VRNS

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Varonis Systems, Inc.

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Key Metrics

Previous Close: $42.28
52-Week Range: $19.70 – $63.90
Market Cap: $4.69B
P/E (TTM): —
EPS (TTM): -1.22
Dividend Yield: —

Advanced Metrics

Price/Book: 10.56
PEG Ratio: 7.38
Return on Equity: -35.97%
Return on Assets: -5.72%
Gross Margin: 77.07%
Operating Margin: -22.56%
Profit Margin: -20.55%
Current Ratio: 1.65
Debt/Equity: 1.19
Total Debt: $528.37M
Free Cash Flow: $138.68M
Revenue Growth: 18.30%
Earnings Growth: —
Enterprise Value: $4.69B

VRNS Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$473.63M	$499.16M	$550.95M	$623.53M
Cost of Revenue	$69.84M	$71.75M	$93.85M	$131.97M
Gross Profit	$403.80M	$427.41M	$457.10M	$491.56M
Research & Development	$177.88M	$183.84M	$196.76M	$237.81M
Selling, General & Admin	$347.14M	$360.79M	$377.99M	$400.26M
Operating Expenses	$525.03M	$544.63M	$574.75M	$638.07M
Operating Income	-$121.23M	-$117.22M	-$117.65M	-$146.51M
EBITDA	-$95.47M	-$72.02M	-$67.31M	-$97.44M
Pretax Income	-$110.81M	-$86.92M	-$83.01M	-$116.32M
Income Tax	$13.70M	$14.00M	$12.76M	$13.00M
Net Income	-$124.52M	-$100.92M	-$95.77M	-$129.32M
Diluted EPS	-1.14	-0.92	-0.86	-1.13
Diluted Shares	109.28M	109.14M	111.66M	114.41M

VRNS Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$367.80M	$230.74M	$185.59M	$202.48M
Receivables	$143.16M	$184.52M	$238.88M	$289.34M
Current Assets	$905.66M	$767.16M	$878.07M	$1.30B
Total Assets	$1.04B	$1.10B	$1.66B	$1.79B
Current Liabilities	$228.74M	$306.78M	$709.88M	$658.96M
Long-Term Debt	$248.96M	$250.48M	$450.24M	$452.26M
Total Debt	$316.46M	$311.84M	$754.41M	$521.75M
Total Liabilities	$541.61M	$614.26M	$1.21B	$1.19B
Retained Earnings	-$543.47M	-$644.39M	-$740.15M	-$869.48M
Shareholders' Equity	$502.13M	$489.65M	$455.66M	$598.66M
Working Capital	$676.91M	$460.38M	$168.19M	$639.60M
Net Debt	—	$19.74M	$515.19M	$249.78M

VRNS Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$11.87M	$59.42M	$115.20M	$147.43M
Capital Expenditure	-$11.40M	-$5.10M	-$13.35M	-$15.52M
Free Cash Flow	$475.00K	$54.32M	$101.85M	$131.91M
Depreciation & Amortisation	$12.18M	$11.70M	$11.13M	$12.31M
Stock-Based Compensation	$142.86M	$139.82M	$126.68M	$130.24M
Investing Cash Flow	-$374.25M	-$143.08M	-$532.25M	-$837.00K
Financing Cash Flow	-$75.58M	-$53.40M	$371.90M	-$129.70M
Share Repurchases	-$56.44M	-$43.52M	$0.00	-$115.00M
Net Change in Cash	-$437.96M	-$137.06M	-$45.16M	$16.90M

VRNS Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$152.16M	$161.58M	$173.37M	$173.13M	$180.02M
Cost of Revenue	$31.25M	$35.15M	$36.56M	$41.57M	$44.51M
Gross Profit	$120.91M	$126.43M	$136.81M	$131.56M	$135.51M
Research & Development	$56.25M	$62.74M	$64.62M	$69.76M	$73.34M
Selling, General & Admin	$101.22M	$99.63M	$102.45M	$105.20M	$102.80M
Operating Expenses	$157.47M	$162.36M	$167.07M	$176.04M	$176.14M
Operating Income	-$36.55M	-$35.93M	-$30.26M	-$44.48M	-$40.63M
EBITDA	-$33.98M	-$32.96M	$10.85M	-$40.13M	-$33.45M
Pretax Income	-$31.59M	-$28.13M	-$24.79M	-$40.03M	-$41.39M
Income Tax	$4.24M	$1.81M	$2.98M	-$3.18M	$5.42M
Net Income	-$35.82M	-$29.94M	-$27.77M	-$36.85M	-$46.81M
Diluted EPS	-0.32	-0.26	-0.24	-0.32	-0.41
Diluted Shares	112.05M	114.97M	117.85M	115.79M	114.82M

VRNS Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$199.23M	$157.35M	$202.48M	$179.34M	$233.64M
Receivables	$149.70M	$142.63M	$289.34M	$156.62M	$150.90M
Current Assets	$1.07B	$961.39M	$1.30B	$1.08B	$996.95M
Total Assets	$1.62B	$1.67B	$1.79B	$1.63B	$1.65B
Current Liabilities	$771.40M	$531.91M	$658.96M	$638.61M	$605.94M
Long-Term Debt	$451.25M	$451.75M	$452.26M	$452.77M	$453.28M
Total Debt	$742.26M	$511.68M	$521.75M	$511.20M	$516.13M
Total Liabilities	$1.27B	$1.06B	$1.19B	$1.18B	$1.21B
Retained Earnings	-$811.76M	-$841.70M	-$869.48M	-$906.33M	-$953.14M
Shareholders' Equity	$341.50M	$604.84M	$598.66M	$453.51M	$444.49M
Working Capital	$296.96M	$429.47M	$639.60M	$442.42M	$391.01M
Net Debt	$503.16M	$294.40M	$249.78M	$273.43M	$219.63M

VRNS Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$21.35M	$33.40M	$24.68M	$55.04M	$25.08M
Capital Expenditure	-$4.03M	-$4.50M	-$4.33M	-$6.02M	-$5.05M
Free Cash Flow	$17.32M	$28.89M	$20.36M	$49.02M	$20.03M
Depreciation & Amortisation	$2.57M	$2.98M	$4.34M	$4.35M	$7.18M
Stock-Based Compensation	$33.86M	$31.55M	$32.58M	$33.74M	$34.62M
Investing Cash Flow	$69.95M	-$81.69M	$35.92M	$63.33M	$36.19M
Financing Cash Flow	-$45.17M	$6.42M	-$15.48M	-$141.52M	-$6.96M
Share Repurchases	-$38.74M	$0.00	-$15.00M	-$135.00M	$0.00
Net Change in Cash	$46.12M	-$41.88M	$45.13M	-$23.14M	$54.30M

Market Snapshot

About

Varonis Systems, Inc. provides data security and analytics software that allows enterprises to protect, analyze, and visualize their unstructured data. The company helps organizations secure sensitive information from insider threats and cyberattacks by focusing on data-centric security. Varonis solutions are used by thousands of organizations worldwide across various industries.