TENB Investor Day Outlines Strategic Moat in AI Era & Path to Rule of 40

Research evidence excerpt

TENB Investor Day Outlines Strategic Moat in AI Era & Path to Rule of 40

C O M PA N Y N O T E

M a y 2 1 , 2 0 2 6

Tenable Holdings, Inc. (TENB) Overweight

CONCLUSION PRICE: US$25.17

TENB hosted an investor day in Boston day for the first time in five years, with the session TARGET: US$35.00

centered around management's long-term vision for the platform, the company's positioning Our base case discounted cash flow assumes

in the agentic era and how AI expands the attack surface while driving urgency for exposure a terminal multiple of 13x CY30E EV/FCF, a

management adoption. The GA of Hexa and strategic partnership with Anthropic present discount rate of 17%, and 122M fully diluted

compelling levers for the company to capture the agentic security opportunity, and we came shares outstanding.

away encouraged by the defined path to a rule of 40 profile that we believe is not yet

Rob D. Owensreflected in the current valuation. Sr. Research Analyst, Piper Sandler & Co.

503 275-8317, rob.owens@psc.com

• AI attack surface and Hexa drive demand for Exposure Management. TENB Ethan D. Weeks, CFA

outlined how AI has broken the traditional vulnerability management model as humans Research Analyst, Piper Sandler & Co.

cannot move at machine speed. With CVE counts exponentially growing and mean 503 275-7797, ethan.weeks@psc.com

time to exploit compressing dramatically, organizations are increasingly looking to adopt Aidan M. Perry

TENB's exposure management offering as a holistic platform that moves at machine Research Analyst, Piper Sandler & Co.

503 275-8309, aidan.perry@psc.com

speed to provide both visibility and automated remediation of vulnerabilities across

environments. Tenable One and the recent GA of Hexa AI, the platform's agentic engine, Changes Previous Current