Tenable Holdings Inc: Rule of Forty Exiting FY29; Investor Day Takeaways

Research evidence excerpt

Tenable Holdings Inc: Rule of Forty Exiting FY29; Investor Day Takeaways

Equity Research

U.S. Software

21 May 2026

Tenable Holdings Inc

Rule of Forty Exiting FY29; Investor

Day Takeaways Company Update

We attended TENB's investor day in Boston, and the most TENB EQUAL WEIGHT

investable takeaway is that Tenable expects to reach rule of Unchanged

forty exiting FY29. We also touch on the customer panel, new U.S. Software UnchangedPOSITIVE

Tenable One bundles, and more below. Price Target USD 28.00

raised 4% from USD 27.00

Three key points from Tenable's 2026 investor day: (1) the key takeaway is that Tenable is Price (21-May-26) USD 25.17

targeting rule of 40 exiting FY29, with HSD-LDD revenue growth and uFCF margins of 31% in Potential Upside/Downside +11.2%

Source: Bloomberg, Barclays Research

FY29 – central to the reacceleration is an increasing mix of Tenable One (which is a third of total)

growing mid-teens and expected to exceed 50% by FY29, thereby lifting growth; (2) we learned

in the customer panel that VM/EM tools could be more critical post-Mythos, the new pricing Market Cap (USD mn) 2775

regardless of asset type streamlines purchasing, and how newly released Hexa AI helps teams Shares Outstanding (mn) 110.27

gain leverage and patch vulnerabilities at machine speed; and (3) we thought it was interesting Free Float (%) 97.60

to hear that two-thirds of breaches do not come from CVEs because of the headlines of frontier 52 Wk Avg Daily Volume (mn) 2.1

models finding more CVEs, and it sounds like the push to Tenable One will continue as the new Dividend Yield (%) N/A

bundles are announced as Tenable works to move more of its VM base to the Tenable One Return on Equity TTM (%) -3.73

Platform which we think retains at higher rates. Current BVPS (USD) 2.17