Tenable Holdings, Inc. (TENB) Financial Ratios
10 years of historical data (2016–2025) · Technology · Software - Infrastructure
EV/EBITDA
↓
77.75
↓-39% vs avg
5yr avg: 126.50
30Y Low71.9·High71.9
P/FCF
↓
12.09
↓-65% vs avg
5yr avg: 34.72
30Y Low11.1·High120.1
P/B Ratio
↓
9.89
↓-37% vs avg
5yr avg: 15.72
30Y Low8.7·High35.0
ROE
↑
-9.9%
↓+54% vs avg
5yr avg: -21.7%
30Y Low-90%·High-10%
Debt/EBITDA
↓
10.79
↓-20% vs avg
5yr avg: 13.41
30Y Low10.8·High16.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TENB Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Tenable Holdings, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 12.1x P/FCF, 65% below the 5-year average of 34.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.1B | $2.8B | $4.7B | $5.3B | $4.2B | $5.9B | $5.3B | $2.3B | $1.2B | — | — |
| Enterprise Value | $3.4B | $3.1B | $4.8B | $5.5B | $4.4B | $6.0B | $5.2B | $2.3B | $1.0B | — | — |
| P/E Ratio → | -89.57 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.08 | 2.83 | 5.20 | 6.66 | 6.22 | 10.83 | 11.99 | 6.49 | 4.45 | — | — |
| P/B Ratio | 9.89 | 8.66 | 11.70 | 15.35 | 15.68 | 27.21 | 35.04 | 23.26 | 9.78 | — | — |
| P/FCF | 12.09 | 11.10 | 21.94 | 37.67 | 37.92 | 64.95 | 120.09 | — | — | — | — |
| P/OCF | 11.54 | 10.60 | 21.51 | 35.47 | 32.38 | 60.55 | 82.18 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
TENB EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Tenable Holdings, Inc.'s enterprise value stands at 77.7x EBITDA, 39% below its 5-year average of 126.5x. The Technology sector median is 16.7x, placing the stock at a 367% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.11 | 5.30 | 6.88 | 6.39 | 11.09 | 11.72 | 6.41 | 3.88 | — | — |
| EV / EBITDA | 77.75 | 71.93 | 181.06 | — | — | — | — | — | — | — | — |
| EV / EBIT | 2793.69 | 565.86 | 366.09 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 12.19 | 22.38 | 38.92 | 38.98 | 66.55 | 117.37 | — | — | — | — |
TENB Profitability
Margins and return-on-capital ratios measuring operating efficiency
Tenable Holdings, Inc. earns an operating margin of 0.1%. Operating margins have expanded from -6.5% to 0.1% over the past 3 years, signaling improving operational efficiency. A negative ROE of -9.9% indicates the company is currently destroying shareholder equity. ROIC of 0.2% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.1% | 78.1% | 77.8% | 77.0% | 77.3% | 80.3% | 82.4% | 82.8% | 83.9% | 86.4% | 88.6% |
| Operating Margin | 0.1% | 0.1% | -0.8% | -6.5% | -9.9% | -7.7% | -8.3% | -25.6% | -27.1% | -21.7% | -28.8% |
| Net Profit Margin | -3.6% | -3.6% | -4.0% | -9.8% | -13.5% | -8.6% | -9.7% | -27.9% | -27.5% | -21.9% | -29.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.9% | -9.9% | -9.7% | -25.4% | -37.9% | -25.5% | -34.2% | -89.7% | -60.4% | — | — |
| ROA | -2.1% | -2.1% | -2.2% | -5.1% | -6.9% | -4.8% | -6.8% | -19.4% | -23.5% | -30.4% | -35.3% |
| ROIC | 0.2% | 0.2% | -1.0% | -8.6% | -13.6% | -16.1% | -54.0% | -364.4% | — | — | — |
| ROCE | 0.1% | 0.1% | -0.7% | -5.8% | -8.4% | -7.7% | -13.3% | -41.5% | -76.3% | — | — |
TENB Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Tenable Holdings, Inc. carries a Debt/EBITDA ratio of 10.8x, which is highly leveraged (267% above the sector average of 2.9x). Net debt stands at $278M ($466M total debt minus $188M cash). Interest coverage of just 0.2x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.43 | 1.43 | 1.06 | 1.19 | 1.55 | 1.96 | 0.39 | 0.46 | 0.08 | — | — |
| Debt / EBITDA | 10.79 | 10.79 | 16.03 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.85 | 0.23 | 0.51 | 0.44 | 0.67 | -0.80 | -0.29 | -1.27 | — | — |
| Net Debt / EBITDA | 6.44 | 6.44 | 3.55 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 1.09 | 0.44 | 1.25 | 1.07 | 1.60 | -2.73 | — | — | — | — |
| Interest Coverage | 0.19 | 0.19 | 0.41 | -1.15 | -3.49 | -5.83 | -73.75 | — | — | -543.47 | — |
TENB Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.95x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.19x to 0.95x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.95 | 1.27 | 1.19 | 1.47 | 1.55 | 1.29 | 1.11 | 1.56 | 0.62 | 0.83 |
| Quick Ratio | 0.95 | 0.95 | 1.27 | 1.19 | 1.47 | 1.55 | 1.29 | 1.11 | 1.56 | 0.62 | 0.83 |
| Cash Ratio | 0.49 | 0.49 | 0.78 | 0.70 | 0.97 | 1.06 | 0.78 | 0.65 | 1.11 | 0.15 | 0.32 |
| Asset Turnover | — | 0.57 | 0.52 | 0.50 | 0.47 | 0.43 | 0.64 | 0.63 | 0.58 | 1.14 | 1.18 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 101.95 | 104.93 | 100.56 | 100.09 | 92.14 | 95.63 | 97.61 | 93.19 | 98.93 | 105.86 |
TENB Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Tenable Holdings, Inc. returns 8.0% to shareholders annually primarily through share buybacks.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 8.3% | 9.0% | 4.6% | 2.7% | 2.6% | 1.5% | 0.8% | — | — | — | — |
| Buyback Yield | 8.0% | 8.8% | 2.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 8.0% | 8.8% | 2.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $120M | $119M | $115M | $111M | $106M | $101M | $96M | $54M | $79M | $79M |
Peer Comparison
Compare TENB with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TENBYou | $3B | -89.6 | 77.7 | 12.1 | 78.1% | 0.1% | -9.9% | 0.2% | 10.8 |
 RPD | $449M | 18.7 | 21.6 | 3.1 | 70.3% | 1.3% | 27.1% | 1.1% | 18.0 |
 QLYS | $4B | 20.5 | 15.9 | 12.9 | 82.8% | 33.2% | 38.2% | 47.5% | 0.4 |
 VRNS | $4B | -29.5 | — | 29.1 | 79.1% | -23.5% | -24.5% | -11.0% | — |
 SAIL | $8B | -25.6 | — | 146.1 | 64.5% | -28.7% | -42.9% | -25.0% | — |
 CHKP | $13B | 12.7 | 14.0 | 10.6 | 85.4% | 30.5% | 37.3% | 23.2% | 2.1 |
 CRWD | $174B | -1053.6 | — | 133.1 | 74.7% | -6.1% | -4.2% | -351.6% | — |
 S | $5B | -11.0 | — | 66.6 | 73.2% | -30.9% | -29.0% | -16.6% | — |
 PANW | $196B | 179.9 | 122.4 | 56.5 | 73.4% | 13.5% | 17.5% | 17.1% | 0.2 |
 FTNT | $107B | 59.6 | 47.3 | 48.1 | 80.8% | 30.6% | 135.7% | — | 0.4 |
 CYBR | $21B | -139.5 | 908.2 | 79.6 | 74.3% | -7.7% | -6.2% | -3.2% | 52.3 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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TENB — Frequently Asked Questions
Quick answers to the most common questions about buying TENB stock.
What is Tenable Holdings, Inc.'s P/E ratio?
Tenable Holdings, Inc.'s current P/E ratio is -89.6x. This places it at the 50th percentile of its historical range.
What is Tenable Holdings, Inc.'s EV/EBITDA?
Tenable Holdings, Inc.'s current EV/EBITDA is 77.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 71.9x.
What is Tenable Holdings, Inc.'s ROE?
Tenable Holdings, Inc.'s return on equity (ROE) is -9.9%. The historical average is -36.6%.
Is TENB stock overvalued?
Based on historical data, Tenable Holdings, Inc. is trading at a P/E of -89.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Tenable Holdings, Inc.'s profit margins?
Tenable Holdings, Inc. has 78.1% gross margin and 0.1% operating margin.
How much debt does Tenable Holdings, Inc. have?
Tenable Holdings, Inc.'s Debt/EBITDA ratio is 10.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.