TakeoverPE & activists

TENBTenable Holdings, Inc.

Services-Prepackaged Software · $5.9B market cap · 1,995 employees

4.4×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • 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
  • Payouts exceed cash flowNo
    93% of cash flow
    Buybacks + dividends over cash flow
  • Low revenue per employeeNo
    $501K · 58th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    16.7 per 10K words · 97th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $5.9B market cap
    Market cap $500M–$5B
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$2M net
    Net sales over $10M in 12 months

Key numbers

Revenue
$999MFY2021: $541MFY2022: $683MFY2023: $799MFY2024: $900MFY2025: $999M
11% YoY
Operating margin
-0.9%FY2021: -7.7%FY2022: -9.9%FY2023: -6.5%FY2024: -0.8%FY2025: -0.9%
20% YoY
EBITDA
$33MFY2021: −$26MFY2022: −$46MFY2023: −$25MFY2024: $26MFY2025: $33M
24% YoY
Net debt / EBITDA
—

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$541M$683M$799M$900M$999M 11% FY2021: $541MFY2022: $683MFY2023: $799MFY2024: $900MFY2025: $999M
Operating income−$42M−$68M−$52M−$7M−$9M 34% FY2021: −$42MFY2022: −$68MFY2023: −$52MFY2024: −$7MFY2025: −$9M
Net income−$47M−$92M−$78M−$36M−$36M 0.5% FY2021: −$47MFY2022: −$92MFY2023: −$78MFY2024: −$36MFY2025: −$36M
Operating cash flow$97M$131M$150M$217M$267M 23% FY2021: $97MFY2022: $131MFY2023: $150MFY2024: $217MFY2025: $267M
Capex$4M$9M$2M$4M$12M 185% FY2021: $4MFY2022: $9MFY2023: $2MFY2024: $4MFY2025: $12M
Stock-based comp$79M$121M$145M$164M$192M 17% FY2021: $79MFY2022: $121MFY2023: $145MFY2024: $164MFY2025: $192M
Buybacks$0$0$15M$100M$247M 148% FY2021: $0FY2022: $0FY2023: $15MFY2024: $100MFY2025: $247M

13D filers

None on file.

Insider trading

−$2Mnet selling by insiders, open market, last 12 months
Bought $616K · 3 tradesSold $3M · 7 trades

Pay vs performance

No pay-versus-performance disclosure yet.