.087B, and a fourth-quarter range of $277.0M to $280.0M imply fourth-quarter revenue growth of about 6.9% at the midpoint, against 9.5% in Q3 2026 and 8.6% in Q2 2026.
derivedQ4 2026 guide midpoint $278.5M against Q4 2025 revenue of $260.533M (S24 and the Q4 2025 filed quarter). Range on the guidance corners is 6.3% to 7.5%.
against this
- Management attributes part of the Q3-to-Q4 shape to the timing of professional services rather than to subscription demand: 'there's a little bit of timing going on there with expectations when we think professional services are going to come in.' Professional services is 3.9% of Q2 2026 revenue, so timing within it cannot move the quarter by the amount in question, but it is a real qualifier on the exact figure.
- Management says the second half improved after the guide was set: expectations for calculated current billings are '$8 million to $10 million higher than where we started the year with the majority of that benefiting the back half'. Billings lead revenue, so a Q4 revenue figure can understate the bookings underneath it.
- The range has been raised twice this year - the low end of the current guide is where the February high end was - so the implied fourth quarter is a floor the company has twice moved up rather than a forecast it has defended.
- 2026-10-28editedQ3 2026 release (S24) raised the year and set a Q4 range of $277.0M to $280.0M; midpoint $278.5M against Q4 2025 revenue of $260.533M is 6.9%, up from the 5.9% the earlier range implied.
C06facthigh confidence
Tenable's own 2026 forecast carries stock compensation of $183.3M against GAAP operating income of $42.3M - the equity paid to staff is 4.3 times the operating profit the accounts report, and 17.0% of revenue.
against this
- Stock compensation is falling as a share of revenue: $90.2M in the first half of 2026 against $102.4M a year earlier, or 17.0% of revenue against 21.1%. The direction is the company's own and it is the right direction.
- The 2025 comparative was inflated by $14.6M of accelerated vesting for the former Chairman and Chief Executive Officer, so part of the improvement is the absence of a one-off rather than restraint.
C23management claimmedium confidence
Tenable One was a record 50% of new business in Q2 2026, up from 41% in Q1 2026 and 40% a year earlier; it is about a third of total revenue and management targets 40% by the end of 2026.
sourceTenable Q2 2026 earnings call transcriptprimaryTenable Investor Day presentation (8-K Exhibit 99.1)primary
against this
- New business is the flattering cut: it is a share of the smallest and fastest-moving part of the revenue, and the share of total revenue has moved from about a third to a stated aspiration of 40% over the same period the growth rate fell.
- The tier that most customers land on is priced only 6% above standalone vulnerability management. The 60% uplift belongs to the Advanced tier, so platform share and platform revenue are different quantities.
What management did with the money
Tenable is buying back shares hard: 11.4 million in the first half at an average $20.23, costing 1.89 times the cash it earned. In September it borrowed $800M through convertible notes at 0.25%, repaid a loan and bought 5.3 million more at $32.03. Staff received 3.3 million new shares in the half.
The evidence under this - 4 claims
C09facthigh confidence
Tenable repurchased 11.4 million shares for about $230M in the first half of 2026 at an average of $20.23, with $108M left on the authorisation at 30 June, and on 10 September bought 5.3 million more for $170.5M at $32.03 with borrowed money.
sourceTenable Q2 2026 Form 10-QprimaryTenable Q2 2026 earnings call transcriptprimaryTenable Q4 and full-year 2025 results release (8-K Exhibit…primaryTenable 8-K, 0.25% Convertible Senior Notes due 2031, capped…primaryTenable pricing release for the convertible notes (8-K…primary
- 2026-09-24editedAdded the $170.5M repurchase of 10 September 2026, funded from the convertible notes (8-K filed 2026-09-15).
C10estimatehigh confidence
That buyback cost 1.89 times the free cash flow the company earned in the same half, and cash plus short-term investments fell $104.0M to $298.2M.
sourceTenable Q2 2026 Form 10-QprimaryTenable Q4 and full-year 2025 results release (8-K Exhibit…primary
against this
- Buying below intrinsic value with balance-sheet cash is a legitimate use of it, and this tranche has worked: the $20.23 average sits 65% below the $33.44 the shares now trade at.
- The prior tranche did not. Tenable spent $247.5M on 7.9 million shares in 2025 at about $31.33, and the shares then fell to $15.73 - so the programme buys steadily rather than well, and 2026 flattered it.
- Tenable's first lien net leverage ratio was 0.77 at 30 June 2026, so the balance sheet had room. The company also spent nothing on acquisitions in the half, against $196.2M in the comparable half of 2025 - the cash went to shares instead of to deals.
C22facthigh confidence
On 15 September 2026 Tenable repaid its $358.1M secured term loan and replaced it with $800M of unsecured 0.25% convertible notes due September 2031; cash and short-term investments were $298.2M at 30 June, before $778.8M of net proceeds.
sourceTenable Q2 2026 Form 10-QprimaryTenable 8-K, 0.25% Convertible Senior Notes due 2031, capped…primary
- 2026-09-24editedThe term loan was repaid and replaced by $800M of convertible notes on 2026-09-15; the balance sheet is no longer close to neutral.
C21facthigh confidence
Shares outstanding fell 6.8% in six months, from 118.5 million to 110.4 million - but the company issued 3.3 million new shares over the same half, about 5.6% a year before any buying back.
The price, and where we disagree
In short. Fair if pay in shares is treated as an adjustment, dear if it is a real cost. We count it as a real cost that is falling, which leaves the price about right.
Share price
$33.44
close,
Company value for each $1 of operating profit
79.8
rivals' middle 70.2
The shares have risen a long way since we wrote the case, and the September-quarter results are now out: customers spent more and the year was raised, but pay in shares rose to 18.5% of revenue.
The next test is the December-quarter results, expected in late February 2027: whether customers keep spending more, whether stock pay falls as a share of sales, and whether revenue lands at or above the $277.0M low end of the range.
The evidence under this - 5 claims
C32factmedium confidence
The shares have fallen a long way against their own record: $3.53 for each dollar of yearly sales against a six-year average of $6.44, while free cash flow guided at $289M to $295M is 7.9% of the market value.
C33factmedium confidence
The 11.8% jump when Tenable was added to the S&P SmallCap 600 on 26 August 2026 was the largest single-session move and the largest volume spike in the news window.
C19management claimmedium confidence
The net dollar expansion rate rose to 107% in Q3 2026 from 106% in Q2 2026 and 105% before that, a second consecutive quarter-on-quarter increase after the first since Q1 2022.
sourceTenable Q2 2026 earnings call transcriptprimaryTenable Q3 2026 results release (8-K Exhibit 99.1)primary
against this
- A one-point move on a metric the company computes itself and does not reconcile in any filing is a thin foundation, and management guides it to hold flat at 106% for the rest of the year rather than to keep rising.
- 106% means existing customers spend 6% more a year. That is low for enterprise software and is the level the rate had fallen to over four years of decline - the turn is in the second derivative, not the level.
- The improvement is corroborated outside the metric the company computes: net new six-figure customers went from 5 in Q4 2025 to 32 in Q2 2026, and the 2026 revenue range has been raised twice from where it started.
- 2026-10-28editedQ3 2026 release (S24) reports 107%, so the claim is re-struck to the newest quarter; the 106% figure stays in the sentence as the comparison.
C06facthigh confidence
Tenable's own 2026 forecast carries stock compensation of $183.3M against GAAP operating income of $42.3M - the equity paid to staff is 4.3 times the operating profit the accounts report, and 17.0% of revenue.
against this
- Stock compensation is falling as a share of revenue: $90.2M in the first half of 2026 against $102.4M a year earlier, or 17.0% of revenue against 21.1%. The direction is the company's own and it is the right direction.
- The 2025 comparative was inflated by $14.6M of accelerated vesting for the former Chairman and Chief Executive Officer, so part of the improvement is the absence of a one-off rather than restraint.
C12estimatemedium confidence
The share-count effect weakens as the shares rise: the $290M of unlevered free cash flow guided for 2026 retires 14.3 million shares at the $20.23 already paid and 8.7 million at $33.44.
derivedDivision. Guided unlevered free cash flow midpoint of $292M against the company's stated first-half average repurchase price of $20.23 and the 8 September 2026 close of $33.44. Unlevered free cash flow overstates what is available because it adds back cash interest.
against this
- A company whose shares have risen should buy fewer of them; the mechanism is working as intended and the alternative - buying the same number at any price - is worse.
- Cash generation is also growing: unlevered free cash flow is guided at $290M for 2026 against $277.0M in 2025 and $237.8M in 2024, so the dollars available rise even as each buys less.
How we read the multiple
Counting its debt, buyers pay about 80 times last year's operating profit as the accounts report it. On this year's forecast it is 94 times that reported profit, but only 15.5 times the company's adjusted profit.
The gap is almost all pay in shares: $183.3M this year, 4.3 times reported operating profit. Qualys, selling the same product, keeps 34.4 cents of reported profit per sales dollar; Tenable keeps 4.8. And about a fifth of this year's growth in profit per share comes from having fewer shares.
Against its own history. Far cheaper against sales than its own past, because growth has slowed. Years of losses leave the profit measures with no normal to compare against.
The evidence under this - 4 claims
C29estimatehigh confidence
At $33.44 the enterprise value is 15.5 times the operating profit Tenable's 2026 forecast reports after adjustments and 94 times the operating profit the same forecast reports under the accounting rules.
derivedEnterprise value of $3.98B from the research pack, against the two operating income figures in the Investor Day's own 2026 reconciliation: $257.0M non-GAAP and $42.3M GAAP. The gap between them is stock compensation of $183.3M, acquisition amortisation of $26.9M and restructuring of $4.5M.
against this
- The cash is real whichever line you take: unlevered free cash flow is guided at $289M to $295M, which puts the enterprise value at 13.6 times it. Stock compensation does not leave the building as cash.
- It leaves as shares instead, and the company is buying those back - $230M in six months against $122M of free cash flow. The cash cost of the equity is therefore visible in the financing line rather than absent, which is the reason the two figures can both be true.
- Against the filed cohort the picture is not one-sided: Rapid7, the other named vulnerability management peer, is dearer still on this measure.
C06facthigh confidence
Tenable's own 2026 forecast carries stock compensation of $183.3M against GAAP operating income of $42.3M - the equity paid to staff is 4.3 times the operating profit the accounts report, and 17.0% of revenue.
against this
- Stock compensation is falling as a share of revenue: $90.2M in the first half of 2026 against $102.4M a year earlier, or 17.0% of revenue against 21.1%. The direction is the company's own and it is the right direction.
- The 2025 comparative was inflated by $14.6M of accelerated vesting for the former Chairman and Chief Executive Officer, so part of the improvement is the absence of a one-off rather than restraint.
C08factmedium confidence
Qualys, whose own annual report describes the same product sold to the same buyer and names Tenable as a competitor, earned a filed operating margin of 34.4% over the trailing twelve months against Tenable's 4.8%.
sourceQualys FY2025 Form 10-KprimaryResearch pack, frozen at content/TENB/research-pack.jsonprimaryFiled competitor set, data/reference/competitors.jsonprimary
against this
- Qualys is a smaller and slower-moving business that has made almost no acquisitions, so it carries little acquired-intangible amortisation and a lighter integration cost; Tenable has spent $196.2M, $29.2M and $243.3M on acquisitions in 2025, 2024 and 2023. Some of the margin gap is the price of having bought a broader product.
- Rapid7, the other filed peer, earns 1.2% - below Tenable. The cohort is two names and they sit either side of the subject, so the comparison shows that a 34% margin is achievable on this product rather than that it is normal.
C11estimatehigh confidence
Guidance has non-GAAP earnings per share rising 24.2% in 2026 while non-GAAP net income rises 18.8%; the 5.4-point difference is the shrinking share count, about a fifth of the earnings growth.
derivedBoth growth rates are stated in the company's own Q2 2026 guidance commentary. The gap between per-share and total growth is arithmetically the change in the diluted share count and nothing else.
against this
- The buyback is funded from cash the business actually generated, so the per-share gain is real rather than an accounting effect, and it is not reversible in the way a one-off gain would be.
- The remaining 18.8% is operating improvement, which is the larger part. On revenue growth of 7.9% the margin expansion is doing more work than the share count.
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on company value for each $1 of operating profit, cheapest first:
| Ticker | Company | company value for each $1 of operating profit |
|---|---|---|
| QLYS | Qualys | 23.8× |
| TENB | Tenable Holdings | 79.8× |
| RPD | Rapid7 | 116.6× |
The middle of the other 2 is 70.2. Tenable Holdings, Inc. is 2nd cheapest of 3.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
Between its rivals on reported operating profit: dearer than Qualys, which earns far more per sales dollar, and cheaper than Rapid7, which barely grows. The position is its own.
Private or foreign rivals that cannot be priced: Wiz, Inc.
Where we disagree with the market
The market believes
A cheap security-software company whose shares fell hard: good cash, low growth, not much to argue about.
We believe
The cash is real and the profit is not yet. Stock pay at 17% of revenue is a cost, not an adjustment.
Analysts are split 15 buy and 14 hold, and expect growth in earnings per share to fall from 24.2% this year to 10.3% in 2027.
We would be wrong if stock pay keeps falling, as it did from 21.1% to 17.0% of revenue in a year, and the reported margin closes the gap.
What analysts say, and the evidence
The evidence under this - 2 claims
C30factmedium confidence
The vendor analyst panel is evenly split - 15 buy and 14 hold, no sells - and has adjusted earnings per share rising 10.3% in 2027 against the 24.2% the company itself guides for 2026.
C06facthigh confidence
Tenable's own 2026 forecast carries stock compensation of $183.3M against GAAP operating income of $42.3M - the equity paid to staff is 4.3 times the operating profit the accounts report, and 17.0% of revenue.
against this
- Stock compensation is falling as a share of revenue: $90.2M in the first half of 2026 against $102.4M a year earlier, or 17.0% of revenue against 21.1%. The direction is the company's own and it is the right direction.
- The 2025 comparative was inflated by $14.6M of accelerated vesting for the former Chairman and Chief Executive Officer, so part of the improvement is the absence of a one-off rather than restraint.
What could go wrong, and how we would know
The risks
- Microsoft gives it away. The same basic job comes free inside a security product large companies already pay for.
- Slowing growth. Revenue growth has fallen in every year but one since 2017, from 50.9% to 11.0% in 2025.
- Buybacks on borrowed money. Net debt rises to about $316M after the notes, and the $800M must be repaid in cash in 2031.
- Little room for a bad deal. Acquisitions left $697.9M of goodwill against $198.4M of shareholders' equity.
The evidence under this - 5 claims
C16facthigh confidence
Microsoft includes device discovery, vulnerability assessment, configuration assessment, risk-based prioritisation and remediation tracking in Defender for Endpoint Plan 2 at no extra price, charging an add-on only for the extras.
against this
- Microsoft's list is endpoint-and-server-centric and depends on the Defender agent. It does not cover industrial control systems, external web application scanning, or multi-cloud posture across Amazon and Google - and Microsoft has deprecated its authenticated scan for unmanaged Windows devices, which is the case Tenable's agentless scanners exist for.
- Management reported the strongest competitive quarter it has had against exactly these vendors: 'a very strong quarter in regard to some of the larger players that have pricing and packaging where they talk to a customer and want to give away free capabilities'. That is a management claim, and it is the right one to weigh here.
C03facthigh confidence
Annual revenue growth has fallen in every year but one since 2017, from 50.9% in 2017 to 11.0% in 2025.
C48estimatemedium confidence
On 30 June balances the financing takes Tenable from about $60M of net debt to about $316M, 1.2 times its guided 2026 adjusted operating profit, while cash interest on borrowing falls from about $23M a year to $2M.
derivedFiled figures: the $358.125M term loan and $298.209M of cash and short-term investments at 30 June 2026 (Q2 2026 10-Q); $778.8M of net proceeds less $64.1M for the capped calls, $170.5M for the repurchase and the term loan repaid at its 30 June face value, leaving about $186.1M (8-K). Net debt then is $800M against about $484.3M of cash. Interest: 0.25% on $800M against the 6.48%-6.58% the term loan carried in the first half. The $257.0M adjusted operating profit is the Investor Day 2026 reconciliation already used in C29. The $255.8M rise in net debt is the repurchase, the capped calls and $21.2M of fees.
against this
- The arithmetic is a pro forma on June balances: it leaves out third-quarter cash generation and any buying under the programme between July and September, so the real 30 September net debt will differ, and the third-quarter 10-Q is the first filed figure.
- Cheaper is not the same as costless. The accounts will charge about $4.2M a year of fee amortisation on top of the $2M coupon, the capped call is $64.1M of cash that buys protection rather than shares, and the notes pay no interest because holders are paid in the share price instead.
- The maturity moves the other way from the cost: $800M falls due in September 2031, where $350.6M fell due in July 2028, and the company names acquisitions among the uses of the roughly $186M left over.
C47facthigh confidence
Each $1,000 note converts into 22.3005 shares, about $44.84 a share; Tenable repays the $800M face value in cash and settles only the excess in shares, and a $64.1M capped call absorbs that excess up to $64.06 a share.
C39facthigh confidence
Tenable has spent $468.7M on acquisitions across 2023, 2024 and 2025, and carries $697.9M of goodwill against $198.4M of shareholders' equity.
What we still do not know
- Whether stock pay keeps falling as a share of revenue, or settles above 15%.
- Whether Tenable One lifts what customers spend enough to lift growth. Its entry tier costs only about 6% more than the scanner alone.
The evidence under this - 3 claims
C06facthigh confidence
Tenable's own 2026 forecast carries stock compensation of $183.3M against GAAP operating income of $42.3M - the equity paid to staff is 4.3 times the operating profit the accounts report, and 17.0% of revenue.
against this
- Stock compensation is falling as a share of revenue: $90.2M in the first half of 2026 against $102.4M a year earlier, or 17.0% of revenue against 21.1%. The direction is the company's own and it is the right direction.
- The 2025 comparative was inflated by $14.6M of accelerated vesting for the former Chairman and Chief Executive Officer, so part of the improvement is the absence of a one-off rather than restraint.
C25management claimmedium confidence
The platform on-ramp barely raises the price: Tenable One Foundation is priced about 6% above standalone vulnerability management, while the Advanced tier is about 60% above it.
against this
- Management reports Advanced outselling Foundation about two to one in Q2 2026, so the mix is landing on the tier that carries the uplift rather than on the one that does not.
- Both figures are price uplifts before any expansion in the number of assets covered; the deck says the Advanced uplift is larger 'when considering asset expansion', so the realised uplift may exceed the list figure.
C15estimatemedium confidence
The company's own growth arithmetic caps the case: with the platform at half of revenue growing about 15% and the rest growing about 5%, blended growth is about 10%.
derivedThe Investor Day revenue growth algorithm states Tenable One growing mid-teens and non-platform growing mid-single digits, with Tenable One about a third of revenue today and about half by 2029. Weighting 15% and 5% at one-third gives 8.3%, which reproduces the 7.9% guided for 2026; at one-half it gives 10.0%.
against this
- The non-platform half is not static: management describes standalone products as on-ramps, so a customer migrating to the platform moves revenue between the two lines rather than losing it, and the platform share could pass half.
- Tenable One average contract value is 2 to 3 times non-platform and average expansion is more than double, so a faster mix shift would compound rather than add - the arithmetic here is linear and the mechanism may not be.
What would change our view
- Neutral→AttractiveThe filed margin rises toward the adjusted one
It needs all of:
- ○Reported operating margin reaches 8% by the end of 2027, with stock pay below 15% of revenue.checked at the next results, due by 24 Feb
- ○The share count keeps falling as buybacks are renewed, so the gain reaches each share.checked at the next results, due by 24 Feb
- Neutral→UnattractiveGrowth or retention slips first
It needs any of:
- ○Existing customers' spending, against a year earlier, falls back below 105% for two quarters running.checked at the next results, due by 24 Feb
- ○Revenue growth settles below 6% even as Tenable One takes a larger share of sales.checked at the next results, due by 24 Feb
What is coming
- 28 October 2026 Q3 2026 results and 10-Q: Expansion rate against 106%, stock pay against 17% of revenue, the first balance sheet carrying the notes, and whether the $170.5M buyback ran under the authorisation.
Every dated event ahead
- 28 October 2026 Q3 2026 results and 10-Q: Expansion rate against 106%, stock pay against 17% of revenue, the first balance sheet carrying the notes, and whether the $170.5M buyback ran under the authorisation.
- February 2027 Q4 2026 results and 2027 guidance: Whether 2027 guidance holds growth near 9% or confirms the fourth-quarter slowdown to about 6%, and the stock-pay and margin plan for the year.
- April 2027 2027 proxy statement: What the 2026 PSUs, now half of executive equity, actually paid on, and whether any measure now rewards GAAP profit or per-share results.
Since we wrote this
Written
8 Sep
Price the thesis read
$33.44
8 Sep
- 29 OctEarningsTenable's call: platform wins broad, expansion held at 107% for Q4, stock pay unasked. View heldQ3 2026 results.
- 28 OctEarningsExpansion 107%, year raised; stock pay still 18.5%Customers spent more and the year was raised, but pay in shares rose to 18.5% of revenue, so the view stays Neutral.
- 22 OctThesis reviewResults date moved to 28 October; view heldThe shares rose 20.7% with no business news; the valuation read still holds and the price claims are re-struck at the print.
- 5 OctThesis reviewThe long case now sits under the verdictAfter the five-name pilot, the owner asked for the long case on every thesis.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and filings.
- 24 SepNewsBorrowed $800M to keep buying back shares. View heldThe buyback's limit is now the board's appetite for debt rather than cash on hand. The notes touch neither stock pay nor growth, which is what the view turns on.
- 8 SepThesis writtenNeutral, medium convictionThe same price is 15.5 times adjusted profit and 94 times reported, and a rival selling the same product earns 34 cents of reported profit per sales dollar.
Also checked 3 times with nothing new to act on.
Sources 24
Where this came from
Sources - 24
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-27Item 1 business and the named competitor classes; customer count and the no-customer-above-2% disclosure; the ten-year income statement; stock compensation by line; the share repurchase authorisation history; the statement that operating losses are expected to continue; the retirement of calculated current billings as a performance metricbacksC01C02C03C31C34C37C39C46C54C55
- S02primarycompany filing2026-08-04the balance sheet and the issued/treasury share reconciliation; remaining performance obligations; the six-month cash flow statement including treasury purchases; the first lien net leverage ratio and the lapsed revolving facilitybacksC01C09C10C20C21C22C34C39C50C55
- S03primarycompany filing2026-07-29the quarter's GAAP and non-GAAP reconciliation line by line; the Q3 and full-year 2026 guidance ranges; the RPO table; free and unlevered free cash flowbacksC04C07C20C30C32C41C43
- S04primarytranscript2026-07-29the net dollar expansion rate and management's statement that it had not risen quarter-on-quarter since Q1 2022; the buyback average price and remaining authorisation; Tenable One as 50% of new business; management's answers on Microsoft's bundling; and the Wells Fargo question putting the guidance against the call's own enthusiasm
my favorite metric of the quarter was our net dollar expansion rate, which improved to 106%, up from 105% in the prior quarter. This is the first quarter since Q1 2022, more than 4 years ago that we have seen a percentage point quarter-over-quarter increase in the net dollar expansion rate... So far this year, we've repurchased 11.4 million shares for approximately $230 million, reflecting an average repurchase price of $20.23... and have $108 million remaining on our current share repurchase authorization as of the end of the quarter.
backsC09C19C23C24C36 - S05primarycompany filing2026-05-21the exiting-2029 financial targets; the revenue growth algorithm splitting platform from non-platform; the 2026 GAAP-to-non-GAAP reconciliation carrying full-year stock compensation; Tenable One pricing uplifts; the plug-in and integration counts; the 60%-of-breaches statisticbacksC06C14C23C24C25C35C36
- S06primaryvendor data2026-09-08Research pack, frozen at content/TENB/research-pack.jsonprice, the 20-day range and the return series; market value and enterprise value; the analyst split and forward estimates; FINRA short interest; Form 4 insider rows; the filed competitor cohort and its multiples; the company's own six-year multiple mediansbacksC03C08C28C30C31C32C33C40
- S07primarycompany filing2026-02-20a direct competitor's own description of the same product sold to the same buyer, its naming of Tenable back, and the filed operating margin a rival earns on itbacksC08
- S08primarycompany filing2026-02-19Exposure Command described as the same product; the competitor classes Rapid7 names; the detection-and-response half that sets its perimeterread, but no claim rests on it
- S09primarycompany filing2026-03-05Exposure Management listed as one of eleven module categories on an endpoint platform - the perimeter that keeps it beside the cohort rather than in itread, but no claim rests on it
- S10primarycompany filing2025-08-29attack surface management and vulnerability management as features inside Cortex, in a company whose revenue is network securityread, but no claim rests on it
- S11primarygovernment data2026-04-01the rate behind the driver, measured by the agency that runs the national vulnerability database rather than by anyone selling scanners
CVE submissions, which increased 263% between 2020 and 2025. Submissions during the first three months of 2026 are nearly one-third higher than the same period last year. We don't expect this trend to let up anytime soon.
backsC13 - S12primaryregulator2026-06-10a regulator mandating continuous external asset identification and seven-day machine-readable reporting across every federal civilian agency, with a December 2026 compliance date
BOD 26-04: Prioritizing Security Updates Based on Risk, issued June 10, 2026. Agencies must continuously identify and tag all agency-owned assets that can be reached from outside the agency network, and regularly report this information to CISA every seven days.
backsC18 - S13primaryindustry data2026-08-07the attacker's own documentation: Microsoft has moved its vulnerability management product under the category name Tenable uses for itself
The Vulnerability Management section in the Microsoft Defender portal is now located under Exposure management. With this change, you can now consume and manage security exposure data and vulnerability data in a unified location.
backsC17 - S14primaryindustry data2026-04-13which capabilities Microsoft ships at no incremental price inside a subscription enterprises already hold, and which it charges an add-on for
Defender for Endpoint Plan 2 includes the following core Defender Vulnerability Management capabilities: Device discovery, Device inventory, Vulnerability assessment, Configuration assessment, Risk based prioritization, Remediation tracking, Continuous monitoring, Software inventory, Software usages insights.
backsC16 - S15primaryindustry data2026-06-02Anthropic - Expanding Project Glasswing Anthropicthe size of the programme management describes as privileged early access, from the party that runs it
approximately 150 new organizations were added, joining the roughly 50 initial partners who had access to Claude Mythos Preview, and partners have so far found more than 10,000 high- or critical-severity security flaws.
backsC27 - S16primarycompany release2026-03-09an independent scorer's placement in the operational-technology category management calls out as a strength - reported by the company itself, and a Challenger rather than a Leader
Tenable Holdings, Inc. (NASDAQ: TENB), the exposure management company, today announced that it has been named a Challenger in the 2026 Gartner Magic Quadrant for CPS Protection Platforms
backsC26 - S17primaryother2026-09-08Filed competitor set, data/reference/competitors.jsonthe cohort membership judgement: which of the five companies Tenable's 10-K names clear the product gate against their own filings, and the perimeter each carriesbacksC08C40
- S18primarycompany filing2026-02-04the original 2026 guidance, against which the two raises since can be measured; the full-year 2025 GAAP loss from operations beside the non-GAAP profit; the 2025 buyback share count and cost, at a very different price from 2026's; the $150M authorisation increase; the S&P Global credit upgrade; the GSA OneGov agreement; and the fourth-quarter customer adds that show how weak 2025 wasbacksC09C10C26C32C37C41C43C44C45
- S19primarycompany filing2026-09-15the $800M note terms - 0.25% coupon, September 2031 maturity, 22.3005 shares per $1,000 (about $44.84), cash settlement of the face value, 17,840,400 underlying shares and a 24,976,560 maximum; the $64.06 cap on the capped calls and their $64.1M cost; $778.8M of net proceeds; the $170.5M concurrent repurchase of about 5.3 million shares at $32.03; repayment of the term loans and termination of the 2021 credit agreement on 15 September 2026; and, in Exhibit 99.1, the stated intention to enter a new secured revolving facilitybacksC09C22C47
- S20primarycompany filing2026-09-10the upsizing to $725M before the option, the $58.1M capped call cost before the option, and the concurrent repurchase of about 5.3 million shares for about $170.5M at the 10 September closebacksC09
- S21primarycompany filing2026-09-15the conversion-rate ceiling of 31.2207 shares per $1,000 after make-whole adjustments, which gives the 24,976,560-share maximumbacksC47
- S22primarycompany filing2026-09-15the capped call's structure and its 15 September 2031 expiration; the strike and cap are left blank in the filed formbacksC47
- S23primarycompany filing2026-04-02executive officers and their tenure, beneficial ownership as of March 17, 2026, the 2025 cash bonus and PSU metrics, weightings and payouts, and the 2026 shift of equity to 50% PSUsbacksC51C52C53
- S24primarycompany filing2026-10-28Q3 2026 GAAP and non-GAAP results, stock compensation by line, dollar-based net expansion rate, six-figure customer adds, repurchases, RPO table, fourth-quarter and full-year guidancebacksC19C43