Varonis Systems, Inc. (VRNS) 10-Year Financial Performance & Capital Metrics

VRNS • • Industrial / General

TechnologyInfrastructure SoftwareCybersecurity & Identity ManagementIdentity & Access Management

AboutVaronis Systems, Inc. provides software products and services that allow enterprises to manage, analyze, alert, and secure enterprise data in North America, Europe, the Middle East, Africa, and internationally. Its software enables enterprises to protect data stored on premises and in the cloud, including sensitive files and emails; confidential personal data belonging to customers, and patients and employees' data; financial records; strategic and product plans; and other intellectual property. The company offers DatAdvantage that captures, aggregates, normalizes, and analyzes every data access event for users on Windows and UNIX/Linux servers, storage devices, email systems, Intranet servers, cloud applications, and data stores; and DatAlert that profiles users, devices, and their behaviors related to systems and data, detects and alerts on deviations that indicate compromise, and provides a Web-based dashboard and investigative interface. It also provides Data Classification Engine that identifies and tags data based on criteria set in various metadata dimensions, as well as provides business and information technology (IT) personnel with actionable intelligence about data; and DataPrivilege, which offers a self-service Web portal that allows users to request access to data necessary for their business functions, and owners to grant access without IT intervention. In addition, the company provides Data Transport Engine, which provides an execution engine that unifies the manipulation of data and metadata, translating business decisions, and instructions into technical commands, such as data migration or archiving; and DatAnswers that offers search functionality for enterprise data. Varonis Systems, Inc. sells products and services through a network of distributors and resellers. The company serves IT, security, and business personnel. Varonis Systems, Inc. was incorporated in 2004 and is headquartered in New York, New York.Show more

Revenue $551M +10.4%
EBITDA -$96M +20.1%
Net Income -$96M +5.1%
EPS (Diluted) -0.86 +6.5%
Gross Margin 82.97% -3.1%
EBITDA Margin -17.37% +27.6%
Operating Margin -19.39% +26.4%
Net Margin -17.38% +14.0%
ROE -20.26% +0.4%
ROIC -10.04% +48.0%
Debt/Equity 1.66 +160.0%
Interest Coverage -12.87 +54.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 19.7% free cash flow margin
✓Strong 5Y sales CAGR of 16.7%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Weak momentum: RS Rating 16 (bottom 16%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.45%

5Y16.73%

3Y12.19%

TTM11.37%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-36.9%

EPS CAGR

10Y-

5Y-

3Y-

TTM-47.78%

ROCE

10Y Avg-20.97%

5Y Avg-17.74%

3Y Avg-14.08%

Latest-12.2%

Peer Comparison

Identity & Access Management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OKTAOkta, Inc.	15.58B	91.94	1532.33	15.33%	6.87%	2.83%	4.69%	0.15
OSPNOneSpan Inc.	474.2M	12.47	8.54	3.43%	24.08%	24.4%	9.79%	0.04
AUIDauthID Inc.	25.77M	1.71	-1.22	365.86%	-10.08%	-207.46%		0.02
ARQQArqit Quantum Inc.	422.13M	26.97	-2.50	-54.22%	-111.19%	-7.53%		0.08
SAILSailPoint, Inc.	10.61B	18.90	-9.55	23.16%	-29.2%	-4.35%
VRNSVaronis Systems, Inc.	4B	33.96	-39.49	10.38%	-18.82%	-18.94%	2.71%	1.66
CYBRCyberArk Software Ltd.	22.9B	453.65	-213.99	33.1%	-13.78%	-7.13%	0.96%	0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	127.21M	164.46M	217.36M	270.29M	254.19M	292.69M	390.13M	473.63M	499.16M	550.95M
Revenue Growth %	0.26%	0.29%	0.32%	0.24%	-0.06%	0.15%	0.33%	0.21%	0.05%	0.1%
Cost of Goods Sold+	12.02M	15.84M	20.87M	27.68M	35.14M	44.26M	59.4M	69.84M	71.75M	93.85M
COGS % of Revenue	0.09%	0.1%	0.1%	0.1%	0.14%	0.15%	0.15%	0.15%	0.14%	0.17%
Gross Profit+	115.19M	148.61M	196.49M	242.6M	219.05M	248.43M	330.74M	403.8M	427.41M	457.1M
Gross Margin %	0.91%	0.9%	0.9%	0.9%	0.86%	0.85%	0.85%	0.85%	0.86%	0.83%
Gross Profit Growth %	0.26%	0.29%	0.32%	0.23%	-0.1%	0.13%	0.33%	0.22%	0.06%	0.07%
Operating Expenses+	134.26M	164.31M	208.09M	271.74M	295.03M	326.84M	438.33M	521.21M	558.89M	563.91M
OpEx % of Revenue	1.06%	1%	0.96%	1.01%	1.16%	1.12%	1.12%	1.1%	1.12%	1.02%
Selling, General & Admin	102.47M	127.65M	160.73M	201.77M	214.27M	227.48M	300.45M	343.33M	375.05M	367.15M
SG&A % of Revenue	0.81%	0.78%	0.74%	0.75%	0.84%	0.78%	0.77%	0.72%	0.75%	0.67%
Research & Development	31.79M	36.66M	47.37M	69.97M	80.76M	99.36M	137.88M	177.88M	183.84M	196.76M
R&D % of Revenue	0.25%	0.22%	0.22%	0.26%	0.32%	0.34%	0.35%	0.38%	0.37%	0.36%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-19.07M	-15.69M	-13.42M	-29.14M	-75.99M	-78.42M	-107.59M	-117.41M	-131.48M	-106.81M
Operating Margin %	-0.15%	-0.1%	-0.06%	-0.11%	-0.3%	-0.27%	-0.28%	-0.25%	-0.26%	-0.19%
Operating Income Growth %	-0.1%	0.18%	0.14%	-1.17%	-1.61%	-0.03%	-0.37%	-0.09%	-0.12%	0.19%
EBITDA+	-17.46M	-13.51M	-10.09M	-24.98M	-60.64M	-59.51M	-88.47M	-95.93M	-119.78M	-95.68M
EBITDA Margin %	-0.14%	-0.08%	-0.05%	-0.09%	-0.24%	-0.2%	-0.23%	-0.2%	-0.24%	-0.17%
EBITDA Growth %	-0.09%	0.23%	0.25%	-1.48%	-1.43%	0.02%	-0.49%	-0.08%	-0.25%	0.2%
D&A (Non-Cash Add-back)	1.61M	2.18M	3.33M	4.16M	15.34M	18.9M	19.12M	21.48M	11.7M	11.13M
EBIT	-20.6M	-16.43M	-10.87M	-27.97M	-76.17M	-80.61M	-99.27M	-103.52M	-82.25M	-74.7M
Net Interest Income+	330K	371K	562K	1.55M	1.83M	-4.61M	-11.4M	3.12M	29.9M	34.74M
Interest Income	330K	520K	747K	1.74M	2.03M	674K	164K	10.41M	34.56M	43.05M
Interest Expense	0	149K	185K	195K	205K	5.29M	11.57M	7.29M	4.66M	8.3M
Other Income/Expense	-1.52M	-885K	2.36M	970K	-389K	-7.48M	-3.24M	6.59M	44.56M	23.8M
Pretax Income+	-20.6M	-16.58M	-11.23M	-28.16M	-76.38M	-85.9M	-110.84M	-110.81M	-86.92M	-83.01M
Pretax Margin %	-0.16%	-0.1%	-0.05%	-0.1%	-0.3%	-0.29%	-0.28%	-0.23%	-0.17%	-0.15%
Income Tax+	686K	1.13M	2.79M	413K	2.39M	8.11M	6.02M	13.7M	14M	12.76M
Effective Tax Rate %	1.03%	1.07%	1.23%	1.01%	1.03%	1.09%	1.05%	1.12%	1.16%	1.15%
Net Income+	-21.28M	-17.71M	-13.84M	-28.58M	-78.76M	-94.01M	-116.86M	-124.52M	-100.92M	-95.77M
Net Margin %	-0.17%	-0.11%	-0.06%	-0.11%	-0.31%	-0.32%	-0.3%	-0.26%	-0.2%	-0.17%
Net Income Growth %	-0.1%	0.17%	0.22%	-1.06%	-1.76%	-0.19%	-0.24%	-0.07%	0.19%	0.05%
Net Income (Continuing)	-21.28M	-17.71M	-13.84M	-28.58M	-78.76M	-94.01M	-116.86M	-124.52M	-100.92M	-95.77M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.28	-0.22	-0.17	-0.33	-0.87	-1.00	-1.11	-1.14	-0.92	-0.86
EPS Growth %	0.07%	0.21%	0.23%	-0.94%	-1.64%	-0.15%	-0.11%	-0.03%	0.19%	0.07%
EPS (Basic)	-0.28	-0.22	-0.17	-0.33	-0.87	-1.00	-1.11	-1.14	-0.92	-0.86
Diluted Shares Outstanding	75.6M	79.22M	82.4M	87.06M	90.77M	94.34M	105.31M	109.28M	109.14M	111.66M
Basic Shares Outstanding	75.6M	79.22M	82.4M	87.06M	90.77M	94.34M	105.31M	109.28M	109.14M	111.66M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	156.4M	171.06M	219.12M	251.03M	204.83M	405.7M	941.28M	886.27M	745.46M	843.94M
Cash & Short-Term Investments	106.34M	113.93M	136.56M	158.91M	120.46M	298.26M	807.61M	732.49M	533.72M	568.42M
Cash Only	49.24M	48.31M	56.69M	48.71M	68.93M	234.09M	805.76M	367.8M	230.74M	185.59M
Short-Term Investments	57.1M	65.61M	79.87M	110.21M	51.53M	64.17M	1.85M	364.69M	302.98M	382.83M
Accounts Receivable	47.94M	54.23M	76.14M	85.1M	76.41M	95.81M	120.51M	143.16M	184.52M	236.62M
Days Sales Outstanding	137.56	120.36	127.85	114.92	109.72	119.49	112.75	110.32	134.93	156.76
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	515K	32K	381K	166K	317K	3.69M	6.41M	406K	4.44M	10.37M
Total Non-Current Assets+	8.74M	10.78M	26.35M	33.94M	113.48M	149.78M	167.26M	157.46M	358.45M	820.33M
Property, Plant & Equipment	8.27M	9.91M	11.9M	17.32M	91.39M	85.09M	102.05M	95.81M	85.8M	76.39M
Fixed Asset Turnover	15.39x	16.59x	18.27x	15.60x	2.78x	3.44x	3.82x	4.94x	5.82x	7.21x
Goodwill	0	0	0	0	0	23.14M	23.14M	23.14M	23.14M	23.14M
Intangible Assets	0	0	0	0	0	5.85M	4.31M	2.79M	1.26M	0
Long-Term Investments	0	0	547K	0	0	0	0	0	211.06M	661.98M
Other Non-Current Assets	477K	865K	13.91M	16.62M	22.09M	35.71M	37.77M	35.73M	37.18M	58.83M
Total Assets+	165.14M	181.84M	245.47M	284.98M	318.31M	555.48M	1.11B	1.04B	1.1B	1.66B
Asset Turnover	0.77x	0.90x	0.89x	0.95x	0.80x	0.53x	0.35x	0.45x	0.45x	0.33x
Asset Growth %	0.05%	0.1%	0.35%	0.16%	0.12%	0.75%	1%	-0.06%	0.06%	0.51%
Total Current Liabilities+	71.32M	88.25M	116.98M	146.34M	159.58M	182.64M	211.77M	228.74M	306.78M	709.88M
Accounts Payable	2.61M	1.29M	635K	2.62M	997K	850K	5.32M	2.96M	672K	4.31M
Days Payables Outstanding	79.32	29.67	11.1	34.54	10.35	7.01	32.72	15.48	3.42	16.77
Short-Term Debt	0	0	0	0	0	0	8.79M	9.87M	10.05M	261.37M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	7.12M	16.17M	24.7M	35.88M	39.13M	50.6M	49.38M	63.36M	70.85M	129.39M
Current Ratio	2.19x	1.94x	1.87x	1.72x	1.28x	2.22x	4.44x	3.87x	2.43x	1.19x
Quick Ratio	2.19x	1.94x	1.87x	1.72x	1.28x	2.22x	4.44x	3.87x	2.43x	1.19x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	10.24M	10.85M	14.41M	13.27M	65.2M	278.77M	300.17M	312.86M	307.48M	498.73M
Long-Term Debt	0	0	0	0	0	218.46M	225.33M	248.96M	250.48M	450.24M
Capital Lease Obligations	0	0	0	0	57.04M	54.54M	68.69M	57.63M	51.31M	42.79M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	7.14M	7.29M	7.81M	6.78M	2.7M	3M	3.58M	4.77M	4.81M	3.49M
Total Liabilities	81.56M	99.1M	131M	159.61M	224.78M	461.41M	511.94M	541.61M	614.26M	1.21B
Total Debt+	0	0	0	0	57.04M	273M	302.82M	316.46M	311.84M	754.41M
Net Debt	-49.24M	-48.31M	-56.69M	-48.71M	-11.89M	38.91M	-502.94M	-51.34M	81.1M	568.82M
Debt / Equity	-	-	-	-	0.61x	2.90x	0.51x	0.63x	0.64x	1.66x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-105.33x	-72.54x	-149.41x	-370.67x	-14.83x	-9.30x	-16.10x	-28.19x	-12.87x
Total Equity+	83.59M	82.74M	114.48M	125.37M	93.53M	94.07M	596.59M	502.13M	489.65M	455.66M
Equity Growth %	-0.12%	-0.01%	0.38%	0.1%	-0.25%	0.01%	5.34%	-0.16%	-0.02%	-0.07%
Book Value per Share	1.11	1.04	1.39	1.44	1.03	1.00	5.67	4.59	4.49	4.08
Total Shareholders' Equity	83.59M	82.74M	101.58M	125.37M	93.53M	94.07M	596.59M	502.13M	489.65M	455.66M
Common Stock	26K	27K	28K	30K	31K	32K	108K	108K	109K	113K
Retained Earnings	-88.43M	-106.14M	-122.45M	-137.97M	-216.73M	-310.74M	-427.6M	-543.47M	-644.39M	-740.15M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-331K	-479K	136K	-3.63M	-449K	9.37M	6.08M	-9.56M	-8.65M	2.68M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-2.73M	7.35M	16.35M	23.55M	-10.68M	-5.84M	7.18M	11.87M	59.42M	115.2M
Operating CF Margin %	-0.02%	0.04%	0.08%	0.09%	-0.04%	-0.02%	0.02%	0.03%	0.12%	0.21%
Operating CF Growth %	0.62%	3.69%	1.23%	0.44%	-1.45%	0.45%	2.23%	0.65%	4.01%	0.94%
Net Income	-21.28M	-17.71M	-13.69M	-28.58M	-78.76M	-94.01M	-116.86M	-124.52M	-100.92M	-95.77M
Depreciation & Amortization	1.61M	2.18M	3.33M	4.16M	15.34M	18.9M	19.12M	21.48M	11.7M	11.13M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	7.79M	12.94M	32.41M	48.12M	59.81M	85.52M	130.8M	166.25M	162.98M	186.71M
Working Capital Changes	9.15M	9.94M	-5.54M	-152K	-7.08M	-16.26M	-25.88M	-51.34M	-14.35M	13.13M
Change in Receivables	-9.57M	-6.42M	-21.73M	-7.63M	8.17M	-19.07M	-22.95M	-18.8M	-33.14M	-23.72M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-91K	-1.32M	-653K	1.99M	-1.62M	-328K	4.47M	-2.36M	-2.29M	3.64M
Cash from Investing+	-26.68M	-12.35M	-20M	-40.19M	33.3M	-54.75M	54.38M	-374.25M	-143.08M	-532.25M
Capital Expenditures	-4.54M	-3.83M	-5.31M	-9.58M	-25.39M	-10.12M	-10.49M	-11.4M	-5.1M	-6.69M
CapEx % of Revenue	0.04%	0.02%	0.02%	0.04%	0.1%	0.03%	0.03%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-156K	0	0	0	0	0	0	0	0	-6.65M
Cash from Financing+	2.06M	4.07M	12.08M	8.11M	-2.4M	225.75M	510.11M	-75.58M	-53.4M	371.9M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	-29.35M	0	-31.08M	-21.41M	-38.3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-7.26M	3.52M	11.04M	13.96M	-36.08M	-15.96M	-3.31M	475K	54.32M	108.51M
FCF Margin %	-0.06%	0.02%	0.05%	0.05%	-0.14%	-0.05%	-0.01%	0%	0.11%	0.2%
FCF Growth %	0.23%	1.48%	2.13%	0.27%	-3.58%	0.56%	0.79%	1.14%	113.35%	1%
FCF per Share	-0.10	0.04	0.13	0.16	-0.40	-0.17	-0.03	0.00	0.50	0.97
FCF Conversion (FCF/Net Income)	0.13x	-0.41x	-1.18x	-0.82x	0.14x	0.06x	-0.06x	-0.10x	-0.59x	-1.20x
Interest Paid	0	0	0	0	0	0	3.17M	3.17M	3.2M	3.19M
Taxes Paid	354K	246K	469K	710K	0	1.34M	8.51M	7.35M	16.09M	24.25M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-23.83%	-21.3%	-14.04%	-23.83%	-71.96%	-100.22%	-33.84%	-22.67%	-20.35%	-20.26%
Return on Invested Capital (ROIC)	-54.21%	-34.23%	-21.83%	-32.5%	-72%	-54.8%	-71.21%	-32.35%	-19.31%	-10.04%
Gross Margin	90.55%	90.37%	90.4%	89.76%	86.17%	84.88%	84.77%	85.26%	85.63%	82.97%
Net Margin	-16.73%	-10.77%	-6.37%	-10.57%	-30.99%	-32.12%	-29.95%	-26.29%	-20.22%	-17.38%
Debt / Equity	-	-	-	-	0.61x	2.90x	0.51x	0.63x	0.64x	1.66x
Interest Coverage	-	-105.33x	-72.54x	-149.41x	-370.67x	-14.83x	-9.30x	-16.10x	-28.19x	-12.87x
FCF Conversion	0.13x	-0.41x	-1.18x	-0.82x	0.14x	0.06x	-0.06x	-0.10x	-0.59x	-1.20x
Revenue Growth	25.52%	29.28%	32.17%	24.35%	-5.96%	15.15%	33.29%	21.4%	5.39%	10.38%

Revenue by Segment

	2014	2015	2016	2018	2019	2020	2021	2022	2023	2024
Subscription and Circulation	-	-	-	-	76.73M	161.19M	268.94M	366.14M	400.91M	254.24M
Subscription and Circulation Growth	-	-	-	-	-	110.07%	66.85%	36.14%	9.49%	-36.58%
Software as a Service	-	-	-	-	-	-	-	-	-	208.78M
Software as a Service Growth	-	-	-	-	-	-	-	-	-	-
Maintenance	-	-	-	122.67M	135.37M	130.03M	119.3M	107.49M	98.25M	87.93M
Maintenance Growth	-	-	-	-	10.35%	-3.94%	-8.25%	-9.90%	-8.59%	-10.51%
License	-	-	-	147.61M	42.09M	1.47M	1.89M	-	-	-
License Growth	-	-	-	-	-71.48%	-96.50%	28.31%	-	-	-

Revenue by Geography

	2014	2015	2016	2018	2019	2020	2021	2022	2023	2024
North America	-	-	-	167.36M	174.61M	207.49M	279.1M	352.3M	373.81M	400.78M
North America Growth	-	-	-	-	4.33%	18.83%	34.52%	26.22%	6.11%	7.22%
EMEA	35.81M	44.99M	52.41M	93.82M	70.21M	77.09M	101.69M	107.85M	109.59M	114.36M
EMEA Growth	-	25.65%	16.48%	79.00%	-25.16%	9.81%	31.91%	6.05%	1.61%	4.35%
World	-	8.87M	11.77M	9.11M	9.38M	8.11M	9.34M	13.49M	15.77M	35.82M
World Growth	-	-	32.59%	-22.56%	2.90%	-13.51%	15.15%	44.47%	16.90%	127.16%
UNITED STATES	56.91M	73.34M	100.28M	-	-	-	-	-	-	-
UNITED STATES Growth	-	28.88%	36.73%	-	-	-	-	-	-	-
Rest Of World	8.63M	-	-	-	-	-	-	-	-	-
Rest Of World Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Varonis Systems, Inc. (VRNS) reported $608.7M in revenue for fiscal year 2024. This represents a 1430% increase from $39.8M in 2011.

Varonis Systems, Inc. (VRNS) grew revenue by 10.4% over the past year. This is steady growth.

Varonis Systems, Inc. (VRNS) reported a net loss of $114.5M for fiscal year 2024.

Dividend & Returns

Varonis Systems, Inc. (VRNS) has a return on equity (ROE) of -20.3%. Negative ROE indicates the company is unprofitable.

Varonis Systems, Inc. (VRNS) generated $134.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Varonis Systems, Inc. (VRNS) 10-Year Financial Performance & Capital Metrics

VRNS • • Industrial / General

TechnologyInfrastructure SoftwareCybersecurity & Identity ManagementIdentity & Access Management

Revenue $551M +10.4%
EBITDA -$96M +20.1%
Net Income -$96M +5.1%
EPS (Diluted) -0.86 +6.5%
Gross Margin 82.97% -3.1%
EBITDA Margin -17.37% +27.6%
Operating Margin -19.39% +26.4%
Net Margin -17.38% +14.0%
ROE -20.26% +0.4%
ROIC -10.04% +48.0%
Debt/Equity 1.66 +160.0%
Interest Coverage -12.87 +54.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 19.7% free cash flow margin
✓Strong 5Y sales CAGR of 16.7%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Weak momentum: RS Rating 16 (bottom 16%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y18.45%

5Y16.73%

3Y12.19%

TTM11.37%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-36.9%

EPS CAGR

10Y-

5Y-

3Y-

TTM-47.78%

ROCE

10Y Avg-20.97%

5Y Avg-17.74%

3Y Avg-14.08%

Latest-12.2%

Peer Comparison

Identity & Access Management

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OKTAOkta, Inc.	15.58B	91.94	1532.33	15.33%	6.87%	2.83%	4.69%	0.15
OSPNOneSpan Inc.	474.2M	12.47	8.54	3.43%	24.08%	24.4%	9.79%	0.04
AUIDauthID Inc.	25.77M	1.71	-1.22	365.86%	-10.08%	-207.46%		0.02
ARQQArqit Quantum Inc.	422.13M	26.97	-2.50	-54.22%	-111.19%	-7.53%		0.08
SAILSailPoint, Inc.	10.61B	18.90	-9.55	23.16%	-29.2%	-4.35%
VRNSVaronis Systems, Inc.	4B	33.96	-39.49	10.38%	-18.82%	-18.94%	2.71%	1.66
CYBRCyberArk Software Ltd.	22.9B	453.65	-213.99	33.1%	-13.78%	-7.13%	0.96%	0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	127.21M	164.46M	217.36M	270.29M	254.19M	292.69M	390.13M	473.63M	499.16M	550.95M
Revenue Growth %	0.26%	0.29%	0.32%	0.24%	-0.06%	0.15%	0.33%	0.21%	0.05%	0.1%
Cost of Goods Sold+	12.02M	15.84M	20.87M	27.68M	35.14M	44.26M	59.4M	69.84M	71.75M	93.85M
COGS % of Revenue	0.09%	0.1%	0.1%	0.1%	0.14%	0.15%	0.15%	0.15%	0.14%	0.17%
Gross Profit+	115.19M	148.61M	196.49M	242.6M	219.05M	248.43M	330.74M	403.8M	427.41M	457.1M
Gross Margin %	0.91%	0.9%	0.9%	0.9%	0.86%	0.85%	0.85%	0.85%	0.86%	0.83%
Gross Profit Growth %	0.26%	0.29%	0.32%	0.23%	-0.1%	0.13%	0.33%	0.22%	0.06%	0.07%
Operating Expenses+	134.26M	164.31M	208.09M	271.74M	295.03M	326.84M	438.33M	521.21M	558.89M	563.91M
OpEx % of Revenue	1.06%	1%	0.96%	1.01%	1.16%	1.12%	1.12%	1.1%	1.12%	1.02%
Selling, General & Admin	102.47M	127.65M	160.73M	201.77M	214.27M	227.48M	300.45M	343.33M	375.05M	367.15M
SG&A % of Revenue	0.81%	0.78%	0.74%	0.75%	0.84%	0.78%	0.77%	0.72%	0.75%	0.67%
Research & Development	31.79M	36.66M	47.37M	69.97M	80.76M	99.36M	137.88M	177.88M	183.84M	196.76M
R&D % of Revenue	0.25%	0.22%	0.22%	0.26%	0.32%	0.34%	0.35%	0.38%	0.37%	0.36%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-19.07M	-15.69M	-13.42M	-29.14M	-75.99M	-78.42M	-107.59M	-117.41M	-131.48M	-106.81M
Operating Margin %	-0.15%	-0.1%	-0.06%	-0.11%	-0.3%	-0.27%	-0.28%	-0.25%	-0.26%	-0.19%
Operating Income Growth %	-0.1%	0.18%	0.14%	-1.17%	-1.61%	-0.03%	-0.37%	-0.09%	-0.12%	0.19%
EBITDA+	-17.46M	-13.51M	-10.09M	-24.98M	-60.64M	-59.51M	-88.47M	-95.93M	-119.78M	-95.68M
EBITDA Margin %	-0.14%	-0.08%	-0.05%	-0.09%	-0.24%	-0.2%	-0.23%	-0.2%	-0.24%	-0.17%
EBITDA Growth %	-0.09%	0.23%	0.25%	-1.48%	-1.43%	0.02%	-0.49%	-0.08%	-0.25%	0.2%
D&A (Non-Cash Add-back)	1.61M	2.18M	3.33M	4.16M	15.34M	18.9M	19.12M	21.48M	11.7M	11.13M
EBIT	-20.6M	-16.43M	-10.87M	-27.97M	-76.17M	-80.61M	-99.27M	-103.52M	-82.25M	-74.7M
Net Interest Income+	330K	371K	562K	1.55M	1.83M	-4.61M	-11.4M	3.12M	29.9M	34.74M
Interest Income	330K	520K	747K	1.74M	2.03M	674K	164K	10.41M	34.56M	43.05M
Interest Expense	0	149K	185K	195K	205K	5.29M	11.57M	7.29M	4.66M	8.3M
Other Income/Expense	-1.52M	-885K	2.36M	970K	-389K	-7.48M	-3.24M	6.59M	44.56M	23.8M
Pretax Income+	-20.6M	-16.58M	-11.23M	-28.16M	-76.38M	-85.9M	-110.84M	-110.81M	-86.92M	-83.01M
Pretax Margin %	-0.16%	-0.1%	-0.05%	-0.1%	-0.3%	-0.29%	-0.28%	-0.23%	-0.17%	-0.15%
Income Tax+	686K	1.13M	2.79M	413K	2.39M	8.11M	6.02M	13.7M	14M	12.76M
Effective Tax Rate %	1.03%	1.07%	1.23%	1.01%	1.03%	1.09%	1.05%	1.12%	1.16%	1.15%
Net Income+	-21.28M	-17.71M	-13.84M	-28.58M	-78.76M	-94.01M	-116.86M	-124.52M	-100.92M	-95.77M
Net Margin %	-0.17%	-0.11%	-0.06%	-0.11%	-0.31%	-0.32%	-0.3%	-0.26%	-0.2%	-0.17%
Net Income Growth %	-0.1%	0.17%	0.22%	-1.06%	-1.76%	-0.19%	-0.24%	-0.07%	0.19%	0.05%
Net Income (Continuing)	-21.28M	-17.71M	-13.84M	-28.58M	-78.76M	-94.01M	-116.86M	-124.52M	-100.92M	-95.77M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.28	-0.22	-0.17	-0.33	-0.87	-1.00	-1.11	-1.14	-0.92	-0.86
EPS Growth %	0.07%	0.21%	0.23%	-0.94%	-1.64%	-0.15%	-0.11%	-0.03%	0.19%	0.07%
EPS (Basic)	-0.28	-0.22	-0.17	-0.33	-0.87	-1.00	-1.11	-1.14	-0.92	-0.86
Diluted Shares Outstanding	75.6M	79.22M	82.4M	87.06M	90.77M	94.34M	105.31M	109.28M	109.14M	111.66M
Basic Shares Outstanding	75.6M	79.22M	82.4M	87.06M	90.77M	94.34M	105.31M	109.28M	109.14M	111.66M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	156.4M	171.06M	219.12M	251.03M	204.83M	405.7M	941.28M	886.27M	745.46M	843.94M
Cash & Short-Term Investments	106.34M	113.93M	136.56M	158.91M	120.46M	298.26M	807.61M	732.49M	533.72M	568.42M
Cash Only	49.24M	48.31M	56.69M	48.71M	68.93M	234.09M	805.76M	367.8M	230.74M	185.59M
Short-Term Investments	57.1M	65.61M	79.87M	110.21M	51.53M	64.17M	1.85M	364.69M	302.98M	382.83M
Accounts Receivable	47.94M	54.23M	76.14M	85.1M	76.41M	95.81M	120.51M	143.16M	184.52M	236.62M
Days Sales Outstanding	137.56	120.36	127.85	114.92	109.72	119.49	112.75	110.32	134.93	156.76
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	515K	32K	381K	166K	317K	3.69M	6.41M	406K	4.44M	10.37M
Total Non-Current Assets+	8.74M	10.78M	26.35M	33.94M	113.48M	149.78M	167.26M	157.46M	358.45M	820.33M
Property, Plant & Equipment	8.27M	9.91M	11.9M	17.32M	91.39M	85.09M	102.05M	95.81M	85.8M	76.39M
Fixed Asset Turnover	15.39x	16.59x	18.27x	15.60x	2.78x	3.44x	3.82x	4.94x	5.82x	7.21x
Goodwill	0	0	0	0	0	23.14M	23.14M	23.14M	23.14M	23.14M
Intangible Assets	0	0	0	0	0	5.85M	4.31M	2.79M	1.26M	0
Long-Term Investments	0	0	547K	0	0	0	0	0	211.06M	661.98M
Other Non-Current Assets	477K	865K	13.91M	16.62M	22.09M	35.71M	37.77M	35.73M	37.18M	58.83M
Total Assets+	165.14M	181.84M	245.47M	284.98M	318.31M	555.48M	1.11B	1.04B	1.1B	1.66B
Asset Turnover	0.77x	0.90x	0.89x	0.95x	0.80x	0.53x	0.35x	0.45x	0.45x	0.33x
Asset Growth %	0.05%	0.1%	0.35%	0.16%	0.12%	0.75%	1%	-0.06%	0.06%	0.51%
Total Current Liabilities+	71.32M	88.25M	116.98M	146.34M	159.58M	182.64M	211.77M	228.74M	306.78M	709.88M
Accounts Payable	2.61M	1.29M	635K	2.62M	997K	850K	5.32M	2.96M	672K	4.31M
Days Payables Outstanding	79.32	29.67	11.1	34.54	10.35	7.01	32.72	15.48	3.42	16.77
Short-Term Debt	0	0	0	0	0	0	8.79M	9.87M	10.05M	261.37M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	7.12M	16.17M	24.7M	35.88M	39.13M	50.6M	49.38M	63.36M	70.85M	129.39M
Current Ratio	2.19x	1.94x	1.87x	1.72x	1.28x	2.22x	4.44x	3.87x	2.43x	1.19x
Quick Ratio	2.19x	1.94x	1.87x	1.72x	1.28x	2.22x	4.44x	3.87x	2.43x	1.19x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	10.24M	10.85M	14.41M	13.27M	65.2M	278.77M	300.17M	312.86M	307.48M	498.73M
Long-Term Debt	0	0	0	0	0	218.46M	225.33M	248.96M	250.48M	450.24M
Capital Lease Obligations	0	0	0	0	57.04M	54.54M	68.69M	57.63M	51.31M	42.79M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	7.14M	7.29M	7.81M	6.78M	2.7M	3M	3.58M	4.77M	4.81M	3.49M
Total Liabilities	81.56M	99.1M	131M	159.61M	224.78M	461.41M	511.94M	541.61M	614.26M	1.21B
Total Debt+	0	0	0	0	57.04M	273M	302.82M	316.46M	311.84M	754.41M
Net Debt	-49.24M	-48.31M	-56.69M	-48.71M	-11.89M	38.91M	-502.94M	-51.34M	81.1M	568.82M
Debt / Equity	-	-	-	-	0.61x	2.90x	0.51x	0.63x	0.64x	1.66x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-105.33x	-72.54x	-149.41x	-370.67x	-14.83x	-9.30x	-16.10x	-28.19x	-12.87x
Total Equity+	83.59M	82.74M	114.48M	125.37M	93.53M	94.07M	596.59M	502.13M	489.65M	455.66M
Equity Growth %	-0.12%	-0.01%	0.38%	0.1%	-0.25%	0.01%	5.34%	-0.16%	-0.02%	-0.07%
Book Value per Share	1.11	1.04	1.39	1.44	1.03	1.00	5.67	4.59	4.49	4.08
Total Shareholders' Equity	83.59M	82.74M	101.58M	125.37M	93.53M	94.07M	596.59M	502.13M	489.65M	455.66M
Common Stock	26K	27K	28K	30K	31K	32K	108K	108K	109K	113K
Retained Earnings	-88.43M	-106.14M	-122.45M	-137.97M	-216.73M	-310.74M	-427.6M	-543.47M	-644.39M	-740.15M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-331K	-479K	136K	-3.63M	-449K	9.37M	6.08M	-9.56M	-8.65M	2.68M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-2.73M	7.35M	16.35M	23.55M	-10.68M	-5.84M	7.18M	11.87M	59.42M	115.2M
Operating CF Margin %	-0.02%	0.04%	0.08%	0.09%	-0.04%	-0.02%	0.02%	0.03%	0.12%	0.21%
Operating CF Growth %	0.62%	3.69%	1.23%	0.44%	-1.45%	0.45%	2.23%	0.65%	4.01%	0.94%
Net Income	-21.28M	-17.71M	-13.69M	-28.58M	-78.76M	-94.01M	-116.86M	-124.52M	-100.92M	-95.77M
Depreciation & Amortization	1.61M	2.18M	3.33M	4.16M	15.34M	18.9M	19.12M	21.48M	11.7M	11.13M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	7.79M	12.94M	32.41M	48.12M	59.81M	85.52M	130.8M	166.25M	162.98M	186.71M
Working Capital Changes	9.15M	9.94M	-5.54M	-152K	-7.08M	-16.26M	-25.88M	-51.34M	-14.35M	13.13M
Change in Receivables	-9.57M	-6.42M	-21.73M	-7.63M	8.17M	-19.07M	-22.95M	-18.8M	-33.14M	-23.72M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-91K	-1.32M	-653K	1.99M	-1.62M	-328K	4.47M	-2.36M	-2.29M	3.64M
Cash from Investing+	-26.68M	-12.35M	-20M	-40.19M	33.3M	-54.75M	54.38M	-374.25M	-143.08M	-532.25M
Capital Expenditures	-4.54M	-3.83M	-5.31M	-9.58M	-25.39M	-10.12M	-10.49M	-11.4M	-5.1M	-6.69M
CapEx % of Revenue	0.04%	0.02%	0.02%	0.04%	0.1%	0.03%	0.03%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-156K	0	0	0	0	0	0	0	0	-6.65M
Cash from Financing+	2.06M	4.07M	12.08M	8.11M	-2.4M	225.75M	510.11M	-75.58M	-53.4M	371.9M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	-29.35M	0	-31.08M	-21.41M	-38.3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-7.26M	3.52M	11.04M	13.96M	-36.08M	-15.96M	-3.31M	475K	54.32M	108.51M
FCF Margin %	-0.06%	0.02%	0.05%	0.05%	-0.14%	-0.05%	-0.01%	0%	0.11%	0.2%
FCF Growth %	0.23%	1.48%	2.13%	0.27%	-3.58%	0.56%	0.79%	1.14%	113.35%	1%
FCF per Share	-0.10	0.04	0.13	0.16	-0.40	-0.17	-0.03	0.00	0.50	0.97
FCF Conversion (FCF/Net Income)	0.13x	-0.41x	-1.18x	-0.82x	0.14x	0.06x	-0.06x	-0.10x	-0.59x	-1.20x
Interest Paid	0	0	0	0	0	0	3.17M	3.17M	3.2M	3.19M
Taxes Paid	354K	246K	469K	710K	0	1.34M	8.51M	7.35M	16.09M	24.25M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-23.83%	-21.3%	-14.04%	-23.83%	-71.96%	-100.22%	-33.84%	-22.67%	-20.35%	-20.26%
Return on Invested Capital (ROIC)	-54.21%	-34.23%	-21.83%	-32.5%	-72%	-54.8%	-71.21%	-32.35%	-19.31%	-10.04%
Gross Margin	90.55%	90.37%	90.4%	89.76%	86.17%	84.88%	84.77%	85.26%	85.63%	82.97%
Net Margin	-16.73%	-10.77%	-6.37%	-10.57%	-30.99%	-32.12%	-29.95%	-26.29%	-20.22%	-17.38%
Debt / Equity	-	-	-	-	0.61x	2.90x	0.51x	0.63x	0.64x	1.66x
Interest Coverage	-	-105.33x	-72.54x	-149.41x	-370.67x	-14.83x	-9.30x	-16.10x	-28.19x	-12.87x
FCF Conversion	0.13x	-0.41x	-1.18x	-0.82x	0.14x	0.06x	-0.06x	-0.10x	-0.59x	-1.20x
Revenue Growth	25.52%	29.28%	32.17%	24.35%	-5.96%	15.15%	33.29%	21.4%	5.39%	10.38%

Revenue by Segment

	2014	2015	2016	2018	2019	2020	2021	2022	2023	2024
Subscription and Circulation	-	-	-	-	76.73M	161.19M	268.94M	366.14M	400.91M	254.24M
Subscription and Circulation Growth	-	-	-	-	-	110.07%	66.85%	36.14%	9.49%	-36.58%
Software as a Service	-	-	-	-	-	-	-	-	-	208.78M
Software as a Service Growth	-	-	-	-	-	-	-	-	-	-
Maintenance	-	-	-	122.67M	135.37M	130.03M	119.3M	107.49M	98.25M	87.93M
Maintenance Growth	-	-	-	-	10.35%	-3.94%	-8.25%	-9.90%	-8.59%	-10.51%
License	-	-	-	147.61M	42.09M	1.47M	1.89M	-	-	-
License Growth	-	-	-	-	-71.48%	-96.50%	28.31%	-	-	-

Revenue by Geography

	2014	2015	2016	2018	2019	2020	2021	2022	2023	2024
North America	-	-	-	167.36M	174.61M	207.49M	279.1M	352.3M	373.81M	400.78M
North America Growth	-	-	-	-	4.33%	18.83%	34.52%	26.22%	6.11%	7.22%
EMEA	35.81M	44.99M	52.41M	93.82M	70.21M	77.09M	101.69M	107.85M	109.59M	114.36M
EMEA Growth	-	25.65%	16.48%	79.00%	-25.16%	9.81%	31.91%	6.05%	1.61%	4.35%
World	-	8.87M	11.77M	9.11M	9.38M	8.11M	9.34M	13.49M	15.77M	35.82M
World Growth	-	-	32.59%	-22.56%	2.90%	-13.51%	15.15%	44.47%	16.90%	127.16%
UNITED STATES	56.91M	73.34M	100.28M	-	-	-	-	-	-	-
UNITED STATES Growth	-	28.88%	36.73%	-	-	-	-	-	-	-
Rest Of World	8.63M	-	-	-	-	-	-	-	-	-
Rest Of World Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Varonis Systems, Inc. (VRNS) reported $608.7M in revenue for fiscal year 2024. This represents a 1430% increase from $39.8M in 2011.

Varonis Systems, Inc. (VRNS) grew revenue by 10.4% over the past year. This is steady growth.

Varonis Systems, Inc. (VRNS) reported a net loss of $114.5M for fiscal year 2024.

Dividend & Returns

Varonis Systems, Inc. (VRNS) has a return on equity (ROE) of -20.3%. Negative ROE indicates the company is unprofitable.

Varonis Systems, Inc. (VRNS) generated $134.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.