Tenable Holdings, Inc. (TENB) intrinsic value & 10-year financials

Tenable Holdings, Inc. (TENB) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 26.1% a year to $999.4M, with an average return on invested capital of -204.7%.

Graham intrinsic value
—
Share price (Oct 17, 2026)
$37.20
Market cap
$4.5B
Revenue (FY2025)
$999.4M
Revenue growth (10-yr CAGR)
26.1%
ROIC (10-yr avg)
-204.7%
Free cash flow (FY2025)
$254.6M

TENB 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $999.4M -$36.1M -$0.30 $254.6M -0.9% -5.8%
FY2024 $900.0M -$36.3M -$0.31 $213.2M -0.8% -4.8%
FY2023 $798.7M -$78.3M -$0.68 $148.2M -6.5% -58.0%
FY2022 $683.2M -$92.2M -$0.83 $121.8M -9.9% -906.0%
FY2021 $541.1M -$46.7M -$0.44 $90.2M -7.7% -398.4%
FY2020 $440.2M -$42.7M -$0.42 $44.0M -8.3% -79.1%
FY2019 $354.6M -$99.0M -$1.03 -$31.4M -25.6% -649.8%
FY2018 $267.4M -$73.5M — -$8.3M -27.1% 33.3%
FY2017 $187.7M -$41.0M — -$9.0M -21.7% 10.2%
FY2016 $124.4M -$37.2M — -$8.6M -28.8% 11.9%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Tenable Holdings, Inc. is a consistent compounder, expanding top-line revenue at 26.1% annually over the past decade.

Tenable Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -11.2% ROIC.

Tenable Holdings, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Tenable Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-9.96 per share.

TENB stock: frequently asked questions

What is the intrinsic value of Tenable Holdings, Inc. (TENB) stock?

Graham's formula only works with positive earnings. Tenable Holdings, Inc. reported diluted EPS of -$0.30 in fiscal 2025, so no Graham value is shown. The 10-year table shows revenue and cash-flow trends instead.

How fast has Tenable Holdings, Inc. grown?

Revenue went from $124.4M in fiscal 2016 to $999.4M in fiscal 2025, a compound annual growth rate of 26.1%. Net income was -$36.1M in fiscal 2025.

Does Tenable Holdings, Inc. generate free cash flow?

Tenable Holdings, Inc. generated $254.6M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 6 of the last 10 reported years.

What is TENB's return on invested capital?

Average ROIC over the last 10 fiscal years was -204.7%, and average return on equity was -14.9%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this TENB data come from?

From Tenable Holdings, Inc.'s annual 10-K filings on SEC EDGAR. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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