Using the industry peer median EV/EBITDA multiple (trailing + forward), Tenable Holdings, Inc. (TENB) has a fair value of $7.14 based on 8 comparable companies in the Software - Infrastructure industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/EBITDA | Forward EV/EBITDA | |
|---|---|---|---|
| Tenable Holdings, Inc.TENB | 2,472 | 58.0x | 64.7x |
| DigitalOcean Holdings, Inc. | 8,010 | 23.4x | 27.2x |
| Cellebrite DI Ltd. | 3,517 | 43.6x | 43.8x |
| Remitly Global, Inc. | 3,415 | 29.7x | 24.8x |
| Global Business Travel Group, Inc. | 3,003 | 9.4x | 9.4x |
| SPS Commerce, Inc. | 2,193 | 11.3x | 11.3x |
| BlackLine, Inc. | 2,152 | 25.6x | 27.5x |
| Vertex, Inc. | 1,930 | 18.9x | 21.3x |
| Pattern Group Inc. Series A Common Stock | 1,928 | 39.6x | 31.4x |
| Industry Median | 24.5x | 26.0x | |
| (*) EBITDA | 47 | 43 | |
| = Enterprise Value | 1,163 | 1,107 | |
| (-) Net Debt | 278 | 278 | |
| Equity Value | 885 | 829 | |
| (/) Outstanding shares | 120 | 120 | |
| Fair Price | $7 | $7 | |
Using the industry peer median EV/Revenue multiple (trailing + forward), Tenable Holdings, Inc. (TENB) has a fair value of $20.12 based on 9 comparable companies in the Software - Infrastructure industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/Revenue | Forward EV/Revenue | |
|---|---|---|---|
| Tenable Holdings, Inc.TENB | 2,472 | 2.8x | 3.1x |
| DigitalOcean Holdings, Inc. | 8,010 | 9.4x | 10.9x |
| Cellebrite DI Ltd. | 3,517 | 7.2x | 7.2x |
| Remitly Global, Inc. | 3,415 | 1.9x | 1.6x |
| Global Business Travel Group, Inc. | 3,003 | 1.5x | 1.5x |
| Varonis Systems, Inc. | 2,792 | 5.1x | 5.7x |
| SPS Commerce, Inc. | 2,193 | 2.7x | 2.7x |
| BlackLine, Inc. | 2,152 | 3.9x | 4.1x |
| Vertex, Inc. | 1,930 | 2.6x | 3.0x |
| Pattern Group Inc. Series A Common Stock | 1,928 | 0.7x | 0.5x |
| Industry Median | 2.7x | 3.0x | |
| (*) Revenue | 999 | 896 | |
| = Enterprise Value | 2,729 | 2,660 | |
| (-) Net Debt | 278 | 278 | |
| Equity Value | 2,451 | 2,382 | |
| (/) Outstanding shares | 120 | 120 | |
| Fair Price | $20 | $20 | |
Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.