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Side-by-side financial comparison of Tenable Holdings, Inc. (TENB) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
Tenable Holdings, Inc. is the larger business by last-quarter revenue ($262.1M vs $208.0M, roughly 1.3× VIRTUS INVESTMENT PARTNERS, INC.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 16.3% vs 0.5%, a 15.7% gap on every dollar of revenue. On growth, Tenable Holdings, Inc. posted the faster year-over-year revenue change (9.6% vs -10.9%). Tenable Holdings, Inc. produced more free cash flow last quarter ($82.6M vs $-74.1M). Over the past eight quarters, Tenable Holdings, Inc.'s revenue compounded faster (8.8% CAGR vs -3.2%).
Tenable Holdings, Inc. is a cybersecurity company based in Columbia, Maryland. Its vulnerability scanner software Nessus, developed in 1998, is one of the most widely deployed vulnerability assessment solutions in the cybersecurity industry. As of December 31, 2023, the company had approximately 44,000 customers, including 65% of the Fortune 500.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
TENB vs VRTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.1M | $208.0M |
| Net Profit | $1.4M | $33.9M |
| Gross Margin | 78.4% | — |
| Operating Margin | 25.0% | 19.1% |
| Net Margin | 0.5% | 16.3% |
| Revenue YoY | 9.6% | -10.9% |
| Net Profit YoY | — | -14.2% |
| EPS (diluted) | $0.01 | $5.15 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $262.1M | — | ||
| Q4 25 | $260.5M | $208.0M | ||
| Q3 25 | $252.4M | $216.4M | ||
| Q2 25 | $247.3M | $210.5M | ||
| Q1 25 | $239.1M | $217.9M | ||
| Q4 24 | $235.7M | $233.5M | ||
| Q3 24 | $227.1M | $227.0M | ||
| Q2 24 | $221.2M | $224.4M |
| Q1 26 | $1.4M | — | ||
| Q4 25 | $-737.0K | $33.9M | ||
| Q3 25 | $2.3M | $31.3M | ||
| Q2 25 | $-14.7M | $42.7M | ||
| Q1 25 | $-22.9M | $28.1M | ||
| Q4 24 | $1.9M | $39.5M | ||
| Q3 24 | $-9.2M | $49.1M | ||
| Q2 24 | $-14.6M | $26.0M |
| Q1 26 | 78.4% | — | ||
| Q4 25 | 78.8% | — | ||
| Q3 25 | 77.5% | — | ||
| Q2 25 | 78.0% | — | ||
| Q1 25 | 78.1% | — | ||
| Q4 24 | 78.2% | — | ||
| Q3 24 | 77.8% | — | ||
| Q2 24 | 77.9% | — |
| Q1 26 | 25.0% | — | ||
| Q4 25 | 3.4% | 19.1% | ||
| Q3 25 | 2.8% | 21.7% | ||
| Q2 25 | -3.0% | 21.5% | ||
| Q1 25 | -7.4% | 16.8% | ||
| Q4 24 | 5.5% | 21.7% | ||
| Q3 24 | -0.9% | 24.3% | ||
| Q2 24 | -4.0% | 19.7% |
| Q1 26 | 0.5% | — | ||
| Q4 25 | -0.3% | 16.3% | ||
| Q3 25 | 0.9% | 14.5% | ||
| Q2 25 | -5.9% | 20.3% | ||
| Q1 25 | -9.6% | 12.9% | ||
| Q4 24 | 0.8% | 16.9% | ||
| Q3 24 | -4.1% | 21.6% | ||
| Q2 24 | -6.6% | 11.6% |
| Q1 26 | $0.01 | — | ||
| Q4 25 | $-0.01 | $5.15 | ||
| Q3 25 | $0.02 | $4.65 | ||
| Q2 25 | $-0.12 | $6.12 | ||
| Q1 25 | $-0.19 | $4.05 | ||
| Q4 24 | $0.01 | $4.65 | ||
| Q3 24 | $-0.08 | $5.71 | ||
| Q2 24 | $-0.12 | $2.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $360.3M | — |
| Total DebtLower is stronger | — | $390.0M |
| Stockholders' EquityBook value | $248.2M | $934.0M |
| Total Assets | $1.6B | $4.3B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $360.3M | — | ||
| Q4 25 | $402.2M | — | ||
| Q3 25 | $383.6M | — | ||
| Q2 25 | $386.5M | — | ||
| Q1 25 | $460.3M | — | ||
| Q4 24 | $577.2M | — | ||
| Q3 24 | $548.4M | — | ||
| Q2 24 | $487.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | $248.2M | — | ||
| Q4 25 | $326.4M | $934.0M | ||
| Q3 25 | $344.4M | $918.7M | ||
| Q2 25 | $350.7M | $896.4M | ||
| Q1 25 | $383.2M | $893.7M | ||
| Q4 24 | $400.0M | $897.5M | ||
| Q3 24 | $404.6M | $889.0M | ||
| Q2 24 | $363.6M | $868.7M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.7B | $4.3B | ||
| Q3 25 | $1.7B | $3.9B | ||
| Q2 25 | $1.7B | $3.7B | ||
| Q1 25 | $1.7B | $3.7B | ||
| Q4 24 | $1.7B | $4.0B | ||
| Q3 24 | $1.6B | $3.6B | ||
| Q2 24 | $1.6B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $88.0M | $-67.2M |
| Free Cash FlowOCF − Capex | $82.6M | $-74.1M |
| FCF MarginFCF / Revenue | 31.5% | -35.6% |
| Capex IntensityCapex / Revenue | — | 3.3% |
| Cash ConversionOCF / Net Profit | 62.21× | -1.99× |
| TTM Free Cash FlowTrailing 4 quarters | $256.4M | $100.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $88.0M | — | ||
| Q4 25 | $83.0M | $-67.2M | ||
| Q3 25 | $53.9M | $108.3M | ||
| Q2 25 | $42.5M | $75.8M | ||
| Q1 25 | $87.4M | $-3.8M | ||
| Q4 24 | $81.1M | $1.8M | ||
| Q3 24 | $54.6M | $69.1M | ||
| Q2 24 | $31.4M | $70.0M |
| Q1 26 | $82.6M | — | ||
| Q4 25 | $82.7M | $-74.1M | ||
| Q3 25 | $53.0M | $106.9M | ||
| Q2 25 | $38.1M | $74.2M | ||
| Q1 25 | $80.9M | $-6.8M | ||
| Q4 24 | $78.8M | $-3.8M | ||
| Q3 24 | $53.9M | $68.7M | ||
| Q2 24 | $30.9M | $68.6M |
| Q1 26 | 31.5% | — | ||
| Q4 25 | 31.7% | -35.6% | ||
| Q3 25 | 21.0% | 49.4% | ||
| Q2 25 | 15.4% | 35.2% | ||
| Q1 25 | 33.8% | -3.1% | ||
| Q4 24 | 33.4% | -1.6% | ||
| Q3 24 | 23.7% | 30.3% | ||
| Q2 24 | 14.0% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 3.3% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 1.8% | 0.7% | ||
| Q1 25 | 2.7% | 1.4% | ||
| Q4 24 | 1.0% | 2.4% | ||
| Q3 24 | 0.3% | 0.2% | ||
| Q2 24 | 0.2% | 0.6% |
| Q1 26 | 62.21× | — | ||
| Q4 25 | — | -1.99× | ||
| Q3 25 | 23.83× | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | 43.43× | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TENB
| Subscription revenue | $243.2M | 93% |
| Perpetual license and maintenance revenue | $10.2M | 4% |
| Other | $8.7M | 3% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
