Tenable Holdings, Inc.

NasdaqGS:TENB Stock Report

Market Cap: US$4.9b

Tenable Holdings Valuation

Is TENB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TENB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TENB ($41.05) is trading below our estimate of fair value ($86.52)

Significantly Below Fair Value: TENB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TENB?

Key metric: As TENB is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TENB. This is calculated by dividing TENB's market cap by their current revenue.
What is TENB's PS Ratio?
PS Ratio5.6x
SalesUS$877.60m
Market CapUS$4.93b

Price to Sales Ratio vs Peers

How does TENB's PS Ratio compare to its peers?

The above table shows the PS ratio for TENB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7.9x
QLYS Qualys
8.7x7.2%US$5.1b
VRNS Varonis Systems
9.3x11.6%US$5.1b
PATH UiPath
5.2x9.3%US$7.3b
FROG JFrog
8.4x15.5%US$3.4b
TENB Tenable Holdings
5.6x9.3%US$4.9b

Price-To-Sales vs Peers: TENB is good value based on its Price-To-Sales Ratio (5.6x) compared to the peer average (7.9x).

Price to Sales Ratio vs Industry

How does TENB's PS Ratio compare vs other companies in the US Software Industry?

79 CompaniesPrice / SalesEstimated GrowthMarket Cap
VYX NCR Voyix
0.6x-22.3%US$2.03b
PGY Pagaya Technologies
0.7x15.5%US$659.22m
XPER Xperi
0.9x1.8%US$456.82m
EGHT 8x8
0.5x1.5%US$355.40m
TENB 5.6xIndustry Avg. 5.5xNo. of Companies79PS048121620+
79 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TENB is expensive based on its Price-To-Sales Ratio (5.6x) compared to the US Software industry average (5.5x).

Price to Sales Ratio vs Fair Ratio

What is TENB's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TENB PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.6x
Fair PS Ratio5.1x

Price-To-Sales vs Fair Ratio: TENB is expensive based on its Price-To-Sales Ratio (5.6x) compared to the estimated Fair Price-To-Sales Ratio (5.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TENB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$41.05
US$48.51
+18.2%
8.9%US$55.00US$40.00n/a19
Dec ’25US$41.98
US$48.41
+15.3%
9.6%US$55.00US$40.00n/a19
Nov ’25US$38.78
US$48.41
+24.8%
9.6%US$55.00US$40.00n/a19
Oct ’25US$40.82
US$51.26
+25.6%
10.1%US$57.00US$40.00n/a18
Sep ’25US$41.28
US$51.20
+24.0%
9.9%US$57.00US$40.00n/a19
Aug ’25US$42.48
US$51.17
+20.5%
9.8%US$57.00US$40.00n/a19
Jul ’25US$42.89
US$57.43
+33.9%
9.5%US$65.00US$43.00n/a19
Jun ’25US$42.19
US$57.67
+36.7%
9.5%US$65.00US$43.00n/a18
May ’25US$45.03
US$58.28
+29.4%
9.2%US$65.00US$43.00n/a19
Apr ’25US$49.34
US$58.44
+18.5%
8.7%US$65.00US$43.00n/a18
Mar ’25US$48.10
US$58.44
+21.5%
8.7%US$65.00US$43.00n/a18
Feb ’25US$47.57
US$52.84
+11.1%
11.3%US$65.00US$37.00n/a19
Jan ’25US$46.06
US$50.24
+9.1%
10.6%US$57.00US$37.00n/a17
Dec ’24US$40.77
US$49.50
+21.4%
11.0%US$57.00US$37.00US$41.9816
Nov ’24US$41.97
US$54.87
+30.7%
7.4%US$63.00US$47.00US$38.7815
Oct ’24US$44.80
US$55.31
+23.5%
7.1%US$63.00US$48.00US$40.8216
Sep ’24US$45.30
US$54.80
+21.0%
7.0%US$60.00US$48.00US$41.2815
Aug ’24US$49.20
US$54.07
+9.9%
6.3%US$60.00US$48.00US$42.4814
Jul ’24US$43.55
US$47.85
+9.9%
8.0%US$55.00US$42.00US$42.8913
Jun ’24US$40.88
US$47.85
+17.0%
8.0%US$55.00US$42.00US$42.1913
May ’24US$36.34
US$47.85
+31.7%
8.0%US$55.00US$42.00US$45.0313
Apr ’24US$47.51
US$53.08
+11.7%
8.6%US$65.00US$47.00US$49.3413
Mar ’24US$44.14
US$52.86
+19.7%
8.5%US$65.00US$47.00US$48.1014
Feb ’24US$44.27
US$48.57
+9.7%
9.7%US$60.00US$42.00US$47.5714
Jan ’24US$38.15
US$48.36
+26.8%
12.3%US$60.00US$37.00US$46.0614
Dec ’23US$39.68
US$48.36
+21.9%
12.3%US$60.00US$37.00US$40.7714

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 09:07
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Tenable Holdings, Inc. is covered by 37 analysts. 22 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Shrenik KothariBaird
Ishan MajumdarBaptista Research
Saket KaliaBarclays