Varonis Systems (VRNS) Financials

$46.31 -0.22 (-0.47%)

Closing price 04:00 PM Eastern

Extended Trading

$46.30 -0.01 (-0.02%)

As of 04:08 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	-96	-101	-125	-117	-94	-79	-29	-14	-14	-21
Consolidated Net Income / (Loss)	-96	-101	-125	-117	-94	-79	-29	-14	-14	-21
Net Income / (Loss) Continuing Operations	-96	-101	-125	-117	-94	-79	-29	-14	-14	-21
Total Pre-Tax Income	-83	-87	-111	-111	-86	-76	-28	-11	-13	-21
Total Operating Income	-118	-117	-121	-99	-78	-76	-29	-13	-12	-19
Total Gross Profit	457	427	404	331	248	219	243	195	150	115
Total Revenue	551	499	474	390	293	254	270	215	166	127
Operating Revenue	551	499	474	390	293	254	270	215	166	127
Total Cost of Revenue	94	72	70	59	44	35	28	21	16	12
Operating Cost of Revenue	94	72	70	59	44	35	28	21	16	12
Total Operating Expenses	575	545	525	429	327	295	272	208	162	134
Selling, General & Admin Expense	89	83	72	61	48	44	33	27	20	16
Marketing Expense	289	278	275	230	180	170	168	134	106	86
Research & Development Expense	197	184	178	138	99	81	70	47	37	32
Total Other Income / (Expense), net	35	30	10	-12	-7.48	-0.39	0.97	2.36	-0.89	-1.52
Other Income / (Expense), net	35	30	10	-12	-7.48	-0.39	0.97	2.36	-0.89	-1.52
Income Tax Expense	13	14	14	6.02	8.11	2.39	0.41	2.79	1.31	0.69
Basic Earnings per Share	($0.86)	($0.92)	($1.14)	($1.11)	($1.00)	($0.87)	($0.98)	($0.50)	($0.54)	($0.84)
Weighted Average Basic Shares Outstanding	111.66M	109.14M	109.28M	105.31M	94.34M	90.77M	29.02M	27.47M	26.41M	25.20M
Diluted Earnings per Share	($0.86)	($0.92)	($1.14)	($1.11)	($1.00)	($0.87)	($0.98)	($0.50)	($0.54)	($0.84)
Weighted Average Diluted Shares Outstanding	111.66M	109.14M	109.28M	105.31M	94.34M	90.77M	29.02M	27.47M	26.41M	25.20M
Weighted Average Basic & Diluted Shares Outstanding	112.55M	218.21M	215.23M	215.03M	31.45M	30.26M	29.02M	27.47M	26.41M	25.20M

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

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Varonis Systems' Financials

When does Varonis Systems's 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's operating income?

Varonis Systems's 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 5/21/2025 by MarketBeat.com Staff

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Varonis Systems (VRNS) Financials

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