Target
$41.71 → $41.70
Current stock research snapshot · 7/22/26 35 days old
TENBTenable Holdings, Inc.
Investment conviction●●○○○2 of 5 · current snapshot
Research target$41.70Current stock price target
Investment thesis statusINTACTLast reviewed 7/22/26
Market cap$3.76BSnapshot value · 7/22/26
Research history
See all TENB changes ↗What changed
Tenable is the leading vulnerability management platform with Nessus as the industry standard for security scanning. The expansion into OT/ICS security (Tenable OT Security) targets critical infrastructure protection — power grids, water treatment, and manufacturing — where vulnerabilities can cause physical damage.
OT/ICS security mandates (CISA directives) driving critical infrastructure compliance spend Cloud workload protection expansion (Tenable Cloud Security) Q3 FY26 earnings — growth re-acceleration from OT product
Thesis weakens if Qualys/Rapid7 or platform vendors win share in the fragmented competitive market, customer base stops expanding, or agentic-AI security shifts buying patterns to hyperscaler-native alternatives. (vault 2026-08)
Bullish — @JackFarley96 notes PernasResearch (30% returns) likes TENB for Exposure Management beyond vulnerability scanning, Anthropic partnership and upselling opportunity. [X search Aug 2026]
Snapshot · 7/22/26🟡 Mixed · ins-$0.2M · 13F 18+/6-×0.5 · short↑0.33
Snapshot · 7/22/26Timestamped research update
Deep research update
405 words · Updated Aug 8, 2026 · 4 sources
Research in development: this latest 405-word update is published for context while it is expanded toward the 1,000-word editorial standard.
Tenable sells an exposure-management platform centered on Tenable One, Tenable Hexa AI, and AI Exposure. The product turns vulnerability data, asset context, and remediation workflows into a unified control plane for enterprise security teams.
FY2025 revenue was $999.4M with 78.1% gross margin and -0.9% operating margin. Q2 2026 revenue was $268.5M (+8.6% YoY), gross profit was $208.2M (77.5% gross margin), GAAP operating margin was 4.6%, and non-GAAP operating margin was 24.7%.
The moat is the exposure graph plus workflow lock-in. Tenable One gets deeper as customers standardize on the same prioritization engine, the same integrations, and the same remediation workflow across IT, cloud, and now AI workloads.
- Q2 2026 revenue was $268.5M and the release said 95% of revenue was recurring, which keeps the business mostly subscription-like.
- Tenable added 381 new enterprise platform customers and 32 net new six-figure customers in the quarter; at the public $100K floor for that cohort, that is at least $3.2M of new annualized ACV on the floor before upsells.
- Remaining performance obligations at June 30, 2026 were $1.026B, up 15.4% YoY, equal to about 3.82x the quarter's revenue run-rate.
- Management raised Q3 2026 revenue guidance to $270M-$273M and FY2026 revenue guidance to $1.075B-$1.081B.
- Tenable achieved FedRAMP High and Impact Level 5 authorization for Tenable One Cloud Exposure and advanced Hexa AI with multi-step reasoning and automated remediation.
- The company said it joined Anthropic’s Project Glasswing and OpenAI’s Trusted Access for Cyber / Daybreak programs, reinforcing the AI-security angle.
The scarce asset is the exposure graph plus the operating context built on top of it — integrations, prioritization rules, and remediation workflows. A replacement vendor would need to rebuild feeds, policy logic, and analyst habits across thousands of assets and multiple risk domains. The new quarter shows that lock-in is still monetizing: 95% recurring revenue plus $1.026B of RPO is a sticky base, not a one-shot scanner sale.
- Vulnerability-management and attack-surface markets are crowded, with Qualys and Rapid7 still pushing alternatives and bigger platforms bundling security controls.
- If agentic AI standardizes across broader platforms, Tenable One's value gap could compress even if switching remains painful.
- How much of the new customer growth is net-new logo acquisition versus deeper platform expansion inside existing accounts?
- Can Tenable sustain double-digit recurring growth while maintaining margin expansion into FY2027?
STRENGTHENED
Primary and supporting material
Sources
4 sources preserved from the latest qualified research update.