NASDAQ : VRNS
Varonis Systems, Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 48.85 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.61B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Varonis Systems, Inc. (VRNS) reported revenue of 688.10M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 688.10M | 623.53M | 550.95M | 499.16M | 473.63M | 390.13M |
| Cost of Revenue | 157.79M | 131.97M | 93.85M | 71.75M | 69.84M | 59.40M |
| Gross Profit | 530.31M | 491.56M | 457.10M | 427.41M | 403.80M | 330.74M |
| Selling, General & Admin | 409.41M | 399.60M | 377.99M | 360.79M | 347.14M | 291.55M |
| Research & Development | 270.46M | 237.81M | 196.76M | 183.84M | 177.88M | 137.88M |
| Operating Expenses | 679.87M | 637.41M | 574.75M | 544.63M | 525.03M | 429.43M |
| Operating Income | -149.56M | -145.85M | -117.65M | -117.22M | -121.23M | -98.69M |
| Interest Expense | -9.48M | -11.81M | -6.71M | -4.71M | -4.65M | -10.04M |
| Interest & Investment Income | 43.62M | 49.95M | 30.36M | 25.21M | 10.07M | 164.00K |
| Currency Exchange Gain (Loss) | -7.15M | -7.15M | -827.00K | 916.00K | 5.15M | -1.70M |
| Other Non Operating Income (Expenses) | -8.93M | -794.00K | -859.00K | -461.00K | -495.00K | -572.00K |
| EBT Excluding Unusual Items | -131.50M | -115.66M | -95.70M | -96.27M | -111.16M | -110.84M |
| Merger & Restructuring Charges | -1.75M | -662.00K | ||||
| Gain (Loss) on Sale of Investments | -1.10M | 12.69M | 9.35M | 344.00K | ||
| Pretax Income | -134.35M | -116.32M | -83.01M | -86.92M | -110.81M | -110.84M |
| Income Tax Expense | 7.03M | 13.00M | 12.76M | 14.00M | 13.70M | 6.02M |
| Net Income | -141.38M | -129.32M | -95.77M | -100.92M | -124.52M | -116.86M |
| Net Income to Common | -141.38M | -129.32M | -95.77M | -100.92M | -124.52M | -116.86M |
| Shares Outstanding (Basic) | 115.89M | 114.41M | 111.66M | 109.14M | 109.28M | 105.31M |
| Shares Outstanding (Diluted) | 115.89M | 114.41M | 111.66M | 109.14M | 109.28M | 105.31M |
| EPS (Basic) | -1.22 | -1.13 | -0.86 | -0.92 | -1.14 | -1.11 |
| EPS (Diluted) | -1.22 | -1.13 | -0.86 | -0.92 | -1.14 | -1.11 |
| Free Cash Flow | 121.94M | 134.80M | 108.51M | 54.32M | 475.00K | -3.31M |
| Free Cash Flow Per Share | 1.05 | 1.18 | 0.97 | 0.50 | 0.00 | -0.03 |
| Gross Margin | 77.07% | 78.83% | 82.97% | 85.63% | 85.26% | 84.78% |
| Operating Margin | -21.73% | -23.39% | -21.35% | -23.48% | -25.60% | -25.30% |
| Profit Margin | -20.55% | -20.74% | -17.38% | -20.22% | -26.29% | -29.95% |
| Free Cash Flow Margin | 17.72% | 21.62% | 19.69% | 10.88% | 0.10% | -0.85% |
| EBITDA | -130.70M | -133.54M | -106.53M | -105.52M | -109.05M | -87.81M |
| EBITDA Margin | -19.00% | -21.42% | -19.34% | -21.14% | -23.02% | -22.51% |
| D&A For EBITDA | 18.86M | 12.31M | 11.13M | 11.70M | 12.18M | 10.89M |
| EBIT | -149.56M | -145.85M | -117.65M | -117.22M | -121.23M | -98.69M |
| EBIT Margin | -21.73% | -23.39% | -21.35% | -23.48% | -25.60% | -25.30% |
| Revenue as Reported | 688.10M | 623.53M | 550.95M | 499.16M | 473.63M | 390.13M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 233.64M | 202.48M | 185.59M | 230.74M | 367.80M | 805.76M |
| Short-Term Investments | 464.62M | 718.48M | 382.83M | 304.01M | 365.09M | 2.17M |
| Cash & Short-Term Investments | 698.27M | 920.97M | 568.42M | 534.75M | 732.89M | 807.94M |
| Accounts Receivable | 150.90M | 242.82M | 192.83M | 169.12M | 135.98M | 117.18M |
| Other Receivables | 46.52M | 46.05M | 15.41M | 7.18M | 3.33M | |
| Receivables | 150.90M | 289.34M | 238.88M | 184.52M | 143.16M | 120.51M |
| Prepaid Expenses | 121.29M | 20.92M | 28.54M | 22.78M | 10.22M | 6.75M |
| Other Current Assets | 26.50M | 67.33M | 42.23M | 25.10M | 19.39M | 24.01M |
| Total Current Assets | 996.95M | 1.30B | 878.07M | 767.16M | 905.66M | 959.21M |
| Property, Plant & Equipment | 102.14M | 93.71M | 76.39M | 85.80M | 95.81M | 102.05M |
| Long-Term Investments | 213.26M | 187.20M | 658.90M | 211.06M | ||
| Goodwill | 215.08M | 135.28M | 23.14M | 23.14M | 23.14M | 23.14M |
| Other Intangible Assets | 56.01M | 16.69M | 1.26M | 2.79M | 4.31M | |
| Other Long-Term Assets | 70.95M | 60.18M | 27.78M | 15.49M | 16.34M | 19.84M |
| Total Assets | 1.65B | 1.79B | 1.66B | 1.10B | 1.04B | 1.11B |
| Accounts Payable | 12.33M | 5.74M | 4.31M | 672.00K | 2.96M | 5.32M |
| Accrued Expenses | 160.45M | 213.16M | 151.18M | 115.00M | 97.91M | 93.37M |
| Current Portion of Long-Term Debt | 250.53M | |||||
| Current Portion of Leases | 12.24M | 9.74M | 10.85M | 10.05M | 9.87M | 8.79M |
| Current Unearned Revenue | 420.20M | 427.81M | 290.11M | 181.05M | 110.55M | 104.22M |
| Other Current Liabilities | 717.00K | 2.52M | 2.90M | 7.00K | 7.45M | 62.00K |
| Total Current Liabilities | 605.94M | 658.96M | 709.88M | 306.78M | 228.74M | 211.77M |
| Long-Term Debt | 453.28M | 452.26M | 450.24M | 250.48M | 248.96M | 225.33M |
| Long-Term Leases | 62.85M | 59.75M | 42.79M | 51.31M | 57.63M | 68.69M |
| Long-Term Unearned Revenue | 15.37M | 14.41M | 2.21M | 886.00K | 1.50M | 2.57M |
| Pension & Post-Retirement Benefits | 3.01M | 2.95M | 2.74M | 2.36M | 2.88M | |
| Other Long-Term Liabilities | 72.46M | 4.57M | 539.00K | 2.06M | 2.41M | 706.00K |
| Total Liabilities | 1.21B | 1.19B | 1.21B | 614.26M | 541.61M | 511.94M |
| Common Stock | 115.00K | 118.00K | 113.00K | 109.00K | 108.00K | 108.00K |
| Additional Paid-In Capital | 1.37B | 1.44B | 1.19B | 1.14B | 1.06B | 1.02B |
| Retained Earnings | -953.14M | -869.48M | -740.15M | -644.39M | -543.47M | -427.60M |
| Comprehensive Income & Other | 27.16M | 23.13M | 2.68M | -8.65M | -9.56M | 6.08M |
| Shareholders' Equity | 444.49M | 598.66M | 455.66M | 489.65M | 502.12M | 596.59M |
| Total Liabilities & Equity | 1.65B | 1.79B | 1.66B | 1.10B | 1.04B | 1.11B |
| Total Debt | 528.37M | 521.75M | 754.41M | 311.84M | 316.46M | 302.82M |
| Net Cash (Debt) | 383.15M | 586.42M | 472.91M | 433.98M | 416.43M | 505.12M |
| Net Cash Per Share | 3.31 | 5.13 | 4.24 | 3.98 | 3.81 | 4.80 |
| Filing Date Shares Outstanding | 114.86M | 117.45M | 112.55M | 109.10M | 107.62M | 107.51M |
| Total Common Shares Outstanding | 114.85M | 117.55M | 112.55M | 109.10M | 107.67M | 107.51M |
| Working Capital | 391.01M | 639.60M | 168.19M | 460.38M | 676.91M | 747.44M |
| Book Value Per Share | 3.87 | 5.09 | 4.05 | 4.49 | 4.66 | 5.55 |
| Tangible Book Value | 173.41M | 446.69M | 432.52M | 465.25M | 476.20M | 569.14M |
| Tangible Book Value Per Share | 1.51 | 3.80 | 3.84 | 4.26 | 4.42 | 5.29 |
| Machinery | 38.82M | 37.01M | 33.61M | 34.72M | 29.98M | |
| Leasehold Improvements | 49.79M | 45.06M | 45.88M | 45.52M | 42.42M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -141.38M | -129.32M | -95.77M | -100.92M | -124.52M | -116.86M |
| Depreciation & Amortization | 18.86M | 12.31M | 11.13M | 11.70M | 12.18M | 10.89M |
| Other Amortization | 59.57M | 54.90M | 56.54M | 54.59M | 50.85M | 21.02M |
| Loss (Gain) From Sale of Assets | -21.00K | |||||
| Asset Writedown & Restructuring Costs | 6.65M | |||||
| Loss (Gain) From Sale of Investments | 3.36M | 2.27M | -12.69M | -9.35M | -344.00K | |
| Stock-Based Compensation | 132.49M | 130.24M | 126.68M | 139.82M | 142.86M | 109.78M |
| Other Operating Activities | 2.69M | 9.81M | 9.53M | 9.47M | 9.30M | 8.23M |
| Change in Accounts Receivable | 368.00K | -52.55M | -23.72M | -33.14M | -18.80M | -22.95M |
| Change in Accounts Payable | 5.02M | 1.23M | 3.64M | -2.29M | -2.36M | 4.47M |
| Change in Unearned Revenue | 107.33M | 148.07M | 110.39M | 69.88M | 5.27M | 5.42M |
| Change in Other Net Operating Assets | -50.11M | -29.51M | -77.18M | -80.34M | -62.55M | -12.82M |
| Operating Cash Flow | 138.21M | 147.43M | 115.20M | 59.42M | 11.87M | 7.18M |
| Capital Expenditures | -16.26M | -12.63M | -6.69M | -5.10M | -11.40M | -10.49M |
| Sale of Property, Plant & Equipment | 21.00K | |||||
| Cash Acquisitions | -218.55M | -123.51M | ||||
| Sale (Purchase) of Intangibles | -3.64M | -2.89M | -6.65M | |||
| Investment in Securities | 290.70M | 138.20M | -518.91M | -137.98M | -362.88M | 64.87M |
| Other Investing Activities | 1.50M | |||||
| Investing Cash Flow | 53.75M | -837.00K | -532.25M | -143.08M | -374.25M | 54.38M |
| Long-Term Debt Issued | 449.63M | |||||
| Long-Term Debt Repaid | -137.00K | |||||
| Net Debt Issued (Repaid) | -137.00K | -137.00K | 449.63M | |||
| Issuance of Common Stock | 18.31M | 14.60M | 16.08M | 11.54M | 11.94M | 511.15M |
| Repurchase of Common Stock | -172.21M | -144.16M | -38.30M | -64.94M | -87.52M | -1.04M |
| Other Financing Activities | -3.50M | -55.52M | ||||
| Financing Cash Flow | -157.54M | -129.70M | 371.90M | -53.40M | -75.58M | 510.11M |
| Net Cash Flow | 34.41M | 16.90M | -45.16M | -137.06M | -437.96M | 571.67M |
| Free Cash Flow | 121.94M | 134.80M | 108.51M | 54.32M | 475.00K | -3.31M |
| Free Cash Flow Margin | 17.72% | 21.62% | 19.69% | 10.88% | 0.10% | -0.85% |
| Free Cash Flow Per Share | 1.05 | 1.18 | 0.97 | 0.50 | 0.00 | -0.03 |
| Levered Free Cash Flow | 138.68M | 216.16M | 177.80M | 143.02M | 110.22M | 53.54M |
| Unlevered Free Cash Flow | 142.39M | 220.57M | 179.85M | 144.45M | 111.64M | 52.94M |
| Cash Interest Paid | 6.08M | 7.72M | 3.19M | 3.20M | 3.17M | 3.20M |
| Cash Income Tax Paid | 3.58M | 24.25M | 16.09M | 7.35M | 8.51M | |
| Change in Working Capital | 62.62M | 67.23M | 13.13M | -45.89M | -78.44M | -25.88M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.60B | 3.87B | 5.00B | 4.93B | 2.64B | 5.24B |
| Enterprise Value | 5.22B | 3.28B | 4.54B | 4.51B | 2.17B | 4.72B |
| Last Close Price | 48.75 | 32.80 | 44.43 | 45.28 | 23.94 | 48.78 |
| Forward PE | 222.40 | 128.07 | 154.00 | 131.97 | 110.89 | 197.66 |
| PS Ratio | 8.14 | 6.20 | 9.07 | 9.88 | 5.57 | 13.42 |
| PB Ratio | 12.60 | 6.46 | 10.97 | 10.07 | 5.25 | 8.78 |
| P/TBV Ratio | 32.29 | 8.66 | 11.55 | 10.60 | 5.54 | 9.20 |
| P/FCF Ratio | 45.92 | 28.69 | 46.05 | 90.83 | 5,555.09 | |
| P/OCF Ratio | 40.52 | 26.23 | 43.38 | 83.03 | 222.28 | 729.35 |
| PEG Ratio | 5.05 | 20.84 | 11.85 | 11.00 | 4.41 | 15.25 |
| EV/Sales Ratio | 7.58 | 5.27 | 8.24 | 9.04 | 4.57 | 12.11 |
| EV/FCF Ratio | 42.78 | 24.36 | 41.85 | 83.09 | 4,558.94 | |
| Debt / Equity Ratio | 1.19 | 0.87 | 1.66 | 0.64 | 0.63 | 0.51 |
| Debt / FCF Ratio | 4.33 | 3.87 | 6.95 | 5.74 | 666.24 | |
| Net Debt / Equity Ratio | -0.86 | -0.98 | -1.04 | -0.89 | -0.83 | -0.85 |
| Net Debt / EBITDA Ratio | 2.93 | 4.39 | 4.44 | 4.11 | 3.82 | 5.75 |
| Net Debt / FCF Ratio | -3.14 | -4.35 | -4.36 | -7.99 | -876.70 | 152.51 |
| Asset Turnover | 0.42 | 0.36 | 0.40 | 0.47 | 0.44 | 0.47 |
| Quick Ratio | 1.40 | 1.84 | 1.14 | 2.35 | 3.83 | 4.38 |
| Current Ratio | 1.65 | 1.97 | 1.24 | 2.50 | 3.96 | 4.53 |
| Return on Equity (ROE) | -35.98% | -24.53% | -20.26% | -20.35% | -22.67% | -33.84% |
| Return on Assets (ROA) | -5.72% | -5.27% | -5.31% | -6.82% | -7.04% | -7.41% |
| Return on Capital Employed (ROCE) | -14.30% | -12.90% | -12.30% | -14.70% | -14.90% | -11.00% |
| Earnings Yield | -2.50% | -3.34% | -1.92% | -2.05% | -4.72% | -2.23% |
| FCF Yield | 2.18% | 3.49% | 2.17% | 1.10% | 0.02% | -0.06% |
| Buyback Yield / Dilution | -3.13% | -2.46% | -2.31% | 0.13% | -3.77% | -11.63% |