Forensic Analysis · Technology / Software · as of Sep 25, 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
1.1
Distress distance
Clean
Earnings quality
5
Forensic signals
578.8
P / E (ttm)
-11.1%
ROE
$4.0B
Market cap
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 1.1, placing it in the Distress zone. 5 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 barely moved across FY2023–FY2025 ($694M to $747M, +8%), so there has been little new capital for that return to be earned on.
+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: 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%.
+13.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +13.6% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 65% of net operating assets, against an accruals ratio of 13.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
19% of rev
FY2025
Stock-based comp load.
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-11.1%
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?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Tenable Holdings, Inc. (TENB) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
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, 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%.