Wednesday 4 November 2026 Export VRNS’s income statement to Excel — free account

Varonis Systems, Inc.

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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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

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)

Price / sales 8.16

Forward P/S Powerpack

Price / FCF 47.44

Price / book 12.63

Financial health

Current ratio Q 1.65

Debt / equity Q 1.02

Interest coverage Q (3.62)

Growth

Revenue growth Q +18.31%

Operating income growth Q −11.16%

EPS, this year −6.83%

EPS, next year A +155.94%

Revenue, next year A +18.33%

EPS, past 5 yrs —

EPS, next 5 yrs A +57.56%

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

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

−0.07 −0.03 0.02 0.06 0.10

Q3 FY25 Met 0.00

Q4 FY25 Beat +0.05

Q1 FY26 Beat +0.11

Q2 FY26 Beat +0.03

Q3 FY26 — Nov 3

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Jun ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
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	Powerpack Varonis Systems, Inc.’s next three years, line by line Analysts expect revenue to grow 17.9% a year to 2028 — faster than the 15.9% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	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

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