Credit and interest ratesnegative · 5 filings
“Interest expense decreased $1.3 million due to a decrease in the interest rate on our Term Loan.”10-Q · Aug 4, 2026 ↗
Tenable Holdings, Inc.
TENB
Market read
Tenable Holdings, Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 6 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
What changed
- Revenue increased 8.6% versus the comparable filing period.
- Cash declined 49.7M versus the comparable period.
Company-5.9% todayVolume comparison unavailable
Market group0 of 6 activeCybersecurity Software · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Interest expense decreased $0.6 million due to a decrease in the interest rate on our Term Loan.
Invalidation: The isolated read changes if TENB's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 6 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 8.6% versus the comparable filing period.
- Operating income moved from a loss to a profit in the comparable period.
Evidence that challenges
- Cash declined 49.7M versus the comparable period.
What would clarify the read
- Interest expense decreased $0.6 million due to a decrease in the interest rate on our Term Loan.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements76
Verified relationships12
Evidence supporting the case
- Latest annual revenue changed +11.0% year over year.
Evidence challenging the case
- Credit and interest rates has repeated adverse evidence across 5 filings.
- Demand and volume has repeated adverse evidence across 4 filings.
- Foreign exchange has repeated adverse evidence across 4 filings.
Questions before a position
- EV/sales is 51% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
30.106m+48.3%12m+0.5%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$541.1M+22.9%$-0.44+5.3%
2022-12-31$683.2M+26.3%$-0.83+4.6%
2023-12-31$798.7M+16.9%$-0.68+3.7%
2024-12-31$900.0M+12.7%$-0.31+2.9%
2025-12-31$999.4M+11.0%$-0.30+1.1%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dnegative · 5 filings
“Research and Development Three Months Ended June 30, Change (dollars in thousands) 2026 2025 ($) (%) Research and development $ 56,999 $ 59,236 $ (2,237) (4) % The decrease in research and development expense was primarily due to: • a $2.1 million increase in…”10-Q · Aug 4, 2026 ↗
Demand and volumenegative · 4 filings
“Operating Expenses Sales and Marketing Six Months Ended June 30, Change (dollars in thousands) 2026 2025 ($) (%) Sales and marketing $ 212,858 $ 210,273 $ 2,585 1 % The increase in sales and marketing expense was primarily due to: • a $2.4 million increase in…”10-Q · Aug 4, 2026 ↗
Foreign exchangemixed · 4 filings
“Other income (expense), net decreased $2.1 million primarily due to an increase in foreign exchange losses.”10-Q · Aug 4, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.6× · EV/sales 3.4×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
30.10-5.9% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for TENB. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing presents a mixed picture
10-Q filed 2026-08-04 against the comparable filing from 2025-08-08.
OperationsconstructiveEvidence score +3
liquiditycautiousEvidence score -1
valuationdiscount
Capital and cash conversion
Reported investment and cash context
- Capital spending YoY
- -63.7%
- Capital spending / revenue
- +0.7%
- Free-cash-flow margin
- +24.3%
- FCF margin change
- -0.2 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 8.6% versus the comparable filing period.
- Operating income moved from a loss to a profit in the comparable period.
What weakened
- Cash declined 49.7M versus the comparable period.
Filing receipts
“Operating Expenses Sales and Marketing Six Months Ended June 30, Change (dollars in thousands) 2026 2025 ($) (%) Sales and marketing $ 212,858 $ 210,273 $ 2,585 1 % The increase in sales and marketing expense was primarily due to: • a $2.4 million increase in personnel costs, including a $0.9 million increase in stock-based compensation; and • a $2.4 million increase in sales commissions; partially offset by • a $1.7 million decrease in expenses for demand generation programs, including advertising, sponsorships, and brand awareness efforts; and • a $1.3 million decrease in acquisition-related expenses.”
“Operating Expenses Sales and Marketing Three Months Ended June 30, Change (dollars in thousands) 2026 2025 ($) (%) Sales and marketing $ 105,869 $ 107,091 $ (1,222) (1) % The decrease in sales and marketing expense was primarily due to: • a $2.2 million decrease in demand generation programs, including advertising, sponsorships, and brand awareness efforts; partially offset by • a $1.1 million increase in sales commissions.”
“Cost of Revenue, Gross Profit and Gross Margin Six Months Ended June 30, Change (dollars in thousands) 2026 2025 ($) (%) Cost of revenue $ 117,002 $ 106,894 $ 10,108 9 % Gross profit 413,564 379,538 34,026 9 % Gross margin 78 % 78 % The increase in cost of revenue was primarily due to: • a $4.1 million increase in third-party cloud infrastructure costs; • a $2.6 million increase in personnel costs; • a $1.8 million increase in professional services; and • a $1.3 million increase in hardware costs.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind TENB
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AMZNAmazon.com, Inc.customerFeb 27, 2026 ▾
“We outsource our data center needs to Amazon Web Services, or AWS.”
MSFTMicrosoft CorporationpartnerFeb 27, 2026 ▾
“See Note 7 to our consolidated financial statements for our required operating lease payments and Note 9 to our consolidated financial statements for our required payments to Microsoft and AWS for cloud services.”
Depended on by
QLYSQualys, Inc.competitorMay 5, 2026 ▾
“We compete with large and small public companies, such as CrowdStrike, Palo Alto Networks, Rapid7 and Tenable Holdings, as well as privately held security providers including Invicti, Tanium, and Wiz (which was acquired by Google in March 2026).”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
TENB is currently a Follower in the organic co-movement group Cybersecurity Software. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.