Forensic Analysis · Technology / Software · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Distress
Financial health
-1.6
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-3.7%
ROE
$3.3B
Market cap
Tenable Holdings, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -1.6, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+64.1%Accruals ratio.Net operating assets grew +64.1% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -289% of net operating assets.
-1%Return on invested capital.Return on invested capital is -1% and rising from -10% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+2.6%/yrShare-count dilution.Diluted share count changed +8% over the last 3 years to FY2025 (+2.6%/yr). The count is GROWING — existing holders are being diluted. That's ~2.6% 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 FY2022 has been diluted ~8%.
19% of revStock-based comp load.Stock-based compensation ran 19% of revenue and 75% of free cash flow in FY2025 — about $1.60 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
97% of FCFShareholder returns.Returned $247M to shareholders (buybacks + dividends) in FY2025 — 97% 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.
Key fundamentals
Net Margin-3.6%
Free Cash Flow$254.6M
Latest Revenue$999.4M
Return on Equity-11.1%
Revenue Growth YoY+11.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Tenable Holdings, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about TENB's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown