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Varonis Systems (VRNS) Financials

Varonis Systems logo
$43.92 -0.86 (-1.92%)
As of 08/28/2026 04:00 PM Eastern
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Annual Income Statements for Varonis Systems

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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -21 -14 -14 -29 -79 -94 -117 -125 -101 -96 -129
Consolidated Net Income / (Loss)		 -21 -14 -14 -29 -79 -94 -117 -125 -101 -96 -129
Net Income / (Loss) Continuing Operations		 -21 -14 -14 -29 -79 -94 -117 -125 -101 -96 -129
Total Pre-Tax Income 		-21 -13 -11 -28 -76 -86 -111 -111 -87 -83 -116
Total Operating Income		 -19 -12 -13 -29 -76 -78 -99 -121 -117 -118 -147
Total Gross Profit		 115 150 195 243 219 248 331 404 427 457 492
Total Revenue		 127 166 215 270 254 293 390 474 499 551 624
Operating Revenue		 127 166 215 270 254 293 390 474 499 551 624
Total Cost of Revenue		 12 16 21 28 35 44 59 70 72 94 132
Operating Cost of Revenue		 12 16 21 28 35 44 59 70 72 94 132
Total Operating Expenses		 134 162 208 272 295 327 429 525 545 575 638
Selling, General & Admin Expense		 16 20 27 33 44 48 61 72 83 89 99
Marketing Expense		 86 106 134 168 170 180 230 275 278 289 301
Research & Development Expense		 32 37 47 70 81 99 138 178 184 197 238
Total Other Income / (Expense), net		 -1.52 -0.89 2.36 0.97 -0.39 -7.48 -12 10 30 35 30
Other Income / (Expense), net		 -1.52 -0.89 2.36 0.97 -0.39 -7.48 -12 10 30 35 30
Income Tax Expense		 0.69 1.31 2.79 0.41 2.39 8.11 6.02 14 14 13 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) ($1.13)
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 114.41M
Diluted Earnings per Share		 ($0.84) ($0.54) ($0.50) ($0.98) ($0.87) ($1.00) ($1.11) ($1.14) ($0.92) ($0.86) ($1.13)
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 114.41M
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 117.45M

Quarterly Income Statements for Varonis Systems

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -0.90 -40 -24 -18 -13 -36 -36 -30 -28 -37 -47
Consolidated Net Income / (Loss)		 -0.90 -40 -24 -18 -13 -36 -36 -30 -28 -37 -47
Net Income / (Loss) Continuing Operations		 -0.90 -40 -24 -18 -13 -36 -36 -30 -28 -37 -47
Total Pre-Tax Income 		0.19 -39 -21 -13 -9.95 -32 -32 -28 -25 -40 -41
Total Operating Income		 -5.24 -48 -29 -24 -18 -44 -37 -36 -30 -44 -41
Total Gross Profit		 135 93 108 124 132 107 121 126 137 132 136
Total Revenue		 154 114 130 148 159 136 152 162 173 173 180
Operating Revenue		 154 114 130 148 159 136 152 162 173 173 180
Total Cost of Revenue		 19 21 22 24 26 29 31 35 37 42 45
Operating Cost of Revenue		 19 21 22 24 26 29 31 35 37 42 45
Total Operating Expenses		 140 140 137 148 150 151 157 162 167 176 176
Selling, General & Admin Expense		 21 21 22 23 23 24 25 26 24 26 24
Marketing Expense		 71 71 70 71 76 73 77 74 78 80 79
Research & Development Expense		 48 48 45 53 51 54 56 63 65 70 73
Total Other Income / (Expense), net		 5.43 8.55 8.25 10 7.61 12 4.97 7.81 5.47 4.45 -0.76
Other Income / (Expense), net		 5.43 8.55 8.25 10 7.61 12 4.97 7.81 5.47 4.45 -0.76
Income Tax Expense		 1.09 1.40 3.37 4.94 3.05 3.97 4.24 1.81 2.98 -3.18 5.42
Basic Earnings per Share		 ($0.01) ($0.37) ($0.21) ($0.16) ($0.12) ($0.32) ($0.32) ($0.26) ($0.23) ($0.32) ($0.41)
Weighted Average Basic Shares Outstanding		 109.14M 109.99M 111.89M 112.27M 111.66M 112.65M 112.05M 114.97M 114.41M 115.79M 114.82M
Diluted Earnings per Share		 ($0.01) ($0.37) ($0.21) ($0.16) ($0.12) ($0.32) ($0.32) ($0.26) ($0.23) ($0.32) ($0.41)
Weighted Average Diluted Shares Outstanding		 109.14M 109.99M 111.89M 112.27M 111.66M 112.65M 112.05M 114.97M 114.41M 115.79M 114.82M
Weighted Average Basic & Diluted Shares Outstanding		 218.21M 111.50M 112.18M 112.47M 112.55M 111.92M 112.05M 117.90M 117.45M 114.81M 114.86M

Annual Cash Flow Statements for Varonis Systems

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 -27 -0.91 8.43 -8.53 20 165 572 -438 -137 -45 17
Net Cash From Operating Activities		 -2.73 7.35 16 24 -11 -5.84 7.18 12 59 115 147
Net Cash From Continuing Operating Activities		 -2.73 7.35 16 24 -11 -5.84 7.18 12 59 115 148
Net Income / (Loss) Continuing Operations		 -21 -14 -14 -29 -79 -94 -117 -125 -101 -96 -129
Consolidated Net Income / (Loss)		 -21 -14 -14 -29 -79 -94 -117 -125 -101 -96 -129
Depreciation Expense		 1.62 2.18 3.33 4.16 6.32 10 11 12 12 11 12
Amortization Expense		 - 9.53 13 13 14 17 21 51 45 44 57
Non-Cash Adjustments To Reconcile Net Income		 7.79 13 20 35 55 77 118 152 149 143 140
Changes in Operating Assets and Liabilities, net		 9.15 -3.10 -5.54 -0.15 -7.08 -17 -26 -78 -46 13 67
Net Cash From Investing Activities		 -27 -12 -20 -40 33 -55 54 -374 -143 -532 -0.84
Net Cash From Continuing Investing Activities		 -27 -12 -20 -40 33 -55 54 -374 -143 -532 -0.84
Purchase of Property, Plant & Equipment		 -4.54 -3.83 -5.31 -9.58 -25 -10 -10 -11 -5.10 -6.69 -16
Acquisitions		 - - - 0.00 0.00 -29 - 0.00 0.00 -6.65 -124
Purchase of Investments		 - 0.00 -40 -0.04 -67 -44 -50 -278 -654 -974 -480
Sale and/or Maturity of Investments		 -22 -8.39 25 -30 65 52 34 42 301 420 365
Other Investing Activities, net		 0.01 -0.11 -0.31 -0.31 60 -23 81 -127 214 35 253
Net Cash From Financing Activities		 2.06 4.07 12 8.11 -2.40 226 510 -76 -53 372 -130
Net Cash From Continuing Financing Activities		 2.06 4.07 12 8.11 -2.40 226 510 -76 -53 372 -130
Repayment of Debt		 - - - - - - - - 0.00 0.00 -0.14
Repurchase of Common Equity		 - - - - - 0.00 0.00 -56 -44 0.00 -115
Issuance of Debt		 - - - 0.00 0.00 245 - 0.00 0.00 450 0.00
Issuance of Common Equity		 - - - - 0.00 10 511 12 12 16 14
Other Financing Activities, net		 2.06 4.07 12 8.11 -2.40 -30 -1.04 -31 -21 -94 -29
Cash Interest Paid		 - - - - - 1.55 3.17 3.17 3.20 3.19 7.72
Cash Income Taxes Paid		 0.35 0.25 0.47 0.71 3.96 1.34 8.51 7.35 16 24 3.59

Quarterly Cash Flow Statements for Varonis Systems

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 120 -84 8.35 127 -97 -32 46 -42 45 -23 54
Net Cash From Operating Activities		 10 57 12 22 24 68 21 33 25 55 25
Net Cash From Continuing Operating Activities		 10 57 12 22 24 68 21 33 25 55 25
Net Income / (Loss) Continuing Operations		 -0.90 -40 -24 -18 -13 -36 -36 -30 -28 -37 -47
Consolidated Net Income / (Loss)		 -0.90 -40 -24 -18 -13 -36 -36 -30 -28 -37 -47
Depreciation Expense		 2.97 2.91 2.86 2.78 2.58 2.42 2.57 2.98 4.35 4.35 7.18
Amortization Expense		 32 7.82 3.08 2.23 34 12 15 15 15 17 16
Non-Cash Adjustments To Reconcile Net Income		 34 34 32 41 35 35 36 34 35 38 38
Changes in Operating Assets and Liabilities, net		 -58 52 -2.69 -5.10 -34 54 3.28 11 -1.35 32 11
Net Cash From Investing Activities		 110 -112 -5.00 -296 -119 -25 70 -82 36 63 36
Net Cash From Continuing Investing Activities		 110 -112 -5.00 -296 -119 -25 70 -82 36 63 36
Purchase of Property, Plant & Equipment		 -2.15 -0.30 -0.82 -1.23 -4.35 -2.66 -4.03 -4.51 -4.33 -6.02 -5.05
Acquisitions		 - 0.00 - - - -19 - -105 - -114 -0.00
Purchase of Investments		 -68 -133 -42 -401 -373 -94 -60 -75 -251 -64 -191
Sale and/or Maturity of Investments		 273 15 30 112 263 56 70 198 41 184 198
Other Investing Activities, net		 -92 6.30 8.04 1.47 -5.26 34 64 -95 250 63 34
Net Cash From Financing Activities		 -1.25 -28 1.63 400 -1.50 -75 -45 6.42 -15 -142 -6.96
Net Cash From Continuing Financing Activities		 -1.25 -28 1.63 400 -1.50 -75 -45 6.42 -16 -142 -6.96
Other Financing Activities, net		 -1.44 -35 -1.75 -56 -1.03 -21 -6.44 -0.63 -0.73 -17 -6.96
Cash Interest Paid		 0.00 1.58 0.02 1.58 0.01 3.94 0.01 3.77 0.01 2.30 0.00
Cash Income Taxes Paid		 9.86 0.42 5.32 4.38 14 0.89 4.37 1.56 -3.24 0.29 0.27

Annual Balance Sheets for Varonis Systems

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 2025
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 12/31/2025
Total Assets		 165 182 246 285 318 555 1,109 1,044 1,104 1,664 1,792
Total Current Assets		 156 171 226 259 215 420 959 906 767 878 1,299
Cash & Equivalents		 49 48 57 49 69 234 806 368 231 186 202
Short-Term Investments		 57 65 80 40 42 34 0.00 236 253 343 681
Accounts Receivable		 47 54 76 83 75 94 117 136 169 193 243
Prepaid Expenses		 2.62 3.65 14 17 19 27 34 37 64 117 135
Other Current Assets		 - - - 70 10 30 1.85 128 50 39 37
Plant, Property, & Equipment, net		 8.27 9.91 12 17 36 37 38 39 34 31 36
Total Noncurrent Assets		 0.48 0.61 7.24 8.57 67 98 111 99 303 755 457
Long-Term Investments		 - - - - - - - 0.00 211 659 187
Goodwill		 - - - - 0.00 23 23 23 23 23 135
Intangible Assets		 - - - - 0.00 5.85 4.31 2.79 1.26 0.00 17
Other Noncurrent Operating Assets		 0.48 0.61 7.24 8.57 67 69 84 73 67 73 118
Total Liabilities & Shareholders' Equity		 165 182 246 285 318 555 1,109 1,044 1,104 1,664 1,792
Total Liabilities		 82 99 131 160 225 461 512 542 614 1,209 1,193
Total Current Liabilities		 71 88 117 146 160 183 212 229 307 710 659
Accounts Payable		 2.61 1.29 0.64 2.62 1.00 0.85 5.32 2.96 0.67 4.31 5.74
Accrued Expenses		 23 28 42 56 63 83 102 115 125 165 225
Current Deferred Revenue		 46 58 73 88 96 99 104 111 181 290 428
Total Noncurrent Liabilities		 10 11 14 13 65 279 300 313 307 499 534
Long-Term Debt		 - - - - 0.00 218 225 249 250 450 452
Noncurrent Deferred Revenue		 3.10 3.56 6.61 6.49 5.46 2.78 2.57 1.50 0.89 2.21 14
Other Noncurrent Operating Liabilities		 5.62 7.29 7.81 6.78 60 58 72 62 56 46 67
Total Equity & Noncontrolling Interests		 84 83 115 125 94 94 597 502 490 456 599
Total Preferred & Common Equity		 84 83 115 125 94 94 597 502 490 456 599
Total Common Equity		 84 83 115 125 94 94 597 502 490 456 599
Common Stock		 172 189 224 267 311 395 1,018 1,055 1,143 1,193 1,445
Retained Earnings		 -88 -106 -109 -138 -217 -311 -428 -543 -644 -740 -869
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 23

Quarterly Balance Sheets for Varonis Systems

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 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 1,011 1,037 1,021 1,054 1,095 1,521 1,577 1,615 1,665 1,635 1,654
Total Current Assets		 876 905 686 708 816 1,074 818 1,068 961 1,081 997
Cash & Equivalents		 249 399 111 147 155 282 153 199 157 179 234
Short-Term Investments		 281 277 338 356 427 563 415 572 514 568 426
Accounts Receivable		 75 104 111 100 122 119 124 150 143 157 151
Prepaid Expenses		 44 48 50 59 66 76 85 111 111 139 148
Other Current Assets		 227 77 76 45 45 34 42 37 37 38 38
Plant, Property, & Equipment, net		 38 37 34 32 30 29 31 33 35 40 40
Total Noncurrent Assets		 98 95 300 314 249 418 728 514 669 514 617
Long-Term Investments		 - - 206 226 163 332 592 364 396 114 213
Goodwill		 23 23 23 23 23 23 40 40 135 217 215
Intangible Assets		 2.41 2.03 1.64 0.88 0.50 0.12 6.01 5.84 17 57 56
Other Noncurrent Operating Assets		 72 70 69 64 62 62 90 104 121 127 133
Total Liabilities & Shareholders' Equity		 1,011 1,037 1,021 1,054 1,095 1,521 1,577 1,615 1,665 1,635 1,654
Total Liabilities		 530 566 576 601 636 1,093 1,209 1,274 1,060 1,181 1,210
Total Current Liabilities		 217 255 267 297 334 594 710 771 532 639 606
Accounts Payable		 0.71 0.68 1.33 2.90 2.53 1.49 6.27 7.12 5.26 11 12
Accrued Expenses		 - - - - - - 157 190 193 211 173
Current Deferred Revenue		 109 131 145 185 209 218 296 323 334 416 420
Total Noncurrent Liabilities		 313 311 310 304 302 499 499 502 528 542 604
Long-Term Debt		 249 250 250 251 251 450 451 451 452 453 453
Noncurrent Deferred Revenue		 1.38 0.65 0.16 0.40 0.02 1.53 0.13 0.11 7.93 23 15
Other Noncurrent Operating Liabilities		 62 61 59 53 50 47 48 51 69 67 135
Total Equity & Noncontrolling Interests		 481 471 445 452 459 429 368 341 605 454 444
Total Preferred & Common Equity		 481 471 445 452 459 429 368 341 605 454 444
Total Common Equity		 481 471 445 452 459 429 368 341 605 454 444
Common Stock		 1,077 1,109 1,111 1,146 1,178 1,160 1,145 1,139 1,428 1,339 1,370
Retained Earnings		 -582 -620 -643 -685 -709 -727 -776 -812 -842 -906 -953
Accumulated Other Comprehensive Income / (Loss)		 -14 -18 -23 -9.11 -11 -4.38 -1.16 14 18 21 27

Annual Metrics And Ratios for Varonis Systems

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 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 25.52% 30.39% 29.86% 25.49% -5.96% 15.15% 33.29% 21.40% 5.39% 10.38% 13.17%
EBITDA Growth		 -8.16% 93.81% 513.79% -322.62% -421.30% -3.73% -34.86% 39.02% 37.71% 6.50% -67.11%
EBIT Growth		 -8.28% 37.47% 14.15% -154.73% -171.17% -12.47% -29.04% 0.02% 21.56% 4.50% -40.13%
NOPAT Growth		 -10.20% 37.11% -11.87% -117.12% -160.81% -3.20% -25.86% -22.83% 3.30% -0.37% -24.53%
Net Income Growth		 -9.72% 33.31% 2.46% -106.43% -175.61% -19.36% -24.31% -6.55% 18.95% 5.10% -35.04%
EPS Growth		 7.69% 35.71% 7.41% -96.00% -175.61% -19.36% -11.00% -2.70% 19.30% 6.52% -31.40%
Operating Cash Flow Growth		 61.62% 369.22% 122.55% 44.00% -145.37% 45.32% 222.87% 65.38% 400.51% 93.89% 27.98%
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% -1,874.84%
Invested Capital Growth		 -36.52% -36.53% 29.46% 268.35% -145.88% 361.83% -63.54% 809.23% -69.28% -169.63% 36.40%
Revenue Q/Q Growth		 8.65% 7.78% 8.67% 5.68% -5.56% 8.38% 8.75% 3.51% 2.35% 0.81% 2.44%
EBITDA Q/Q Growth		 15.29% 92.42% 153.94% -28.16% -86.09% 7.67% -5.38% 48.57% 51.50% 44.93% -38.77%
EBIT Q/Q Growth		 13.77% 27.12% 4.30% -11.32% -33.24% 2.40% -10.12% 12.75% 6.37% -13.91% -14.63%
NOPAT Q/Q Growth		 14.60% 28.37% -4.37% -12.54% -32.19% 7.99% -12.08% 6.07% 3.89% -11.68% -9.50%
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% -12.90%
EPS Q/Q Growth		 -23.53% 23.94% -4.17% -2.08% -36.63% -4.89% -6.73% 9.52% 8.91% -14.67% -10.78%
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% 0.28%
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% 12.63%
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% -93.16%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 90.55% 90.51% 90.38% 89.76% 86.17% 84.88% 84.77% 85.26% 85.63% 82.97% 78.83%
EBITDA Margin		 -14.92% -0.71% 2.26% -4.00% -22.20% -20.00% -20.23% -10.16% -6.01% -5.09% -7.51%
Operating Margin		 -14.99% -7.23% -6.23% -10.78% -29.89% -26.79% -25.30% -25.60% -23.48% -21.35% -23.50%
EBIT Margin		 -16.19% -7.77% -5.13% -10.42% -30.05% -29.35% -28.41% -23.40% -17.41% -15.07% -18.66%
Profit (Net Income) Margin		 -16.73% -8.56% -6.43% -10.57% -30.99% -32.12% -29.95% -26.29% -20.22% -17.38% -20.74%
Tax Burden Percent		 103.33% 110.19% 125.21% 101.47% 103.13% 109.44% 105.43% 112.37% 116.10% 115.37% 111.18%
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% 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% 0.00%
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% 0.00%
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% 0.00%
Return on Equity (ROE)		 -23.83% -17.07% -14.03% -23.81% -71.96% -100.22% -33.84% -22.67% -20.35% -20.26% -24.53%
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% 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% -6.73%
Return on Assets (ROA)		 -13.22% -8.18% -6.48% -10.77% -26.11% -21.52% -14.05% -11.57% -9.40% -6.92% -7.48%
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% -24.53%
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% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -8.40 -9.39 -20 -53 -55 -69 -85 -82 -82 -103
NOPAT Margin		 -10.50% -5.06% -4.36% -7.55% -20.93% -18.75% -17.71% -17.92% -16.44% -14.95% -16.45%
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% -4.84%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -11.30% -11.09% -7.12% -9.76%
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% 21.17%
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% 15.86%
R&D to Revenue		 24.99% 22.10% 21.99% 25.89% 31.77% 33.95% 35.34% 37.56% 36.83% 35.71% 38.14%
Operating Expenses to Revenue		 105.55% 97.74% 96.61% 100.54% 116.07% 111.67% 110.07% 110.85% 109.11% 104.32% 102.33%
Earnings before Interest and Taxes (EBIT)		 -21 -13 -11 -28 -76 -86 -111 -111 -87 -83 -116
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -19 -1.18 4.86 -11 -56 -59 -79 -48 -30 -28 -47
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 6.46
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 8.66
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 6.20
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 39.85 0.00 115.99 288.01 15.54 99.43 0.00 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 5.21
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 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)		 0.00 81.82 74.31 62.44 0.00 0.00 648.48 192.36 75.55 39.15 22.03
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 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 0.76
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 0.76
Financial Leverage		 -1.22 -1.32 -1.27 -0.94 -0.91 -0.85 -0.91 -0.85 -0.81 -0.99 -1.05
Leverage Ratio		 1.80 2.09 2.17 2.21 2.76 4.66 2.41 1.96 2.17 2.93 3.28
Compound Leverage Factor		 1.80 2.09 2.17 2.21 2.76 4.66 2.41 1.96 2.17 2.93 3.28
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 69.90% 27.42% 33.15% 33.84% 60.60% 43.03%
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% 0.00%
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% 43.03%
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		 100.00% 100.00% 100.00% 100.00% 100.00% 30.10% 72.59% 66.85% 66.16% 39.40% 56.97%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 -3.73 -2.85 -5.17 -8.35 -25.00 -9.65
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.85 7.35 7.38 14.83 17.37 13.21
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 -9.65
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 -3.98 -3.26 -2.93 -3.05 -8.51 -4.41
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.91 8.40 4.19 5.42 5.91 6.03
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 -4.41
Altman Z-Score		 3.79 4.74 6.83 6.28 5.59 6.50 6.43 3.08 4.69 2.15 1.83
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		 2.19 1.94 1.94 1.77 1.35 2.30 4.53 3.96 2.50 1.24 1.97
Quick Ratio		 2.16 1.90 1.82 1.17 1.16 1.98 4.36 3.24 2.13 1.02 1.71
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -7.26 -0.08 -19 -79 0.63 -116 -41 -216 20 -5.77 -114
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% 949.88%
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		 0.79 0.96 1.01 1.02 0.84 0.67 0.47 0.44 0.46 0.40 0.36
Accounts Receivable Turnover		 2.98 3.27 3.33 3.40 3.21 3.46 3.69 3.74 3.27 3.04 2.86
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		 20.76 18.25 19.76 18.50 9.47 7.96 10.34 12.25 13.67 17.02 18.66
Accounts Payable Turnover		 4.52 8.07 21.54 17.01 19.43 47.93 19.24 16.86 39.49 37.65 26.27
Days Sales Outstanding (DSO)		 122.38 111.46 109.69 107.24 113.63 105.55 98.89 97.55 111.55 119.89 127.51
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)		 80.70 45.23 16.94 21.46 18.78 7.62 18.97 21.65 9.24 9.69 13.89
Cash Conversion Cycle (CCC)		 41.68 66.23 92.75 85.78 94.85 97.93 79.92 75.89 102.30 110.20 113.62
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -23 -31 -22 37 -17 44 16 147 45 -31 -20
Invested Capital Turnover		 -6.45 -6.16 -8.13 36.09 25.46 21.37 12.90 5.81 5.20 80.37 -24.25
Increase / (Decrease) in Invested Capital		 -6.09 -8.31 9.15 59 -54 61 -28 131 -102 -77 11
Enterprise Value (EV)		 378 601 1,215 1,470 2,258 5,141 4,655 2,283 4,489 4,510 3,248
Market Capitalization		 484 715 1,352 1,559 2,369 5,191 5,235 2,639 4,933 4,997 3,867
Book Value per Share		 $3.25 $3.10 $4.12 $4.25 $3.07 $2.97 $5.56 $4.56 $4.49 $4.05 $5.08
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 $3.79
Total Capital		 84 83 115 125 94 313 822 751 740 1,156 1,051
Total Debt		 0.00 0.00 0.00 0.00 0.00 218 225 249 250 701 452
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 218 225 249 250 450 452
Net Debt		 -106 -114 -137 -88 -110 -50 -580 -355 -445 -487 -619
Capital Expenditures (CapEx)		 4.53 3.82 5.29 9.56 25 10 10 11 5.10 6.69 16
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -21 -31 -27 24 -55 -31 -58 73 -24 -110 -244
Debt-free Net Working Capital (DFNWC)		 85 83 110 113 55 237 747 677 460 419 640
Net Working Capital (NWC)		 85 83 110 113 55 237 747 677 460 168 640
Net Nonoperating Expense (NNE)		 7.93 5.80 4.45 8.18 26 39 48 40 19 13 27
Net Nonoperating Obligations (NNO)		 -106 -114 -137 -88 -110 -50 -580 -355 -445 -487 -619
Total Depreciation and Amortization (D&A)		 1.62 12 16 17 20 27 32 63 57 55 69
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% -39.15%
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% 102.58%
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% 102.58%
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) ($1.13)
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 114.41M
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) ($1.13)
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 114.41M
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 $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 117.45M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -8.40 -9.39 -20 -53 -55 -69 -85 -82 -82 -103
Normalized NOPAT Margin		 -10.50% -5.06% -4.36% -7.55% -20.93% -18.75% -17.71% -17.92% -16.44% -14.95% -16.45%
Pre Tax Income Margin		 -16.19% -7.77% -5.13% -10.42% -30.05% -29.35% -28.41% -23.40% -17.41% -15.07% -18.66%
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% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -45.33% -43.13% 0.00% -88.92%

Quarterly Metrics And Ratios for Varonis Systems

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 117,447,726.00 114,814,150.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 117,447,726.00 114,814,150.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.31 -0.41
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 8.05% 6.23% 12.93% 21.06% 2.87% 19.65% 16.74% 9.12% 9.37% 26.90% 18.31%
EBITDA Growth		 15.53% -5.68% 27.99% 44.11% -24.57% 39.85% -60.04% -611.75% -182.69% -7.39% -31.73%
EBIT Growth		 103.30% -10.60% 34.16% 34.70% -5,362.96% 18.61% -53.50% -109.99% -149.24% -25.84% -31.06%
NOPAT Growth		 456.19% -10.48% 27.42% 18.89% -149.31% 8.12% -26.80% -52.01% -72.41% -1.63% -11.16%
Net Income Growth		 91.65% -5.71% 38.11% 20.35% -1,346.99% 11.63% -49.59% -63.32% -113.75% -2.99% -30.66%
EPS Growth		 90.00% -5.71% 40.00% 23.81% -1,100.00% 13.51% -52.38% -62.50% -91.67% 0.00% -28.13%
Operating Cash Flow Growth		 204.22% 54.01% 101.93% 254.95% 132.35% 19.88% 82.10% 48.57% 1.69% -19.06% 17.48%
Free Cash Flow Firm Growth		 191.97% 176.95% 175.09% 219.95% -49.26% -82.79% -49.37% -188.60% -150.74% -598.45% -580.20%
Invested Capital Growth		 -69.28% -112.90% -181.25% -219.94% -169.63% -246.55% -156.13% 78.06% 36.40% 150.19% 126.76%
Revenue Q/Q Growth		 25.99% -26.01% 14.32% 13.60% 7.05% -13.94% 11.54% 6.19% 7.30% -0.14% 3.98%
EBITDA Q/Q Growth		 334.87% -948.74% 53.69% 42.66% 416.97% -164.12% 17.77% 29.84% 39.80% -209.22% -0.86%
EBIT Q/Q Growth		 100.92% -20,781.48% 47.36% 34.90% 25.74% -219.85% 0.72% 10.95% 11.86% -61.48% -3.39%
NOPAT Q/Q Growth		 222.12% -233.82% 39.48% 17.99% 25.75% -149.35% 16.48% 1.69% 15.78% -46.99% 8.66%
Net Income Q/Q Growth		 96.10% -4,408.91% 40.85% 23.45% 29.12% -175.38% -0.11% 16.42% 7.24% -32.69% -27.01%
EPS Q/Q Growth		 95.24% -3,600.00% 43.24% 23.81% 25.00% -166.67% 0.00% 18.75% 11.54% -39.13% -28.13%
Operating Cash Flow Q/Q Growth		 64.96% 442.96% -79.33% 91.73% 7.99% 180.14% -68.60% 56.44% -26.09% 122.99% -54.43%
Free Cash Flow Firm Q/Q Growth		 317.30% 52.94% -69.44% 18.11% -8.08% -48.14% -10.07% -306.66% 47.36% -409.44% 13.36%
Invested Capital Q/Q Growth		 14.80% -157.48% -37.16% -32.52% 33.36% -186.08% -1.38% 88.65% -93.16% 325.76% -45.96%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 87.45% 81.28% 82.79% 83.79% 83.56% 78.73% 79.46% 78.25% 78.91% 75.99% 75.27%
EBITDA Margin		 22.88% -27.72% -11.23% -5.67% 16.78% -12.50% -9.22% -6.09% -3.42% -10.58% -10.26%
Operating Margin		 -3.40% -41.78% -22.12% -15.97% -11.07% -32.08% -24.02% -22.24% -17.46% -25.69% -22.57%
EBIT Margin		 0.12% -34.28% -15.79% -9.05% -6.28% -23.32% -20.76% -17.41% -14.30% -23.12% -22.99%
Profit (Net Income) Margin		 -0.58% -35.51% -18.37% -12.38% -8.20% -26.23% -23.54% -18.53% -16.02% -21.29% -26.00%
Tax Burden Percent		 -475.13% 103.59% 116.38% 136.86% 130.63% 112.47% 113.42% 106.45% 112.03% 92.05% 113.08%
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		 575.13% 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)		 84.03% -168.82% -1,962.72% 0.00% -622.92% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 90.48% -166.93% -1,961.90% 0.00% -622.76% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -72.96% 135.60% 1,944.55% 0.00% 613.73% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 11.07% -33.22% -18.16% -19.17% -9.18% -22.21% -25.73% -22.17% -24.53% -31.76% -35.97%
Cash Return on Invested Capital (CROIC)		 20.56% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -527.55% -907.93%
Operating Return on Assets (OROA)		 0.06% -16.80% -7.71% -3.89% -2.50% -10.17% -9.12% -6.65% -5.16% -9.51% -9.68%
Return on Assets (ROA)		 -0.27% -17.40% -8.98% -5.32% -3.26% -11.43% -10.34% -7.08% -5.78% -8.75% -10.94%
Return on Common Equity (ROCE)		 11.07% -33.22% -18.16% -19.17% -9.18% -22.21% -25.73% -22.17% -24.53% -31.76% -35.97%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -22.79% -19.27% -19.52% 0.00% -24.76% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 25 -33 -20 -17 -12 -31 -26 -25 -21 -31 -28
NOPAT Margin		 16.17% -29.24% -15.48% -11.18% -7.75% -22.46% -16.82% -15.57% -12.22% -17.99% -15.80%
Net Nonoperating Expense Percent (NNEP)		 -6.46% -1.88% -0.82% -0.41% -0.15% -1.10% -2.21% -0.88% -1.19% -1.32% -4.31%
Return On Investment Capital (ROIC_SIMPLE)		 3.37% - - - -1.06% -2.86% -2.45% -2.38% -2.02% -3.44% -3.17%
Cost of Revenue to Revenue		 12.55% 18.72% 17.21% 16.21% 16.44% 21.27% 20.54% 21.75% 21.09% 24.01% 24.73%
SG&A Expenses to Revenue		 13.81% 18.64% 16.70% 15.44% 14.73% 17.74% 16.19% 15.84% 14.12% 14.98% 13.23%
R&D to Revenue		 31.24% 41.95% 34.47% 36.10% 31.89% 39.74% 36.97% 38.83% 37.27% 40.29% 40.74%
Operating Expenses to Revenue		 90.85% 123.05% 104.90% 99.75% 94.64% 110.81% 103.49% 100.49% 96.37% 101.68% 97.84%
Earnings before Interest and Taxes (EBIT)		 0.19 -39 -21 -13 -9.95 -32 -32 -28 -25 -40 -41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 35 -32 -15 -8.39 27 -17 -14 -9.84 -5.92 -18 -18
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 10.08 11.36 11.66 14.79 10.97 12.38 16.63 10.65 6.46 5.56 10.84
Price to Tangible Book Value (P/TBV)		 10.60 12.00 12.30 15.64 11.55 14.14 19.20 14.24 8.66 14.00 27.78
Price to Revenue (P/Rev)		 9.88 10.16 10.27 11.60 9.07 7.94 9.54 10.58 6.20 3.82 7.00
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)		 99.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 46.82 180.27
Enterprise Value to Revenue (EV/Rev)		 8.99 9.21 9.32 10.73 8.19 7.14 8.82 9.57 5.21 3.20 6.39
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)		 75.55 58.77 56.96 57.83 39.15 32.38 38.56 39.61 22.03 15.71 31.82
Enterprise Value to Free Cash Flow (EV/FCFF)		 227.32 32.84 2,682.10 459.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.51 0.55 0.55 1.64 1.54 1.91 2.06 0.75 0.76 1.00 1.02
Long-Term Debt to Equity		 0.51 0.55 0.55 1.05 0.99 1.23 1.32 0.75 0.76 1.00 1.02
Financial Leverage		 -0.81 -0.81 -0.99 -1.01 -0.99 -1.14 -1.16 -1.06 -1.05 -1.05 -1.09
Leverage Ratio		 2.17 2.21 2.29 2.91 2.93 3.21 3.39 3.08 3.28 3.91 4.16
Compound Leverage Factor		 2.17 2.21 2.29 2.91 2.93 3.21 3.39 3.08 3.28 3.91 4.16
Debt to Total Capital		 33.84% 35.67% 35.39% 62.07% 60.60% 65.61% 67.29% 42.76% 43.03% 49.96% 50.49%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 22.27% 21.66% 23.46% 24.06% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 33.84% 35.67% 35.39% 39.80% 38.93% 42.15% 43.23% 42.76% 43.03% 49.96% 50.49%
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		 66.16% 64.33% 64.61% 37.93% 39.40% 34.39% 32.71% 57.24% 56.97% 50.04% 49.51%
Debt to EBITDA		 -8.35 -3.97 -4.37 -13.78 -25.00 -41.93 -31.93 -13.38 -9.65 -9.41 -8.62
Net Debt to EBITDA		 14.83 7.57 8.59 9.34 17.37 27.35 19.67 18.22 13.21 8.49 7.99
Long-Term Debt to EBITDA		 -8.35 -3.97 -4.37 -8.83 -16.06 -26.94 -20.52 -13.38 -9.65 -9.41 -8.62
Debt to NOPAT		 -3.05 -2.94 -3.24 -9.51 -8.51 -8.81 -8.26 -4.82 -4.41 -4.39 -4.28
Net Debt to NOPAT		 5.42 5.61 6.37 6.45 5.91 5.75 5.09 6.57 6.03 3.96 3.97
Long-Term Debt to NOPAT		 -3.05 -2.94 -3.24 -6.10 -5.47 -5.66 -5.31 -4.82 -4.41 -4.39 -4.28
Altman Z-Score		 4.95 5.04 5.08 3.52 2.29 1.95 2.50 3.56 2.00 1.15 2.20
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		 2.50 2.38 2.44 1.81 1.24 1.15 1.39 1.81 1.97 1.69 1.65
Quick Ratio		 2.13 2.03 2.11 1.62 1.02 0.97 1.19 1.53 1.71 1.42 1.34
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 127 194 59 70 64 33 30 -62 -33 -166 -144
Operating Cash Flow to CapEx		 485.00% 19,098.65% 1,431.50% 1,833.52% 557.77% 2,552.55% 530.15% 741.35% 570.73% 914.47% 496.36%
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		 0.46 0.49 0.49 0.43 0.40 0.44 0.44 0.38 0.36 0.41 0.42
Accounts Receivable Turnover		 3.27 5.75 4.61 4.75 3.04 5.12 4.37 4.65 2.86 4.71 4.58
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		 13.67 14.58 15.62 17.27 17.02 18.26 18.85 19.13 18.66 18.69 18.75
Accounts Payable Turnover		 39.49 41.84 50.13 61.87 37.65 22.13 22.87 35.99 26.27 16.97 16.23
Days Sales Outstanding (DSO)		 111.55 63.44 79.23 76.90 119.89 71.31 83.44 78.51 127.51 77.45 79.73
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)		 9.24 8.72 7.28 5.90 9.69 16.49 15.96 10.14 13.89 21.51 22.49
Cash Conversion Cycle (CCC)		 102.30 54.71 71.95 71.00 110.20 54.82 67.48 68.36 113.62 55.94 57.24
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 45 -26 -36 -47 -31 -90 -91 -10 -20 45 24
Invested Capital Turnover		 5.20 5.77 126.79 -139.37 80.37 -9.90 -9.39 -21.16 -24.25 -29.48 -20.61
Increase / (Decrease) in Invested Capital		 -102 -227 -79 -86 -77 -64 -56 37 11 135 116
Enterprise Value (EV)		 4,489 4,661 4,855 5,862 4,510 4,095 5,248 5,824 3,248 2,113 4,398
Market Capitalization		 4,933 5,139 5,349 6,338 4,997 4,553 5,680 6,439 3,867 2,522 4,818
Book Value per Share		 $4.49 $4.11 $4.11 $3.82 $4.05 $3.27 $3.05 $5.40 $5.08 $3.86 $3.87
Tangible Book Value per Share		 $4.27 $3.89 $3.90 $3.61 $3.85 $2.86 $2.64 $4.04 $3.79 $1.53 $1.51
Total Capital		 740 703 710 1,130 1,156 1,069 1,044 1,057 1,051 906 898
Total Debt		 250 251 251 701 701 702 702 452 452 453 453
Total Long-Term Debt		 250 251 251 450 450 451 451 452 452 453 453
Net Debt		 -445 -478 -494 -476 -487 -458 -433 -615 -619 -408 -420
Capital Expenditures (CapEx)		 2.15 0.30 0.82 1.23 4.35 2.66 4.03 4.51 4.33 6.02 5.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -24 -92 -101 -113 -110 -209 -223 -242 -244 -305 -269
Debt-free Net Working Capital (DFNWC)		 460 411 482 732 419 359 548 429 640 442 391
Net Working Capital (NWC)		 460 411 482 480 168 108 297 429 640 442 391
Net Nonoperating Expense (NNE)		 26 7.15 3.77 1.79 0.71 5.15 10 4.79 6.59 5.72 18
Net Nonoperating Obligations (NNO)		 -445 -478 -494 -476 -487 -458 -433 -615 -619 -408 -420
Total Depreciation and Amortization (D&A)		 35 7.48 5.94 5.00 37 15 18 18 19 22 23
Debt-free, Cash-free Net Working Capital to Revenue		 -4.72% -18.23% -19.35% -20.63% -20.01% -36.41% -37.43% -39.73% -39.15% -46.21% -39.11%
Debt-free Net Working Capital to Revenue		 92.23% 81.17% 92.50% 133.94% 76.00% 62.60% 92.09% 70.56% 102.58% 67.01% 56.83%
Net Working Capital to Revenue		 92.23% 81.17% 92.50% 87.90% 30.53% 18.83% 49.90% 70.56% 102.58% 67.01% 56.83%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.01) ($0.37) ($0.21) ($0.16) ($0.12) ($0.32) ($0.32) ($0.26) ($0.23) ($0.32) ($0.41)
Adjusted Weighted Average Basic Shares Outstanding		 109.14M 109.99M 111.89M 112.27M 111.66M 112.65M 112.05M 114.97M 114.41M 115.79M 114.82M
Adjusted Diluted Earnings per Share		 ($0.01) ($0.37) ($0.21) ($0.16) ($0.12) ($0.32) ($0.32) ($0.26) ($0.23) ($0.32) ($0.41)
Adjusted Weighted Average Diluted Shares Outstanding		 109.14M 109.99M 111.89M 112.27M 111.66M 112.65M 112.05M 114.97M 114.41M 115.79M 114.82M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 218.21M 111.50M 112.18M 112.47M 112.55M 111.92M 112.05M 117.90M 117.45M 114.81M 114.86M
Normalized Net Operating Profit after Tax (NOPAT)		 -3.67 -33 -20 -17 -12 -31 -26 -25 -21 -31 -28
Normalized NOPAT Margin		 -2.38% -29.24% -15.48% -11.18% -7.75% -22.46% -16.82% -15.57% -12.22% -17.99% -15.80%
Pre Tax Income Margin		 0.12% -34.28% -15.79% -9.05% -6.28% -23.32% -20.76% -17.41% -14.30% -23.12% -22.99%
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		 -43.13% -39.77% -40.66% 0.00% 0.00% -67.28% -97.15% -87.30% -88.92% -144.74% -106.10%

Financials Breakdown Chart

Key Financial Trends

Varonis Systems’ financial profile shows strong top-line growth and improving operating cash flow, but profitability remains under pressure. Based on the available quarterly data from 2022 through the second quarter of 2026, revenue has expanded steadily while the company continues to report operating and net losses. Investors should weigh the improving cash-generation trend against declining gross margins, substantial long-term debt and continued acquisition-related spending.

  • Revenue growth has remained robust. Second-quarter revenue increased from $115.4 million in 2023 to $130.3 million in 2024, $152.2 million in 2025 and $180.0 million in 2026. That represents approximately 16% to 18% year-over-year growth in each comparison.
  • Operating cash flow has improved materially. Second-quarter cash flow from operations rose from $5.8 million in 2023 to $11.7 million in 2024, $21.3 million in 2025 and $25.1 million in 2026. This indicates that the business is increasingly converting revenue and deferred revenue into cash despite continued accounting losses.
  • Cash generation has been positive in every reported quarter. Varonis produced positive operating cash flow in all of the supplied quarterly periods, including $25.1 million in Q2 2026 and $55.0 million in Q1 2026.
  • The company retains a sizable liquidity reserve. As of June 30, 2026, Varonis held $233.6 million in cash and $426.5 million in short-term investments, or roughly $660.1 million in near-term liquid assets. Including $213.3 million of long-term investments, liquid investments exceeded reported long-term debt by approximately $420 million.
  • Short-term debt has been eliminated. Short-term debt totaled approximately $251 million in the first half of 2025 but was reported at zero by September 2025 and remained absent in Q1 and Q2 2026. This reduces near-term refinancing pressure.
  • Acquisitions have expanded the asset base and strategic footprint. Goodwill increased to $215.1 million and intangible assets to $56.0 million by Q2 2026, compared with $39.8 million and $5.8 million, respectively, in Q2 2025. The increase suggests that recent acquisitions may be adding technology or customers, although their eventual returns remain unproven.
  • Gross profit has grown, but gross-margin expansion has not kept pace. Q2 gross profit increased from $98.0 million in 2023 to $135.5 million in 2026. However, gross margin declined from approximately 84.9% to 75.3% over the same period, making future margin stabilization an important stock catalyst.
  • Deferred revenue continues to provide visibility. Current deferred revenue reached $420.2 million in Q2 2026, up from $322.8 million in Q2 2025 and $208.9 million in Q2 2024. This is generally supportive of future recognized revenue, though it represents revenue that has not yet been earned.
  • Varonis remains unprofitable. The company reported a $46.8 million net loss and a $40.6 million operating loss in Q2 2026. Net losses have persisted across the supplied quarters, and the Q2 loss was wider than the $35.8 million loss reported in Q2 2025.
  • Operating expenses continue to exceed gross profit. Q2 2026 operating expenses totaled $176.1 million, including $79.0 million of marketing expense and $73.3 million of research and development expense. The resulting operating margin was approximately negative 22.6%, showing that revenue growth has not yet translated into operating leverage.
  • Long-term debt has risen significantly. Long-term debt increased from approximately $250 million in Q2 2024 to $453.3 million in Q2 2026. Although Varonis has substantial investments, the higher debt balance increases financial obligations and could limit flexibility if cash generation weakens.
  • Shareholder equity has declined from earlier levels. Total equity fell from $604.8 million in Q3 2025 to $444.5 million in Q2 2026, while retained earnings remained deeply negative at negative $953.1 million. Continued losses and shareholder distributions are weighing on the company’s accounting equity base.

Overall, the statements describe a growing software company with improving operating cash flow and meaningful liquidity, but one that has yet to reach profitability. The key issues for investors are whether Varonis can stabilize gross margins, control marketing and research spending, and generate sufficient returns from its acquisition program to offset higher debt and persistent net losses.

08/30/26 10:58 PM ETAI Generated. May Contain Errors.

Varonis Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Varonis Systems' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Varonis Systems' net income appears to be on an upward trend, with a most recent value of -$129.32 million in 2025, rising from -$21.28 million in 2015. The previous period was -$95.77 million in 2024. See where experts think Varonis Systems is headed by visiting Varonis Systems' forecast page.

Varonis Systems' total operating income in 2025 was -$146.51 million, based on the following breakdown:
  • Total Gross Profit: $491.56 million
  • Total Operating Expenses: $638.07 million

Over the last 10 years, Varonis Systems' total revenue changed from $127.21 million in 2015 to $623.53 million in 2025, a change of 390.2%.

Varonis Systems' total liabilities were at $1.19 billion at the end of 2025, a 1.3% decrease from 2024, and a 1,362.7% increase since 2015.

In the past 10 years, Varonis Systems' cash and equivalents has ranged from $48.32 million in 2016 to $805.76 million in 2021, and is currently $202.48 million as of their latest financial filing in 2025.

Over the last 10 years, Varonis Systems' book value per share changed from 3.25 in 2015 to 5.08 in 2025, a change of 56.5%.


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Financial statements for NASDAQ:VRNS last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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