Varonis Systems
VRNS
48.96
-0.12
-0.24%
Varonis Systems
US · VRNS
#2032 by market cap
Listed 1970
48.96
-0.12
-0.24%
Live - 5344 symbols - heartbeat 8s ago
· 2026-10-08 08:18
Pre-market
49.25
+0.59%
After-hours
49.60
+1.31%
Overnight
49.24
+0.57%
- Market cap
- 5.62B
- P/E (TTM)i
- -40.13
- P/Bi
- 12.65
- EPSi
- -1.13
- Div yieldi
- 0.00%
- 52W posi
- 66%
Reader sentiment
Are you bullish or bearish on VRNS?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Fair
- Altman Z-Score is 2.66, in the 1.8-3.0 "grey zone".
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +13.17% YoY
Margins
- Gross margin
- 78.83%
- Operating margin
- -23.50%
- Net margin
- -20.74%
Key ratios & quality
- Enterprise valuei
- 5.16B
- Altman Z-Scorei
- 2.66
Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 270.29M | 254.19M | 292.69M | 390.13M | 473.63M | 499.16M | 550.95M | 623.53M |
| Gross profit | 242.61M | 219.05M | 248.43M | 330.74M | 403.80M | 427.41M | 457.10M | 491.56M |
| Selling & admin expenses | 201.77M | 214.27M | 227.48M | 291.55M | 347.15M | 360.79M | 377.99M | 400.26M |
| Research & development | 69.97M | 80.76M | 99.36M | 137.88M | 177.88M | 183.84M | 196.77M | 237.81M |
| Operating profit | -29.14M | -75.99M | -78.42M | -98.69M | -121.23M | -117.22M | -117.65M | -146.51M |
| Pretax profit | -28.17M | -76.38M | -85.90M | -110.84M | -110.82M | -86.92M | -83.01M | -116.32M |
| Tax | 413.00K | 2.39M | 8.11M | 6.02M | 13.70M | 14.00M | 12.76M | 13.00M |
| Net profit | -28.58M | -78.76M | -94.01M | -116.86M | -124.52M | -100.92M | -95.77M | -129.32M |
| Basic EPS | 0 | -1 | -1 | -1 | -1 | -1 | -1 | -1 |
| Diluted EPS | -0.33 | -0.87 | -1.00 | -1.11 | -1.14 | -0.92 | -0.86 | -1.13 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 136.42M | 152.16M | 161.58M | 173.37M | 173.13M | 180.02M |
| Gross profit | 107.41M | 120.91M | 126.43M | 136.81M | 131.56M | 135.51M |
| Selling & admin expenses | 96.36M | 101.22M | 99.63M | 102.45M | 105.20M | 102.80M |
| Research & development | 54.21M | 56.25M | 62.74M | 64.62M | 69.76M | 73.34M |
| Operating profit | -43.77M | -36.55M | -35.93M | -30.26M | -44.48M | -40.63M |
| Pretax profit | -31.82M | -31.59M | -28.13M | -24.79M | -40.04M | -41.39M |
| Tax | 3.97M | 4.24M | 1.81M | 2.98M | -3.18M | 5.42M |
| Net profit | -35.78M | -35.82M | -29.94M | -27.78M | -36.85M | -46.81M |
| Basic EPS | 0 | 0 | 0 | 0 | 0 | 0 |
| Diluted EPS | -0.32 | -0.32 | -0.26 | -0.24 | -0.32 | -0.41 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 259.09M | 214.88M | 419.85M | 959.21M | 905.66M | 767.16M | 878.07M | 1.30B |
| Cash & ST investments | 158.92M | 120.46M | 298.26M | 807.61M | 732.49M | 533.72M | 568.42M | 920.97M |
| Inventory | -- | -- | -- | -- | -- | -- | -- | -- |
| Total assets | 284.98M | 318.31M | 555.48M | 1.11B | 1.04B | 1.10B | 1.66B | 1.79B |
| Total current liabilities | 146.34M | 159.58M | 182.64M | 211.77M | 228.74M | 306.78M | 709.89M | 658.96M |
| Short-term debt | -- | -- | -- | 8.79M | 9.87M | 10.05M | 261.37M | 9.74M |
| Long-term debt | -- | -- | 218.46M | 225.33M | 248.96M | 250.48M | 450.24M | 452.26M |
| Total liabilities | 159,608,000.00 | 224,780,000.00 | 461,411,000.00 | 511,944,000.00 | 541,607,000.00 | 614,262,000.00 | 1,208,619,000.00 | 1,192,956,000.00 |
| Total equity | 125.37M | 93.53M | 94.07M | 596.59M | 502.13M | 489.65M | 455.66M | 598.66M |
| Retained earnings | -137.97M | -216.73M | -310.74M | -427.60M | -543.47M | -644.39M | -740.16M | -869.48M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 818.09M | 1.07B | 961.39M | 1.30B | 1.08B | 996.95M |
| Cash & ST investments | 609.22M | 807.45M | 707.92M | 920.97M | 785.91M | 698.27M |
| Inventory | -- | -- | -- | -- | -- | -- |
| Total assets | 1.58B | 1.62B | 1.67B | 1.79B | 1.63B | 1.65B |
| Total current liabilities | 710.11M | 771.40M | 531.91M | 658.96M | 638.61M | 605.94M |
| Short-term debt | 250.91M | 251.15M | -- | 9.74M | -- | -- |
| Long-term debt | 450.75M | 451.25M | 451.75M | 452.26M | 452.77M | 453.28M |
| Total liabilities | 1,209,351,000.00 | 1,273,513,000.00 | 1,060,171,000.00 | 1,192,956,000.00 | 1,181,064,000.00 | 1,209,902,000.00 |
| Total equity | 367.74M | 341.50M | 604.84M | 598.66M | 453.51M | 444.49M |
| Retained earnings | -775.94M | -811.76M | -841.70M | -869.48M | -906.33M | -953.14M |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 23.55M | -10.68M | -5.84M | 7.18M | 11.87M | 59.42M | 115.20M | 147.43M |
| Depreciation & amortization | 4.16M | 6.32M | 10.17M | 10.89M | 12.18M | 11.70M | 11.13M | 12.31M |
| Free cash flow | 13.96M | -36.08M | -15.96M | -3.31M | 475.00K | 54.32M | 101.85M | 131.91M |
| Dividends paid | -- | -- | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | -- | 0 | 0 | 500.03M | -56.44M | -43.52M | 0 | -115.00M |
| Ending cash balance | 48.71M | 68.93M | 234.09M | 805.76M | 367.80M | 230.74M | 185.59M | 202.48M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 68.00M | 21.35M | 33.40M | 24.68M | 55.04M | 25.08M |
| Depreciation & amortization | 2.42M | 2.57M | 2.98M | 4.35M | 4.35M | 7.18M |
| Free cash flow | 65.34M | 17.32M | 28.89M | 20.36M | 49.02M | 20.03M |
| Dividends paid | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | -61.26M | -38.74M | 0 | -15.00M | -135.00M | 0 |
| Ending cash balance | 153.11M | 199.23M | 157.35M | 202.48M | 179.34M | 233.64M |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | -25.18 | -71.96 | -100.22 | -33.84 | -22.67 | -20.35 | -20.26 | -24.53 |
| ROA %i | -11.05 | -26.11 | -21.52 | -14.05 | -11.57 | -9.40 | -6.92 | -7.48 |
| ROIC %i | -26.30 | -48.20 | -35.94 | -18.23 | -15.15 | -15.52 | -11.55 | -14.04 |
| 5-year avg ROE %i | -30.66 | -30.14 | -45.42 | -48.77 | -50.50 | -49.81 | -39.47 | -24.33 |
| EBIT margin %i | -10.78 | -29.89 | -28.66 | -27.60 | -22.73 | -16.77 | -14.24 | -17.60 |
| FCF / sales %i | 5.17 | -- | -- | -- | 0.10 | 10.88 | 18.49 | 21.16 |
| Current ratioi | 1.77 | 1.35 | 2.30 | 4.53 | 3.96 | 2.50 | 1.24 | 1.97 |
| Quick ratioi | 1.67 | 1.23 | 2.16 | 4.38 | 3.83 | 2.34 | 1.14 | 1.84 |
| Debt / assetsi | 0.00 | 17.92 | 49.15 | 27.32 | 30.32 | 28.25 | 45.33 | 29.12 |
| LT debt / equityi | -- | 60.98 | 290.21 | 49.28 | 61.06 | 61.63 | 108.20 | 85.53 |
| Interest coveragei | -- | -- | -41.59 | -33.99 | -33.99 | -26.19 | -17.16 | -16.71 |
| Revenue CAGR (3Y) %i | 28.56 | 15.29 | 10.76 | 13.01 | 23.05 | 19.48 | 12.19 | 9.60 |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- | -- | 552.42 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | -22.21 | -25.73 | -22.17 | -24.53 | -31.76 | -35.97 |
| ROA %i | -6.92 | -7.60 | -7.19 | -7.48 | -8.12 | -8.65 |
| ROIC %i | -11.15 | -12.15 | -13.41 | -14.04 | -17.09 | -15.77 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | -13.01 | -13.83 | -15.54 | -17.60 | -16.73 | -16.65 |
| FCF / sales %i | 19.32 | 19.69 | 21.60 | 21.16 | 17.51 | 17.19 |
| Current ratioi | 1.15 | 1.38 | 1.81 | 1.97 | 1.69 | 1.65 |
| Quick ratioi | 1.03 | 1.24 | 1.60 | 1.84 | 1.48 | 1.40 |
| Debt / assetsi | 47.06 | 45.96 | 30.73 | 29.12 | 31.27 | 31.20 |
| LT debt / equityi | 133.60 | 143.81 | 84.60 | 85.53 | 112.72 | 116.12 |
| Interest coveragei | -- | -- | -- | -16.71 | -- | -- |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
Revenue breakdown most recent period
Business
Single segment100.00%
Quote time 2026-10-08 08:18:46 · For reference only, not investment advice and not tailored to your situation.