Company Reports

Tenable reported second-quarter results that included sales growing 9% to $269 million and adjusted operating margins expanding 600 basis points to 25%. Tenable One, the firm's multimodule exposure management platform, continues to be a key growth driver, contributing 50% of new business.

Tenable reported a strong quarter to kick off 2026, with the firm's sales growing 10% to $262 million and adjusted operating margins expanding 320 basis points to 23.6%. Shares fell 6% after hours as investors were likely not satisfied with the firm's implied second-quarter sales growth of 7%.

Anthropic confirmed the existence of an upcoming model after Fortune first reported plans for it on March 26. This new model, named either Mythos or Capybara, is reportedly much better than existing models at finding cyber vulnerabilities. This news sent our cyber coverage down 5% on average.

Over the last few months, investors have become increasingly worried about the future of software economic moats as fears of software disintermediation driven by artificial intelligence have grown.

We view Tenable as a solid but increasingly pressured cybersecurity vendor providing vulnerability management and security operations solutions to its clients. While the firm’s combined portfolio delivers exposure management, enabling complete assessment of customers’ threat landscape and security posture, we believe the firm’s addressable opportunity is narrowing as larger-platform vendors continue to absorb market share and compete with Tenable.

On Feb. 20, Anthropic released a vulnerability-scanning tool aimed at security applications, leading to an average drawdown of over 5% across our cybersecurity coverage as investors worry that Anthropic and other artificial intelligence labs could replace cybersecurity functions within companies.

Tenable reported strong results to finish 2025, with sales up 11% to $260 million and adjusted operating margin down 80 basis points to 24.4%. The firm's 2026 outlook calls for sales growth of 7%, around 400 basis points below the growth achieved in 2025.

We view Tenable as a solid cybersecurity vendor providing vulnerability management and security operations solutions to its clients. The firm’s combined portfolio delivers exposure management, enabling complete assessment of customers’ threat landscape and security posture. We believe this space has a strong growth runway ahead, thereby providing additional uplift to Tenable’s robust demand base. Although Tenable faces stiff competition as it aims to grow its enterprise customer base, we think the firm will continue to benefit from its sticky portfolio.

We view Tenable as a solid cybersecurity vendor providing vulnerability management and security operations solutions to its clients. The firm’s combined portfolio delivers exposure management, enabling complete assessment of customers’ threat landscape and security posture. We believe this space has a strong growth runway ahead, thereby providing additional uplift to Tenable’s robust demand base. Although Tenable faces stiff competition as it aims to grow its enterprise customer base, we think the firm will continue to benefit from its sticky portfolio.

Tenable delivered strong third-quarter results, with revenue up 11% and non-GAAP adjusted operating margin coming in at 23%, up 350 basis points.

We view Tenable as a solid cybersecurity vendor providing vulnerability management and security operations solutions to its clients. The firm’s combined portfolio delivers exposure management, enabling complete assessment of customers’ threat landscape and security posture. We believe this space has a solid growth runway ahead, thereby providing additional uplift to Tenable’s robust demand base. Although Tenable faces stiff competition as it aims to grow its enterprise customer base, we think the firm will continue to benefit from its sticky portfolio.

Tenable reported second-quarter revenue of $247 million, a 12% increase year over year, fueled by strong adoption of its exposure management platform and new enterprise customer wins. Adjusted operating margins stayed flat at 19% as acquisition-related costs offset cost savings.

We view Tenable as a solid cybersecurity vendor providing vulnerability management and security operations solutions to its clients. The firm’s combined portfolio delivers exposure management, enabling complete assessment of customers’ threat landscape and security posture. We believe this space has a solid growth runway ahead, thereby providing additional uplift to Tenable’s robust demand base. Although Tenable faces stiff competition as it aims to grow its enterprise customer base, we think the firm will continue to benefit from its sticky portfolio.

Tenable kicked off fiscal 2025 with a set of mixed results with a strong first quarter marked by strong revenue growth and profitability offset by a reduction in the firm's 2025 guidance for the forward-looking billings metric, indicating a weakening business pipeline.

Tenable reported solid fourth-quarter earnings, with sales growing 11% and adjusted margins expanding to 25%. While Tenable continues to face macroeconomic and competitive pressures, customer demand for its exposure management solution, Tenable One, remained strong in the quarter.

We view Tenable as a solid cybersecurity vendor providing vulnerability management and security operations solutions to its clients. The firm’s combined portfolio delivers exposure management, enabling complete assessment of customers’ threat landscape and security posture. We believe this space has a solid growth runway ahead, thereby providing additional uplift to Tenable’s robust demand base. Although Tenable faces stiff competition as it aims to grow its enterprise customer base, we think the firm will continue to benefit from its sticky portfolio.

We view Tenable as a solid cybersecurity vendor providing vulnerability management and security operations solutions to its clients. The firm’s combined portfolio delivers exposure management, enabling complete assessment of customers’ threat landscape and security posture. We believe this space has a solid growth runway ahead, thereby providing additional uplift to Tenable’s robust demand base. Although Tenable faces stiff competition as it aims to grow its enterprise customer base, we think the firm will continue to benefit from its sticky portfolio.

Tenable reported mixed third-quarter results marked by a decelerating top line and improving profitability. While growth in exposure management platform Tenable One remained strong, the company saw continued weakness in its stand-alone vulnerability management offering.

We are trimming our fair value estimate for narrow-moat Tenable to $40 from $43 after the firm reported solid second-quarter earnings but lowered its top-line guidance for the second half of fiscal 2024. Coupled with the latter, management also reduced its forward-looking billings guidance for fiscal 2024, implying a top-line deceleration in fiscal 2025. Some of the fair value impact of the reduced sales growth was moderated by improved profitability as the firm continues to benefit from scale and the operating leverage built into its software business model.

We view Tenable as a strong cybersecurity vendor providing vulnerability management and security operations solutions to its clients. The firm’s combined portfolio delivers exposure management, enabling complete assessment of customers’ threat landscape and security posture. We believe this space has a solid growth runway ahead, thereby providing additional uplift to Tenable’s robust demand base. Although Tenable faces stiff competition as it aims to grow its enterprise customer base, we think the firm will continue to benefit from its sticky portfolio.