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 $71.08 per share. The share price was $33.49 on September 25, 2026, 53% 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% | $43.60 | +30% |
| Base | 15.0% | 9.0% | $71.08 | +112% |
| Bull | 20.0% | 8.0% | $122.26 | +265% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $91.89 | $98.38 | $106.31 | $116.22 | $128.97 |
| 8.0% | $76.26 | $80.47 | $85.44 | $91.41 | $98.70 |
| 9.0% | $64.89 | $67.76 | $71.08 | $74.96 | $79.53 |
| 10.0% | $56.26 | $58.31 | $60.63 | $63.28 | $66.33 |
| 11.0% | $49.52 | $51.01 | $52.69 | $54.58 | $56.71 |
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