What is Tenable Holdings, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Tenable Holdings, Inc.'s reported free cash flow gives $72.68 per share. The share price was $41.96 on November 10, 2026, 42% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $45.20 | +8% |
| Base | 15.0% | 9.0% | $72.68 | +73% |
| Bull | 20.0% | 8.0% | $123.86 | +195% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $93.49 | $99.98 | $107.91 | $117.82 | $130.56 |
| 8.0% | $77.86 | $82.07 | $87.04 | $93.01 | $100.30 |
| 9.0% | $66.49 | $69.36 | $72.68 | $76.55 | $81.13 |
| 10.0% | $57.86 | $59.91 | $62.23 | $64.88 | $67.93 |
| 11.0% | $51.11 | $52.61 | $54.29 | $56.18 | $58.31 |
Where the presets come from
Base: years 1 to 5 grow at Tenable Holdings, Inc.'s revenue growth rate over the last 5 fiscal years (17.8% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions