COMP <GO>
TENB vs VRNS // EV/EBITDA & P/E VALUATION
Tenable Holdings Inc. (NASDAQ) VS. Varonis Systems Inc. (NASDAQ) • 15-METRIC TALLY: TENB 6
— VRNS 6
■ METRIC PARITY
LAST: $47.45 (-6.50%) • MKT CAP: $5.59B
valuation
—
LAST: $48.75 (-0.20%) • MKT CAP: $5.61B
valuation
—
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (TENB VS. VRNS)
EMERALD CELL = QUANTITATIVE EDGE
| INSTITUTIONAL METRIC | TENB | VRNS | SPREAD (A - B) | ADVANTAGE | DEDICATED URL |
|---|---|---|---|---|---|
| Gross Profit Margin | 78.10% | 78.80% | -0.70 | VRNS | /gross-margins <GO> |
| Return on Invested Capital (ROIC) | -1.00% | -15.30% | +14.30 | TENB | /roic <GO> |
| EV/EBITDA & P/E Valuation ACTIVE | — | — | — | TIE | /valuation <GO> |
| Free Cash Flow Yield | 4.47% | 2.40% | +2.07 | TENB | /fcf-yield <GO> |
| Operating Margin | -0.90% | -23.50% | +22.60 | TENB | /operating-margins <GO> |
| Net Profit Margin | -3.60% | -20.70% | +17.10 | TENB | /net-margins <GO> |
| Revenue Growth (YoY) | 11.00% | 4.40% | +6.60 | TENB | /revenue-growth <GO> |
| Dividend Yield & FCF Payout Safety | 0.00% | 0.00% | 0.00 | TIE | /dividend-safety <GO> |
| Altman Z-Score & Debt/Equity | 2.22 | 3.74 | -1.52 | VRNS | /balance-sheet <GO> |
| Piotroski F-Score Quality | 6/9 | 7/9 | -1.00 | VRNS | /piotroski-score <GO> |
| Options Implied Move & Put/Call Skew | — | — | — | TIE | /options-implied-move <GO> |
| RSI-14 & 200D SMA Momentum | 70.5 | 54.7 | +15.80 | TENB | /rsi-technicals <GO> |
| 10Y Yield & FRED Macro Beta | 1.19 | 1.31 | -0.12 | VRNS | /macro-sensitivity <GO> |
| Forward P/E Multiple | 28.0x | 26.0x | +2.00 | VRNS | /forward-pe <GO> |
| Enterprise Scale & Market Cap | $5.59B | $5.61B | -$21.3M | VRNS | /market-cap <GO> |
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
| FISCAL YEAR | TENB REV | VRNS REV | TENB GROSS % | VRNS GROSS % | TENB FCF | VRNS FCF |
|---|---|---|---|---|---|---|
| FY 2025 | $999.4M | $623.5M | 78.1% | 78.8% | $254.6M | $134.8M |
| FY 2024 | $900.0M | $551.0M | 77.8% | 83.0% | $213.2M | $108.5M |
| FY 2023 | $798.7M | $328.2M | — | — | $113.9M | $59.4M |
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
TENB // BETA 1.19
VRNS // BETA 1.31