VRNS
VARONIS SYSTEMS INC
Next earnings Jul 27, 2026 (after close) · consensus $0.01 EPS, $180M rev
Last earnings +1.6% on 2026-04-28
$40.30
▲ +4.51%$40.30▼ -18.49%
over 1Y
L $20.19EODHDH $63.31
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+4.5%
1W+23.2%
1M+33.3%
3M+90.0%
YTD+25.8%
1Y-18.5%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 30 analysts
Buy
SaaS transition is humming — 13% revenue growth, $147M OCF — but persistent GAAP losses and a 7x P/S leave little room for error.
Revenue (FY2025) $624M · FY2025
Varonis is executing a credible SaaS pivot in data-security posture management: FY2025 revenue grew 13.2% to $624M and operating cash flow jumped 28% to $147M, with the MD&A confirming a $148.1M increase in deferred revenue — a clean tell that subscription bookings are compounding even as GAAP optics stay ugly. Gross margin of 78.8% is best-in-class software, and the balance sheet is fortress-grade: $921M in cash, short-term securities and deposits per the MD&A, plus another $187.2M in long-term marketables against zero meaningful debt mentioned, giving management runway to keep buying back stock ($115M in FY2025) while still funding a 21% jump in R&D to $238M.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $390M | $474M | $499M | $551M | $624M |
| Gross profit | $331M | $404M | $427M | $457M | $492M |
| Operating income | -$98.7M | -$121M | -$117M | -$118M | -$147M |
| Net income | -$117M | -$125M | -$101M | -$95.8M | -$129M |
| Diluted EPS | -$1.11 | -$1.14 | -$0.92 | -$0.86 | -$1.13 |
| Net margin | -30.0% | -26.3% | -20.2% | -17.4% | -20.7% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$4.53B
EV / EBITDA—
EV / Sales7.3
EV / FCF33.6
P / FCF35.1
PEG (trailing)—
Earnings yield-2.7%
FCF yield2.8%
Quality & risk
ROIC (est.)-19.3%
Free cash flow$135M
Total debt—
Net cash$202M
Piotroski F-Score4/8
Capital returns
Buyback yield2.4%
Dividend yield (est.)—
Shareholder yield2.4%
Shares Δ YoY+4.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Officer / director change2026-06-02
Director/officer changes plus annual meeting vote results disclosed
- 10-Q Quarterly report2026-04-29
Q1 FY26 10-Q filed; continues SaaS-led revenue growth from FY25 base
- 8-K Earnings results2026-04-28
Q1 FY26 earnings release; SaaS ARR momentum continues per recent trend
- DEF 14A Proxy statement2026-04-17
Annual proxy: director slate, exec comp and auditor ratification
- 10-K Annual report2026-02-04
FY25 10-K: rev +13% to $624M but net loss widened 35% to -$129M on R&D +21%
- 8-K Earnings results2026-02-03
Q4/FY25 results: revenue +13% YoY to $624M, OCF $147M (+28%)
- 10-Q Quarterly report2025-10-29
Q3 FY25 10-Q; deferred revenue build supports SaaS bookings trajectory
- 8-K Earnings results2025-10-28
Q3 FY25 earnings release; SaaS transition tracking to plan
- 8-K Reg FD disclosure2025-09-02
Reg FD disclosure (conference/investor update); no material change
Recent filings
all on EDGAR ↗4Period ending 2026-05-312026-06-02open ↗8-KPeriod ending 2026-06-012026-06-02open ↗4Period ending 2026-05-222026-05-22open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗4Period ending 2026-04-302026-05-01open ↗
Frequently asked
- Is VARONIS SYSTEMS INC (VRNS) a buy?
- VRNS currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. SaaS transition is humming — 13% revenue growth, $147M OCF — but persistent GAAP losses and a 7x P/S leave little room for error.
- What is VARONIS SYSTEMS INC's quality score?
- VRNS scores 43.39215686274509/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001361113, latest 10-Q filed 2026-04-29) · EODHD · analysis by claude-code · as of 6/25/2026, 12:51:57 PM.
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