Tenable Holdings, Inc. — Earnings Quality Grade F
TENB · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 102 days, change -3 days YoY
AR growth 7.9% vs revenue growth 11.0%
Revenue 11.0%, CFFO 22.7%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 54.9% is >2x revenue growth 11.0%
SG&A/Gross Profit = 72.1%, exceeds 70%
Gross margin 78.1%, change +0.3pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $0.3B, FCF/NI = -6.93
Accruals ratio = -17.3%. Low accruals
Cash $0.4B covers 97% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.8B = 249% of equity. Over 50%
Debt/EBITDA = 8.7x (>4x). Interest coverage = -0.2x (<2x). Financial stress
Other assets 2.0% vs revenue 11.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 28% YoY. Normal
Manipulation Score
M-Score = -3.16 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25