We came across one bullish thesis to Tenable Holdings, Inc. a Show me the incentives…’s Substack. In this article, we will summarize the bulls thesis on TENB. The stock of Tenable Holdings, Inc. it was trading at $22.47 on January 28. TENB’s forward P/E was 13.00 according to Yahoo Finance.

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Tenable, Inc. (TENB) is emerging as a leader in proactive cybersecurity, shifting the industry from reactive breach detection to comprehensive exposure management. The company’s flagship platform, Tenable One, unifies its broad range of security tools, providing enterprises with a single view of their entire digital attack surface, from on-premises computing to cloud applications, operational technology and remote devices.

This holistic approach allows companies to prioritize and remediate the most critical risks before attackers exploit them. Serving 44,000 customers, including approximately 65% ​​of the Fortune 500, TENB has built a diversified and resilient enterprise customer base, with no one customer contributing more than 2% of revenue. Tenable One has driven record seven-figure deals, consolidating multi-vendor services for large enterprises and reflecting a broader shift toward preventative cybersecurity, where less than 5% of global spend is currently allocated.

Financially, TENB is profitable on a GAAP basis, generating positive free cash flow while aggressively investing in R&D to expand Tenable One’s capabilities through AI, cloud and exposure management technologies. The company has also made strategic acquisitions, such as Bit Discovery, Ermetic, Eureka Security, Vulcan Cyber ​​​​and Apex Security, to improve the functionality of the platform and consolidate its position in the market. Simultaneously, TENB has returned capital to shareholders through substantial buybacks, while incentivizing leadership through performance-linked equity, further aligning management with value creation.

Rumors of a possible sale have emerged, supported by record spikes in professional fees and management preparing for strategic options. With deep ties to US federal and public sector clients through long-term contracts, a strong platform and a track record of disciplined capital allocation, TENB represents a compelling investment with multiple catalysts including organic growth, strategic M&A and potential pre-deal acquisitions. Its strong market position and proactive cybersecurity platform position it well for long-term value creation.

We previously covered a bullish thesis at Qualys, Inc. (QLYS) from Na’s Substack in May 2025, which highlighted its cloud-native cybersecurity platform, TruRisk recurring revenue, consistent profitability and strong free cash flow. QLYS stock price has appreciated approximately 4.62% since our coverage. That thesis still stands, while Show Me the Incentives’ Substack emphasizes proactive exposure management and Tenable’s platform unification as key growth and M&A drivers.