Varonis Systems, Inc. VRNS R2KAI
Technology · Software - Infrastructure · United States
Varonis Systems, Inc. provides software products and services that continuously discover and classify critical data, remediate exposures, and detect advanced threats with AI-powered technology in North America, Europe, APAC, and rest of worlds. The company offers Varonis Data Security Platform, a Software-as-a-Service solution which includes Data security posture management, Data access intelligence, Data discovery & classification, Discovery policy library, least privilege automation, Data activity monitoring, Data detection and response, and User & entity behavior analytics. It also provides Protection Packages, such as Microsoft 365, Windows & NAS, Hybrid, and Cloud Environments, as well as Database and Email Security Capabilities and On-Premises Subscription Products. It serves the financial services, public, healthcare, industrial, insurance, energy and utilities, technology, construction and engineering, education, and consumer and retail industries. Varonis Systems, Inc. was incorporated in 2004 and is headquartered in Miami, Florida.
READ MORE ›$34.15
-28.38% 1Y
Market & Price
Market Cap
$4.01B
Current Price
$34.15
High / Low (52W)
$63.31 / $20.19
Beta
0.80
Valuation
Stock P/E
-
Industry PE
32.74
Forward P/E
89.74
PEG Ratio
7.38
Book Value
$5.09
Price to Book
6.71
P/S
6.07
EV/EBITDA
-27.38
Dividend Yield
-
Profitability & Returns
ROCE
-9.69%
ROE
-31.75%
ROA
-5.75%
Profit Margin
-19.75%
Op Margin
-25.69%
EPS (Latest Qtr)
$-0.32
EPS (TTM)
$-1.13
Balance Sheet & Liquidity
Debt/Equity
1.15
Quick Ratio
1.48
Current Ratio
1.69
Debt
$522.17M
Total Assets
$1.79B
Current Assets
$1.30B
Working Capital
$639.60M
Ownership
Promoter Holding
2.99%
Chg in Prom Hold
-
FII / Inst Holding
99.46%
Chg in FII Hold
0.01%
Financial Snapshot
Enterprise Value
$3.66B
Total Revenue (TTM)
$660.24M
EBITDA
$-133.59M
Free Cash Flow
$179.44M
Operating Cash Flow
$134.47M
Shares Outstanding
114.81M
Gross Margin
78.11%
Payout Ratio
0.00%
Growth (CAGR)
Revenue 5Y
9.60%
Profit 5Y
-1.29%
Revenue (YoY)
26.90%
Earnings (YoY)
-
PROS
- Generates positive free cash flow.
CONS
- Earnings shrank at -1.3% CAGR over 5 years.
- Trading 46.1% below its 52-week high.
- In a downtrend (50-DMA below 200-DMA).
- RSI at 77 suggests overbought conditions.
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Technology).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | VRNS Varonis Systems, Inc. R2KAI | 34.15 | - | $4.01B | - | -9.69% | -31.75% | 9.60% | -1.29% |
| 2 | NVDA NVIDIA Corporation NDXSPXAI | 211.14 | 32.38 | $5.11T | 0.47% | 81.14% | 114.29% | 100.05% | 201.80% |
| 3 | AAPL Apple Inc. NDXSPX | 312.06 | 37.73 | $4.58T | 0.35% | 68.72% | 141.47% | 1.81% | 3.92% |
| 4 | MSFT Microsoft Corporation NDXSPXAI | 450.24 | 26.82 | $3.34T | 0.81% | 26.37% | 34.01% | 12.42% | 11.87% |
| 5 | TSM Taiwan Semiconductor Manufacturing Company Limited AI | 418.45 | 35.86 | $2.17T | 0.91% | 32.04% | 36.21% | 18.94% | 19.57% |
| 6 | MU Micron Technology, Inc. NDXSPXAI | 971.00 | 45.87 | $1.10T | 0.06% | 14.20% | 39.82% | 6.71% | -0.57% |
| 7 | AMD Advanced Micro Devices, Inc. NDXSPXAI | 516.10 | 172.61 | $841.55B | - | 6.33% | 8.06% | 13.64% | 48.64% |
| 8 | ORCL Oracle Corporation SPXAI | 225.78 | 40.46 | $649.35B | 0.89% | 13.07% | 57.57% | 10.59% | 22.81% |
| 9 | ASML ASML Holding N.V. NDXAI | 1,612.76 | 53.76 | $621.59B | 0.54% | 43.81% | 52.24% | 15.55% | 19.55% |
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Quarterly Results
Figures in USD.
| Metric | Jun 2013 | Sep 2013 | Mar 2014 | Jun 2014 | Sep 2014 | Mar 2015 | Jun 2015 | Sep 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 17.84M | 18.51M | 17.45M | 24.62M | 25.56M | 22.99M | 29.15M | 31.24M | 30.47M | 38.64M | 40.94M | 39.59M | 49.43M | 53.37M | 53.53M | 62.19M | 67.05M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 136.42M | 152.16M | 161.58M | 173.37M | 173.13M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 29.02M | 31.25M | 35.15M | 36.56M | 41.57M |
| Gross Profit | 16.33M | 16.86M | 15.41M | 22.12M | 22.97M | 20.15M | 26.29M | 28.19M | 26.97M | 34.92M | 36.82M | 34.90M | 44.55M | 47.94M | 47.09M | 55.75M | 60.00M | 48.03M | 51.22M | 56.88M | 44.00M | 56.23M | 65.47M | 61.30M | 74.22M | 86.02M | 78.45M | 93.65M | 106.11M | 89.70M | 98.03M | 104.93M | 92.67M | 107.91M | 124.06M | 107.41M | 120.91M | 126.43M | 136.81M | 131.56M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 151.17M | 157.47M | 162.36M | 167.07M | 176.04M |
| Operating Income | -1.26M | -2.13M | -7.93M | -4.56M | -5.11M | -11.55M | -6.54M | -4.54M | -10.79M | -5.58M | -3.93M | -11.93M | -6.11M | -3.13M | -15.50M | -11.30M | -6.83M | -22.00M | -24.01M | -15.97M | -32.67M | -22.09M | -16.45M | -34.08M | -28.23M | -18.55M | -48.09M | -37.57M | -25.58M | -43.12M | -39.72M | -29.15M | -47.63M | -28.83M | -23.64M | -43.77M | -36.55M | -35.93M | -30.26M | -44.48M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -41.35M | -33.98M | -32.96M | 10.85M | -40.13M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -31.82M | -31.59M | -28.13M | -24.79M | -40.03M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.97M | 4.24M | 1.81M | 2.98M | -3.18M |
| Net Income | -1.64M | -2.56M | -8.07M | -4.64M | -6.35M | -12.67M | -6.32M | -4.92M | -10.35M | -6.49M | -4.39M | -11.66M | -5.74M | -3.26M | -15.05M | -12.68M | -7.32M | -22.64M | -24.49M | -16.99M | -31.43M | -24.32M | -19.23M | -35.66M | -32.95M | -23.31M | -48.76M | -36.29M | -28.72M | -38.30M | -38.70M | -23.02M | -40.49M | -23.95M | -18.33M | -35.78M | -35.82M | -29.94M | -27.77M | -36.85M |
| Diluted EPS | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.26 | -0.20 | -0.36 | -0.31 | -0.22 | -0.45 | -0.33 | -0.26 | -0.35 | -0.35 | -0.21 | -0.37 | -0.21 | -0.16 | -0.32 | -0.32 | -0.26 | -0.24 | -0.32 |
| R&D Expense | 4.88M | 5.71M | 6.44M | 6.83M | 7.32M | 7.73M | 7.80M | 8.09M | 8.84M | 8.90M | 9.29M | 10.41M | 11.50M | 11.90M | 15.54M | 17.72M | 17.27M | 18.77M | 19.72M | 20.40M | 22.69M | 24.07M | 24.67M | 30.06M | 33.33M | 34.34M | 43.57M | 44.81M | 44.48M | 44.73M | 46.14M | 44.82M | 47.83M | 44.93M | 53.46M | 54.21M | 56.25M | 62.74M | - | 69.76M |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 53.41M | 74.62M | 101.35M | 127.21M | 165.86M | 215.39M | 270.29M | - | - | - | 473.63M | 499.16M | 550.95M | 623.53M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | 69.84M | 71.75M | 93.85M | 131.97M |
| Gross Profit | 48.48M | 68.14M | 91.44M | 115.19M | 150.13M | 194.68M | 242.60M | 219.05M | 248.43M | 330.74M | 403.80M | 427.41M | 457.10M | 491.56M |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | 525.03M | 544.63M | 574.75M | 638.07M |
| Operating Income | -1.55M | -5.84M | -17.31M | -19.07M | -11.99M | -13.42M | -29.14M | -75.99M | -78.42M | -98.69M | -121.23M | -117.22M | -117.65M | -146.51M |
| EBITDA | - | - | - | - | - | - | - | - | - | - | -95.47M | -72.02M | -67.31M | -97.44M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | 3.17M | 3.20M | 4.57M | 6.57M |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | -110.81M | -86.92M | -83.01M | -116.32M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | 13.70M | 14.00M | 12.76M | 13.00M |
| Net Income | -4.85M | -7.47M | -19.40M | -21.28M | -14.19M | -13.84M | -28.58M | -78.76M | -94.01M | -116.86M | -124.52M | -100.92M | -95.77M | -129.32M |
| Diluted EPS | - | - | - | - | - | - | - | - | -1.00 | -1.11 | -1.14 | -0.92 | -0.86 | -1.13 |
| R&D Expense | 15.03M | 20.97M | 28.09M | 31.79M | 36.66M | 47.37M | 69.97M | 80.76M | 99.36M | 137.88M | 177.88M | 183.84M | 196.76M | 237.81M |
Compounded Sales Growth
| 5 Years: | 9.60% |
| 1 Year: | 26.90% |
Compounded Profit Growth
| 5 Years: | -1.29% |
| 1 Year: | - |
Stock Price Performance
| 1 Year: | -28.38% |
| 6 Months: | +5.17% |
| 3 Months: | +47.84% |
| 1 Month: | +25.14% |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 47.25M | 156.85M | 165.14M | 181.84M | 245.64M | 284.98M | 318.31M | 555.48M | - | 1.04B | 1.10B | 1.66B | 1.79B |
| Current Assets | - | - | - | - | - | - | - | - | - | - | - | 905.66M | 767.16M | 878.07M | 1.30B |
| Cash & Equivalents | 12.98M | 14.47M | 9.63M | 76.59M | 49.24M | 48.31M | 56.69M | 48.71M | 68.93M | 234.09M | - | 367.80M | 230.74M | 185.59M | 202.48M |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Receivables | - | - | - | - | - | - | - | - | - | - | - | 135.98M | 169.12M | 192.83M | 242.82M |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - | - | 541.61M | 614.26M | 1.21B | 1.19B |
| Current Liabilities | - | - | 40.40M | 53.21M | 71.32M | 88.25M | 116.58M | 146.34M | 159.58M | 182.64M | - | 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 Equity | -33.85M | -37.45M | -43.01M | 95.03M | 83.59M | 95.95M | 114.64M | 125.37M | 93.53M | 94.07M | - | 502.12M | 489.65M | 455.66M | 598.66M |
| Shares Outstanding | - | - | - | - | - | - | - | - | - | - | - | 107.67M | 109.10M | 112.55M | 117.55M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | - | - | -2.73M | 7.35M | 16.35M | 23.55M | -10.68M | -5.84M | - | 11.87M | 59.42M | 115.20M | 147.43M |
| Investing Cash Flow | - | - | - | -26.52M | -12.32M | -20.00M | -40.19M | 33.30M | -54.75M | - | -374.25M | -143.08M | -532.25M | -837.00K |
| Financing Cash Flow | - | - | - | 2.06M | 4.07M | 12.08M | 8.11M | -2.40M | 225.75M | - | -75.58M | -53.40M | 371.90M | -129.70M |
| Capital Expenditure | -920.00K | -1.35M | -2.33M | -4.54M | -3.83M | -5.31M | -9.58M | -25.39M | -10.12M | - | -11.40M | -5.10M | -13.35M | -15.52M |
| Free Cash Flow | - | - | - | -7.26M | 3.52M | 11.04M | 13.96M | -36.08M | -15.96M | - | 475.00K | 54.32M | 101.85M | 131.91M |
| Net Change in Cash | - | - | - | - | - | - | - | - | - | - | -437.96M | -137.06M | -45.16M | 16.90M |
| Share Buybacks | 766.00K | - | - | - | - | - | - | - | 0 | 0 | 56.44M | 43.52M | 0 | 115.00M |
Ratios (Annual)
Figures in %.
| Metric | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 90.8% | 91.3% | 90.2% | 90.6% | 90.5% | 90.4% | 89.8% | - | - | - | 85.3% | 85.6% | 83.0% | 78.8% |
| Operating Margin % | -2.9% | -7.8% | -17.1% | -15.0% | -7.2% | -6.2% | -10.8% | - | - | - | -25.6% | -23.5% | -21.4% | -23.5% |
| Net Margin % | -9.1% | -10.0% | -19.1% | -16.7% | -8.6% | -6.4% | -10.6% | - | - | - | -26.3% | -20.2% | -17.4% | -20.7% |
| ROE % | 12.9% | 17.4% | -20.4% | -25.5% | -14.8% | -12.1% | -22.8% | -84.2% | -99.9% | - | -24.8% | -20.6% | -21.0% | -21.6% |
| ROCE % | - | -85.2% | -16.7% | -20.3% | -12.8% | -10.4% | -21.0% | -47.9% | -21.0% | - | -14.9% | -14.7% | -12.3% | -12.9% |
Shareholding Pattern
Insiders
2.99%
Institutions
99.46%
Public Float
102.53%
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Blackrock Inc. | 9.85% | 11.31M | $386.07M |
| 2 | Vanguard Portfolio Management LLC | 6.52% | 7.48M | $255.55M |
| 3 | Vanguard Capital Management LLC | 4.44% | 5.10M | $174.18M |
| 4 | Tremblant Capital Group | 3.12% | 3.58M | $122.25M |
| 5 | Pictet Asset Management Holding SA | 2.72% | 3.12M | $106.65M |
| 6 | State Street Corporation | 2.53% | 2.91M | $99.33M |
| 7 | Penserra Capital Management LLC | 2.52% | 2.89M | $98.74M |
| 8 | Geode Capital Management, LLC | 2.51% | 2.88M | $98.49M |
| 9 | First Trust Advisors LP | 2.44% | 2.80M | $95.76M |
| 10 | Alyeska Investment Group, L.p. | 2.29% | 2.63M | $89.65M |
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