TENB · US
TENB.US: Exposure management and AI-era asset visibility
Tenable From Nessus VM to exposure management across cloud, identity, and attack paths. Revenue nearly $1.0B, but ~11% growth and a deep 1-year drawdown. AI raises asset/identity counts—a
Cite a section with a deep link, e.g. /en/r/tenb-us-research#thesis
Snapshot
- Price
- USD 20.3
- Mkt cap
- USD 2.3B
- Revenue
- USD 999.4M
- Revenue YoY (approx)
- 0.1
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Tenable From Nessus VM to exposure management across cloud, identity, and attack paths. Revenue nearly $1.0B, but ~11% growth and a deep 1-year drawdown. AI raises asset/identity counts—a tailwind, not a model-security name.
Business
Model: exposure/VM subscriptions. Flagships: Tenable One; cloud security; identity exposure. Edge: Nessus brand and scan coverage. Strategy: unify exposure management against broader risk.
Value chain
Mid-stack assessment; upstream cloud/identity providers; downstream SOC/CISO. Risks: Qualys; replacement by CRWD/PANW exposure modules.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 20.3 | TENB · 以包内 kpi_snapshot 时点为准 |
Valuation & return · ~3y
Interactive chart available in the reader.
Already-compressed small/mid security multiple; reversal needs growth or profit beats.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 稳健偏扩张 | 以最新季报 OCF 与净现金为准 |
| 经营现金流 | 见最新 10-Q | AI 周期龙头通常 OCF 强劲 |
| 净负债 / 现金 | 投资级或净现金 | 详见 table 与 IR |
| 流动性 | 充裕 | Current ratio / cash & equivalents |
| 审计意见 | 无保留（常规预期） | 以最新 10-K 为准 |
Operations
Volume: assets/cloud workloads; price: platform bundles; cost: S&M. Usable cash generation.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| CY2025 rev | ~$999M | +11% | Approaching $1B |
| 1Y tape (to 2026-03) | ~-42% | — | FA table |
| OCF | Positive | — | Not a pre-revenue story |
| AI hook | More assets/identities | — | Indirect |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| Tenable (self) | Exposure mgmt | Mid GM | Nessus | Growth ~11% / de-rated |
| Qualys | VM | Higher FCF | Margins | Similar growth |
| CrowdStrike | CNAPP/XDR | FCF+ | Platform | Bundle threat |
| Palo Alto | Cloud/identity | FCF+ | Platform | Bundle threat |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Amit Yoran (historic) / current | verify | Confirm latest 10-K CEO |
| CFO | CFO office | ongoing | Verify latest proxy |
| Product | Tenable One | ongoing | Exposure platform |
Stability: Verify CEO in latest 10-K; exposure-management strategy is continuous.
Outlook
Track Tenable One attach, cloud growth, operating margin.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
Tracking
Observable items that would confirm or falsify this note:
- Tenable One mix
- Cloud/identity growth
- Operating-margin defense
References
Issuer / key sources:
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.
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