Forensic Analysis · Software & SaaS · as of Nov 11, 2026
Tenable Holdings, Inc. (TENB)
A forensic read on Tenable Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.6
Distress distance
Clean
Earnings quality
4
Forensic signals
-9.9%
ROE
11.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Tenable Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -1.6, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-1.0%
FY2025
Return on invested capital.Return on invested capital is -1.0% in the latest fiscal year and rising across FY2023–FY2025 from -5.9%. After-tax operating profit was ($41M) in FY2023 and ($7M) in FY2025, with operating income at -6.5% of revenue in FY2023, -0.8% in FY2024 and -0.9% in FY2025. The capital base behind it went from $694M in FY2023 to $711M in FY2025 (+2%), while the revenue it carried went from $799M to $999M. Across FY2024–FY2025, $253M went into capital expenditure and acquisitions against $30M of depreciation excluding $46M of intangible-asset amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. $231M of the $711M base at FY2025 is short-term investments (32.5%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
+2.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +4% over the last 2 years to FY2025 (+2.0%/yr). The count is growing — 115.4M shares in FY2023, 120.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~4%.
19% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 19% of revenue and 77% of free cash flow in FY2025 — about $1.60 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.0% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
99% of FCF
FY2025
Shareholder returns.Returned $247M to shareholders (buybacks + dividends) in FY2025 — 99% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 11% of free cash flow two years back — not just sitting there. Counting the $192M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 176%.
Key fundamentals
Latest Revenue$999.4M
Revenue Growth YoY+11.0%
Revenue CAGR (2yr)+11.9%
Net Margin-3.6%
Free Cash Flow$250.2M
Return on Equity-9.9%
Debt / Equity1.10x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Tenable Holdings, Inc.'s actual 10-K/10-Q/8-K filings?