Tenable: Solid 2Q With Tenable One Momentum and Building AI-Related Demand

研报英文原文证据摘录

Tenable: Solid 2Q With Tenable One Momentum and Building AI-Related Demand

J P M O R G A N North America Equity Research

30 July 2026

Tenable Overweight

TENB, TENB US

Solid 2Q With Tenable One Momentum and Building AI- Price (29 Jul 26):$31.48

Related Demand Price Target (Dec-27):$40.00

Tenable reported a healthy quarter with revenue, profitability, and FCF all Software - Large Cap / Mid & Small

better than consensus. Tenable One continued to gain strong traction, reaching Cap

50% of new business, with average deal sizes moving higher as customers favored Brian Essex, CFA AC

the Advanced tier over the Foundation tier by roughly two to one. Net dollar (1-212) 622-5990

expansion rate improved to 106% (with stable gross retention) a signal that brian.essex@jpmchase.com

expansion within the installed base is strengthening and the growth rate is John Lee

stabilizing. Management continues to see rising customer demand in the post- (1-212) 622-6064

Mythos environment, as a compressing mean time to exploit against a much longer john.h.lee@jpmorgan.com

J.P. Morgan Securities LLC

patch cycle drives greater urgency toward the platform. We think accelerating

vulnerability volumes driven by both frontier and open-weight models support a

durable demand backdrop for exposure management vendors like TENB. The Quarterly Forecasts (FYE Dec)

company increased its FY26 outlook given strength in the first half, continued Adj. EPS ($)

momentum into the second half, and improved short-term billings. The stock 2025A 2026E 2027E

Q1 0.36 0.47A 0.52

traded lower after hours as we think investors were looking for CCB acceleration Q2 0.34 0.51A 0.56

this quarter. But as we flagged in our preview note, Mythos was an April event and Q3 0.42 0.51 0.59