Varonis Systems (VRNS) Financials

$28.18 +0.96 (+3.53%)

Closing price 05/15/2026 04:00 PM Eastern

Extended Trading

$28.47 +0.29 (+1.04%)

As of 05/15/2026 07:55 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	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

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-23	-0.90	-40	-24	-18	-13	-36	-36	-30	-28	-37
Consolidated Net Income / (Loss)	-23	-0.90	-40	-24	-18	-13	-36	-36	-30	-28	-37
Net Income / (Loss) Continuing Operations	-23	-0.90	-40	-24	-18	-13	-36	-36	-30	-28	-37
Total Pre-Tax Income	-21	0.19	-39	-21	-13	-9.95	-32	-32	-28	-25	-40
Total Operating Income	-29	-5.24	-48	-29	-24	-18	-44	-37	-36	-30	-44
Total Gross Profit	105	135	93	108	124	132	107	121	126	137	132
Total Revenue	122	154	114	130	148	159	136	152	162	173	173
Operating Revenue	122	154	114	130	148	159	136	152	162	173	173
Total Cost of Revenue	17	19	21	22	24	26	29	31	35	37	42
Operating Cost of Revenue	17	19	21	22	24	26	29	31	35	37	42
Total Operating Expenses	134	140	140	137	148	150	151	157	162	167	176
Selling, General & Admin Expense	21	21	21	22	23	23	24	25	26	24	26
Marketing Expense	69	71	71	70	71	76	73	77	74	78	80
Research & Development Expense	45	48	48	45	53	51	54	56	63	65	70
Total Other Income / (Expense), net	8.63	5.43	8.55	8.25	10	7.61	12	4.97	7.81	5.47	4.45
Other Income / (Expense), net	8.63	5.43	8.55	8.25	10	7.61	12	4.97	7.81	5.47	4.45
Income Tax Expense	2.50	1.09	1.40	3.37	4.94	3.05	3.97	4.24	1.81	2.98	-3.18
Basic Earnings per Share	($0.21)	($0.01)	($0.37)	($0.21)	($0.16)	($0.12)	($0.32)	($0.32)	($0.26)	($0.23)	($0.32)
Weighted Average Basic Shares Outstanding	109.43M	109.14M	109.99M	111.89M	112.27M	111.66M	112.65M	112.05M	114.97M	114.41M	115.79M
Diluted Earnings per Share	($0.21)	($0.01)	($0.37)	($0.21)	($0.16)	($0.12)	($0.32)	($0.32)	($0.26)	($0.23)	($0.32)
Weighted Average Diluted Shares Outstanding	109.43M	109.14M	109.99M	111.89M	112.27M	111.66M	112.65M	112.05M	114.97M	114.41M	115.79M
Weighted Average Basic & Diluted Shares Outstanding	108.95M	218.21M	111.50M	112.18M	112.47M	112.55M	111.92M	112.05M	117.90M	117.45M	114.81M

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

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-288	120	-84	8.35	127	-97	-32	46	-42	45	-23
Net Cash From Operating Activities	6.33	10	57	12	22	24	68	21	33	25	55
Net Cash From Continuing Operating Activities	6.33	10	57	12	22	24	68	21	33	25	55
Net Income / (Loss) Continuing Operations	-23	-0.90	-40	-24	-18	-13	-36	-36	-30	-28	-37
Consolidated Net Income / (Loss)	-23	-0.90	-40	-24	-18	-13	-36	-36	-30	-28	-37
Depreciation Expense	2.93	2.97	2.91	2.86	2.78	2.58	2.42	2.57	2.98	4.35	4.35
Amortization Expense	2.57	32	7.82	3.08	2.23	34	12	15	15	15	17
Non-Cash Adjustments To Reconcile Net Income	35	34	34	32	41	35	35	36	34	35	38
Changes in Operating Assets and Liabilities, net	-11	-58	52	-2.69	-5.10	-34	54	3.28	11	-1.35	32
Net Cash From Investing Activities	-263	110	-112	-5.00	-296	-119	-25	70	-82	36	63
Net Cash From Continuing Investing Activities	-263	110	-112	-5.00	-296	-119	-25	70	-82	36	63
Purchase of Property, Plant & Equipment	-0.34	-2.15	-0.30	-0.82	-1.23	-4.35	-2.66	-4.03	-4.51	-4.33	-6.02
Acquisitions	-	-	0.00	-	-	-	-19	-	-105	-	-114
Purchase of Investments	-280	-68	-133	-42	-401	-373	-94	-60	-75	-251	-64
Sale and/or Maturity of Investments	8.00	273	15	30	112	263	56	70	198	41	184
Other Investing Activities, net	8.91	-92	6.30	8.04	1.47	-5.26	34	64	-95	250	63
Net Cash From Financing Activities	-31	-1.25	-28	1.63	400	-1.50	-75	-45	6.42	-15	-142
Net Cash From Continuing Financing Activities	-31	-1.25	-28	1.63	400	-1.50	-75	-45	6.42	-16	-142
Repurchase of Common Equity	-36	-	0.00	-	-	-	-61	-39	-	-15	-135
Issuance of Common Equity	5.46	0.19	6.41	3.38	6.29	-	7.16	-	7.19	-	11
Other Financing Activities, net	-0.53	-1.44	-35	-1.75	-56	-1.03	-21	-6.44	-0.63	-0.73	-17
Cash Interest Paid	1.58	0.00	1.58	0.02	1.58	0.01	3.94	0.01	3.77	0.01	2.30
Cash Income Taxes Paid	3.83	9.86	0.42	5.32	4.38	14	0.89	4.37	1.56	-3.24	0.29

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

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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,059	1,011	1,037	1,021	1,054	1,095	1,521	1,577	1,615	1,665	1,635
Total Current Assets	917	876	905	686	708	816	1,074	818	1,068	961	1,081
Cash & Equivalents	754	249	399	111	147	155	282	153	199	157	179
Short-Term Investments	25	281	277	338	356	427	563	415	572	514	568
Accounts Receivable	92	75	104	111	100	122	119	124	150	143	157
Prepaid Expenses	35	44	48	50	59	66	76	85	111	111	139
Other Current Assets	11	227	77	76	45	45	34	42	37	37	38
Plant, Property, & Equipment, net	38	38	37	34	32	30	29	31	33	35	40
Total Noncurrent Assets	104	98	95	300	314	249	418	728	514	669	514
Long-Term Investments	-	-	-	206	226	163	332	592	364	396	114
Goodwill	23	23	23	23	23	23	23	40	40	135	217
Intangible Assets	3.17	2.41	2.03	1.64	0.88	0.50	0.12	6.01	5.84	17	57
Other Noncurrent Operating Assets	77	72	70	69	64	62	62	90	104	121	127
Total Liabilities & Shareholders' Equity	1,059	1,011	1,037	1,021	1,054	1,095	1,521	1,577	1,615	1,665	1,635
Total Liabilities	526	530	566	576	601	636	1,093	1,209	1,274	1,060	1,181
Total Current Liabilities	209	217	255	267	297	334	594	710	771	532	639
Accounts Payable	5.99	0.71	0.68	1.33	2.90	2.53	1.49	6.27	7.12	5.26	11
Accrued Expenses	-	-	-	-	-	-	-	157	190	193	211
Current Deferred Revenue	94	109	131	145	185	209	218	296	323	334	416
Total Noncurrent Liabilities	317	313	311	310	304	302	499	499	502	528	542
Long-Term Debt	249	249	250	250	251	251	450	451	451	452	453
Noncurrent Deferred Revenue	2.13	1.38	0.65	0.16	0.40	0.02	1.53	0.13	0.11	7.93	23
Other Noncurrent Operating Liabilities	66	62	61	59	53	50	47	48	51	69	67
Total Equity & Noncontrolling Interests	532	481	471	445	452	459	429	368	341	605	454
Total Preferred & Common Equity	532	481	471	445	452	459	429	368	341	605	454
Total Common Equity	532	481	471	445	452	459	429	368	341	605	454
Common Stock	1,077	1,077	1,109	1,111	1,146	1,178	1,160	1,145	1,139	1,428	1,339
Retained Earnings	-533	-582	-620	-643	-685	-709	-727	-776	-812	-842	-906
Accumulated Other Comprehensive Income / (Loss)	-12	-14	-18	-23	-9.11	-11	-4.38	-1.16	14	18	21

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	117,447,726.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	117,447,726.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.31
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.81%	8.05%	6.23%	12.93%	21.06%	2.87%	19.65%	16.74%	9.12%	9.37%	26.90%
EBITDA Growth	-3.42%	15.53%	-5.68%	27.99%	44.11%	-24.57%	39.85%	-60.04%	-611.75%	-182.69%	-7.39%
EBIT Growth	11.39%	103.30%	-10.60%	34.16%	34.70%	-5,362.96%	18.61%	-53.50%	-109.99%	-149.24%	-25.84%
NOPAT Growth	-13.94%	456.19%	-10.48%	27.42%	18.89%	-149.31%	8.12%	-26.80%	-52.01%	-72.41%	-1.63%
Net Income Growth	19.85%	91.65%	-5.71%	38.11%	20.35%	-1,346.99%	11.63%	-49.59%	-63.32%	-113.75%	-2.99%
EPS Growth	19.23%	90.00%	-5.71%	40.00%	23.81%	-1,100.00%	13.51%	-52.38%	-62.50%	-91.67%	0.00%
Operating Cash Flow Growth	486.63%	204.22%	54.01%	101.93%	254.95%	132.35%	19.88%	82.10%	48.57%	1.69%	-19.06%
Free Cash Flow Firm Growth	-94.88%	191.97%	176.95%	175.09%	219.95%	-49.26%	-82.79%	-49.37%	-188.60%	-150.74%	-598.45%
Invested Capital Growth	2,677.40%	-69.28%	-112.90%	-181.25%	-219.94%	-169.63%	-246.55%	-156.13%	78.06%	36.40%	150.19%
Revenue Q/Q Growth	5.97%	25.99%	-26.01%	14.32%	13.60%	7.05%	-13.94%	11.54%	6.19%	7.30%	-0.14%
EBITDA Q/Q Growth	26.13%	334.87%	-948.74%	53.69%	42.66%	416.97%	-164.12%	17.77%	29.84%	39.80%	-209.22%
EBIT Q/Q Growth	34.36%	100.92%	-20,781.48%	47.36%	34.90%	25.74%	-219.85%	0.72%	10.95%	11.86%	-61.48%
NOPAT Q/Q Growth	26.61%	222.12%	-233.82%	39.48%	17.99%	25.75%	-149.35%	16.48%	1.69%	15.78%	-46.99%
Net Income Q/Q Growth	40.52%	96.10%	-4,408.91%	40.85%	23.45%	29.12%	-175.38%	-0.11%	16.42%	7.24%	-32.69%
EPS Q/Q Growth	40.00%	95.24%	-3,600.00%	43.24%	23.81%	25.00%	-166.67%	0.00%	18.75%	11.54%	-39.13%
Operating Cash Flow Q/Q Growth	9.08%	64.96%	442.96%	-79.33%	91.73%	7.99%	180.14%	-68.60%	56.44%	-26.09%	122.99%
Free Cash Flow Firm Q/Q Growth	26.06%	317.30%	52.94%	-69.44%	18.11%	-8.08%	-48.14%	-10.07%	-306.66%	47.36%	-409.44%
Invested Capital Q/Q Growth	-10.23%	14.80%	-157.48%	-37.16%	-32.52%	33.36%	-186.08%	-1.38%	88.65%	-93.16%	325.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	85.79%	87.45%	81.28%	82.79%	83.79%	83.56%	78.73%	79.46%	78.25%	78.91%	75.99%
EBITDA Margin	-12.28%	22.88%	-27.72%	-11.23%	-5.67%	16.78%	-12.50%	-9.22%	-6.09%	-3.42%	-10.58%
Operating Margin	-23.83%	-3.40%	-41.78%	-22.12%	-15.97%	-11.07%	-32.08%	-24.02%	-22.24%	-17.46%	-25.69%
EBIT Margin	-16.77%	0.12%	-34.28%	-15.79%	-9.05%	-6.28%	-23.32%	-20.76%	-17.41%	-14.30%	-23.12%
Profit (Net Income) Margin	-18.82%	-0.58%	-35.51%	-18.37%	-12.38%	-8.20%	-26.23%	-23.54%	-18.53%	-16.02%	-21.29%
Tax Burden Percent	112.21%	-475.13%	103.59%	116.38%	136.86%	130.63%	112.47%	113.42%	106.45%	112.03%	92.05%
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%	575.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-399.33%	84.03%	-168.82%	-1,962.72%	0.00%	-622.92%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-398.78%	90.48%	-166.93%	-1,961.90%	0.00%	-622.76%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	382.14%	-72.96%	135.60%	1,944.55%	0.00%	613.73%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-17.19%	11.07%	-33.22%	-18.16%	-19.17%	-9.18%	-22.21%	-25.73%	-22.17%	-24.53%	-31.76%
Cash Return on Invested Capital (CROIC)	-605.21%	20.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-527.55%
Operating Return on Assets (OROA)	-7.87%	0.06%	-16.80%	-7.71%	-3.89%	-2.50%	-10.17%	-9.12%	-6.65%	-5.16%	-9.51%
Return on Assets (ROA)	-8.83%	-0.27%	-17.40%	-8.98%	-5.32%	-3.26%	-11.43%	-10.34%	-7.08%	-5.78%	-8.75%
Return on Common Equity (ROCE)	-17.19%	11.07%	-33.22%	-18.16%	-19.17%	-9.18%	-22.21%	-25.73%	-22.17%	-24.53%	-31.76%
Return on Equity Simple (ROE_SIMPLE)	-24.92%	0.00%	-22.79%	-19.27%	-19.52%	0.00%	-24.76%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-20	25	-33	-20	-17	-12	-31	-26	-25	-21	-31
NOPAT Margin	-16.68%	16.17%	-29.24%	-15.48%	-11.18%	-7.75%	-22.46%	-16.82%	-15.57%	-12.22%	-17.99%
Net Nonoperating Expense Percent (NNEP)	-0.56%	-6.46%	-1.88%	-0.82%	-0.41%	-0.15%	-1.10%	-2.21%	-0.88%	-1.19%	-1.32%
Return On Investment Capital (ROIC_SIMPLE)	-	3.37%	-	-	-	-1.06%	-2.86%	-2.45%	-2.38%	-2.02%	-3.44%
Cost of Revenue to Revenue	14.21%	12.55%	18.72%	17.21%	16.21%	16.44%	21.27%	20.54%	21.75%	21.09%	24.01%
SG&A Expenses to Revenue	16.88%	13.81%	18.64%	16.70%	15.44%	14.73%	17.74%	16.19%	15.84%	14.12%	14.98%
R&D to Revenue	36.64%	31.24%	41.95%	34.47%	36.10%	31.89%	39.74%	36.97%	38.83%	37.27%	40.29%
Operating Expenses to Revenue	109.62%	90.85%	123.05%	104.90%	99.75%	94.64%	110.81%	103.49%	100.49%	96.37%	101.68%
Earnings before Interest and Taxes (EBIT)	-21	0.19	-39	-21	-13	-9.95	-32	-32	-28	-25	-40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-15	35	-32	-15	-8.39	27	-17	-14	-9.84	-5.92	-18
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.53	10.08	11.36	11.66	14.79	10.97	12.38	16.63	10.65	6.46	5.56
Price to Tangible Book Value (P/TBV)	7.98	10.60	12.00	12.30	15.64	11.55	14.14	19.20	14.24	8.66	14.00
Price to Revenue (P/Rev)	6.87	9.88	10.16	10.27	11.60	9.07	7.94	9.54	10.58	6.20	3.82
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)	74.84	99.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	46.82
Enterprise Value to Revenue (EV/Rev)	6.04	8.99	9.21	9.32	10.73	8.19	7.14	8.82	9.57	5.21	3.20
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)	56.17	75.55	58.77	56.96	57.83	39.15	32.38	38.56	39.61	22.03	15.71
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	227.32	32.84	2,682.10	459.48	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.56	0.51	0.55	0.55	1.64	1.54	1.91	2.06	0.75	0.76	1.00
Long-Term Debt to Equity	0.56	0.51	0.55	0.55	1.05	0.99	1.23	1.32	0.75	0.76	1.00
Financial Leverage	-0.96	-0.81	-0.81	-0.99	-1.01	-0.99	-1.14	-1.16	-1.06	-1.05	-1.05
Leverage Ratio	2.13	2.17	2.21	2.29	2.91	2.93	3.21	3.39	3.08	3.28	3.91
Compound Leverage Factor	2.13	2.17	2.21	2.29	2.91	2.93	3.21	3.39	3.08	3.28	3.91
Debt to Total Capital	36.00%	33.84%	35.67%	35.39%	62.07%	60.60%	65.61%	67.29%	42.76%	43.03%	49.96%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	22.27%	21.66%	23.46%	24.06%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	36.00%	33.84%	35.67%	35.39%	39.80%	38.93%	42.15%	43.23%	42.76%	43.03%	49.96%
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	64.00%	66.16%	64.33%	64.61%	37.93%	39.40%	34.39%	32.71%	57.24%	56.97%	50.04%
Debt to EBITDA	-4.05	-8.35	-3.97	-4.37	-13.78	-25.00	-41.93	-31.93	-13.38	-9.65	-9.41
Net Debt to EBITDA	6.55	14.83	7.57	8.59	9.34	17.37	27.35	19.67	18.22	13.21	8.49
Long-Term Debt to EBITDA	-4.05	-8.35	-3.97	-4.37	-8.83	-16.06	-26.94	-20.52	-13.38	-9.65	-9.41
Debt to NOPAT	-2.93	-3.05	-2.94	-3.24	-9.51	-8.51	-8.81	-8.26	-4.82	-4.41	-4.39
Net Debt to NOPAT	4.75	5.42	5.61	6.37	6.45	5.91	5.75	5.09	6.57	6.03	3.96
Long-Term Debt to NOPAT	-2.93	-3.05	-2.94	-3.24	-6.10	-5.47	-5.66	-5.31	-4.82	-4.41	-4.39
Altman Z-Score	3.51	4.95	5.04	5.08	3.52	2.29	1.95	2.50	3.56	2.00	1.15
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.57	2.50	2.38	2.44	1.81	1.24	1.15	1.39	1.81	1.97	1.69
Quick Ratio	2.10	2.13	2.03	2.11	1.62	1.02	0.97	1.19	1.53	1.71	1.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-58	127	194	59	70	64	33	30	-62	-33	-166
Operating Cash Flow to CapEx	1,851.75%	485.00%	19,098.65%	1,431.50%	1,833.52%	557.77%	2,552.55%	530.15%	741.35%	570.73%	914.47%
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	0.47	0.46	0.49	0.49	0.43	0.40	0.44	0.44	0.38	0.36	0.41
Accounts Receivable Turnover	4.81	3.27	5.75	4.61	4.75	3.04	5.12	4.37	4.65	2.86	4.71
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	13.44	13.67	14.58	15.62	17.27	17.02	18.26	18.85	19.13	18.66	18.69
Accounts Payable Turnover	18.98	39.49	41.84	50.13	61.87	37.65	22.13	22.87	35.99	26.27	16.97
Days Sales Outstanding (DSO)	75.88	111.55	63.44	79.23	76.90	119.89	71.31	83.44	78.51	127.51	77.45
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)	19.23	9.24	8.72	7.28	5.90	9.69	16.49	15.96	10.14	13.89	21.51
Cash Conversion Cycle (CCC)	56.65	102.30	54.71	71.95	71.00	110.20	54.82	67.48	68.36	113.62	55.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	39	45	-26	-36	-47	-31	-90	-91	-10	-20	45
Invested Capital Turnover	23.94	5.20	5.77	126.79	-139.37	80.37	-9.90	-9.39	-21.16	-24.25	-29.48
Increase / (Decrease) in Invested Capital	38	-102	-227	-79	-86	-77	-64	-56	37	11	135
Enterprise Value (EV)	2,943	4,489	4,661	4,855	5,862	4,510	4,095	5,248	5,824	3,248	2,113
Market Capitalization	3,349	4,933	5,139	5,349	6,338	4,997	4,553	5,680	6,439	3,867	2,522
Book Value per Share	$4.05	$4.49	$4.11	$4.11	$3.82	$4.05	$3.27	$3.05	$5.40	$5.08	$3.86
Tangible Book Value per Share	$3.83	$4.27	$3.89	$3.90	$3.61	$3.85	$2.86	$2.64	$4.04	$3.79	$1.53
Total Capital	695	740	703	710	1,130	1,156	1,069	1,044	1,057	1,051	906
Total Debt	250	250	251	251	701	701	702	702	452	452	453
Total Long-Term Debt	250	250	251	251	450	450	451	451	452	452	453
Net Debt	-405	-445	-478	-494	-476	-487	-458	-433	-615	-619	-408
Capital Expenditures (CapEx)	0.34	2.15	0.30	0.82	1.23	4.35	2.66	4.03	4.51	4.33	6.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-29	-24	-92	-101	-113	-110	-209	-223	-242	-244	-305
Debt-free Net Working Capital (DFNWC)	420	460	411	482	732	419	359	548	429	640	442
Net Working Capital (NWC)	420	460	411	482	480	168	108	297	429	640	442
Net Nonoperating Expense (NNE)	2.61	26	7.15	3.77	1.79	0.71	5.15	10	4.79	6.59	5.72
Net Nonoperating Obligations (NNO)	-405	-445	-478	-494	-476	-487	-458	-433	-615	-619	-408
Total Depreciation and Amortization (D&A)	5.50	35	7.48	5.94	5.00	37	15	18	18	19	22
Debt-free, Cash-free Net Working Capital to Revenue	-6.02%	-4.72%	-18.23%	-19.35%	-20.63%	-20.01%	-36.41%	-37.43%	-39.73%	-39.15%	-46.21%
Debt-free Net Working Capital to Revenue	86.02%	92.23%	81.17%	92.50%	133.94%	76.00%	62.60%	92.09%	70.56%	102.58%	67.01%
Net Working Capital to Revenue	86.02%	92.23%	81.17%	92.50%	87.90%	30.53%	18.83%	49.90%	70.56%	102.58%	67.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.21)	($0.01)	($0.37)	($0.21)	($0.16)	($0.12)	($0.32)	($0.32)	($0.26)	($0.23)	($0.32)
Adjusted Weighted Average Basic Shares Outstanding	109.43M	109.14M	109.99M	111.89M	112.27M	111.66M	112.65M	112.05M	114.97M	114.41M	115.79M
Adjusted Diluted Earnings per Share	($0.21)	($0.01)	($0.37)	($0.21)	($0.16)	($0.12)	($0.32)	($0.32)	($0.26)	($0.23)	($0.32)
Adjusted Weighted Average Diluted Shares Outstanding	109.43M	109.14M	109.99M	111.89M	112.27M	111.66M	112.65M	112.05M	114.97M	114.41M	115.79M
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	108.95M	218.21M	111.50M	112.18M	112.47M	112.55M	111.92M	112.05M	117.90M	117.45M	114.81M
Normalized Net Operating Profit after Tax (NOPAT)	-20	-3.67	-33	-20	-17	-12	-31	-26	-25	-21	-31
Normalized NOPAT Margin	-16.68%	-2.38%	-29.24%	-15.48%	-11.18%	-7.75%	-22.46%	-16.82%	-15.57%	-12.22%	-17.99%
Pre Tax Income Margin	-16.77%	0.12%	-34.28%	-15.79%	-9.05%	-6.28%	-23.32%	-20.76%	-17.41%	-14.30%	-23.12%
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	-90.25%	-43.13%	-39.77%	-40.66%	0.00%	0.00%	-67.28%	-97.15%	-87.30%	-88.92%	-144.74%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, data-driven snapshot of Varonis Systems (VRNS) based on the quarterly statements provided for the last four years. The focus is on revenue, profitability, cash flow, and balance-sheet dynamics that matter to retail investors.

Revenue has grown across the four-year window: from about $142.6 million in 2022 Q4 to $173.37 million in 2025 Q4, representing roughly a 22% increase over the period.
Gross margin has remained solid, typically in the mid-70s to high-70s percentage range (about 78.8% in 2025 Q4: $136.81M gross profit on $173.37M revenue), indicating a durable gross profitability trend.
Operating cash flow has been positive in recent quarters, with 2025 Q4 net cash from continuing operating activities around $24.9 million, and multiple quarters showing positive cash generation along the period.
The balance sheet shows a reasonable liquidity position, with cash and equivalents around $157M (2025 Q3) and up to ~$199M (2025 Q2), supporting ongoing operations and potential flexibility for growth initiatives.
Equity base remains solid relative to assets—Total Equity near $605M in 2025 Q3, with Total Assets around $1.665B—reflecting a moderate leverage profile (roughly 36% equity share of assets).

Non-cash adjustments to reconcile net income are consistently sizable (roughly $34–35M per quarter in several periods), indicating a meaningful non-cash component in reported earnings that can affect cash conversion.
Operating expenses remain relatively high (S&A, Marketing, and R&D are substantial), which sustains growth investments but pressures near-term profitability margins.
Goodwill and intangible assets are sizable on the balance sheet, implying ongoing amortization and potential impairment risk to monitor over time.

Net income has been negative across the entire four-year window, with quarterly losses—2025 Q4 net income around -$27.8M and other periods posting larger declines, including consistent negative earnings per share.
Operating income has often been negative (e.g., 2025 Q4 Total Operating Income around -$30.26M), signaling ongoing profitability headwinds despite revenue growth.

05/17/26 07:42 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' financial year ends in December. Their financial 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. View Varonis Systems' forecast to see where analysts expect Varonis Systems to go next.

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 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Varonis Systems (VRNS) Financials

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Varonis Systems Financials - Frequently Asked Questions

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How has Varonis Systems' net income changed over the last 10 years?

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How has Varonis Systems' revenue changed over the last 10 years?

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How has Varonis Systems' book value per share changed over the last 10 years?

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