Operating cash flow consistently exceeds net income (OCF/NI of 62.2x in 2026Q1), with FCF margin reaching 32.6%, yet aggressive buybacks ($130.2M in 2026Q1) and acquisition spend ($148.5M in 2025Q1) may strain liquidity.
Tenable Holdings, Inc. (TENB) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | 270.9M | 266.75M | 217.48M | 149.85M | 131.15M | 96.77M | 64.23M | -10.74M | -2.56M | -6.27M | -2.79M |
| Operating CF Margin % | - | 26.69% | 24.16% | 18.76% | 19.2% | 17.88% | 14.59% | -3.03% | -0.96% | -3.34% | -2.24% |
| Operating CF Growth % | 8.56% | 22.66% | 45.12% | 14.26% | 35.54% | 50.65% | 697.84% | -319.85% | 59.16% | -124.99% | - |
| Net Income | 6.74M | -36.12M | -36.3M | -78.28M | -92.22M | -46.68M | -42.73M | -99.01M | -73.52M | -41.02M | -37.21M |
| Depreciation & Amortization | 31.03M | 41.95M | 33.21M | 27.11M | 22.19M | 16.17M | 10.63M | 6.88M | 6.19M | 4.69M | 3.06M |
| Stock-Based Compensation | 88.74M | 0 | 163.51M | 145.33M | 120.63M | 79.41M | 59.57M | 41.61M | 22.88M | 7.76M | 2.53M |
| Deferred Taxes | 0 | 0 | 0 | 265K | -2.78M | -10.47M | 161K | 4.24M | 0 | -873K | 635K |
| Other Non-Cash Items | 90.05M | 194M | 3.34M | 475K | 5.5M | 3.92M | 1.07M | -784K | 533K | 125K | 953K |
| Working Capital Changes | 54.34M | 66.92M | 53.71M | 54.96M | 77.82M | 54.42M | 35.52M | 36.32M | 41.36M | 23.05M | 27.88M |
| Change in Receivables | 10.76M | -18.24M | -38.73M | -30.04M | -51.26M | -17.23M | -20.01M | -25.94M | -17.41M | -14.77M | -13.56M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.59M | 0 | 0 |
| Change in Payables | -6.4M | 12.15M | -8.26M | 7.07M | 409K | 24.33M | -5.28M | 4.24M | 294K | 1.92M | 825K |
| Cash from Investing | -19.39M | -174.58M | -41.43M | -212.62M | -128.04M | -391.59M | 4.08M | -113.05M | -123.22M | -2.75M | -7.85M |
| Capital Expenditures | -5.16M | -12.1M | -4.25M | -1.7M | -9.36M | -3.89M | -20.28M | -20.67M | -5.73M | -2.75M | -5.78M |
| CapEx % of Revenue | 0.49% | 1.21% | 0.47% | 0.21% | 1.37% | 0.72% | 4.61% | 5.83% | 2.14% | 1.47% | 4.64% |
| Acquisitions | 0 | -196.18M | -29.16M | -243.3M | -66.77M | -258.46M | -276K | -74.91M | 0 | 0 | -2.08M |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5.04M | -3.62M | -2.94M | -7.05M | -9.79M | -2.67M | 0 | 0 | -117.49M | 0 | 0 |
| Cash from Financing | -242.83M | -234.09M | -79.4M | 1.25M | 23.32M | 397.65M | 36.4M | 34.16M | 264.75M | 2.09M | 1.36M |
| Debt Issued (Net) | -2.81M | -3.75M | -3.75M | -3.75M | -3.75M | 375M | 2M | -16K | 0 | -306K | 953K |
| Equity Issued (Net) | -236.58M | -228.37M | -99.98M | -14.93M | 26.51M | 32M | 34.75M | 34.18M | 268.46M | -385K | -85K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -252.69M | -247.47M | -99.98M | -14.93M | 0 | 0 | 0 | 0 | -75K | -385K | -85K |
| Other Financing | -3.44M | -1.98M | 24.33M | 19.93M | 556K | -9.36M | -346K | 0 | -3.71M | 2.78M | 495K |
| Net Change in Cash | 7.51M | -140.88M | 91.52M | -63.73M | 22.59M | 99.81M | 103.86M | -90.75M | 137.91M | -7M | -9.27M |
| Free Cash Flow | 268.41M | 254.65M | 213.23M | 141.1M | 112M | 90.2M | 43.95M | -31.42M | -8.29M | -9.02M | -8.56M |
| FCF Margin % | 25.72% | 25.48% | 23.69% | 17.67% | 16.39% | 16.67% | 9.98% | -8.86% | -3.1% | -4.81% | -6.88% |
| FCF Growth % | 7.16% | 19.42% | 51.12% | 25.98% | 24.17% | 105.22% | 239.9% | -278.9% | 8.08% | -5.37% | - |
| FCF per Share | 2.32 | 2.12 | 1.80 | 1.22 | 1.01 | 0.85 | 0.44 | -0.33 | -0.15 | -0.11 | -0.11 |
| FCF Conversion (FCF/Net Income) | 39.81x | -7.39x | -5.99x | -1.91x | -1.42x | -2.07x | -1.50x | 0.11x | 0.03x | 0.15x | 0.07x |
| Interest Paid | 12.81M | 26.84M | 30.98M | 34.32M | 16.05M | 4.98M | 335K | 0 | 111K | 79K | 6K |
| Taxes Paid | 7.82M | 11.8M | 15.18M | 8.98M | 10.58M | 6.48M | 5.73M | 0 | 1.21M | 642K | 307K |
Quick answers to the most common questions about buying TENB stock.
Tenable Holdings, Inc. (TENB) generated $266.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tenable Holdings, Inc. (TENB) generated $254.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Tenable Holdings, Inc. (TENB) spent $12.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Tenable Holdings, Inc. (TENB) spent $247.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Revenue growth deceleration and profitability volatility
Metrics are mathematically derived from official filings.
Cash Conversion Diverges from GAAP Earnings
Tenable's operating cash flow consistently exceeds net income, with OCF/NI reaching 62.2x in 2026Q1, as reported in SEC filings, indicating substantial non-cash add-backs and working capital tailwinds.
The gap between net income and operating cash flow is stark, particularly in quarters where net income is negative or minimal. For instance, in 2025Q1, net loss of $22.9M contrasted with OCF of $87.4M, driven by SBC and working capital inflows. This suggests that reported profitability understates the company's cash-generative capacity, but investors should note that SBC, a non-cash expense, is a recurring and dilutive cost.
FCF Margin Expansion Amidst Growth Slowdown
Free cash flow margin improved from 13.0% in 2024Q2 to 32.6% in 2026Q1, as per financial statements, despite revenue growth decelerating to 8.6%, indicating operational leverage and disciplined cost management.
FCF has grown from $28.7M in 2024Q2 to $85.4M in 2026Q1, with margins expanding from 13% to over 30% in recent quarters. This improvement is driven by strong operating cash flow and minimal capex, but the deceleration in revenue growth suggests that future FCF expansion may rely more on cost controls than top-line momentum.
Minimal Capex Reflects Asset-Light Model
Capital expenditures remain below 3% of revenue, with 2026Q2 CapEx/Rev at 0.5%, as reported, underscoring Tenable's software-as-a-service model and low capital intensity relative to peers.
Capex has been consistently low, ranging from $0.3M to $6.6M per quarter, which is typical for a cloud-based security vendor. This allows nearly all operating cash flow to convert to FCF, but it also implies that growth is not constrained by physical capacity, and any future investments may be in R&D or acquisitions rather than fixed assets.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes contributed positively in most quarters, with a $44.4M inflow in 2025Q1, as per reported figures, but turned negative in 2025Q3, highlighting the lumpy nature of collections and payables.
The working capital line has been a significant driver of OCF, with large positive contributions in several quarters (e.g., $31.6M in 2026Q1, $28.5M in 2024Q4) and occasional negative swings (e.g., -$6.4M in 2024Q2). This suggests that cash flow is partly influenced by timing of customer payments and vendor settlements, which may not be sustainable as a growth driver.
Aggressive Buybacks Offset by Acquisition Spend
Tenable deployed $130.2M on buybacks in 2026Q1, as reported, while also spending $148.5M on acquisitions in 2025Q1, indicating a capital allocation strategy favoring shareholder returns and inorganic growth.
The company has consistently repurchased shares, with buybacks ranging from $25M to $130M per quarter, and made notable acquisition outlays in 2025Q1 and 2025Q2. This suggests management is confident in cash generation, but the combined cash outflows for buybacks and acquisitions may strain liquidity if operating cash flow weakens.
Cumulative Cash Generation Outpaces Net Income
Over the past ten quarters, cumulative operating cash flow of $618.3M far exceeds cumulative net income of -$68.1M, as per financial statements, highlighting the persistent gap between accrual earnings and cash reality.
The cumulative OCF of $618.3M versus a cumulative net loss of $68.1M underscores that Tenable's business is cash-generative despite GAAP losses, largely due to SBC and working capital benefits. However, this divergence also signals that reported earnings may not fully reflect the economic cost of employee compensation, and investors should adjust for dilution when valuing the company.
What the Cash Flow Statement Obscures
Stock-based compensation, totaling $43.9M in 2026Q1 as reported, exceeds net income, suggesting that reported cash flow is inflated by non-cash charges that will dilute shareholders over time.
While SBC is a non-cash expense added back to operating cash flow, it represents a real economic cost to shareholders through dilution. With SBC consistently above $40M per quarter and net income only recently turning positive, the quality of earnings may be lower than it appears. Additionally, acquisition spending, such as the $148.5M in 2025Q1, is not fully reflected in operating cash flow, potentially masking the true cash outlay for growth.