TENBTenable Holdings, Inc.
Services-Prepackaged Software
- Revenue
- $999M
- 11% YoY
- Operating margin
- -0.9%
- 20% YoY
- EBITDA
- $33M
- 24% YoY
- Market cap
- $5.9B
- Employees
- 1,995
- $501K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 16.7
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 3 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes19% of revenueOver 10% of revenue
- Payouts exceed cash flowNo93% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes44% of assetsOver 40% of assets
- Shareholder dissentYes54% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$501K · 58th pctBottom quartile of its SIC industry
- Quiet on AINo16.7 per 10K words · 97th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$5.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $541M | $683M | $799M | $900M | $999M | 11% |
| Operating income | −$42M | −$68M | −$52M | −$7M | −$9M | 34% |
| Net income | −$47M | −$92M | −$78M | −$36M | −$36M | 0.5% |
| Operating cash flow | $97M | $131M | $150M | $217M | $267M | 23% |
| Capex | $4M | $9M | $2M | $4M | $12M | 185% |
| Stock-based comp | $79M | $121M | $145M | $164M | $192M | 17% |
| Buybacks | $0 | $0 | $15M | $100M | $247M | 148% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $616K · 3
- Open-market sells, 12 mo
- $3M · 7
- Net
- −$2M
Pay vs performance
No pay-versus-performance disclosure yet.