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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%
Market cap
$5.7B
P/E
0.0×
Fwd P/E
−37.6×
Dividend yield
—
F-score
4/9
Altman Z
1.71
Beneish M
−3.08
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.18
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 4 — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 4.68%

Capital & Financial Ratios $m

Size
Market Cap 5,650.00
Revenue ttm 688.10
Net income ttm (141.38)
Free cash flow ttm 118.30
Net debt Q (244.99)
Valuation
P/E 0.00
Forward P/E (37.60) (negative: loss-making)
Price / sales 8.16
Forward P/S Powerpack
Price / FCF 47.44
Price / book 12.63 (above 6: high)
Financial health
Current ratio Q 1.65 (at or above 1.5: strong)
Debt / equity Q 1.02
Interest coverage Q (3.62)
Growth
Revenue growth Q +18.31% (above 0%: growing)
Operating income growth Q −11.16% (below 0%: shrinking)
EPS, this year −6.83% (below 0%: weak)
EPS, next year A +155.94% (at or above 15%: strong)
Revenue, next year A +18.33% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +57.56% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.8×, against a ten-year median of 7.3×; over the ten years it ranged from 2.7× in 2016 to 20.1× in 2021.
P/S against its own 10 years 56.07%
10-year low 10-year high
P/B against its own 10 years 59.34%
10-year low 10-year high
EV/Sales against its own 10 years 57.14%
10-year low 10-year high
EV/FCF against its own 10 years 18.92%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 534 568 921 698
Receivables 169 193 243 151
Inventory — — — —
Other — — — —
767 878 1,299 997
2023 2024 2025 Q'26
Payables 1 4 6 12
ST’ Debt — — — —
Other — — — —
307 710 659 606

Compound Annual Growth %

10y 5y 3y
Sales 17.23% 16.33% 9.60%
Cash Flow 0.00% 0.00% 131.58%
Earnings 0.00% 0.00% 0.00%
Book Value 21.76% 44.79% 6.04%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.01 Actual 0.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.06 0.06 Met by 0.00
Q4 FY25 0.03 0.08 Beat by 0.05
Q1 FY26 −0.05 0.06 Beat by 0.11
Q2 FY26 0.01 0.04 Beat by 0.03
Q3 FY26 0.03 — Reports 3 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.32) (0.41) — — —
’25 (0.32) (0.32) (0.26) (0.24) (1.13)
’24 (0.37) (0.21) (0.16) (0.12) (0.86)
’23 (0.35) (0.35) (0.21) (0.01) (0.92)
’22 (0.45) (0.33) (0.26) (0.10) (1.14)
’21 (0.36) (0.31) (0.22) (0.23) (1.11)
’20 (0.34) (0.26) (0.20) (0.20) (1.00)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 173 180 — — —
’25 136 152 162 173 624
’24 114 130 148 159 551
’23 107 115 122 154 499
’22 96 111 123 143 474
’21 75 88 100 127 390
’20 54 67 77 95 293
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 55 25 — — —
’25 68 21 33 25 147
’24 57 12 22 24 115
’23 37 6 6 10 59
’22 25 (14) (2) 3 12
’21 20 (9) (4) 0 7
’20 4 (15) (3) 8 (6)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 49 20 — — —
’25 65 17 29 20 132
’24 56 11 21 20 109
’23 36 4 6 8 54
’22 21 (17) (3) 0 0
’21 19 (10) (6) (6) (3)
’20 1 (17) (5) 5 (16)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 166 215 270 254 293 390 474 499 551 624 688 +15.9% 738 875 1,023 +17.9%
Gross margin, % 90.51 90.38 89.76 86.17 84.88 84.77 85.26 85.63 82.97 78.83 77.07 (11.7) pt
EBT (13) (11) (28) (76) (86) (111) (111) (87) (83) (116) (134) +27.7%
EBT margin, % (7.77) (5.13) (10.42) (30.05) (29.35) (28.41) (23.40) (17.41) (15.07) (18.66) (19.52) (10.9) pt
Net income (14) (14) (29) (79) (94) (117) (125) (101) (96) (129) (141) +27.8%
Per share, $
Per share, $ Revenue 2.09 2.61 3.10 2.80 3.10 3.70 4.33 4.57 4.93 5.45 5.99 +11.2%
Earnings (0.22) (0.17) (0.33) (0.87) (1.00) (1.11) (1.14) (0.92) (0.86) (1.13) (1.23) +19.7%
Cash flow 0.09 0.20 0.27 (0.12) (0.06) 0.07 0.11 0.54 1.03 1.29 1.20 +34.0%
Capex (0.05) (0.06) (0.11) (0.28) (0.11) (0.10) (0.10) (0.05) (0.06) (0.14) (0.17) +12.2%
Free cash flow 0.04 0.13 0.16 (0.40) (0.17) (0.03) 0.00 0.50 0.97 1.15 1.03 +43.6%
Book value 1.04 1.39 1.44 1.03 1.00 5.67 4.59 4.49 4.08 5.23 3.87 +19.6%
Shares, m 79 82 87 91 94 105 109 109 112 114 115 +4.2%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 4.34 6.25 5.68 9.25 17.58 13.17 5.55 9.73 9.00 6.02 8.16 8.7
P/B 8.69 11.74 12.24 25.14 54.69 8.61 5.23 9.92 10.89 6.27 12.63 15.3
EV/Sales 3.65 5.61 5.09 9.00 17.31 11.67 4.53 9.17 8.79 5.27 7.80 8.0
EV/FCF 171.82 109.35 98.36 (63.43) (317.42) (1,375.16) 4,321.75 84.24 44.63 24.90 45.37 309.9
Cash, $m
Cash, $m Operating cash flow 7 16 24 (11) (6) 7 12 59 115 147 138 +39.5%
Capex (4) (5) (10) (25) (10) (10) (11) (5) (7) (16) (20) +16.8%
Free cash flow 4 11 14 (36) (16) (3) 0 54 109 132 118 +49.6%
Balance, $m
Balance, $m Working capital 83 110 113 55 237 747 677 460 168 640 391 +25.5%
Net debt (114) (137) (159) (63) (80) (582) (484) (283) (118) (469) (245) +17.0%
Shareholders’ equity 83 115 125 94 94 597 502 490 456 599 444 +24.6%
Returns, %
Returns, % ROA (8.18) (6.48) (10.77) (26.11) (21.52) (14.05) (11.57) (9.40) (6.92) (7.48) (8.65) +0.7 pt
ROIC 0.00 0.00 0.00 (157.93) (343.47) (430.99) (407.35) (35.49) (21.79) (70.47) (47.40) (70.5) pt
ROE (17.07) (14.03) (23.81) (71.96) (100.22) (33.84) (22.67) (20.35) (20.26) (24.53) (35.97) (7.5) pt
People
People Employees 1,098 1,251 1,460 1,574 1,719 2,065 2,143 2,233 2,406 2,658 — +10.3%
Revenue/emp, $m 0.15 0.17 0.19 0.16 0.17 0.19 0.22 0.22 0.23 0.23 — +5.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Varonis Systems, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DOX Amdocs Limited $6.7B 14.8× 11.4× +2.66% (above 0%: growing) −57.55% (below 0%: shrinking) −18.84% (below 0%: shrinking) 39.76% 8.90% Compare
WEX WEX Inc. $6.0B 15.4× 14.8× +12.76% (above 0%: growing) +69.05% (above 0%: growing) −117.04% (below 0%: shrinking) 63.16% 30.61% Compare
ACIW ACI Worldwide, Inc. $5.9B 26.6× 21.6× +7.27% (above 0%: growing) +158.33% (above 0%: growing) +35.07% (above 0%: growing) 42.18% 10.37% Compare
BOX Box, Inc. $5.9B 59.9× 109× +9.23% (above 0%: growing) +66.67% (above 0%: growing) +65.84% (above 0%: growing) 79.08% 10.16% Compare
MBGL Mobility Global Inc. $5.7B — — — — — 71.37% 17.52% Compare
VRNS Varonis Systems, Inc. $5.7B — (loss-making) — (loss-making) +18.31% (above 0%: growing) n/m +15.62% (above 0%: growing) 75.27% (22.57%)
RELY Remitly Global, Inc. $5.4B 17.5× 16.3× +20.23% (above 0%: growing) +3,166.67% (above 0%: growing) +197.33% (above 0%: growing) 62.07% 13.47% Compare
TENB Tenable Holdings, Inc. $5.2B 345× 222× +9.49% (above 0%: growing) +418.50% (above 0%: growing) +24.39% (above 0%: growing) 77.81% 6.05% Compare
BB BlackBerry Limited $4.8B 61.1× 60.2× +26.00% (above 0%: growing) +200.00% (above 0%: growing) +1,470.59% (above 0%: growing) 77.83% 20.58% Compare
Median of peers $5.8B 26.6× 21.6× +9.49% +158.33% +35.07% 67.27% 11.92%

All 184 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 17 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.38m (3.65m) 60.14
2024 14.50m 20.28m 81.46
2023 14.11m 50.97m 83.02
2022 9.62m (8.87m) 43.89
2021 10.37m 12.72m 89.44

Ownership

Directors and executive officers, together 3.00%
BlackRock, Inc. 9.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Varonis Systems, Inc. (VRNS) Latest News

2 Nov

Impact 4 · · NYSE

28 Oct

Impact 4 · · TheStreet

20 Oct

Impact 4 · · GlobeNewswire

19 Oct

Impact 4 · · The Fly

17 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

16 Oct

Impact 4 · · StockStory
Impact 4 · · verdict.co.uk

15 Oct

Impact 4 · · Investing.com
Impact 4 · · GlobeNewswire

17 Sep

Impact 4 ·

2 Sep

Impact 4 · · Stocktwits
Impact 4 ·

3 Aug

Impact 4 ·

29 Jul

Impact 4 · transcript

23 Jun

Impact 4 · · Insider Monkey
Impact 4 · · Proactive Investors
Impact 4 · · Barrons.com

9 Jun

Impact 4 · · Simply Wall St.

10 May

Impact 4 · · Insider Monkey

29 Apr

Impact 4 ·
Impact 4 · · Moby
Impact 4 · · GuruFocus.com

28 Apr

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · StockStory
Impact 4 · · GlobeNewswire

17 Apr

Impact 4 · · Simply Wall St.

VRNS metrics, ten years each

stockrow.com/VRNS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com