Tenable Holdings Inc. (TENB) exhibits 78.1% gross margins and -1.0% return on invested capital within Technology (Computer Software: Prepackaged Software), balanced against a 24.0x enterprise multiple and 7.5% implied options volatility.
Sustained 78.1% gross profitability converts into -0.9% operating margin and -1.0% ROIC, outpacing sector cost of capital.
ROIC: -1.0% // GM: 78.1%YoY revenue trajectory of +11.0% paired with 4.47% free cash flow yield supports self-funded R&D and capital return.
REV YOY: +11.0% // FCF YLD: 4.47%Altman Z-Score of 2.22 and Piotroski F-Score of 6/9 indicate low near-term refinancing stress.
ALTMAN Z: 2.22 // F-SCORE: 6/9Trading at 24.0x trailing P/E (28.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.
P/E: 24.0x // EV/EBITDA: —Options market prices a ±7.5% implied move with a 0.51 put/call ratio around $51.00 max pain.
IMPL MOVE: ±7.5% // P/C: 0.51Elevated industry capital intensity and customer concentration in Computer Software: Prepackaged Software require continuous execution to defend -3.6% net margins.
NET MARGIN: -3.6% // D/E: 1.83x| FILER | SIDE | $ VALUE |
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| INSPECT FULL OWNERSHIP LEDGER IN OWN <GO> | ||
| STRIKE / EXP | TYPE | PREMIUM |
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| INSPECT GEX & CHAIN IN OPT <GO> | ||
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