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Software - Infrastructure · Technology · Fiscal year ends Dec 31
Tenable reported revenue of $999M in the fiscal year ended Dec 2025, up 11.0% from the year before. Operating income was −$9M, an operating margin of −0.9%, and net income was −$36M. Operating cash flow of $267M less capital expenditure of $12M left free cash flow of $255M.
Ranks among the 30 software - infrastructure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 541 | 683 | 799 | 900 | 999 |
| Cost of revenue | 106 | 155 | 184 | 200 | 219 |
| Gross profit | 435 | 528 | 615 | 700 | 780 |
| Research & development | 116 | 144 | 153 | 182 | 224 |
| Selling, general & admin | 360 | 453 | 510 | 520 | 563 |
| Operating income | −41.8 | −67.8 | −52.2 | −6.9 | −9.2 |
| Net interest incomeBanks | −6.9 | – | – | – | – |
| Interest expense | 7.5 | 19.0 | 31.3 | 31.9 | 28.4 |
| Income tax | −4.0 | 6.9 | 10.9 | 17.4 | 13.2 |
| Net income | −46.7 | −92.2 | −78.3 | −36.3 | −36.1 |
| Diluted EPS | −0.44 | −0.83 | −0.68 | −0.31 | −0.30 |
| Diluted shares | 106 | 111 | 115 | 119 | 120 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 278 | 301 | 237 | 329 | 188 |
| Receivables | 137 | 187 | 220 | 259 | 279 |
| Current assets | 749 | 857 | 805 | 941 | 774 |
| Net PP&E | 36.8 | 46.7 | 45.4 | 39.3 | 40.1 |
| Goodwill | 262 | 317 | 519 | 541 | 698 |
| Total assets | 1,249 | 1,440 | 1,607 | 1,742 | 1,748 |
| Payables | 16.3 | 18.7 | 16.9 | 20.0 | 21.9 |
| Deferred revenue | 407 | 502 | 581 | 650 | 707 |
| Current liabilities | 484 | 584 | 676 | 738 | 813 |
| Total liabilities | 1,034 | 1,169 | 1,261 | 1,342 | 1,421 |
| Shareholders' equity | 215 | 271 | 346 | 400 | 326 |
| Backlog (remaining obligations) | 559 | 680 | 775 | 868 | 1,061 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 96.8 | 131 | 150 | 217 | 267 |
| Capital expenditure | 3.9 | 9.4 | 1.7 | 4.2 | 12.1 |
| Free cash flow | 92.9 | 122 | 148 | 213 | 255 |
| Depreciation & amortisation | 16.2 | 22.2 | 27.1 | 33.2 | 42.0 |
| Stock-based compensation | 79.4 | 121 | 145 | 164 | 192 |
| Acquisitions | 258 | 66.8 | 243 | 29.2 | 196 |
| Share buybacks | 0.0 | 0.0 | 14.9 | 100.0 | 247 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.3% | 16.9% | 12.7% | 11.0% |
| Gross margin | 80.3% | 77.3% | 77.0% | 77.8% | 78.1% |
| Operating margin | −7.7% | −9.9% | −6.5% | −0.8% | −0.9% |
| Net margin | −8.6% | −13.5% | −9.8% | −4.0% | −3.6% |
| Return on equityBlank when equity is negative | −21.7% | −34.0% | −22.6% | −9.1% | −11.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −5.5% | −7.9% | −5.6% | −0.7% | −1.0% |
| Free cash flow margin | 17.2% | 17.8% | 18.5% | 23.7% | 25.5% |
| Cash conversion (CFO ÷ net income) | −2.07x | −1.42x | −1.91x | −5.99x | −7.39x |
| Receivable days | 92 | 100 | 101 | 105 | 102 |
| Payable days | 56 | 44 | 34 | 37 | 36 |
| Interest cover | −5.57x | −3.57x | −1.66x | −0.21x | −0.32x |
| Current ratio | 1.55x | 1.47x | 1.19x | 1.27x | 0.95x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.