February 28, 2024

Suriya Phosri/iStock via Getty Images

Thesis

Tenable’s (NASDAQ:TENB) strategic positioning in the cybersecurity market, underscored by its prowess in vulnerability assessment and expanding capabilities in AI and cloud security, sets it up for potential growth. However, its financial performance, characterized by steady revenue

Quarter Ended

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

Revenue

201.53

195.04

188.84

184.63

174.85

Revenue Growth (YoY)

15.26%

18.68%

18.49%

23.90%

26.10%

Cost of Revenue

45.75

43.51

45.51

45.24

38.58

Gross Profit

155.78

151.52

143.33

139.39

136.27

Selling, General & Admin

126.64

124.42

124.31

116.57

113.1

Operating Expenses

163.69

162.27

162.49

153.48

149.23

Operating Income

-7.91

-10.75

-19.16

-14.09

-12.96

Net Income

-15.57

-15.97

-25.1

-21.49

-18.73

Operating Margin

-3.93%

-5.51%

-10.14%

-7.63%

-7.41%

Quarter Ended

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

Cash & Cash Equivalents

692.97

645.55

616.69

567.44

548.01

Total Current Assets

971.07

899.72

851.05

857.17

785.82

Total Long-Term Assets

553.38

566.12

572.22

582.36

563.92

Total Assets

1,524

1,466

1,423

1,440

1,350

Total Current Liabilities

600.74

577.07

559.95

584.16

520.94

Total Long-Term Liabilities

580.03

574.21

571.65

584.5

568.94

Total Liabilities

1,181

1,151

1,132

1,169

1,090

Total Debt

414.98

417.23

418.33

420.4

422

Common Stock

1,148

1,103

1,064

1,019

986.99

Metric

Tenable

Industry median

S&P 500 median

Trailing P/S

7.13

6.10

2.84

Trailing P/E

41.64

26.31

Gross Margin (%)

0.77

0.64

0.43

Quarterly Revenue Growth (YoY)

0.15

0.30

0.09

Quarterly Earnings Growth (YoY)

0.16

0.05