Using the industry peer median EV/EBITDA multiple (trailing + forward), Tenable Holdings, Inc. (TENB) has a fair value of $9.55 based on 8 comparable companies in the Software - Infrastructure industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/EBITDA | Forward EV/EBITDA | |
|---|---|---|---|
| Tenable Holdings, Inc.TENB | 2,587 | 60.4x | 67.4x |
| DigitalOcean Holdings, Inc. | 17,104 | 48.6x | 56.4x |
| Global Business Travel Group, Inc. | 4,946 | 13.9x | 13.9x |
| Remitly Global, Inc. | 4,801 | 43.0x | 35.9x |
| Cellebrite DI Ltd. | 3,397 | 42.1x | 42.3x |
| Pattern Group Inc. Series A Common Stock | 2,628 | 56.2x | 44.1x |
| Vertex, Inc. | 2,340 | 22.8x | 25.7x |
| SPS Commerce, Inc. | 2,098 | 10.7x | 10.7x |
| BlackLine, Inc. | 1,824 | 22.5x | 24.2x |
| Industry Median | 32.4x | 30.8x | |
| (*) EBITDA | 47 | 43 | |
| = Enterprise Value | 1,539 | 1,310 | |
| (-) Net Debt | 278 | 278 | |
| Equity Value | 1,261 | 1,033 | |
| (/) Outstanding shares | 120 | 120 | |
| Fair Price | $11 | $9 | |
Using the industry peer median EV/Revenue multiple (trailing + forward), Tenable Holdings, Inc. (TENB) has a fair value of $24.31 based on 9 comparable companies in the Software - Infrastructure industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/Revenue | Forward EV/Revenue | |
|---|---|---|---|
| Tenable Holdings, Inc.TENB | 2,587 | 2.9x | 3.2x |
| DigitalOcean Holdings, Inc. | 17,104 | 19.5x | 22.6x |
| Global Business Travel Group, Inc. | 4,946 | 2.2x | 2.2x |
| Remitly Global, Inc. | 4,801 | 2.7x | 2.3x |
| Cellebrite DI Ltd. | 3,397 | 6.9x | 7.0x |
| Varonis Systems, Inc. | 3,368 | 6.0x | 6.7x |
| Pattern Group Inc. Series A Common Stock | 2,628 | 0.9x | 0.7x |
| Vertex, Inc. | 2,340 | 3.2x | 3.6x |
| SPS Commerce, Inc. | 2,098 | 2.6x | 2.6x |
| BlackLine, Inc. | 1,824 | 3.4x | 3.6x |
| Industry Median | 3.2x | 3.6x | |
| (*) Revenue | 999 | 896 | |
| = Enterprise Value | 3,185 | 3,212 | |
| (-) Net Debt | 278 | 278 | |
| Equity Value | 2,907 | 2,934 | |
| (/) Outstanding shares | 120 | 120 | |
| Fair Price | $24 | $24 | |
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.