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Wednesday 4 November 2026
Export VRNS’s income statement to Excel — free account
Varonis Systems, Inc.
VRNS Technology Software Infrastructure
Varonis Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $623.5 million, up 13.2% from fiscal 2024.
- Revenue
- +18.3%
- EPS
- −28.1%
- Free cash flow
- +15.6%
- Total debt
- +0.45%
Quarter to June 2026, against a year earlier
48.88
0.13
+0.27%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Piotroski F-Score |
4 | 3 | 6 | 5 | 5 | 3 | 1 | 4 | 6 | 5 |
Altman Z-Score |
1.71 | 2.06 | 4.61 | 3.02 | 6.35 | 6.48 | 5.54 | 6.18 | 6.72 | 4.71 |
P/S ratio |
6.02 | 9.00 | 9.73 | 5.55 | 13.17 | 17.58 | 9.25 | 5.68 | 6.25 | 4.34 |
P/FCF ratio |
28.45 | 45.72 | 89.46 | 5,296.60 | 0.00 | 0.00 | 0.00 | 109.72 | 121.70 | 204.12 |
Altman Z″-Score (non-manufacturers) |
0.74 | (0.87) | 0.96 | 2.75 | 3.79 | 0.24 | (2.25) | 1.15 | 2.04 | 1.53 |
Beneish M-Score |
(3.08) | (2.79) | (2.22) | (3.04) | (2.79) | (3.08) | (1.23) | (3.22) | 0.44 | (2.93) |
P/Operating CF |
152.03 | 204.38 | 465.11 | 765.03 | 15,197.71 | 672.22 | (335,857.14) | 210.84 | 244.44 | 255.89 |
P/B ratio |
6.27 | 10.89 | 9.92 | 5.23 | 8.61 | 54.69 | 25.14 | 12.24 | 11.74 | 8.69 |
Price to Tangible BV |
8.40 | 11.47 | 10.44 | 5.52 | 9.03 | 79.05 | 25.14 | 12.24 | 11.74 | 8.69 |
EV/Sales |
5.27 | 8.79 | 9.17 | 4.53 | 11.67 | 17.31 | 9.00 | 5.09 | 5.61 | 3.65 |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 483.63 | 0.00 |
EV/Operating CF |
22.28 | 42.04 | 77.01 | 180.57 | 634.51 | (867.05) | (214.13) | 58.44 | 73.94 | 82.41 |
EV/FCF |
24.90 | 44.63 | 84.24 | 4,321.75 | (1,375.16) | (317.42) | (63.43) | 98.36 | 109.35 | 171.82 |
Quick Ratio |
1.77 | 1.07 | 2.29 | 3.80 | 4.37 | 2.15 | 1.23 | 1.65 | 1.82 | 1.90 |
Current Ratio |
1.97 | 1.24 | 2.50 | 3.96 | 4.53 | 2.30 | 1.35 | 1.77 | 1.94 | 1.94 |
Net Debt/EBITDA |
6.77 | 2.92 | 6.83 | 9.89 | 9.94 | 1.89 | 1.35 | 13.47 | (54.62) | 392.44 |
Debt/Assets |
25.24% | 27.05% | 22.69% | 23.85% | 20.33% | 39.33% | 17.91% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.76 | 0.99 | 0.51 | 0.50 | 0.38 | 2.32 | 0.61 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.36 | 0.40 | 0.46 | 0.44 | 0.47 | 0.67 | 0.84 | 1.02 | 1.01 | 0.96 |
Operating CF/Net income |
(1.14) | (1.20) | (0.59) | (0.10) | (0.06) | 0.06 | 0.14 | (0.82) | (1.18) | (0.52) |
Capex/Depreciation |
(0.20) | (0.09) | (0.07) | (0.16) | (0.26) | (0.28) | (0.88) | (0.55) | (0.33) | (0.33) |
Interest Coverage |
4.85 | 3.40 | 3.87 | 11.64 | (8.13) | (10.48) | (195.34) | 30.04 | 5.68 | (13.55) |
| (24.53%) | (20.26%) | (20.35%) | (22.67%) | (33.84%) | (100.22%) | (71.96%) | (23.81%) | (14.03%) | (17.07%) | |
| (7.48%) | (6.92%) | (9.40%) | (11.57%) | (14.05%) | (21.52%) | (26.11%) | (10.77%) | (6.48%) | (8.18%) | |
ROIC |
(70.47%) | (21.79%) | (35.49%) | (407.35%) | (430.99%) | (343.47%) | (157.93%) | 0.00% | 0.00% | 0.00% |
Return on Tangible Assets |
(19.14%) | (48.13%) | (20.41%) | (17.39%) | (14.87%) | (34.26%) | (85.95%) | (21.97%) | (11.36%) | (15.26%) |
Average Days of Receivables |
142.14 | 127.75 | 123.66 | 104.79 | 109.63 | 117.51 | 107.77 | 112.39 | 128.11 | 118.53 |
Research and Development Expense of Revenue |
38.14% | 35.71% | 36.83% | 37.56% | 35.34% | 33.95% | 31.77% | 25.89% | 21.99% | 22.10% |
Selling, General and Administrative Expense of Revenue |
64.19% | 68.61% | 72.28% | 73.29% | 74.73% | 77.72% | 84.29% | 74.65% | 74.62% | 75.64% |
Intangible Assets out of Total Assets |
0.08 | 0.01 | 0.02 | 0.02 | 0.02 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
20.89% | 22.99% | 28.01% | 30.16% | 28.14% | 23.43% | 18.15% | 12.93% | 9.21% | 7.80% |
Graham Net Nets |
0.03 | (0.07) | 0.03 | 0.14 | 0.09 | (0.01) | 0.00 | 0.06 | 0.07 | 0.10 |
Graham Number |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
(3.48%) | (1.94%) | (2.07%) | (4.74%) | (2.30%) | (1.83%) | (3.36%) | (1.89%) | (1.02%) | (2.01%) |
Free Cash Flow Yield |
3.52% | 2.19% | 1.12% | 0.02% | (0.06%) | (0.31%) | (1.53%) | 0.91% | 0.82% | 0.49% |
Revenue per Share |
5.45 | 4.93 | 4.57 | 4.33 | 3.70 | 3.10 | 2.80 | 3.10 | 2.61 | 2.09 |
Operating CF per Share |
1.29 | 1.03 | 0.54 | 0.11 | 0.07 | (0.06) | (0.12) | 0.27 | 0.20 | 0.09 |
Capex per Share |
(0.14) | (0.06) | (0.05) | (0.10) | (0.10) | (0.11) | (0.28) | (0.11) | (0.06) | (0.05) |
Free Cash Flow per Share |
1.15 | 0.97 | 0.50 | 0.00 | (0.03) | (0.17) | (0.40) | 0.16 | 0.13 | 0.04 |
Cash per Share |
8.05 | 5.09 | 4.89 | 6.70 | 7.67 | 3.16 | 1.33 | 1.83 | 1.66 | 1.44 |
Shareholders Equity per Share |
5.23 | 4.08 | 4.49 | 4.59 | 5.67 | 1.00 | 1.03 | 1.44 | 1.39 | 1.04 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
5.23 | 4.08 | 4.49 | 4.59 | 5.67 | 1.00 | 1.03 | 1.44 | 1.39 | 1.04 |
Free Cash Flow |
131.91 | 108.51 | 54.32 | 0.50 | (3.31) | (15.96) | (36.06) | 13.99 | 11.06 | 3.52 |
Working Capital |
639.60 | 168.19 | 460.38 | 676.91 | 747.44 | 237.21 | 55.30 | 112.75 | 109.92 | 83.07 |
Capital Expenditures |
(15.52) | (6.69) | (5.10) | (11.37) | (10.49) | (10.12) | (25.38) | (9.56) | (5.29) | (3.82) |
Net Current Asset Value |
105.60 | (330.54) | 152.90 | 364.05 | 447.26 | (41.56) | (9.90) | 99.48 | 95.50 | 72.22 |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.02 | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 | 0.10 | 0.04 | 0.02 | 0.02 |
Price to Operating Income |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
2.14 | 2.51 | 2.23 | 1.85 | 1.05 | 0.97 | 0.80 | 1.00 | 1.34 | 1.18 |
Cash ROIC |
6.69% | 7.36% | 4.26% | 0.03% | (0.20%) | (2.61%) | (13.31%) | 4.92% | 4.40% | 1.79% |
Accounts Receivable Turnover |
2.86 | 3.04 | 3.27 | 3.74 | 3.69 | 3.46 | 3.21 | 3.40 | 3.33 | 3.27 |
Accounts Payable Turnover |
26.27 | 37.65 | 39.49 | 16.86 | 19.24 | 47.93 | 19.43 | 17.01 | 21.54 | 8.07 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
15.86 | 16.77 | 3.42 | 15.48 | 32.72 | 7.01 | 10.35 | 34.54 | 11.19 | 29.87 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
217.83 | 180.97 | 152.55 | 126.58 | 105.70 | 84.64 | 79.14 | 79.41 | 64.73 | 50.65 |
Average Payables |
5.02 | 2.49 | 1.82 | 4.14 | 3.09 | 0.92 | 1.81 | 1.63 | 0.96 | 1.95 |
Average Assets |
1,727.94 | 1,384.09 | 1,073.82 | 1,076.13 | 832.01 | 436.90 | 301.65 | 265.31 | 213.74 | 173.49 |
Average Common Equity |
527.16 | 472.65 | 495.89 | 549.36 | 345.33 | 93.80 | 109.45 | 120.01 | 98.69 | 83.16 |
Columns are period end dates