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Varonis Systems, Inc. (VRNS) vs WEX Inc. (WEX)

Varonis Systems, Inc. and WEX Inc. are both Software Infrastructure companies. Varonis Systems, Inc. and WEX Inc. are of similar size ($5.9B and $5.6B). Varonis Systems, Inc. has negative trailing earnings, so its P/E is not meaningful; WEX Inc. trades at 15.3×. Varonis Systems, Inc. grew revenue faster over the last twelve months: 17.6% against 9.75%. WEX Inc. has the higher net margin (14.0% vs −21.4%) and the higher return on invested capital (0.00% vs −11.5%). Across the 18 metrics below, WEX Inc. leads on 11 and Varonis Systems, Inc. on 7.

Valuation

Metric VRNS WEX Software Infrastructure median
P/E n/m 15.32 24.43
P/S 7.83 2.13 2.81
P/B 12.92 5.31 2.88
Price to free cash flow 48.68 n/m 17.94
EV/EBITDA n/m 5.00 14.51
EV/Sales 7.49 1.91 2.91
Earnings yield (2.73%) 6.53% 0.00%
Free cash flow yield 2.05% (5.72%) 0.49%

Profitability

Metric VRNS WEX Software Infrastructure median
Gross margin 76.32% 60.39% 57.45%
Operating margin (22.78%) 26.61% 0.00%
Net margin (21.38%) 14.04% 0.00%
Free cash flow margin 16.08% (12.15%) 0.00%
Return on equity (29.48%) 35.63% 0.00%
Return on assets (9.19%) 2.64% 0.00%
Return on invested capital (11.48%) 0.00% 0.00%

Growth

Metric VRNS WEX Software Infrastructure median
Revenue growth (TTM) 17.63% 9.75% 14.28%
EPS growth (last fiscal year) (31.40%) 12.93% 18.26%
Revenue growth, 5-year CAGR 16.33% 11.27% 16.15%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric VRNS WEX Software Infrastructure median
Debt to equity 1.05 3.00 0.02
Current ratio 1.47 1.03 1.53
Net debt to EBITDA 6.77 (2.49) 0.05

Dividend

Metric VRNS WEX Software Infrastructure median
Dividend yield — — 1.06%
Payout ratio — — 0.29

Size

Metric VRNS WEX Software Infrastructure median
Market cap 5.62b 5.91b 661.51m

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