The company's financial position has weakened, with the debt-to-equity ratio rising to 1.69 in 2026Q1 and the current ratio falling to 0.78, indicating tightening liquidity.
| Total Current Assets | 595.87M | 773.58M | 940.75M | 805.47M | 857.17M | 749.44M | 483.79M | 362.96M | 396.79M | 111.25M | 87.71M |
| Cash & Short-Term Investments | 360.26M | 402.18M | 577.19M | 473.97M | 567.43M | 512.29M | 291.85M | 212.27M | 283.24M | 27.21M | 34.47M |
| Cash Only | 139.19M | 187.76M | 328.65M | 237.13M | 300.87M | 278M | 178.22M | 74.36M | 165.12M | 27.21M | 34.47M |
| Short-Term Investments | 221.07M | 214.42M | 248.55M | 236.84M | 266.57M | 234.29M | 113.62M | 137.9M | 118.12M | 0 | 0 |
| Accounts Receivable | 170.25M | 279.15M | 258.73M | 220.06M | 187.34M | 136.6M | 115.34M | 94.83M | 68.26M | 50.88M | 36.07M |
| Days Sales Outstanding | 74.22 | 101.95 | 104.93 | 100.56 | 100.09 | 92.14 | 95.63 | 97.61 | 93.19 | 98.93 | 105.86 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 65.36M | 92.25M | 104.82M | 111.44M | 102.39M | 40.31M | 32.14M | 28.5M | 23.27M | 17.17M | 9.63M |
| Total Non-Current Assets | 1.02B | 974.08M | 801.37M | 801.4M | 582.36M | 499.38M | 206.8M | 195.65M | 63.82M | 53.08M | 17.78M |
| Property, Plant & Equipment | 86.26M | 75.62M | 84.4M | 80.27M | 85.22M | 75.36M | 78.35M | 69.69M | 19.85M | 13.01M | 9.86M |
| Fixed Asset Turnover | 12.89x | 13.22x | 10.66x | 9.95x | 8.02x | 7.18x | 5.62x | 5.09x | 13.47x | 14.43x | 12.61x |
| Goodwill | 697.89M | 697.89M | 541.29M | 518.54M | 316.52M | 261.61M | 54.41M | 54.14M | 265K | 265K | 265K |
| Intangible Assets | 108.51M | 115.3M | 94.46M | 107.02M | 75.38M | 71.54M | 13.19M | 15.51M | 427K | 1.03M | 1.63M |
| Long-Term Investments | 0 | 0 | 0 | 9.4M | 15M | 300K | 0 | 0 | 300K | 262K | 0 |
| Other Non-Current Assets | 131.79M | 85.28M | 81.22M | 86.17M | 105.25M | 90.87M | 60.84M | 56.31M | 43.97M | 38.78M | 6.02M |
| Total Assets | 1.62B | 1.75B | 1.74B | 1.61B | 1.44B | 1.25B | 690.59M | 558.61M | 460.61M | 164.34M | 105.49M |
| Asset Turnover | 0.61x | 0.57x | 0.52x | 0.50x | 0.47x | 0.43x | 0.64x | 0.63x | 0.58x | 1.14x | 1.18x |
| Asset Growth % | 2.2% | 0.32% | 8.42% | 11.62% | 15.27% | 80.83% | 23.63% | 21.28% | 180.28% | 55.78% | - |
| Total Current Liabilities | 762.45M | 812.95M | 738.09M | 675.84M | 584.16M | 483.88M | 374.9M | 327.64M | 254.3M | 180.35M | 106.25M |
| Accounts Payable | 18.88M | 21.89M | 19.98M | 16.94M | 18.72M | 16.25M | 5.73M | 1.73M | 171K | 338K | 651K |
| Days Payables Outstanding | 24.37 | 36.49 | 36.53 | 33.68 | 44.15 | 55.76 | 26.97 | 10.39 | 1.45 | 4.82 | 16.71 |
| Short-Term Debt | 8.04M | 9.6M | 2.58M | 0 | 0 | 0 | 0 | 0 | 4.26M | 0 | 0 |
| Deferred Revenue (Current) | 2.03B | 706.87M | 650.37M | 580.78M | 502.12M | 407.5M | 328.82M | 274.35M | 213.64M | 154.9M | 88.01M |
| Other Current Liabilities | 5.38M | 5.43M | 2.57M | 5.66M | 57.5M | 3.76M | 1.03M | 37.92M | 26.41M | 6.63M | 3.4M |
| Current Ratio | 0.78x | 0.95x | 1.27x | 1.19x | 1.47x | 1.55x | 1.29x | 1.11x | 1.56x | 0.62x | 0.83x |
| Quick Ratio | 0.78x | 0.95x | 1.27x | 1.19x | 1.47x | 1.55x | 1.29x | 1.11x | 1.56x | 0.62x | 0.83x |
| Cash Conversion Cycle | 49.85 | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 609.65M | 608.34M | 604.07M | 584.69M | 584.5M | 549.62M | 165.02M | 132.06M | 84.55M | 355.66M | 301.16M |
| Long-Term Debt | 353.59M | 405.09M | 356.7M | 359.28M | 361.97M | 364.73M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 214.68M | 50.88M | 56.22M | 48.06M | 52.61M | 55.05M | 54.53M | 40.66M | 6.05M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.1M | -1.1M |
| Other Non-Current Liabilities | 12.12M | -40.03M | 8.33M | 7.63M | 7.44M | 6.46M | 4.8M | 2.62M | 2.23M | 284.74M | 281.73M |
| Total Liabilities | 1.37B | 1.42B | 1.34B | 1.26B | 1.17B | 1.03B | 539.92M | 459.71M | 338.85M | 536M | 407.41M |
| Total Debt | 419.32M | 465.56M | 422.31M | 413.31M | 420.4M | 422.09M | 58.34M | 45.87M | 10.32M | 2.9M | 1.1M |
| Net Debt | 280.13M | 277.8M | 93.66M | 176.18M | 119.54M | 144.09M | -119.88M | -28.49M | -154.8M | -24.31M | -33.37M |
| Debt / Equity | 1.69x | 1.43x | 1.06x | 1.19x | 1.55x | 1.96x | 0.39x | 0.46x | 0.08x | - | - |
| Debt / EBITDA | 5.79x | 10.79x | 16.03x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 3.87x | 6.44x | 3.55x | - | - | - | - | - | - | - | - |
| Interest Coverage | 1.02x | 0.19x | 0.41x | -1.15x | -3.49x | -5.83x | -73.75x | - | - | -543.47x | - |
| Total Equity | 248.22M | 326.38M | 399.95M | 346.34M | 270.87M | 215.31M | 150.66M | 98.91M | 121.76M | -371.67M | -301.92M |
| Equity Growth % | -72.03% | -18.4% | 15.48% | 27.87% | 25.8% | 42.91% | 52.33% | -18.77% | 132.76% | -23.1% | - |
| Book Value per Share | 2.11 | 2.72 | 3.37 | 3.00 | 2.43 | 2.02 | 1.49 | 1.03 | 2.27 | -4.71 | -3.83 |
| Total Shareholders' Equity | 248.22M | 326.38M | 399.95M | 346.34M | 270.87M | 215.31M | 150.66M | 98.91M | 121.76M | -371.67M | -301.92M |
| Common Stock | 1.31M | 1.29M | 1.22M | 1.18M | 1.13M | 1.09M | 1.04M | 986K | 931K | 246K | 212K |
| Retained Earnings | -896.04M | -897.45M | -861.34M | -825.03M | -746.75M | -654.53M | -607.85M | -565.12M | -466.11M | -392.59M | -313.15M |
| Treasury Stock | -495.71M | -364.57M | -114.91M | -14.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -107K | 387K | 318K | 38K | -1.35M | -306K | 10K | 50K | -13.19M | -8.73M | -7.01M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rising leverage and liquidity
As reported in recent quarterly filings, Tenable's equity base has contracted from $400.0 million in 2024Q4 to $248.2 million by 2026Q1, signaling a weakening financial position driven by persistent net losses and aggressive capital allocation strategies that prioritize share repurchases over organic balance sheet fortification.
The consistent erosion of equity suggests that the company's growth-at-all-costs strategy is placing significant pressure on its long-term solvency. Investors should monitor whether this trend of shrinking net assets continues, as it may eventually limit the firm's ability to fund future M&A or R&D initiatives without further dilutive financing.
Based on the provided balance sheet data, Tenable's debt-to-equity ratio has climbed from 1.06 in 2024Q4 to 1.69 in 2026Q1, indicating that the company is increasingly relying on debt financing to support its operations and capital return programs in a high-interest rate environment.
This rising leverage profile warrants caution, as it suggests that the company's capital structure is becoming more sensitive to interest rate volatility and potential refinancing risks. The reliance on debt to maintain liquidity while operating at a net loss may indicate that the firm's internal cash generation is insufficient to cover its strategic ambitions.
According to the latest financial statements, Tenable's current ratio has declined from 1.27 in 2024Q4 to 0.78 in 2026Q1, highlighting a tightening liquidity position that may leave the company with limited flexibility to navigate unexpected operational shocks or sudden shifts in enterprise security spending.
A current ratio below 1.0 suggests that the company's short-term obligations now exceed its liquid assets, which is a concerning development for a software firm that relies on consistent renewal cycles. This liquidity squeeze appears to be exacerbated by the rapid depletion of cash reserves, which fell from $328.6 million to $139.2 million over the same period.
As disclosed in recent balance sheet filings, goodwill has expanded to $697.9 million, representing a substantial portion of the $1.6 billion in total assets, which suggests that the company's valuation is heavily dependent on the successful integration and performance of past acquisitions.
The high concentration of intangible assets relative to total equity indicates that the balance sheet is vulnerable to impairment charges if the acquired technologies fail to deliver expected synergies. Investors should be wary that these headline asset figures may overstate the tangible value available to shareholders in a downside scenario.
Quick answers to the most common questions about buying TENB stock.
As of 2025, Tenable Holdings, Inc. (TENB) had total assets of $1.75B including $773.6M in current assets.
Tenable Holdings, Inc. (TENB) carries total debt of $465.6M, offset by $402.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tenable Holdings, Inc. (TENB) has total shareholders' equity (book value) of $326.4M ($2.72 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tenable Holdings, Inc. (TENB) reported a current ratio of 0.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.