TENB vs. FTNT

Last updated Apr 2, 2026

Compare and contrast key facts about Tenable Holdings, Inc. (TENB) and Fortinet, Inc. (FTNT).

Performance

TENB vs. FTNT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tenable Holdings, Inc. (TENB) and Fortinet, Inc. (FTNT). The values are adjusted to include any dividend payments, if applicable.

TENB vs. FTNT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TENB Tenable Holdings, Inc.	-27.54%	-40.25%	-14.50%	20.73%	-30.72%	5.38%	118.11%	7.98%	-26.64%
FTNT Fortinet, Inc.	2.19%	-15.95%	61.42%	19.72%	-31.98%	141.97%	39.13%	51.58%	2.71%

Fundamentals

Market Cap TENB : $2.03B FTNT : $60.70B
EPS TENB : -$0.30 FTNT : $2.42
PS Ratio TENB : 2.05 FTNT : 9.12
PB Ratio TENB : 6.21 FTNT : 49.05
Total Revenue (TTM) TENB : $999.41M FTNT : $6.80B
Gross Profit (TTM) TENB : $780.47M FTNT : $5.50B
EBITDA (TTM) TENB : $58.99M FTNT : $2.35B

Returns By Period

In the year-to-date period, TENB achieves a -27.54% return, which is significantly lower than FTNT's 2.19% return.

TENB

• 1D: 0.80%
• 1M: -13.19%
• YTD: -27.54%
• 6M: -40.94%
• 1Y: -51.52%
• 3Y*: -28.94%
• 5Y*: -14.57%
• 10Y*: —

FTNT

• 1D: -0.70%
• 1M: 2.49%
• YTD: 2.19%
• 6M: -4.73%
• 1Y: -16.05%
• 3Y*: 6.88%
• 5Y*: 16.83%
• 10Y*: 29.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

TENB vs. FTNT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TENB

TENB Risk / Return Rank: 2
TENB Sharpe Ratio Rank: 1
TENB Sortino Ratio Rank: 2
TENB Omega Ratio Rank: 2
TENB Calmar Ratio Rank: 4
TENB Martin Ratio Rank: 1

FTNT

FTNT Risk / Return Rank: 24
FTNT Sharpe Ratio Rank: 23
FTNT Sortino Ratio Rank: 23
FTNT Omega Ratio Rank: 23
FTNT Calmar Ratio Rank: 24
FTNT Martin Ratio Rank: 28

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TENB vs. FTNT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tenable Holdings, Inc. (TENB) and Fortinet, Inc. (FTNT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TENB	FTNT	Difference
Sharpe ratio Return per unit of total volatility	-1.34	-0.38	-0.95
Sortino ratio Return per unit of downside risk	-2.06	-0.24	-1.82
Omega ratio Gain probability vs. loss probability	0.74	0.96	-0.23
Calmar ratio Return relative to maximum drawdown	-0.96	-0.50	-0.46
Martin ratio Return relative to average drawdown	-2.06	-0.76	-1.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TENB vs. FTNT - Sharpe Ratio Comparison

The current TENB Sharpe Ratio is -1.34, which is lower than the FTNT Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of TENB and FTNT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TENB	FTNT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.34	-0.38	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.34	0.40	-0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	0.65	-0.80

Correlation

The correlation between TENB and FTNT is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TENB vs. FTNT - Dividend Comparison

Neither TENB nor FTNT has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

TENB vs. FTNT - Drawdown Comparison

The maximum TENB drawdown since its inception was -73.60%, which is greater than FTNT's maximum drawdown of -51.20%. Use the drawdown chart below to compare losses from any high point for TENB and FTNT.

Drawdown Indicators

	TENB	FTNT	Difference
Max Drawdown Largest peak-to-trough decline	-73.60%	-51.20%	-22.40%
Max Drawdown (1Y) Largest decline over 1 year	-53.36%	-31.56%	-21.80%
Max Drawdown (5Y) Largest decline over 5 years	-73.60%	-38.32%	-35.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.32%	—
Current Drawdown Current decline from peak	-72.79%	-29.17%	-43.62%
Average Drawdown Average peak-to-trough decline	-30.19%	-16.25%	-13.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.90%	20.65%	+4.25%

Volatility

TENB vs. FTNT - Volatility Comparison

Tenable Holdings, Inc. (TENB) has a higher volatility of 14.53% compared to Fortinet, Inc. (FTNT) at 8.84%. This indicates that TENB's price experiences larger fluctuations and is considered to be riskier than FTNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TENB	FTNT	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.53%	8.84%	+5.69%
Volatility (6M) Calculated over the trailing 6-month period	30.48%	22.14%	+8.34%
Volatility (1Y) Calculated over the trailing 1-year period	38.70%	42.38%	-3.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.20%	42.52%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.36%	40.12%	+7.24%

Financials

TENB vs. FTNT - Profitability Comparison

The chart below illustrates the profitability comparison between Tenable Holdings, Inc. and Fortinet, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TENB - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Tenable Holdings, Inc. reported a gross profit of 205.24M and revenue of 260.53M. Therefore, the gross margin over that period was 78.8%.

FTNT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Fortinet, Inc. reported a gross profit of 1.52B and revenue of 1.91B. Therefore, the gross margin over that period was 79.6%.

TENB - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Tenable Holdings, Inc. reported an operating income of 8.86M and revenue of 260.53M, resulting in an operating margin of 3.4%.

FTNT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Fortinet, Inc. reported an operating income of 625.60M and revenue of 1.91B, resulting in an operating margin of 32.8%.

TENB - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Tenable Holdings, Inc. reported a net income of -737.00K and revenue of 260.53M, resulting in a net margin of -0.3%.

FTNT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Fortinet, Inc. reported a net income of 506.00M and revenue of 1.91B, resulting in a net margin of 26.6%.