A Business at a Glance
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VARONIS SYSTEMS INC
VRNS
$5.2B
Mkt Cap
$45.74
+2.14%
VARONIS SYSTEMS INC (VRNS) has a 5-year average return on invested capital (ROIC) of -13.5%. This is below average and may indicate limited pricing power.
VARONIS SYSTEMS INC (VRNS) has a market capitalization of $5.3B. It is classified as a mid-cap stock.
VARONIS SYSTEMS INC (VRNS) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.59%.
VARONIS SYSTEMS INC (VRNS) operates in the Services-Prepackaged Software industry, within the Technology sector.
VARONIS SYSTEMS INC (VRNS) reported annual revenue of $624 million in its most recent fiscal year, based on SEC EDGAR filings.
VARONIS SYSTEMS INC (VRNS) has a net profit margin of -20.7%. The company is currently unprofitable.
VARONIS SYSTEMS INC (VRNS) generated $135 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Item 1.Business We were incorporated under the laws of the State of Delaware on November 3, 2004 and commenced operations on January 1, 2005. Our principal offices are located at 801 Brickell Avenue, Miami, FL 33131. For convenience in this report, the terms “Company,” “Varonis,” “we” and “us” may be used to refer to Varonis Systems, Inc. and/or its subsidiaries, except where indicated otherwise. Our telephone number is (877) 292-8767. Varonis is a data security company focused on protecting what matters most to organizations: their data. Modern enterprises run on data that is created, copied, shared and accessed across cloud services, SaaS applications and on-premises environments, often faster than security teams can see, understand or control. We started Varonis around a simple observation that we believe has only intensified over time: the ability to create and share data scales far faster than the ability to secure it.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 660M | 624M | 551M | 499M | 474M | 390M |
| Net Income | -130M | -129M | -96M | -101M | -125M | -117M |
| EPS | $-1.13 | $-1.13 | $-0.86 | $-0.92 | $-1.14 | $-1.11 |
| Free Cash Flow | 119M | 135M | 109M | 54M | 475K | -3.3M |
| ROIC | -73.3% | -12.3% | -10.6% | -13.6% | -16.6% | -14.2% |
| Gross Margin | 78.1% | 78.8% | 83.0% | 85.6% | 85.3% | 84.8% |
| Debt/Equity | 1.00 | 0.76 | 0.99 | 0.51 | 0.50 | 0.38 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -147M | -147M | -118M | -117M | -121M | -99M |
| Operating Margin | -22.3% | -23.5% | -21.4% | -23.5% | -25.6% | -25.3% |
| ROE | -28.8% | -24.5% | -21.0% | -20.6% | -24.8% | -19.6% |
| Shares Outstanding | 115M | 114M | 111M | 110M | 109M | 105M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 101M | 127M | 166M | 215M | 270M | 254M | 293M | 390M | 474M | 499M | 551M | 624M | 660M |
| Gross Margin | 21.9% | 22.7% | 27.6% | 30.8% | 29.4% | 86.2% | 84.9% | 84.8% | 85.3% | 85.6% | 83.0% | 78.8% | 78.1% |
| R&D | 28M | 32M | 37M | 47M | 70M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 253M |
| SG&A | 12M | 16M | 20M | 27M | 33M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 101M |
| EBIT | -17M | -19M | -12M | -13M | -29M | -76M | -78M | -99M | -121M | -117M | -118M | -147M | -147M |
| Op. Margin | -17.1% | -15.0% | -7.2% | -6.2% | -10.8% | -29.9% | -26.8% | -25.3% | -25.6% | -23.5% | -21.4% | -23.5% | -22.3% |
| Net Income | -19M | -21M | -14M | -14M | -29M | -79M | -94M | -117M | -125M | -101M | -96M | -129M | -130M |
| Net Margin | -19.1% | -16.7% | -8.6% | -6.4% | -10.6% | -31.0% | -32.1% | -30.0% | -26.3% | -20.2% | -17.4% | -20.7% | -19.7% |
| Non-Recurring | 2.7M | 3.1M | 3.8M | 20K | 27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -74.6% | -23.8% | -15.8% | -13.1% | -23.8% | -84.2% | -30.1% | -14.2% | -16.6% | -13.6% | -10.6% | -12.3% | -73.3% |
| ROE | -74.6% | -23.8% | -15.8% | -13.1% | -23.8% | -84.2% | -99.9% | -19.6% | -24.8% | -20.6% | -21.0% | -24.5% | -28.8% |
| ROA | -19.0% | -13.2% | -8.2% | -6.5% | -10.8% | -24.7% | -16.9% | -10.5% | -11.9% | -9.1% | -5.8% | -7.5% | -8.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -7.1M | -2.7M | 7.3M | 16M | 24M | -11M | -5.8M | 7.2M | 12M | 59M | 115M | 147M | 134M |
| Free Cash Flow | -9.4M | -7.3M | 3.5M | 11M | 14M | -36M | -16M | -3.3M | 475K | 54M | 109M | 135M | 119M |
| Owner Earnings | -13M | -12M | -7.8M | -11M | -23M | -63M | -85M | -113M | -143M | -92M | -23M | 4.9M | -11M |
| CapEx | 2.3M | 4.5M | 3.8M | 5.3M | 9.6M | 25M | 10M | 10M | 11M | 5.1M | 6.7M | 13M | 15M |
| Maint. CapEx | 1.3M | 1.6M | 2.2M | 8.0M | 12M | 6.3M | 10M | 11M | 12M | 12M | 11M | 12M | 14M |
| Growth CapEx | 1.0M | 2.9M | 1.6M | 0 | 0 | 19M | 0 | 0 | 0 | 0 | 0 | 319K | 1.0M |
| D&A | 1.3M | 1.6M | 2.2M | 8.0M | 12M | 6.3M | 10M | 11M | 12M | 12M | 11M | 12M | 14M |
| CapEx/OCF | N/A | N/A | 52.1% | 32.5% | 40.7% | N/A | N/A | 146.1% | 96.0% | 8.6% | 5.8% | 8.6% | 11.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56M | 44M | 0 | 115M | 189M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.3% | 0.9% | N/A | 3.0% | 3.6% |
| Stock-Based Comp | 4.7M | 7.8M | 13M | 20M | 35M | 46M | 69M | 110M | 143M | 140M | 127M | 130M | 132M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -112M | -106M | -113M | -95M | -87M | -110M | -50M | -580M | -355M | -233M | -79M | -431M | -295M |
| Cash & Equiv. | 77M | 49M | 48M | 57M | 49M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 748M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | 0 | 218M | 225M | 249M | 250M | 450M | 452M | 453M |
| Debt/Equity | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 2.32 | 0.38 | 0.50 | 0.51 | 0.99 | 0.76 | 1.00 |
| Interest Coverage | -432.7 | -596.1 | -363.5 | -78.0 | -313.3 | N/A | N/A | -31.2 | -38.3 | -36.7 | -36.8 | -19.0 | -19.0 |
| Equity | 95M | 84M | 96M | 115M | 125M | 94M | 94M | 597M | 502M | 490M | 456M | 599M | 454M |
| Total Assets | 157M | 165M | 182M | 246M | 285M | 318M | 555M | 1.1B | 1.0B | 1.1B | 1.7B | 1.8B | 1.6B |
| Total Liabilities | 62M | 82M | 86M | 131M | 160M | 225M | 461M | 512M | 542M | 614M | 1.2B | 1.2B | 211M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | 0 | 29M | 27M | 26M | 24M | 23M | 152M | 57M |
| Retained Earnings | -67M | -88M | -106M | -109M | -138M | -217M | -311M | -428M | -543M | -644M | -740M | -869M | -906M |
| Working Capital | 99M | 85M | 83M | 110M | 113M | 55M | 237M | 747M | 677M | 460M | 168M | 640M | 442M |
| Current Assets | 153M | 156M | 171M | 226M | 259M | 215M | 420M | 959M | 906M | 767M | 878M | 1.3B | 1.1B |
| Current Liabilities | 53M | 71M | 88M | 117M | 146M | 160M | 183M | 212M | 229M | 307M | 710M | 659M | 639M |
| Per Share Data | |||||||||||||
| EPS | -0.30 | -0.28 | -0.18 | -0.17 | -0.33 | -0.87 | -1.00 | -1.11 | -1.14 | -0.92 | -0.86 | -1.13 | -1.13 |
| Owner EPS | -0.20 | -0.16 | -0.10 | -0.14 | -0.26 | -0.69 | -0.90 | -1.08 | -1.31 | -0.84 | -0.20 | 0.04 | -0.10 |
| Book Value | 1.49 | 1.10 | 1.22 | 1.38 | 1.43 | 1.03 | 1.00 | 5.67 | 4.60 | 4.46 | 4.09 | 5.23 | 3.95 |
| Cash Flow/Share | -0.11 | -0.04 | 0.09 | 0.20 | 0.27 | -0.12 | -0.06 | 0.07 | 0.11 | 0.54 | 1.03 | 1.29 | -1.01 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 63.9M | 76.0M | 78.8M | 83.1M | 87.5M | 90.9M | 94.0M | 105.3M | 109.2M | 109.7M | 111.4M | 114.4M | 114.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -40.4 |
| P/FCF | N/A | N/A | 192.2 | 120.9 | 110.8 | N/A | N/A | N/A | N/A | 92.2 | 46.2 | 28.5 | 44.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 7.2 | 5.8 | 8.2 | 11.6 | 12.3 | 25.4 | 56.3 | 8.6 | 4.9 | 10.2 | 11.0 | 6.4 | 11.6 |
| Price/Sales | 5.4 | 4.7 | 3.8 | 4.8 | 7.0 | 7.7 | 10.5 | 15.6 | 7.5 | 6.5 | 9.9 | 8.6 | 8.0 |
| FCF Yield | -1.4% | -1.5% | 0.5% | 0.8% | 0.9% | -1.5% | -0.3% | -0.1% | 0.0% | 1.1% | 2.2% | 3.5% | 2.3% |
| Market Cap | 682M | 483M | 681M | 1.3B | 1.5B | 2.4B | 5.3B | 5.1B | 2.5B | 5.0B | 5.0B | 3.8B | 5.3B |
| Avg. Price | 8.55 | 7.79 | 7.97 | 12.36 | 21.63 | 21.58 | 32.74 | 57.81 | 32.64 | 29.45 | 49.18 | 46.69 | 45.74 |
| Year-End Price | 10.67 | 6.36 | 8.58 | 16.07 | 17.68 | 26.15 | 56.33 | 48.63 | 22.69 | 45.66 | 44.97 | 33.58 | 45.74 |
VARONIS SYSTEMS INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 39.9x vs a median of 46.2x. The company's 5-year average gross margin is 83.5%. Total shareholder yield (buybacks) is 3.6%. At current prices, the estimated annualized return to fair value is +45.9%.
VARONIS SYSTEMS INC (VRNS) has a debt-to-equity ratio of 0.76. This indicates moderate leverage.
VARONIS SYSTEMS INC (VRNS) reported earnings per share (EPS) of $-1.13 in its most recent fiscal year.
VARONIS SYSTEMS INC (VRNS) has a return on equity (ROE) of -24.5%. A negative ROE may indicate losses or negative equity.
VARONIS SYSTEMS INC (VRNS) has a 5-year average gross margin of 83.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 14 years of financial data for VARONIS SYSTEMS INC (VRNS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
VARONIS SYSTEMS INC (VRNS) has a book value per share of $5.23, based on its most recent annual SEC filing.