Bedrijfsoverzicht
Tenable Holdings, Inc. operates as a provider of cyber exposure management solutions serving markets across the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan, with a specific focus on platforms like Tenable AI Exposure designed to help organizations identify, assess, and reduce security risks associated with the use of art. The company functions within the Technology sector and the Software - Infrastructure industry, positioning itself as a critical vendor for digital security infrastructure rather than consumer-facing software. In terms of scale, Tenable Holdings, Inc. holds a market capitalization of $1.91B and generated annual revenue of $999.40M while employing 1995 individuals. These valuation and revenue figures indicate that the company has established a significant presence in the cybersecurity market, commanding a substantial market value despite its current profitability challenges, which reflects investor confidence in its long-term infrastructure utility and the growing demand for cyber exposure management globally.
Financiële gezondheid
The company reported revenue of $999.40M and an EBITDA of $32.66M, yet the net income for the trailing twelve months stands at -$36,118,000, revealing a substantial gap between operating earnings and bottom-line profit that highlights a heavy cost structure or significant non-operating expenses impacting the final result. Despite the negative net income, the company generated free cash flow of $273.02M, which indicates strong financial flexibility allowing for operational investments, debt repayment, or strategic acquisitions without immediate reliance on external financing. The gross margin sits at 78.1%, suggesting high efficiency in production and delivery of software solutions, while the operating margin of 5.1% and profit margin of -3.6% demonstrate that significant operating costs or other expenses are eroding the gross profitability before reaching the bottom line. The balance sheet shows a cash position of $402.18M against total debt of $417.18M, resulting in a debt-to-equity ratio of 127.82, which characterizes a leveraged balance sheet where liabilities exceed equity, necessitating careful cash flow management. This leverage is tempered by a current ratio of 0.95, indicating that current assets are slightly lower than current liabilities, which suggests a tight liquidity position that requires monitoring of short-term obligations. Furthermore, the return on equity is -9.9% and the return on assets is 0.6%, metrics that reveal management has not yet been effective at generating returns on the shareholders' capital or the asset base, a common characteristic for high-growth technology firms in the early stages of profitability normalization.
Waarderingsbeoordeling
Valuation multiples for Tenable Holdings, Inc. show a trailing twelve-month P/E ratio listed as N/A due to negative earnings, while the forward P/E is 7.72, implying that the market expects significant earnings growth in the future to justify the current stock price. The price-to-book ratio stands at 5.82, indicating that the market values the company's equity at a significant premium over its book value, reflecting intangible assets like intellectual property and brand strength that are not fully captured on the balance sheet. Alternative valuation metrics include a price-to-sales ratio of 1.92 and an EV/EBITDA of 56.89, which suggest the company is priced based on sales potential and enterprise value relative to cash flow generation rather than current earnings. The stock price has fluctuated between a 52-week low of $15.73 and a 52-week high of $35.69, meaning the current price sits within a range that reflects market volatility and sentiment regarding the company's path to profitability. The beta value is 0.75, which indicates that the stock's price volatility is lower than the broader market, suggesting it may be less sensitive to general market swings compared to high-beta technology stocks.
Growth & Income
Revenue growth year-over-year is recorded at 10.5%, while earnings growth is listed as N/A due to the company's current unprofitable status, meaning earnings are not growing in a traditional sense until profitability is achieved, which is a common pattern for infrastructure software providers reinvesting heavily in R&D and sales. As a non-dividend payer, Tenable Holdings, Inc. has a dividend yield of N/A and a payout ratio of 0.0%, indicating that the company retains all earnings and reinvests capital into growth initiatives rather than distributing income to shareholders. This reinvestment strategy is essential for a company with a debt-to-equity ratio of 127.82, as generating internal cash flow is critical for reducing leverage and funding expansion without issuing new equity or taking on excessive debt. The overall growth and income profile reflects a classic high-growth, low-dividend technology company that prioritizes revenue expansion and market share acquisition over immediate shareholder returns, creating value through future earnings potential rather than current income distribution.