Varonis Systems, Inc. (VRNS) Financial Ratios
15 years of historical data (2011–2025) · Technology · Software - Infrastructure
EV/EBITDA
N/A
—
5yr avg: N/A
P/FCF
↓
24.06
↓-98% vs avg
5yr avg: 1418.98
30Y Low31.4·High120.8
P/B Ratio
↓
5.96
↓-29% vs avg
5yr avg: 8.38
30Y Low5.2·High54.7
ROE
↑
-24.5%
-1% vs avg
5yr avg: -24.3%
30Y Low-210%·High-14%
Debt/EBITDA
N/A
—
5yr avg: N/A
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VRNS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Varonis Systems, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 24.1x P/FCF, 98% below the 5-year average of 1419.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.2B | $4.2B | $5.0B | $4.9B | $2.6B | $5.1B | $5.1B | $2.4B | $1.5B | $1.3B | $707M |
| Enterprise Value | $3.6B | $4.6B | $5.5B | $5.0B | $2.6B | $4.6B | $5.2B | $2.3B | $1.5B | $1.3B | $659M |
| P/E Ratio → | -24.43 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.20 | 6.79 | 9.00 | 9.90 | 5.52 | 13.17 | 17.58 | 9.25 | 5.68 | 6.13 | 4.30 |
| P/B Ratio | 5.96 | 7.08 | 10.89 | 10.09 | 5.21 | 8.61 | 54.69 | 25.14 | 12.24 | 11.65 | 8.55 |
| P/FCF | 24.06 | 31.43 | 45.72 | 90.98 | 5507.78 | — | — | — | 109.93 | 120.80 | 200.86 |
| P/OCF | 21.99 | 28.74 | 43.07 | 83.18 | 220.39 | 715.63 | — | — | 65.19 | 81.54 | 96.29 |
P/E links to full P/E history page with 30-year chart
VRNS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.39 | 10.04 | 10.06 | 5.42 | 11.88 | 17.71 | 9.20 | 5.50 | 5.87 | 4.01 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 34.17 | 50.96 | 92.48 | 5399.70 | — | — | — | 106.45 | 115.66 | 187.14 |
VRNS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Varonis Systems, Inc. earns an operating margin of -23.5%. Operating margins have expanded from -26.3% to -23.5% over the past 3 years, signaling improving operational efficiency. A negative ROE of -24.5% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.1% | 79.1% | 83.0% | 85.6% | 85.3% | 84.8% | 84.9% | 86.2% | 89.8% | 90.4% | 90.4% |
| Operating Margin | -23.5% | -23.5% | -19.4% | -26.3% | -24.8% | -27.6% | -26.8% | -29.9% | -10.8% | -6.2% | -9.5% |
| Net Profit Margin | -20.7% | -20.7% | -17.4% | -20.2% | -26.3% | -30.0% | -32.1% | -31.0% | -10.6% | -6.4% | -10.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -24.5% | -24.5% | -20.3% | -20.4% | -22.7% | -33.8% | -100.2% | -72.0% | -23.8% | -14.0% | -21.3% |
| ROA | -7.5% | -7.5% | -6.9% | -9.4% | -11.6% | -14.0% | -21.5% | -26.1% | -10.8% | -6.5% | -10.2% |
| ROIC | -11.0% | -11.0% | -10.0% | -19.3% | -32.3% | -71.2% | -54.8% | -72.0% | -32.5% | -21.8% | -34.2% |
| ROCE | -14.0% | -14.0% | -12.2% | -16.3% | -13.7% | -16.9% | -29.5% | -51.1% | -21.8% | -12.1% | -16.7% |
VRNS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $369M ($572M total debt minus $202M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.96 | 0.96 | 1.66 | 0.64 | 0.63 | 0.51 | 2.90 | 0.61 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.62 | 1.25 | 0.17 | -0.10 | -0.84 | 0.41 | -0.13 | -0.39 | -0.50 | -0.58 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 2.74 | 5.24 | 1.49 | -108.08 | — | — | — | -3.49 | -5.14 | -13.72 |
| Interest Coverage | -9.01 | -9.01 | -9.00 | -17.64 | -14.19 | -8.58 | -15.25 | -371.57 | -143.44 | -58.77 | -110.27 |
VRNS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.97x means Varonis Systems, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 2.43x to 1.97x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.97 | 1.97 | 1.19 | 2.43 | 3.87 | 4.44 | 2.22 | 1.28 | 1.72 | 1.87 | 1.94 |
| Quick Ratio | 1.97 | 1.97 | 1.19 | 2.43 | 3.87 | 4.44 | 2.22 | 1.28 | 1.72 | 1.87 | 1.94 |
| Cash Ratio | 1.40 | 1.40 | 0.80 | 1.74 | 3.20 | 3.81 | 1.63 | 0.75 | 1.09 | 1.17 | 1.29 |
| Asset Turnover | — | 0.35 | 0.33 | 0.45 | 0.45 | 0.35 | 0.53 | 0.80 | 0.95 | 0.89 | 0.90 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 142.14 | 156.76 | 134.93 | 110.32 | 112.75 | 119.49 | 109.72 | 114.92 | 127.85 | 120.36 |
VRNS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Varonis Systems, Inc. returns 3.5% to shareholders annually primarily through share buybacks.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 4.2% | 3.2% | 2.2% | 1.1% | 0.0% | — | — | — | 0.9% | 0.8% | 0.5% |
| Buyback Yield | 3.5% | 2.7% | 0.0% | 0.9% | 2.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.5% | 2.7% | 0.0% | 0.9% | 2.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $129M | $112M | $109M | $109M | $105M | $94M | $91M | $87M | $82M | $79M |
Peer Comparison
Compare VRNS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VRNSYou | $3B | -24.4 | — | 24.1 | 79.1% | -23.5% | -24.5% | -11.0% | — |
 CYBR | $21B | -139.5 | 908.2 | 79.6 | 74.3% | -7.7% | -6.2% | -3.2% | 52.3 |
 SAIL | $7B | -5.9 | 153.6 | — | 64.5% | -21.9% | — | — | 21.6 |
 DDOG | $47B | 479.0 | 612.9 | 46.7 | 80.0% | -1.3% | 3.3% | -0.8% | 19.6 |
 QLYS | $3B | 16.7 | 13.1 | 10.6 | 82.8% | 33.2% | 38.2% | 47.5% | 0.4 |
 TENB | $2B | -70.5 | 62.6 | 9.5 | 78.1% | 0.1% | -9.9% | 0.2% | 10.8 |
 RDWR | $1B | 59.7 | 46.4 | 27.9 | 80.7% | 3.8% | 5.4% | 3.0% | 0.7 |
 PANW | $129B | 114.7 | 80.1 | 37.2 | 73.4% | 13.5% | 17.5% | 17.1% | 0.2 |
 CRWD | $119B | -720.1 | 952.1 | 90.5 | 74.6% | -3.4% | -4.2% | -193.7% | 6.8 |
 S | $5B | -11.2 | — | 63.6 | 74.1% | -32.1% | -29.0% | -17.4% | — |
 FTNT | $67B | 37.0 | 29.1 | 29.9 | 80.8% | 30.6% | 135.7% | — | 0.4 |
| Technology Median | — | 27.5 | 17.4 | 19.8 | 48.6% | -0.5% | 2.4% | 2.9% | 2.9 |
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Start ComparisonVRNS — Frequently Asked Questions
Quick answers to the most common questions about buying VRNS stock.
What is Varonis Systems, Inc.'s P/E ratio?
Varonis Systems, Inc.'s current P/E ratio is -24.4x. This places it at the 50th percentile of its historical range.
What is Varonis Systems, Inc.'s ROE?
Varonis Systems, Inc.'s return on equity (ROE) is -24.5%. The historical average is -51.4%.
Is VRNS stock overvalued?
Based on historical data, Varonis Systems, Inc. is trading at a P/E of -24.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Varonis Systems, Inc.'s profit margins?
Varonis Systems, Inc. has 79.1% gross margin and -23.5% operating margin.