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TENB
ACCE-researched

Tenable Holdings Inc. Common Stock (TENB) fair value

Technology · Software - Infrastructure · NASDAQ · United States
$44.59+6.17%
Market cap $4.9BNext earnings 2026-10-28Updated Oct 23, 2026
Add earnings to calendarGoogle
Our verdict
Close to our fair value
Price
$44.59
Model fair valueConfidence: good
$46.78
Model range
$42.06 to $51.49
Fair value $46.78
Price $44.59
2 models fit Tenable Holdings Inc. Common Stock and they agree: 2 of 2 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Bronze58
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionTenable Holdings Inc. Common Stock (TENB)
Fair value (2 models)
$46.78
ACCE price target
$46.00
Rating
Fairly valued
Horizon
12 months
Fair value published on 23 Oct 2026, 10:03 CEST; previously $43.99 since 16 Oct 2026, 00:00 CEST.
ACCE price target published on 23 Oct 2026, 01:53 CEST; previously $36.00 since 28 Sept 2026, 00:00 CEST.
Rating published on 23 Oct 2026, 10:03 CEST.
Price used: $44.59 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Full methodology
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
4.7% below
+4.9% to fair value
ACCE score
57
out of 100
Analysts
35% buy
23 covering
P/E
743.2x
forward 20.3x
1-year return
+48.5%
Dividend yield
0.00%

Tenable Holdings Inc. Common Stock in four questions

Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

Tenable sells Nessus and its exposure management platform, which find vulnerabilities across cloud, on-premises and operational technology environments. Nessus is a widely used scanner and gives it a large installed base to sell platform upgrades into. Growth comes from moving that base to broader exposure management subscriptions. Revenue grew 8.6% with a 78.1% gross margin, but the operating margin is only 4.9%. At 16.3x forward earnings, the case rests on margin expansion.

AI-assisted·How I use AIWritten Oct 14, 2026
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
  • high
    Earnings growth stalled
    Revenue up 8.6% YoY but earnings flat (0.0% YoY). Net margin 0.6% suggests profitability gains not translating to bottom line.
  • high
    Elevated leverage
    Debt/Equity 2.12 is material. Combined with modest net margin (0.6%), debt service capacity depends on sustained FCF generation.
  • moderate
    Valuation disconnect
    Current P/E 693 vs forward P/E 19.1 signals near-term losses.
  • moderate
    High short interest
    19.4% short position is elevated. Combined with earnings stall and leverage, suggests skepticism among informed traders.

AI research notes

AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
  • Free cash flow of $257M yields 5.6%, well above the 5.2% risk-free rate, offering attractive cash returns.
  • Consensus fair value of $46.54 implies 11.9% upside, with 2 of 3 valuation models supporting the target.
Why it could disappoint
  • Net margin of 0.6% and ROIC of negative 4.3% show the business destroys capital despite generating cash.
  • Analyst mean price target of $35.35 is 15.0% below the current share price of $41.59.
  • Revenue growth has slowed to 8.6% year over year, far below the 13.5% five-year average, signaling deceleration.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.

Next results

Oct 28, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle

Walk me through this stock

Plain-English pros, cons, and what to watch. Pro feature.

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Valuation

INVESTOR
Where TENB's valuation models land
Price
$44.59
Model fair value
$46.78
Model range
$42.06 to $51.49
Fair value $46.78
Price $44.59
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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Quality

INVESTOR
Quality and conviction INVESTOR FEATURE

The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.

  • +A plain reason under every score
  • +Conviction breakdown and growth / value / quality / momentum scores
  • +Score history: how each score moved over time

Analysts

Wall Street consensus

Bearish35% buy · 23 covering analysts
● Strong buy 5● Buy 3● Hold 13● Sell 1● Strong sell 1
Analyst intelligence INVESTOR FEATURE

The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.

  • +Price-target low / average / high vs the current price, with implied upside
  • +Forward revenue and EPS consensus by fiscal year
  • +ACCE fair-value models lined up against the Street

Smart Money

PRO

In one line

Trades are only made public after a delay. We show the delay so you know how old the news is.

Company insiders
No trades filed
Last 90 days
Congress
No trades filed
Last 180 days
Average delay
No trades filed
From trade to public filing
Do politicians beat the market? Our backtest →
Smart money tracking PRO FEATURE

Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.

  • +Quarter-over-quarter institutional position changes
  • +Every insider and Congress trade, with how late it was disclosed
  • +Active 13D activist filings and top holders

Compare

Where it sits vs peers

News and Record

Press releases mentioning this company

Recent performance

1 week
+19.9%
1 month
+23.1%
3 months
+38.3%
6 months
+122.7%
YTD
+89.5%
1 year
+48.5%

SEC filings

Recommendation history, last 12 months

DateTypeNewPreviousPrice
23 Oct 2026, 10:03 CESTFair value$46.78$43.99$42.00
23 Oct 2026, 10:03 CESTRatingFairly valuedfirst publication$42.00
23 Oct 2026, 01:53 CESTACCE price target$46.00$36.00$42.00
16 Oct 2026, 00:00 CESTFair value$43.99$46.54$38.12
11 Oct 2026, 00:00 CESTFair value$46.54$44.13$41.59
1 Oct 2026, 00:00 CESTFair value$44.13$44.81$34.99
28 Sept 2026, 00:00 CESTACCE price target$36.00first publication$33.49
24 Sept 2026, 00:00 CESTFair value$44.81$44.19$35.91
17 Sept 2026, 00:00 CESTFair value$44.19$40.53$38.09
15 Sept 2026, 00:00 CESTFair value$40.53$44.53$30.11

This analysis is not personalised investment advice and does not take your situation, objectives or risk tolerance into account. ACCE Investments is not an authorised investment firm.

Investing in shares carries a risk of losing capital. The value of an investment can go down as well as up.

Valuation horizon: 12 months from the publication date.

Conflicts of interest. ACCE Investments is operated by Adrien Chantreuil, who may hold personal positions in the securities analysed. Positions are declared on each security. ACCE receives no payment from the companies analysed or from any intermediary for this analysis.

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Snapshot

Growth40Value43Quality46Momentum97Total57
Valuation
Trailing P/E
743.2x
Forward P/E
20.3x
PEG
no data
P/B
20.11x
EV / Revenue
3.9x
Book value/sh
$1.80
Enterprise value
$4.1B
Profitability
ROE
2.5%
FCF yield
5.18%
ROIC
-3.7%
Health and risk
Debt / equity
1.43
Dividend yield
0.00%
Beta
1.01

Member of

ACCE Cybersecurity

Price

+47.2% · 1Y

Ask anything about TENB

Answered from Tenable Holdings Inc. Common Stock fundamentals + recent valuations. Every number shows its source and date.

This stock Peer Peer median weaker → stronger
P/Ebetter than 0% of peers
low 19.1x743.2xhigh 743.2x
ROEbetter than 0% of peers
low 2%2%high 62%
Div yieldbetter than 33% of peers
low 0.0%0.0%high 4.1%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
TENB Tenable Holdings Inc. Common Stock$44.59$475% below743.2x2.5%4657
3769.T GMO Payment Gateway, Inc.¥8725.00--27.1x21.7%9172
4704.T Trend Micro Incorporated¥7260.00--27.2x30.0%8665
4716.T Oracle Corporation Japan¥10000.00--19.1x-4655
OFSS.NS Oracle Financial Services Software Limited₹9677.00--24.7x49.9%9681
DOCN DigitalOcean Holdings Inc. Common Stock$93.22$40131% above42.4x62.3%7048
PAYTM.NS One97 Communications Limited₹1616.10--161.4x-5961

Sector report card

Where TENB ranks against its sector peers on each metric.

Computing percentiles…
  • GlobeNewswire•Oct 13, 2026
    Tenable Announces Closing of New $400M Secured Revolving Credit Facility
  • GlobeNewswire•Oct 8, 2026
    Tenable Uses OpenAI GPT Cyber Models to Advance Agentic Security Review in the CyberAgents Exchange
  • GlobeNewswire•Oct 6, 2026
    Tenable Appoints Industry Veteran Charlie Bell to Board of Directors
10 more press releases · full archive on Investor+.INVESTOR
40 filings
October 2026
Oct 13
8-KCurrent reportPeriod 2026-10-13
View on SEC →
Oct 6
8-KCurrent reportPeriod 2026-10-05
View on SEC →
Oct 6
Form 4Insider transactionPeriod 2026-10-05
View on SEC →
37 more filings + AI summaries on Investor+.INVESTOR