Latest Ratios: P/E Ratio -126.3x · EV/EBITDA 107.0x · ROE -9.9%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.3B | $2.8B | $4.7B | $5.3B | $4.2B | $5.9B | $5.3B | $2.3B | $1.2B | — | — |
| Enterprise Value | $4.6B | $3.1B | $4.8B | $5.5B | $4.4B | $6.0B | $5.2B | $2.3B | $1.0B | — | — |
| P/E Ratio → | -126.33 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.34 | 2.83 | 5.20 | 6.66 | 6.22 | 10.83 | 11.99 | 6.49 | 4.45 | — | — |
| P/B Ratio | 13.95 | 8.66 | 11.70 | 15.35 | 15.68 | 27.21 | 35.04 | 23.26 | 9.78 | — | — |
| P/FCF | 17.05 | 11.10 | 21.94 | 37.67 | 37.92 | 64.95 | 120.09 | — | — | — | — |
| P/OCF | 16.27 | 10.60 | 21.51 | 35.47 | 32.38 | 60.55 | 82.18 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.11 | 5.30 | 6.88 | 6.39 | 11.09 | 11.72 | 6.41 | 3.88 | — | — |
| EV / EBITDA | 107.02 | 71.93 | 181.06 | — | — | — | — | — | — | — | — |
| EV / EBIT | 3845.54 | 565.86 | 366.09 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 12.19 | 22.38 | 38.92 | 38.98 | 66.55 | 117.37 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.1% | 78.1% | 77.8% | 77.0% | 77.3% | 80.3% | 82.4% | 82.8% | 83.9% | 86.4% | 88.6% |
| Operating Margin | 0.1% | 0.1% | -0.8% | -6.5% | -9.9% | -7.7% | -8.3% | -25.6% | -27.1% | -21.7% | -28.8% |
| Net Profit Margin | -3.6% | -3.6% | -4.0% | -9.8% | -13.5% | -8.6% | -9.7% | -27.9% | -27.5% | -21.9% | -29.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.9% | -9.9% | -9.7% | -25.4% | -37.9% | -25.5% | -34.2% | -89.7% | -60.4% | — | — |
| ROA | -2.1% | -2.1% | -2.2% | -5.1% | -6.9% | -4.8% | -6.8% | -19.4% | -23.5% | -30.4% | -35.3% |
| ROIC | 0.2% | 0.2% | -1.0% | -8.6% | -13.6% | -16.1% | -54.0% | -364.4% | — | — | — |
| ROCE | 0.1% | 0.1% | -0.7% | -5.8% | -8.4% | -7.7% | -13.3% | -41.5% | -76.3% | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.43 | 1.43 | 1.06 | 1.19 | 1.55 | 1.96 | 0.39 | 0.46 | 0.08 | — | — |
| Debt / EBITDA | 10.79 | 10.79 | 16.03 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.85 | 0.23 | 0.51 | 0.44 | 0.67 | -0.80 | -0.29 | -1.27 | — | — |
| Net Debt / EBITDA | 6.44 | 6.44 | 3.55 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 1.09 | 0.44 | 1.25 | 1.07 | 1.60 | -2.73 | — | — | — | — |
| Interest Coverage | 0.19 | 0.19 | 0.41 | -1.15 | -3.49 | -5.83 | -73.75 | — | — | -543.47 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.95 | 1.27 | 1.19 | 1.47 | 1.55 | 1.29 | 1.11 | 1.56 | 0.62 | 0.83 |
| Quick Ratio | 0.95 | 0.95 | 1.27 | 1.19 | 1.47 | 1.55 | 1.29 | 1.11 | 1.56 | 0.62 | 0.83 |
| Cash Ratio | 0.49 | 0.49 | 0.78 | 0.70 | 0.97 | 1.06 | 0.78 | 0.65 | 1.11 | 0.15 | 0.32 |
| Asset Turnover | — | 0.57 | 0.52 | 0.50 | 0.47 | 0.43 | 0.64 | 0.63 | 0.58 | 1.14 | 1.18 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 101.95 | 104.93 | 100.56 | 100.09 | 92.14 | 95.63 | 97.61 | 93.19 | 98.93 | 105.86 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 5.9% | 9.0% | 4.6% | 2.7% | 2.6% | 1.5% | 0.8% | — | — | — | — |
| Buyback Yield | 5.7% | 8.8% | 2.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 5.7% | 8.8% | 2.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $120M | $119M | $115M | $111M | $106M | $101M | $96M | $54M | $79M | $79M |
Platform consolidation and leverage
According to current market data, Tenable trades at a forward P/E of 15.48 and an EV/EBITDA of 86.64, suggesting that investors are pricing in significant future margin expansion that may be difficult to achieve given the company's recent 11% revenue growth deceleration trend.
The valuation multiples appear disconnected from the current reality of slowing top-line growth and thin operating margins. Investors should monitor whether the market's expectation for a transition to a high-margin platform model is supported by actual earnings, or if the current premium reflects an overly optimistic view of Tenable's competitive moat against integrated security suites.
As reported in recent financial statements, Tenable's ROIC has fluctuated between -2.6% and 2.4% over the last ten quarters, indicating that the company is struggling to generate returns on invested capital that exceed its cost of capital due to heavy reliance on M&A-driven growth.
The inconsistent ROIC trend suggests that the capital deployed for acquisitions has yet to yield the expected synergistic returns. This volatility warrants further investigation into whether the integration of disparate assets is creating long-term value or merely masking the underlying decay in core operational efficiency.
Based on quarterly data, Tenable's asset turnover remains persistently low at approximately 0.15, which, when combined with a DSO that has fluctuated between 64 and 88 days, suggests that the company's capital-intensive business model requires significant time to convert billings into realized cash flow.
The low asset turnover reflects the heavy investment in intangible assets and goodwill required to maintain the Nessus ecosystem. Investors should monitor the DSO trend closely, as any sustained increase could indicate weakening customer payment terms or a shift in the mix toward longer-duration, lower-margin enterprise contracts.
As disclosed in recent balance sheet filings, Tenable's debt-to-equity ratio has climbed to 1.69 as of 2026Q1, a significant increase from 1.06 in 2024Q4, which indicates that the company is increasingly reliant on debt to fund its operations and capital return programs.
This rising leverage profile, coupled with an interest coverage ratio that has dipped as low as -1.76 in recent periods, suggests that debt service could become a material burden if operational cash flows do not stabilize. The company's reliance on debt to support share repurchases appears to be eroding its balance sheet resilience.
The market frequently misapplies the Price-to-Sales ratio to Tenable, which obscures the company's high stock-based compensation and the significant capital required to maintain its platform, leading to an overestimation of the firm's true earning power compared to more mature, cash-generative software peers.
Investors should instead focus on Free Cash Flow yield or EV/EBITDA adjusted for stock-based compensation to better understand the company's actual cash-generative potential. Relying on P/S ignores the structural costs of the 'Exposure Management' transition and the dilution that continues to impact long-term shareholder value.
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying TENB stock.
Tenable Holdings, Inc.'s current P/E ratio is -126.3x. This places it at the 50th percentile of its historical range.
Tenable Holdings, Inc.'s current EV/EBITDA is 107.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 71.9x.
Tenable Holdings, Inc.'s return on equity (ROE) is -9.9%. The historical average is -36.6%.
Based on historical data, Tenable Holdings, Inc. is trading at a P/E of -126.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tenable Holdings, Inc. has 78.1% gross margin and 0.1% operating margin.
Tenable Holdings, Inc.'s Debt/EBITDA ratio is 10.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.