Tenable Holdings, Inc. (TENB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-64.4%

$16.90

vs $47.45 price

Levered DCF

$43.80

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.83

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-78.43×	-127.03×	-67.74×	-45.96×	-125.16×	-124.43×	-23.26×	-16.2×
P/B	8.66×	11.7×	15.35×	15.68×	27.21×	35.04×	23.26×	9.77×
P/S	2.83×	5.2×	6.66×	6.22×	10.83×	11.99×	6.49×	4.45×
EV / EBITDA	65.44×	103.18×	-613.34×	-99.09×	-217.79×	-198.84×	-27.07×	-15.58×
Gross margin	78.1%	77.8%	77.0%	77.3%	80.3%	82.4%	82.8%	83.9%
Operating margin	0.1%	-0.8%	-6.5%	-9.9%	-7.7%	-8.3%	-25.6%	-27.1%
Net margin	-3.6%	-4.0%	-9.8%	-13.5%	-8.6%	-9.7%	-27.9%	-27.5%
Current ratio	0.95×	1.27×	1.19×	1.47×	1.55×	1.29×	1.11×	1.56×
Debt / equity	1.43×	1.06×	1.19×	1.56×	1.96×	0.39×	0.46×	0.08×
Interest coverage	0.04×	-0.21×	-1.66×	-3.57×	-5.57×	-73.45×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-11.1%	-9.1%	-22.6%	-34.0%	-21.7%	-28.4%	-100.1%	-60.4%
Return on invested capital	0.1%	-0.7%	-5.6%	-7.8%	-5.0%	-11.4%	-38.4%	-34.5%
Return on assets	-2.1%	-2.1%	-4.9%	-6.4%	-3.7%	-6.2%	-17.7%	-16.0%
Free cash flow yield	9.0%	4.6%	2.7%	2.6%	1.5%	0.8%	-1.4%	-0.7%
Earnings yield	-1.3%	-0.8%	-1.5%	-2.2%	-0.8%	-0.8%	-4.3%	-6.2%
Enterprise value	$3.1B	$4.8B	$5.5B	$4.4B	$6B	$5.2B	$2.3B	$1B
Net debt / EBITDA	5.86×	2.03×	-19.68×	-2.77×	-5.23×	4.62×	0.34×	2.33×
Cash conversion cycle (days)	65	68	67	56	36	69	87	92