Varonis Systems (VRNS) Financials

$62.32 +1.08 (+1.76%)

Closing price 10/23/2025 04:00 PM Eastern

Extended Trading

$61.76 -0.56 (-0.91%)

As of 10/23/2025 06:56 PM Eastern

Annual Income Statements for Varonis Systems

This table shows Varonis Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-21	-14	-14	-29	-79	-94	-117	-125	-101	-96
Consolidated Net Income / (Loss)	-21	-14	-14	-29	-79	-94	-117	-125	-101	-96
Net Income / (Loss) Continuing Operations	-21	-14	-14	-29	-79	-94	-117	-125	-101	-96
Total Pre-Tax Income	-21	-13	-11	-28	-76	-86	-111	-111	-87	-83
Total Operating Income	-19	-12	-13	-29	-76	-78	-99	-121	-117	-118
Total Gross Profit	115	150	195	243	219	248	331	404	427	457
Total Revenue	127	166	215	270	254	293	390	474	499	551
Operating Revenue	127	166	215	270	254	293	390	474	499	551
Total Cost of Revenue	12	16	21	28	35	44	59	70	72	94
Operating Cost of Revenue	12	16	21	28	35	44	59	70	72	94
Total Operating Expenses	134	162	208	272	295	327	429	525	545	575
Selling, General & Admin Expense	16	20	27	33	44	48	61	72	83	89
Marketing Expense	86	106	134	168	170	180	230	275	278	289
Research & Development Expense	32	37	47	70	81	99	138	178	184	197
Total Other Income / (Expense), net	-1.52	-0.89	2.36	0.97	-0.39	-7.48	-12	10	30	35
Other Income / (Expense), net	-1.52	-0.89	2.36	0.97	-0.39	-7.48	-12	10	30	35
Income Tax Expense	0.69	1.31	2.79	0.41	2.39	8.11	6.02	14	14	13
Basic Earnings per Share	($0.84)	($0.54)	($0.50)	($0.98)	($0.87)	($1.00)	($1.11)	($1.14)	($0.92)	($0.86)
Weighted Average Basic Shares Outstanding	25.20M	26.41M	27.47M	29.02M	90.77M	94.34M	105.31M	109.28M	109.14M	111.66M
Diluted Earnings per Share	($0.84)	($0.54)	($0.50)	($0.98)	($0.87)	($1.00)	($1.11)	($1.14)	($0.92)	($0.86)
Weighted Average Diluted Shares Outstanding	25.20M	26.41M	27.47M	29.02M	90.77M	94.34M	105.31M	109.28M	109.14M	111.66M
Weighted Average Basic & Diluted Shares Outstanding	25.20M	26.41M	27.47M	29.02M	30.26M	31.45M	215.03M	215.23M	218.21M	112.55M

This table shows Varonis Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-29	-11	-38	-39	-23	-0.90	-40	-24	-18	-13	-36
Consolidated Net Income / (Loss)	-29	-11	-38	-39	-23	-0.90	-40	-24	-18	-13	-36
Net Income / (Loss) Continuing Operations	-29	-11	-38	-39	-23	-0.90	-40	-24	-18	-13	-36
Total Pre-Tax Income	-23	-5.72	-35	-31	-21	0.19	-39	-21	-13	-9.95	-32
Total Operating Income	-26	-9.99	-43	-40	-29	-5.24	-48	-29	-24	-18	-44
Total Gross Profit	106	126	90	98	105	135	93	108	124	132	107
Total Revenue	123	143	107	115	122	154	114	130	148	159	136
Operating Revenue	123	143	107	115	122	154	114	130	148	159	136
Total Cost of Revenue	17	17	18	17	17	19	21	22	24	26	29
Operating Cost of Revenue	17	17	18	17	17	19	21	22	24	26	29
Total Operating Expenses	132	136	133	138	134	140	140	137	148	150	151
Selling, General & Admin Expense	17	19	20	21	21	21	21	22	23	23	24
Marketing Expense	70	72	68	70	69	71	71	70	71	76	73
Research & Development Expense	44	45	45	46	45	48	48	45	53	51	54
Total Other Income / (Expense), net	2.43	4.27	7.77	8.47	8.63	5.43	8.55	8.25	10	7.61	12
Other Income / (Expense), net	2.43	4.27	7.77	8.47	8.63	5.43	8.55	8.25	10	7.61	12
Income Tax Expense	5.57	5.03	2.96	7.45	2.50	1.09	1.40	3.37	4.94	3.05	3.97
Basic Earnings per Share	($0.26)	($0.10)	($0.35)	($0.35)	($0.21)	($0.01)	($0.37)	($0.21)	($0.16)	($0.12)	($0.32)
Weighted Average Basic Shares Outstanding	110.00M	109.28M	108.39M	109.74M	109.43M	109.14M	109.99M	111.89M	112.27M	111.66M	112.65M
Diluted Earnings per Share	($0.26)	($0.10)	($0.35)	($0.35)	($0.21)	($0.01)	($0.37)	($0.21)	($0.16)	($0.12)	($0.32)
Weighted Average Diluted Shares Outstanding	110.00M	109.28M	108.39M	109.74M	109.43M	109.14M	109.99M	111.89M	112.27M	111.66M	112.65M
Weighted Average Basic & Diluted Shares Outstanding	110.22M	215.23M	109.71M	109.65M	108.95M	218.21M	111.50M	112.18M	112.47M	112.55M	111.92M

This table details how cash moves in and out of Varonis Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-27	-0.91	8.43	-8.53	20	165	572	-438	-137	-45
Net Cash From Operating Activities	-2.73	7.35	16	24	-11	-5.84	7.18	12	59	115
Net Cash From Continuing Operating Activities	-2.73	7.35	16	24	-11	-5.84	7.18	12	59	115
Net Income / (Loss) Continuing Operations	-21	-14	-14	-29	-79	-94	-117	-125	-101	-96
Consolidated Net Income / (Loss)	-21	-14	-14	-29	-79	-94	-117	-125	-101	-96
Depreciation Expense	1.62	2.18	3.33	4.16	6.32	10	11	12	12	11
Amortization Expense	-	9.53	13	13	14	17	21	51	45	44
Non-Cash Adjustments To Reconcile Net Income	7.79	13	20	35	55	77	118	152	149	143
Changes in Operating Assets and Liabilities, net	9.15	-3.10	-5.54	-0.15	-7.08	-17	-26	-78	-46	13
Net Cash From Investing Activities	-27	-12	-20	-40	33	-55	54	-374	-143	-532
Net Cash From Continuing Investing Activities	-27	-12	-20	-40	33	-55	54	-374	-143	-532
Purchase of Property, Plant & Equipment	-4.54	-3.83	-5.31	-9.58	-25	-10	-10	-11	-5.10	-6.69
Acquisitions	-	-	-	0.00	0.00	-29	-	0.00	0.00	-6.65
Purchase of Investments	-	0.00	-40	-0.04	-67	-44	-50	-278	-518	-950
Sale of Property, Plant & Equipment	0.00	0.00	0.02	0.03	0.01	0.00	0.00	0.02	0.00	0.00
Sale and/or Maturity of Investments	-22	-8.39	25	-30	65	52	34	42	301	420
Other Investing Activities, net	0.01	-0.11	-0.31	-0.31	60	-23	81	-127	79	11
Net Cash From Financing Activities	2.06	4.07	12	8.11	-2.40	226	510	-76	-53	372
Net Cash From Continuing Financing Activities	2.06	4.07	12	8.11	-2.40	226	510	-76	-53	372
Repurchase of Common Equity	-	-	-	-	-	0.00	0.00	-56	-44	0.00
Issuance of Debt	-	-	-	0.00	0.00	245	-	0.00	0.00	450
Issuance of Common Equity	-	-	-	-	0.00	10	511	12	12	16
Other Financing Activities, net	2.06	4.07	12	8.11	-2.40	-30	-1.04	-31	-21	-94
Cash Interest Paid	-	-	-	-	-	1.55	3.17	3.17	3.20	3.19
Cash Income Taxes Paid	0.35	0.25	0.47	0.71	3.96	1.34	8.51	7.35	16	24

This table details how cash moves in and out of Varonis Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	1.07	-386	-119	151	-288	120	-84	8.35	127	-97	-32
Net Cash From Operating Activities	-1.64	3.43	37	5.81	6.33	10	57	12	22	24	68
Net Cash From Continuing Operating Activities	-1.64	3.43	37	5.81	6.33	10	57	12	22	24	68
Net Income / (Loss) Continuing Operations	-29	-11	-38	-39	-23	-0.90	-40	-24	-18	-13	-36
Consolidated Net Income / (Loss)	-29	-11	-38	-39	-23	-0.90	-40	-24	-18	-13	-36
Depreciation Expense	2.95	4.05	2.89	2.92	2.93	2.97	2.91	2.86	2.78	2.58	2.42
Amortization Expense	5.69	32	2.55	8.01	2.57	32	4.57	3.08	2.23	34	12
Non-Cash Adjustments To Reconcile Net Income	37	37	38	42	35	34	34	32	41	35	35
Changes in Operating Assets and Liabilities, net	-18	-59	32	-8.17	-11	-58	55	-2.69	-5.10	-34	54
Net Cash From Investing Activities	-2.02	-332	-143	152	-263	110	-112	-5.00	-296	-119	-25
Net Cash From Continuing Investing Activities	-2.02	-332	-143	152	-263	110	-112	-5.00	-296	-119	-25
Purchase of Property, Plant & Equipment	-1.50	-3.76	-1.11	-1.49	-0.34	-2.15	-0.30	-0.82	-1.23	-4.35	-2.66
Acquisitions	-	-	-	-	-	-	-	-	-	-	-19
Purchase of Investments	-38	-204	-162	-8.30	-280	-68	-133	-42	-401	-373	-94
Sale and/or Maturity of Investments	33	8.80	17	4.20	8.00	273	15	30	112	263	56
Other Investing Activities, net	5.03	-133	4.00	158	8.91	-92	6.30	8.04	1.47	-5.26	34
Net Cash From Financing Activities	4.73	-58	-14	-7.62	-31	-1.25	-28	1.63	400	-1.50	-75
Net Cash From Continuing Financing Activities	4.73	-58	-14	-7.62	-31	-1.25	-28	1.63	400	-1.50	-75
Repurchase of Common Equity	-	-56	-2.52	-5.08	-36	-	0.00	-	-	-	-61
Issuance of Common Equity	5.39	0.43	5.85	0.04	5.46	0.19	6.41	3.38	6.29	-	7.16
Other Financing Activities, net	-0.66	-1.58	-17	-2.58	-0.53	-1.44	-35	-1.75	-56	-1.03	-21
Cash Interest Paid	1.58	0.00	1.61	0.00	1.58	0.00	1.58	0.02	1.58	0.01	3.94
Cash Income Taxes Paid	0.93	5.09	0.35	2.05	3.83	9.86	0.42	5.32	4.38	14	0.89

This table presents Varonis Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	165	182	246	285	318	555	1,109	1,044	1,104	1,664
Total Current Assets	156	171	226	259	215	420	959	906	767	878
Cash & Equivalents	49	48	57	49	69	234	806	368	231	186
Short-Term Investments	57	65	80	40	42	34	0.00	236	253	343
Accounts Receivable	47	54	76	83	75	94	117	136	169	193
Prepaid Expenses	2.62	3.65	14	17	19	27	34	37	64	117
Other Current Assets	-	-	-	70	10	30	1.85	128	50	39
Plant, Property, & Equipment, net	8.27	9.91	12	17	36	37	38	39	34	31
Total Noncurrent Assets	0.48	0.61	7.24	8.57	67	98	111	99	303	755
Long-Term Investments	-	-	-	-	-	-	-	0.00	211	659
Goodwill	-	-	-	-	0.00	23	23	23	23	23
Intangible Assets	-	-	-	-	0.00	5.85	4.31	2.79	1.26	0.00
Other Noncurrent Operating Assets	0.48	0.61	7.24	8.57	67	69	84	73	67	73
Total Liabilities & Shareholders' Equity	165	182	246	285	318	555	1,109	1,044	1,104	1,664
Total Liabilities	82	99	131	160	225	461	512	542	614	1,209
Total Current Liabilities	71	88	117	146	160	183	212	229	307	710
Short-Term Debt	-	-	-	-	-	-	-	-	0.00	251
Accounts Payable	2.61	1.29	0.64	2.62	1.00	0.85	5.32	2.96	0.67	4.31
Accrued Expenses	23	28	42	56	63	83	102	115	125	165
Current Deferred Revenue	46	58	73	88	96	99	104	111	181	290
Total Noncurrent Liabilities	10	11	14	13	65	279	300	313	307	499
Long-Term Debt	-	-	-	-	0.00	218	225	249	250	450
Noncurrent Deferred Revenue	3.10	3.56	6.61	6.49	5.46	2.78	2.57	1.50	0.89	2.21
Other Noncurrent Operating Liabilities	5.62	7.29	7.81	6.78	60	58	72	62	56	46
Total Equity & Noncontrolling Interests	84	83	115	125	94	94	597	502	490	456
Total Preferred & Common Equity	84	83	115	125	94	94	597	502	490	456
Total Common Equity	84	83	115	125	94	94	597	502	490	456
Common Stock	172	189	224	267	311	395	1,018	1,055	1,143	1,193
Retained Earnings	-88	-106	-109	-138	-217	-311	-428	-543	-644	-740
Accumulated Other Comprehensive Income / (Loss)	-0.33	-0.48	0.14	-3.63	-0.45	9.37	6.08	-9.56	-8.65	2.68

This table presents Varonis Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	1,059	1,011	1,037	1,021	1,054	1,095	1,521	1,577
Total Current Assets	917	876	905	686	708	816	1,074	818
Cash & Equivalents	754	249	399	111	147	155	282	153
Short-Term Investments	25	281	277	338	356	427	563	415
Accounts Receivable	92	75	104	111	100	122	119	124
Prepaid Expenses	35	44	48	50	59	66	76	85
Other Current Assets	11	227	77	76	45	45	34	42
Plant, Property, & Equipment, net	38	38	37	34	32	30	29	31
Total Noncurrent Assets	104	98	95	300	314	249	418	728
Long-Term Investments	-	-	-	206	226	163	332	592
Goodwill	23	23	23	23	23	23	23	40
Intangible Assets	3.17	2.41	2.03	1.64	0.88	0.50	0.12	6.01
Other Noncurrent Operating Assets	77	72	70	69	64	62	62	90
Total Liabilities & Shareholders' Equity	1,059	1,011	1,037	1,021	1,054	1,095	1,521	1,577
Total Liabilities	526	530	566	576	601	636	1,093	1,209
Total Current Liabilities	209	217	255	267	297	334	594	710
Short-Term Debt	-	-	-	-	-	-	252	251
Accounts Payable	5.99	0.71	0.68	1.33	2.90	2.53	1.49	6.27
Accrued Expenses	-	-	-	-	-	-	-	157
Current Deferred Revenue	94	109	131	145	185	209	218	296
Total Noncurrent Liabilities	317	313	311	310	304	302	499	499
Long-Term Debt	249	249	250	250	251	251	450	451
Noncurrent Deferred Revenue	2.13	1.38	0.65	0.16	0.40	0.02	1.53	0.13
Other Noncurrent Operating Liabilities	66	62	61	59	53	50	47	48
Total Equity & Noncontrolling Interests	532	481	471	445	452	459	429	368
Total Preferred & Common Equity	532	481	471	445	452	459	429	368
Total Common Equity	532	481	471	445	452	459	429	368
Common Stock	1,077	1,077	1,109	1,111	1,146	1,178	1,160	1,145
Retained Earnings	-533	-582	-620	-643	-685	-709	-727	-776
Accumulated Other Comprehensive Income / (Loss)	-12	-14	-18	-23	-9.11	-11	-4.38	-1.16

This table displays calculated financial ratios and metrics derived from Varonis Systems' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.52%	30.39%	29.86%	25.49%	-5.96%	15.15%	33.29%	21.40%	5.39%	10.38%
EBITDA Growth	-8.16%	93.81%	513.79%	-322.62%	-421.30%	-3.73%	-34.86%	39.02%	37.71%	6.50%
EBIT Growth	-8.28%	37.47%	14.15%	-154.73%	-171.17%	-12.47%	-29.04%	0.02%	21.56%	4.50%
NOPAT Growth	-10.20%	37.11%	-11.87%	-117.12%	-160.81%	-3.20%	-25.86%	-22.83%	3.30%	-0.37%
Net Income Growth	-9.72%	33.31%	2.46%	-106.43%	-175.61%	-19.36%	-24.31%	-6.55%	18.95%	5.10%
EPS Growth	7.69%	35.71%	7.41%	-96.00%	-175.61%	-19.36%	-11.00%	-2.70%	19.30%	6.52%
Operating Cash Flow Growth	61.62%	369.22%	122.55%	44.00%	-145.37%	45.32%	222.87%	65.38%	400.51%	93.89%
Free Cash Flow Firm Growth	17.71%	98.84%	-21,849.47%	-327.03%	100.80%	-18,532.07%	64.76%	-426.92%	109.16%	-129.23%
Invested Capital Growth	-36.52%	-36.53%	29.46%	268.35%	-145.88%	361.83%	-63.54%	809.23%	-69.28%	-169.63%
Revenue Q/Q Growth	8.65%	7.78%	8.67%	5.68%	-5.56%	8.38%	8.75%	3.51%	2.35%	0.81%
EBITDA Q/Q Growth	15.29%	92.42%	153.94%	-28.16%	-86.09%	7.67%	-5.38%	48.57%	51.50%	44.93%
EBIT Q/Q Growth	13.77%	27.12%	4.30%	-11.32%	-33.24%	2.40%	-10.12%	12.75%	6.37%	-13.91%
NOPAT Q/Q Growth	14.60%	28.37%	-4.37%	-12.54%	-32.19%	7.99%	-12.08%	6.07%	3.89%	-11.68%
Net Income Q/Q Growth	12.23%	23.69%	-1.61%	-1.25%	-36.63%	-4.89%	-5.33%	10.23%	8.89%	-14.46%
EPS Q/Q Growth	-23.53%	23.94%	-4.17%	-2.08%	-36.63%	-4.89%	-6.73%	9.52%	8.91%	-14.67%
Operating Cash Flow Q/Q Growth	61.56%	14.08%	19.73%	8.15%	-214.58%	56.74%	-50.48%	35.28%	13.38%	13.64%
Free Cash Flow Firm Q/Q Growth	37.66%	96.12%	-458.50%	-588.86%	101.15%	8.84%	-142.15%	-110.67%	116.02%	-145.24%
Invested Capital Q/Q Growth	13.06%	13.02%	47.06%	176.83%	49.64%	29.82%	252.47%	10,277.82%	14.80%	33.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	90.55%	90.51%	90.38%	89.76%	86.17%	84.88%	84.77%	85.26%	85.63%	82.97%
EBITDA Margin	-14.92%	-0.71%	2.26%	-4.00%	-22.20%	-20.00%	-20.23%	-10.16%	-6.01%	-5.09%
Operating Margin	-14.99%	-7.23%	-6.23%	-10.78%	-29.89%	-26.79%	-25.30%	-25.60%	-23.48%	-21.35%
EBIT Margin	-16.19%	-7.77%	-5.13%	-10.42%	-30.05%	-29.35%	-28.41%	-23.40%	-17.41%	-15.07%
Profit (Net Income) Margin	-16.73%	-8.56%	-6.43%	-10.57%	-30.99%	-32.12%	-29.95%	-26.29%	-20.22%	-17.38%
Tax Burden Percent	103.33%	110.19%	125.21%	101.47%	103.13%	109.44%	105.43%	112.37%	116.10%	115.37%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	-272.33%	-532.84%	-400.75%	-228.44%	-104.05%	-85.43%	-1,201.31%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	-265.05%	-507.13%	-351.91%	-213.28%	-95.57%	-80.72%	-1,198.43%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	248.51%	460.88%	300.53%	194.60%	81.38%	65.08%	1,181.05%
Return on Equity (ROE)	-23.83%	-17.07%	-14.03%	-23.81%	-71.96%	-100.22%	-33.84%	-22.67%	-20.35%	-20.26%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-214.68%	0.00%	-262.04%	-135.33%	-264.42%	20.56%	0.00%
Operating Return on Assets (OROA)	-12.79%	-7.42%	-5.17%	-10.62%	-25.32%	-19.66%	-13.32%	-10.30%	-8.09%	-6.00%
Return on Assets (ROA)	-13.22%	-8.18%	-6.48%	-10.77%	-26.11%	-21.52%	-14.05%	-11.57%	-9.40%	-6.92%
Return on Common Equity (ROCE)	-23.83%	-17.07%	-14.03%	-23.81%	-71.96%	-100.22%	-33.84%	-22.67%	-20.35%	-20.26%
Return on Equity Simple (ROE_SIMPLE)	-25.46%	-17.15%	-12.08%	-22.79%	-84.21%	-99.94%	-19.59%	-24.80%	-20.61%	-21.02%
Net Operating Profit after Tax (NOPAT)	-13	-8.40	-9.39	-20	-53	-55	-69	-85	-82	-82
NOPAT Margin	-10.50%	-5.06%	-4.36%	-7.55%	-20.93%	-18.75%	-17.71%	-17.92%	-16.44%	-14.95%
Net Nonoperating Expense Percent (NNEP)	-7.28%	-5.27%	-3.56%	-7.27%	-25.71%	-48.84%	-15.16%	-8.48%	-4.72%	-2.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-11.30%	-11.09%	-7.12%
Cost of Revenue to Revenue	9.45%	9.49%	9.62%	10.24%	13.83%	15.12%	15.23%	14.74%	14.37%	17.03%
SG&A Expenses to Revenue	12.66%	11.95%	12.44%	12.38%	17.46%	16.26%	15.70%	15.21%	16.61%	16.19%
R&D to Revenue	24.99%	22.10%	21.99%	25.89%	31.77%	33.95%	35.34%	37.56%	36.83%	35.71%
Operating Expenses to Revenue	105.55%	97.74%	96.61%	100.54%	116.07%	111.67%	110.07%	110.85%	109.11%	104.32%
Earnings before Interest and Taxes (EBIT)	-21	-13	-11	-28	-76	-86	-111	-111	-87	-83
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-19	-1.18	4.86	-11	-56	-59	-79	-48	-30	-28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.79	8.64	11.79	12.43	25.33	55.18	8.78	5.26	10.08	10.97
Price to Tangible Book Value (P/TBV)	5.79	8.64	11.79	12.43	25.33	79.75	9.20	5.54	10.60	11.55
Price to Revenue (P/Rev)	3.81	4.31	6.28	5.77	9.32	17.74	13.42	5.57	9.88	9.07
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	39.85	0.00	115.99	288.01	15.54	99.43	0.00
Enterprise Value to Revenue (EV/Rev)	2.97	3.62	5.64	5.44	8.89	17.57	11.93	4.82	8.99	8.19
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	249.90	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	81.82	74.31	62.44	0.00	0.00	648.48	192.36	75.55	39.15
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	3,584.33	0.00	0.00	0.00	227.32	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	2.32	0.38	0.50	0.51	1.54
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	2.32	0.38	0.50	0.51	0.99
Financial Leverage	-1.22	-1.32	-1.27	-0.94	-0.91	-0.85	-0.91	-0.85	-0.81	-0.99
Leverage Ratio	1.80	2.09	2.17	2.21	2.76	4.66	2.41	1.96	2.17	2.93
Compound Leverage Factor	1.80	2.09	2.17	2.21	2.76	4.66	2.41	1.96	2.17	2.93
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	69.90%	27.42%	33.15%	33.84%	60.60%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.66%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	69.90%	27.42%	33.15%	33.84%	38.93%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	30.10%	72.59%	66.85%	66.16%	39.40%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-3.73	-2.85	-5.17	-8.35	-25.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.85	7.35	7.38	14.83	17.37
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-3.73	-2.85	-5.17	-8.35	-16.06
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-3.98	-3.26	-2.93	-3.05	-8.51
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.91	8.40	4.19	5.42	5.91
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-3.98	-3.26	-2.93	-3.05	-5.47
Altman Z-Score	3.79	4.74	6.83	6.28	5.59	6.50	6.43	3.08	4.69	2.15
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.19	1.94	1.94	1.77	1.35	2.30	4.53	3.96	2.50	1.24
Quick Ratio	2.16	1.90	1.82	1.17	1.16	1.98	4.36	3.24	2.13	1.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-7.26	-0.08	-19	-79	0.63	-116	-41	-216	20	-5.77
Operating Cash Flow to CapEx	-60.22%	192.18%	308.86%	246.39%	-42.09%	-57.75%	68.43%	104.36%	1,165.25%	1,720.94%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.96	1.01	1.02	0.84	0.67	0.47	0.44	0.46	0.40
Accounts Receivable Turnover	2.98	3.27	3.33	3.40	3.21	3.46	3.69	3.74	3.27	3.04
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	20.76	18.25	19.76	18.50	9.47	7.96	10.34	12.25	13.67	17.02
Accounts Payable Turnover	4.52	8.07	21.54	17.01	19.43	47.93	19.24	16.86	39.49	37.65
Days Sales Outstanding (DSO)	122.38	111.46	109.69	107.24	113.63	105.55	98.89	97.55	111.55	119.89
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	80.70	45.23	16.94	21.46	18.78	7.62	18.97	21.65	9.24	9.69
Cash Conversion Cycle (CCC)	41.68	66.23	92.75	85.78	94.85	97.93	79.92	75.89	102.30	110.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-23	-31	-22	37	-17	44	16	147	45	-31
Invested Capital Turnover	-6.45	-6.16	-8.13	36.09	25.46	21.37	12.90	5.81	5.20	80.37
Increase / (Decrease) in Invested Capital	-6.09	-8.31	9.15	59	-54	61	-28	131	-102	-77
Enterprise Value (EV)	378	601	1,215	1,470	2,258	5,141	4,655	2,283	4,489	4,510
Market Capitalization	484	715	1,352	1,559	2,369	5,191	5,235	2,639	4,933	4,997
Book Value per Share	$3.25	$3.10	$4.12	$4.25	$3.07	$2.97	$5.56	$4.56	$4.49	$4.05
Tangible Book Value per Share	$3.25	$3.10	$4.12	$4.25	$3.07	$2.05	$5.30	$4.32	$4.27	$3.85
Total Capital	84	83	115	125	94	313	822	751	740	1,156
Total Debt	0.00	0.00	0.00	0.00	0.00	218	225	249	250	701
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	218	225	249	250	450
Net Debt	-106	-114	-137	-88	-110	-50	-580	-355	-445	-487
Capital Expenditures (CapEx)	4.53	3.82	5.29	9.56	25	10	10	11	5.10	6.69
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-21	-31	-27	24	-55	-31	-58	73	-24	-110
Debt-free Net Working Capital (DFNWC)	85	83	110	113	55	237	747	677	460	419
Net Working Capital (NWC)	85	83	110	113	55	237	747	677	460	168
Net Nonoperating Expense (NNE)	7.93	5.80	4.45	8.18	26	39	48	40	19	13
Net Nonoperating Obligations (NNO)	-106	-114	-137	-88	-110	-50	-580	-355	-445	-487
Total Depreciation and Amortization (D&A)	1.62	12	16	17	20	27	32	63	57	55
Debt-free, Cash-free Net Working Capital to Revenue	-16.71%	-18.53%	-12.37%	8.98%	-21.70%	-10.59%	-14.95%	15.37%	-4.72%	-20.01%
Debt-free Net Working Capital to Revenue	66.89%	50.09%	51.03%	41.71%	21.75%	81.05%	191.58%	142.92%	92.23%	76.00%
Net Working Capital to Revenue	66.89%	50.09%	51.03%	41.71%	21.75%	81.05%	191.58%	142.92%	92.23%	30.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.28)	($0.22)	($0.17)	($0.33)	($0.87)	($1.00)	($1.11)	($1.14)	($0.92)	($0.86)
Adjusted Weighted Average Basic Shares Outstanding	78.23M	80.52M	84.47M	88.74M	91.82M	191.00M	105.31M	109.28M	109.14M	111.66M
Adjusted Diluted Earnings per Share	($0.28)	($0.22)	($0.17)	($0.33)	($0.87)	($1.00)	($1.11)	($1.14)	($0.92)	($0.86)
Adjusted Weighted Average Diluted Shares Outstanding	78.23M	80.52M	84.47M	88.74M	91.82M	191.00M	105.31M	109.28M	109.14M	111.66M
Adjusted Basic & Diluted Earnings per Share	($0.28)	($0.22)	($0.17)	($0.33)	($0.87)	($1.00)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	75.60M	79.22M	82.40M	87.06M	90.77M	94.34M	215.03M	215.23M	218.21M	112.55M
Normalized Net Operating Profit after Tax (NOPAT)	-13	-8.40	-9.39	-20	-53	-55	-69	-85	-82	-82
Normalized NOPAT Margin	-10.50%	-5.06%	-4.36%	-7.55%	-20.93%	-18.75%	-17.71%	-17.92%	-16.44%	-14.95%
Pre Tax Income Margin	-16.19%	-7.77%	-5.13%	-10.42%	-30.05%	-29.35%	-28.41%	-23.40%	-17.41%	-15.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-45.33%	-43.13%	0.00%

This table displays calculated financial ratios and metrics derived from Varonis Systems' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.87%	12.67%	11.50%	3.56%	-0.81%	8.05%	6.23%	12.93%	21.06%	2.87%	19.65%
EBITDA Growth	-5.16%	304.58%	21.67%	21.70%	-3.42%	15.53%	-5.68%	27.99%	44.11%	-24.57%	39.85%
EBIT Growth	-6.25%	73.89%	25.36%	9.66%	11.39%	103.30%	-10.60%	34.16%	34.70%	-5,362.96%	18.61%
NOPAT Growth	-37.87%	43.96%	10.33%	-5.72%	-13.94%	456.19%	-10.48%	27.42%	18.89%	-149.31%	8.12%
Net Income Growth	-23.17%	56.91%	21.45%	-6.63%	19.85%	91.65%	-5.71%	38.11%	20.35%	-1,346.99%	11.63%
EPS Growth	-18.18%	58.33%	22.22%	-6.06%	19.23%	90.00%	-5.71%	40.00%	23.81%	-1,100.00%	13.51%
Operating Cash Flow Growth	61.95%	915.98%	50.07%	140.13%	486.63%	204.22%	54.01%	101.93%	254.95%	132.35%	19.88%
Free Cash Flow Firm Growth	-194.24%	-978.89%	-6,623.64%	-179.80%	-94.88%	191.97%	176.95%	175.09%	219.95%	-49.26%	-82.79%
Invested Capital Growth	113.36%	809.23%	1,083.03%	703.53%	2,677.40%	-69.28%	-112.90%	-181.25%	-219.94%	-169.63%	-246.55%
Revenue Q/Q Growth	10.64%	15.66%	-24.74%	7.53%	5.97%	25.99%	-26.01%	14.32%	13.60%	7.05%	-13.94%
EBITDA Q/Q Growth	44.07%	310.26%	-973.71%	32.04%	26.13%	334.87%	-948.74%	53.69%	42.66%	416.97%	-164.12%
EBIT Q/Q Growth	33.07%	75.28%	-517.56%	11.58%	34.36%	100.92%	-20,781.48%	47.36%	34.90%	25.74%	-219.85%
NOPAT Q/Q Growth	31.90%	60.94%	-331.46%	7.89%	26.61%	222.12%	-233.82%	39.48%	17.99%	25.75%	-149.35%
Net Income Q/Q Growth	20.87%	62.57%	-256.38%	-1.03%	40.52%	96.10%	-4,408.91%	40.85%	23.45%	29.12%	-175.38%
EPS Q/Q Growth	21.21%	61.54%	-250.00%	0.00%	40.00%	95.24%	-3,600.00%	43.24%	23.81%	25.00%	-166.67%
Operating Cash Flow Q/Q Growth	88.68%	309.65%	972.51%	-84.24%	9.08%	64.96%	442.96%	-79.33%	91.73%	7.99%	180.14%
Free Cash Flow Firm Q/Q Growth	-6.16%	-360.45%	-82.78%	68.68%	26.06%	317.30%	52.94%	-69.44%	18.11%	-8.08%	-48.14%
Invested Capital Q/Q Growth	119.51%	10,277.82%	36.92%	-78.23%	-10.23%	14.80%	-157.48%	-37.16%	-32.52%	33.36%	-186.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	86.05%	88.06%	83.57%	84.94%	85.79%	87.45%	81.28%	82.79%	83.79%	83.56%	78.73%
EBITDA Margin	-11.77%	21.40%	-27.86%	-17.61%	-12.28%	22.88%	-27.72%	-11.23%	-5.67%	16.78%	-12.50%
Operating Margin	-20.75%	-7.01%	-40.17%	-34.41%	-23.83%	-3.40%	-41.78%	-22.12%	-15.97%	-11.07%	-32.08%
EBIT Margin	-18.77%	-4.01%	-32.93%	-27.08%	-16.77%	0.12%	-34.28%	-15.79%	-9.05%	-6.28%	-23.32%
Profit (Net Income) Margin	-23.29%	-7.54%	-35.69%	-33.53%	-18.82%	-0.58%	-35.51%	-18.37%	-12.38%	-8.20%	-26.23%
Tax Burden Percent	124.04%	187.80%	108.38%	123.83%	112.21%	-475.13%	103.59%	116.38%	136.86%	130.63%	112.47%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	575.13%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-28.48%	-150.83%	-644.09%	-399.33%	84.03%	-168.82%	-1,962.72%	0.00%	-622.92%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-27.68%	-148.88%	-641.82%	-398.78%	90.48%	-166.93%	-1,961.90%	0.00%	-622.76%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	23.57%	122.43%	618.29%	382.14%	-72.96%	135.60%	1,944.55%	0.00%	613.73%	0.00%
Return on Equity (ROE)	-25.01%	-4.91%	-28.40%	-25.79%	-17.19%	11.07%	-33.22%	-18.16%	-19.17%	-9.18%	-22.21%
Cash Return on Invested Capital (CROIC)	-7,229.07%	-264.42%	-150.62%	-305.76%	-605.21%	20.56%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-8.12%	-1.77%	-15.47%	-12.67%	-7.87%	0.06%	-16.80%	-7.71%	-3.89%	-2.50%	-10.17%
Return on Assets (ROA)	-10.07%	-3.32%	-16.77%	-15.68%	-8.83%	-0.27%	-17.40%	-8.98%	-5.32%	-3.26%	-11.43%
Return on Common Equity (ROCE)	-25.01%	-4.91%	-28.40%	-25.79%	-17.19%	11.07%	-33.22%	-18.16%	-19.17%	-9.18%	-22.21%
Return on Equity Simple (ROE_SIMPLE)	-26.06%	0.00%	-23.70%	-24.74%	-24.92%	0.00%	-22.79%	-19.27%	-19.52%	0.00%	-24.76%
Net Operating Profit after Tax (NOPAT)	-18	-7.00	-30	-28	-20	25	-33	-20	-17	-12	-31
NOPAT Margin	-14.52%	-4.90%	-28.12%	-24.09%	-16.68%	16.17%	-29.24%	-15.48%	-11.18%	-7.75%	-22.46%
Net Nonoperating Expense Percent (NNEP)	-1.93%	-0.80%	-1.94%	-2.27%	-0.56%	-6.46%	-1.88%	-0.82%	-0.41%	-0.15%	-1.10%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.93%	-	-	-	3.37%	-	-	-	-1.06%	-2.86%
Cost of Revenue to Revenue	13.95%	11.94%	16.43%	15.06%	14.21%	12.55%	18.72%	17.21%	16.21%	16.44%	21.27%
SG&A Expenses to Revenue	14.11%	13.17%	18.34%	18.44%	16.88%	13.81%	18.64%	16.70%	15.44%	14.73%	17.74%
R&D to Revenue	36.07%	31.57%	41.68%	39.98%	36.64%	31.24%	41.95%	34.47%	36.10%	31.89%	39.74%
Operating Expenses to Revenue	106.80%	95.07%	123.74%	119.35%	109.62%	90.85%	123.05%	104.90%	99.75%	94.64%	110.81%
Earnings before Interest and Taxes (EBIT)	-23	-5.72	-35	-31	-21	0.19	-39	-21	-13	-9.95	-32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-15	31	-30	-20	-15	35	-32	-15	-8.39	27	-17
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.47	5.26	5.82	6.21	7.53	10.08	11.36	11.66	14.79	10.97	12.38
Price to Tangible Book Value (P/TBV)	5.76	5.54	6.14	6.56	7.98	10.60	12.00	12.30	15.64	11.55	14.14
Price to Revenue (P/Rev)	6.37	5.57	5.77	5.98	6.87	9.88	10.16	10.27	11.60	9.07	7.94
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1,683.19	15.54	12.52	56.99	74.84	99.43	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	5.21	4.82	5.20	5.11	6.04	8.99	9.21	9.32	10.73	8.19	7.14
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	271.61	192.36	104.27	56.20	56.17	75.55	58.77	56.96	57.83	39.15	32.38
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	227.32	32.84	2,682.10	459.48	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.47	0.50	0.52	0.53	0.56	0.51	0.55	0.55	1.64	1.54	1.91
Long-Term Debt to Equity	0.47	0.50	0.52	0.53	0.56	0.51	0.55	0.55	1.05	0.99	1.23
Financial Leverage	-1.01	-0.85	-0.82	-0.96	-0.96	-0.81	-0.81	-0.99	-1.01	-0.99	-1.14
Leverage Ratio	1.91	1.96	2.03	2.10	2.13	2.17	2.21	2.29	2.91	2.93	3.21
Compound Leverage Factor	1.91	1.96	2.03	2.10	2.13	2.17	2.21	2.29	2.91	2.93	3.21
Debt to Total Capital	31.83%	33.15%	34.13%	34.66%	36.00%	33.84%	35.67%	35.39%	62.07%	60.60%	65.61%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.27%	21.66%	23.46%
Long-Term Debt to Total Capital	31.83%	33.15%	34.13%	34.66%	36.00%	33.84%	35.67%	35.39%	39.80%	38.93%	42.15%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	68.17%	66.85%	65.87%	65.34%	64.00%	66.16%	64.33%	64.61%	37.93%	39.40%	34.39%
Debt to EBITDA	-2.66	-5.17	-3.72	-4.07	-4.05	-8.35	-3.97	-4.37	-13.78	-25.00	-41.93
Net Debt to EBITDA	5.67	7.38	4.18	6.96	6.55	14.83	7.57	8.59	9.34	17.37	27.35
Long-Term Debt to EBITDA	-2.66	-5.17	-3.72	-4.07	-4.05	-8.35	-3.97	-4.37	-8.83	-16.06	-26.94
Debt to NOPAT	-2.75	-2.93	-3.06	-3.01	-2.93	-3.05	-2.94	-3.24	-9.51	-8.51	-8.81
Net Debt to NOPAT	5.88	4.19	3.44	5.15	4.75	5.42	5.61	6.37	6.45	5.91	5.75
Long-Term Debt to NOPAT	-2.75	-2.93	-3.06	-3.01	-2.93	-3.05	-2.94	-3.24	-6.10	-5.47	-5.66
Altman Z-Score	3.78	3.41	3.51	3.39	3.51	4.95	5.04	5.08	3.52	2.29	1.95
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.38	3.96	4.03	3.55	2.57	2.50	2.38	2.44	1.81	1.24	1.15
Quick Ratio	4.16	3.24	2.78	3.06	2.10	2.13	2.03	2.11	1.62	1.02	0.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-30	-138	-252	-79	-58	127	194	59	70	64	33
Operating Cash Flow to CapEx	-109.20%	91.28%	3,318.02%	388.88%	1,851.75%	485.00%	19,098.65%	1,431.50%	1,833.52%	557.77%	2,552.55%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.44	0.47	0.47	0.47	0.46	0.49	0.49	0.43	0.40	0.44
Accounts Receivable Turnover	5.61	3.74	6.97	5.21	4.81	3.27	5.75	4.61	4.75	3.04	5.12
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.65	12.25	12.57	12.82	13.44	13.67	14.58	15.62	17.27	17.02	18.26
Accounts Payable Turnover	14.88	16.86	25.43	25.47	18.98	39.49	41.84	50.13	61.87	37.65	22.13
Days Sales Outstanding (DSO)	65.04	97.55	52.33	70.06	75.88	111.55	63.44	79.23	76.90	119.89	71.31
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	24.53	21.65	14.35	14.33	19.23	9.24	8.72	7.28	5.90	9.69	16.49
Cash Conversion Cycle (CCC)	40.50	75.89	37.98	55.73	56.65	102.30	54.71	71.95	71.00	110.20	54.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1.42	147	201	44	39	45	-26	-36	-47	-31	-90
Invested Capital Turnover	-99.65	5.81	5.36	26.74	23.94	5.20	5.77	126.79	-139.37	80.37	-9.90
Increase / (Decrease) in Invested Capital	12	131	222	51	38	-102	-227	-79	-86	-77	-64
Enterprise Value (EV)	2,383	2,283	2,519	2,497	2,943	4,489	4,661	4,855	5,862	4,510	4,095
Market Capitalization	2,914	2,639	2,799	2,924	3,349	4,933	5,139	5,349	6,338	4,997	4,553
Book Value per Share	$4.84	$4.56	$4.47	$4.29	$4.05	$4.49	$4.11	$4.11	$3.82	$4.05	$3.27
Tangible Book Value per Share	$4.60	$4.32	$4.23	$4.06	$3.83	$4.27	$3.89	$3.90	$3.61	$3.85	$2.86
Total Capital	781	751	731	720	695	740	703	710	1,130	1,156	1,069
Total Debt	249	249	249	250	250	250	251	251	701	701	702
Total Long-Term Debt	249	249	249	250	250	250	251	251	450	450	451
Net Debt	-531	-355	-280	-427	-405	-445	-478	-494	-476	-487	-458
Capital Expenditures (CapEx)	1.50	3.76	1.11	1.49	0.34	2.15	0.30	0.82	1.23	4.35	2.66
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-72	73	129	-26	-29	-24	-92	-101	-113	-110	-209
Debt-free Net Working Capital (DFNWC)	707	677	659	651	420	460	411	482	732	419	359
Net Working Capital (NWC)	707	677	659	651	420	460	411	482	480	168	108
Net Nonoperating Expense (NNE)	11	3.75	8.12	11	2.61	26	7.15	3.77	1.79	0.71	5.15
Net Nonoperating Obligations (NNO)	-531	-355	-280	-427	-405	-445	-478	-494	-476	-487	-458
Total Depreciation and Amortization (D&A)	8.63	36	5.44	11	5.50	35	7.48	5.94	5.00	37	15
Debt-free, Cash-free Net Working Capital to Revenue	-15.80%	15.37%	26.67%	-5.33%	-6.02%	-4.72%	-18.23%	-19.35%	-20.63%	-20.01%	-36.41%
Debt-free Net Working Capital to Revenue	154.54%	142.92%	135.90%	133.13%	86.02%	92.23%	81.17%	92.50%	133.94%	76.00%	62.60%
Net Working Capital to Revenue	154.54%	142.92%	135.90%	133.13%	86.02%	92.23%	81.17%	92.50%	87.90%	30.53%	18.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.26)	($0.10)	($0.35)	($0.35)	($0.21)	($0.01)	($0.37)	($0.21)	($0.16)	($0.12)	($0.32)
Adjusted Weighted Average Basic Shares Outstanding	110.00M	109.28M	108.39M	109.74M	109.43M	109.14M	109.99M	111.89M	112.27M	111.66M	112.65M
Adjusted Diluted Earnings per Share	($0.26)	($0.10)	($0.35)	($0.35)	($0.21)	($0.01)	($0.37)	($0.21)	($0.16)	($0.12)	($0.32)
Adjusted Weighted Average Diluted Shares Outstanding	110.00M	109.28M	108.39M	109.74M	109.43M	109.14M	109.99M	111.89M	112.27M	111.66M	112.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.10)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	110.22M	215.23M	109.71M	109.65M	108.95M	218.21M	111.50M	112.18M	112.47M	112.55M	111.92M
Normalized Net Operating Profit after Tax (NOPAT)	-18	-7.00	-30	-28	-20	-3.67	-33	-20	-17	-12	-31
Normalized NOPAT Margin	-14.52%	-4.90%	-28.12%	-24.09%	-16.68%	-2.38%	-29.24%	-15.48%	-11.18%	-7.75%	-22.46%
Pre Tax Income Margin	-18.77%	-4.01%	-32.93%	-27.08%	-16.77%	0.12%	-34.28%	-15.79%	-9.05%	-6.28%	-23.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-45.33%	-51.70%	-54.99%	-90.25%	-43.13%	-39.77%	-40.66%	0.00%	0.00%	-67.28%

Financials Breakdown Chart

Key Financial Trends

Varonis Systems (NASDAQ: VRNS) has shown a clear revenue growth trend over the last four years, with operating revenue increasing from approximately $107 million in Q1 2023 to $136 million in Q1 2025. This represents a significant top-line expansion, reflecting growing demand for its data security solutions.

Despite this revenue growth, the company continues to operate at a net loss. The net loss for Q1 2025 was $35.8 million, considerably larger than the $38.3 million loss in Q1 2023, showing ongoing profitability challenges. Operating expenses, particularly marketing and R&D, have increased substantially, with marketing expense reaching over $72 million in Q1 2025 compared to $68 million in Q1 2023. This indicates aggressive investment in customer acquisition and product development.

Cash flow from operations remains positive and robust, with $68 million generated in Q1 2025, up significantly from $36.8 million in Q1 2023. This suggests that while the company is not yet profitable, it is generating healthy cash flow from its core business operations.

Varonis' balance sheet reflects strong liquidity, with cash and equivalents increasing to $153 million in Q1 2025 from $248 million in Q1 2023, complemented by substantial short-term and long-term investments, totaling over $1 billion combined as of Q1 2025. Total assets grew to about $1.58 billion in Q1 2025, up from approximately $1 billion in Q1 2023, supported by increased investments and cash reserves.

Debt levels have risen, with total liabilities reaching $1.21 billion in Q1 2025 compared to $530 million in Q1 2023. Short-term debt and long-term debt have both increased, which may increase financial risk but also provide resources for growth initiatives.

Consistent revenue growth over the past four years, reaching $136 million in Q1 2025.
Strong cash flow from operations, improving to $68 million in Q1 2025.
Significant cash, short-term, and long-term investments on the balance sheet, exceeding $1 billion as of Q1 2025.
Increased investment in sales, marketing, and R&D, which could support longer-term growth and competitive positioning.
Operating losses persist, with net losses widening to $35.8 million in Q1 2025.
Earnings per share remain negative, at -$0.32 per diluted share in Q1 2025, reflecting ongoing unprofitability.
Higher debt levels, with total liabilities more than doubling since early 2023, increasing leverage.
Fluctuating net cash from investing activities, mostly related to volatile investment purchases and sales.
Weighted average shares outstanding have remained relatively stable, indicating no major dilution events.
Widening net loss trend indicates profitability remains a challenge despite revenue growth.

In summary, Varonis is demonstrating promising top-line growth and operational cash flow strength, supported by ample liquidity and investment in growth areas. However, the company continues to face profitability headwinds and increased financial leverage, indicating that while the business is scaling, it remains in an investment phase with ongoing losses. Investors should weigh the growth potential against these risks when considering a position in VRNS.

10/24/25 01:44 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Varonis Systems' Financials

When does Varonis Systems' fiscal year end?

According to the most recent income statement we have on file, Varonis Systems' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Varonis Systems' net income changed over the last 9 years?

Varonis Systems' net income appears to be on an upward trend, with a most recent value of -$95.77 million in 2024, rising from -$21.28 million in 2015. The previous period was -$100.92 million in 2023. See Varonis Systems' forecast for analyst expectations on what’s next for the company.

What is Varonis Systems' operating income?

Varonis Systems' total operating income in 2024 was -$117.65 million, based on the following breakdown:

Total Gross Profit: $457.10 million
Total Operating Expenses: $574.75 million

How has Varonis Systems' revenue changed over the last 9 years?

Over the last 9 years, Varonis Systems' total revenue changed from $127.21 million in 2015 to $550.95 million in 2024, a change of 333.1%.

How much debt does Varonis Systems have?

Varonis Systems' total liabilities were at $1.21 billion at the end of 2024, a 96.8% increase from 2023, and a 1,381.9% increase since 2015.

How much cash does Varonis Systems have?

In the past 9 years, Varonis Systems' cash and equivalents has ranged from $48.32 million in 2016 to $805.76 million in 2021, and is currently $185.59 million as of their latest financial filing in 2024.

How has Varonis Systems' book value per share changed over the last 9 years?

Over the last 9 years, Varonis Systems' book value per share changed from 3.25 in 2015 to 4.05 in 2024, a change of 24.8%.

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This page (NASDAQ:VRNS) was last updated on 10/24/2025 by MarketBeat.com Staff

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Varonis Systems (VRNS) Financials

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Varonis Systems (VRNS) Financials

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