Is the business good?
How good a business is TENB?
Tenable Holdings, Inc. earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
11%
Return on invested capital · cost of capital 9.0% · 2.4 points above what the capital costs: growth creates value
- Operating margin
- 3.6%
Operating margin · Software - Infrastructure median 6.1% · 12 months to Q2 2026
- Share count, year on year
- −6.0%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 21%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −8.3% |
| FY2021 | −7.7% |
| FY2022 | −9.9% |
| FY2023 | −6.5% |
| FY2024 | −0.76% |
| FY2025 | −0.92% |
Details›
- Gross margin12 months to Q2 2026
- 78%
- Operating margin12 months to Q2 2026
- 3.6%
- Net margin12 months to Q2 2026
- 0.65%
- Free cash flow margin
- 25%
- R&D as % of revenue
- 21%
- Revenue, trailing twelve months
- $1.04B
- Free cash flow, trailing twelve months
- $264M
- Net income, trailing twelve months
- $6.7M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Software - Infrastructure
Ranks #24 of 78 by Smart Score