Tenable Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Tenable Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	124	188	267	355	440	541	683	799	900	999
Cost of revenue	14.2	25.6	43.2	60.8	77.6	106	155	184	200	219
Gross profit	110	162	224	294	363	435	528	615	700	780
Research and development	40.1	57.7	76.7	87.1	102	116	144	153	182	224
Selling and marketing	85.7	116	173	228	224	270	349	393	395	417
General and administrative	20.2	28.9	46.7	69.5	73.1	89.9	103	116	124	146
Operating expenses	146	203	297	385	399	477	596	667	707	790
Operating income	-35.8	-40.8	-72.6	-90.8	-36.4	-41.8	-67.8	-52.2	-6.86	-9.17
Interest expense					0.5	7.5	19	31.3	31.9	28.4
Other non-operating income	-0.53	-0.09	1.42	-0.68	-1.89	-1.97	-4.76	-8.6	-3.44	-1.34
Pre-tax income	-40.3	-29.4	1.43	-21.6	-6.72	-3.32	-23.8	-26.2	25.8	20
Income tax	0.84	0.17	2.36	13.4	5.66	-3.95	6.93	10.9	17.4	13.2
Net income	-37.2	-41	-73.5	-99	-42.7	-46.7	-92.2	-78.3	-36.3	-36.1
EBITDA	-32.8	-36.1	-66.4	-83.9	-25.8	-25.6	-45.6	-25.1	26.4	32.8
EPS, basic	-1.81	-1.88	-1.38	-1.03	-0.42	-0.44	-0.83	-0.68	-0.31	-0.30
EPS, diluted	-1.81	-1.88	-1.38	-1.03	-0.42	-0.44	-0.83	-0.68	-0.31	-0.30
Shares, basic (weighted)	21	22.2	53.7	96	101	106	111	115	119	120
Shares, diluted (weighted)	21	22.2	53.7	96	101	106	111	115	119	120

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	34.5	27.2	165	74.4	178	278	301	237	329	188
Short-term investments		0	118	138	114	234	267	237	249	214
Receivables		50.9	68.3	94.8	115	137	187	220	259	279
Other current assets		16	22	27.4	44.5	60.2	58.1	61.9	53	39.3
Total current assets		111	397	363	484	749	857	805	941	774
Property, plant and equipment		10.8	11.3	26.8	38.9	36.8	46.7	45.4	39.3	40.1
Lease right-of-use assets		0	8.5	42.8	39.4	38.5	38.5	34.8	45.1	35.6
Goodwill		0.27	0.27	54.1	54.4	262	317	519	541	698
Intangible assets		1.03	0.43	15.5	13.2	71.5	75.4	107	94.5	115
Other non-current assets		7.07	7.12	12.5	14.1	31.2	38	23.2	13.3	13.6
Total assets		164	461	559	691	1,249	1,440	1,607	1,742	1,748
Accounts payable		0.34	0.17	1.73	5.73	16.3	18.7	16.9	20	21.9
Accrued liabilities		4.88	5.55	8.44	35.5	54.1	52.6	66.5	55.8	69.2
Deferred revenue		155	214	274	329	407	502	581	650	707
Total current liabilities		180	254	328	375	484	584	676	738	813
Lease liabilities		0	6.06	40.7	54.5	55	52.6	48.1	56.2	50.9
Other non-current liabilities		5.2	2.23	2.62	4.8	6.46	7.44	7.63	8.33	10.8
Total liabilities		258	339	460	540	1,034	1,169	1,261	1,342	1,421
Paid-in capital		20.7	587	663	757	869	1,018	1,185	1,375	1,587
Retained earnings		-393	-466	-565	-608	-655	-747	-825	-861	-897
Treasury stock							0	-14.9	-115	-365
Other comprehensive income			0	0.05	0.01	-0.31	-1.35	0.04	0.32	0.39
Shareholders' equity	-302	-372	122	98.9	151	215	271	346	400	326
Total equity	-302	-372	122	98.9	151	215	271	346	400	326
Total liabilities and equity		164	461	559	691	1,249	1,440	1,607	1,742	1,748
Shares outstanding		24.5	93.1	98.6	104	109	113

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-37.2	-41	-73.5	-99	-42.7	-46.7	-92.2	-78.3	-36.3	-36.1
Depreciation and amortization	3.06	4.69	6.19	6.88	10.6	16.2	22.2	27.1	33.2	42
Stock-based compensation	2.53	7.76	22.9	41.6	59.6	79.4	121	145	164	192
Deferred income tax	0.64	-0.87	0	4.24	0.16	-10.5	-3.46	0.24	0.65	1.45
Change in receivables	-13.6	-14.8	-17.4	-25.9	-20	-17.2	-51.3	-30	-38.7	-18.2
Change in payables	0.83	1.92	11.4	10.5	-5.28	24.3	0.41	7.07	-8.26	12.1
Cash from operations	-2.79	-6.27	-2.56	-10.7	64.2	96.8	131	150	217	267
Capital expenditures	-5.78	-2.76	-5.73	-20.7	-18.9	-3.89	-9.36	-1.7	-4.25	-12.1
Acquisitions	-2.08	0	0	-74.9	-0.28	-258	-66.8	-243	-29.2	-196
Purchases of investments	0	0	-117	-242	-185	-282	-267	-278	-288	-145
Sales and maturities of investments		0	0	225	209	161	235	318
Cash from investing	-7.85	-2.76	-123	-113	4.08	-392	-128	-213	-41.4	-175
Debt repaid					0	0	-3.75	-3.75	-3.75	-3.75
Stock issued	0.5	3.02	1.67	19	21.7	18.3	11.7	3.5	8.06	3.62
Share buybacks	-0.09	-0.39	-0.08	0	0	0	0	-14.9	-100	-247
Cash from financing	1.36	2.09	265	34.2	36.4	398	23.3	1.25	-79.4	-234
Exchange rate effect	0	-0.07	-1.06	-1.08	-0.92	-3.01	-3.84	-2.23	-5.13	1.04
Net change in cash	-9.27	-7	138	-90.7	104	99.8	22.6	-63.7	91.5	-141
Free cash flow	-8.56	-9.02	-8.29	-31.4	45.4	92.9	122	148	213	255
Interest paid	0.01	0.08	0.11	0.1	0.34	4.98	16	34.3	31	26.8
Income taxes paid	0.31	0.64	1.21	8.53	5.73	6.48	10.6	8.98	15.2	11.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $33.49 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	78.1%	Gross profit / revenue.
Operating margin	3.6%	Operating income / revenue.
EBITDA margin	7.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	0.6%	Net income / revenue.
FCF margin	25.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.8%	Cash from operations / revenue.
Return on equity (ROE)	3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.4%	Net income / average total assets.
Return on invested capital (ROIC)	40.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	21.5%	Research and development expense / revenue.
Stock-based pay / revenue	17.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	16.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	24.4%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	22.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	32.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	19.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	27.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	41.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-18.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.79x	Current assets / current liabilities.
Quick ratio	0.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.38x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	87.4%	Total liabilities / total assets.
Interest coverage	1.37x	Operating income / interest expense.
Working capital	-$166.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	50.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$601.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.66x	Revenue / average total assets.
Fixed asset turnover	22.9x	Revenue / average property, plant and equipment.
Receivables turnover	5.10x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
FCF conversion	3,922.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.06	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.17	Revenue / diluted weighted shares.
FCF per share	$2.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.37	Cash from operations / diluted weighted shares.
Book value per share	$1.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$5.28	Tangible book value / shares outstanding.
Cash per share	$2.62	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	133.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.69B	Share price x shares outstanding.
Enterprise value	$3.39B	Market cap + total debt - cash - short-term investments.
P/E	547x	Market cap / net income. Only when net income is positive.
P/S	3.53x	Market cap / revenue.
P/B	18.6x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	14.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.7x	Market cap / cash from operations, when positive.
EV/Sales	3.25x	Enterprise value / revenue.
EV/EBIT	91.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	42.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.2%	Free cash flow / market cap.
Earnings yield	0.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	9.6%	(Dividends paid + share buybacks) / market cap.

What was Tenable Holdings, Inc.'s revenue in fiscal 2025?

Tenable Holdings, Inc. reported revenue of $999.4M for fiscal 2025, 11% higher than the year before.

Was Tenable Holdings, Inc. profitable in fiscal 2025?

No. It reported a net loss of $36.1M.

How much free cash flow did Tenable Holdings, Inc. generate in fiscal 2025?

Cash from operations of $266.8M minus capital expenditures of $12.1M left free cash flow of $254.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Tenable Holdings, Inc.