Bullish (BLSH) vs Varonis Systems, Inc. (VRNS)

Bullish and Varonis Systems, Inc. are both Software Infrastructure companies. Bullish and Varonis Systems, Inc. are of similar size ($6.0B and $5.5B). Varonis Systems, Inc. grew revenue faster over the last twelve months: 15.6% against −26.5%. Bullish has the higher net margin (−0.72% vs −20.6%) and the lower return on invested capital (−56.9% vs −47.4%). Across the 18 metrics below, Varonis Systems, Inc. leads on 10 and Bullish on 8.

Valuation

Metric BLSH VRNS Software Infrastructure median
P/E n/m n/m 28.02
P/S 0.03 7.72 3.07
P/B 2.32 11.95 3.36
Price to free cash flow 49.01 44.89 17.12
EV/EBITDA n/m n/m 14.91
EV/Sales 0.03 7.36 3.03
Earnings yield (24.53%) (2.66%) 0.13%
Free cash flow yield 2.04% 2.23% 1.15%

Profitability

Metric BLSH VRNS Software Infrastructure median
Gross margin 0.16% 77.07% 61.23%
Operating margin (0.78%) (21.99%) 0.00%
Net margin (0.72%) (20.55%) 0.00%
Free cash flow margin 0.06% 17.19% 1.67%
Return on equity (55.08%) (35.97%) 0.59%
Return on assets (43.56%) (8.65%) 0.00%
Return on invested capital (56.90%) (47.40%) 0.00%

Growth

Metric BLSH VRNS Software Infrastructure median
Revenue growth (TTM) (26.47%) 15.61% 13.41%
EPS growth (last fiscal year) (991.95%) (31.40%) —
Revenue growth, 5-year CAGR — 16.33% 15.81%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BLSH VRNS Software Infrastructure median
Debt to equity 0.20 1.02 0.06
Current ratio 23.52 1.65 1.55
Net debt to EBITDA 1.40 6.77 0.08

Dividend

Metric BLSH VRNS Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio — 0.00 0.00

Size

Metric BLSH VRNS Software Infrastructure median
Market cap 5.97b 5.51b 835.96m

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