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Varonis Systems, Inc.

Varonis Systems, Inc.

NASDAQ•VRNS
CEO: Mr. Yakov Faitelson
Sector: Technology
Industry: Software - Infrastructure
Listing Date: 2014-02-28
Varonis 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; source code, strategic and product plans; and other intellectual property. It 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. In addition, the company offers Data Transport Engine, 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 provides search functionality for enterprise data. It serves its products to financial services, public, healthcare, industrial, technology, insurance, energy and utilities, consumer and retail, education and construction, and engineering sectors. The company sells its products through a network of distributors and resellers. Varonis Systems, Inc. was incorporated in 2004 and is headquartered in New York, New York.
Contact Information
1250 Broadway, 28th Floor, New York, NY, 10001, United States
877-292-8767
www.varonis.com
Market Cap
$3.95B
P/E (TTM)
-33.1
65.6
Dividend Yield
--
52W High
$63.90
52W Low
$30.02
52W Range
10%
Rank48Top 64.4%
3.3
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.3 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$161.58M+9.12%
4-Quarter Trend

EPS

-$0.26+62.50%
4-Quarter Trend

FCF

$30.43M+43.17%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

SaaS Revenue Explodes Nine-month SaaS revenue reached $320.3M, up 135% versus prior year, now 71.1% of total revenue.
Annual Recurring Revenue Grows ARR increased 18% period-over-period to $718.6M as of September 30, 2025; transition completion noted.
Strong Cash Position Maintained Cash, securities, and deposits total over $1.1B, sufficient to fund operations for at least the next 12 months.
Strategic Acquisitions Completed Acquired Cyral and SlashNext, adding $112.0M in goodwill, integrating AI security capabilities into platform.

Risk Factors

Net Loss Widens Nine-month net loss increased to $(101.5M) from $(82.8M) due to higher operating expenses incurred.
Gross Margin Under Pressure Gross margin decreased to 78.8% from 82.7% due to increased hosting costs related to SaaS transition.
Term License Revenue Shrinks Term license subscription revenue fell 52.7% to $88.7M as customers convert to the new SaaS model.
International Operations Risks Operations in Israel and exposure to geopolitical instability, sanctions, and currency fluctuations present material risks.

Outlook

Focus on SaaS Conversion Expect SaaS percentage of ARR to increase further as remaining term license customers are converted.
Term License Business Ending Term license subscription business officially ends life December 31, 2026, increasing revenue uncertainty short-term.
RPO Expected Increase Remaining Performance Obligations (RPO) were $930.7M and expected to increase in absolute dollars going forward.
Continued Investment Planned Expect personnel costs and operating expenses to increase in absolute dollars to support growth and innovation.

Peer Comparison

Revenue (TTM)

Shift4 Payments, Inc.FOUR
$3.88B
+23.2%
Dropbox, Inc.DBX
$2.53B
-0.4%
Wix.com Ltd.WIX
$1.93B
+13.2%

Gross Margin (Latest Quarter)

Informatica Inc.INFA
81.7%
+1.0pp
Dropbox, Inc.DBX
79.8%
-2.8pp
Varonis Systems, Inc.VRNS
78.2%
-5.5pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
CFLT$10.83B-34.8-29.2%38.5%
INFA$7.54B721.60.4%35.0%
DBX$7.34B13.7-43.1%116.4%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
0.6%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 3, 2026
|
EPS:$0.03
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 29, 2025|
    Revenue: $161.58M+9.1%
    |
    EPS: $-0.26+62.5%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 30, 2025|
    Revenue: $152.16M+16.7%
    |
    EPS: $-0.32+52.4%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 7, 2025|
    Revenue: $136.42M+19.6%
    |
    EPS: $-0.32-13.5%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 6, 2025|
    Revenue: $550.95M+10.4%
    |
    EPS: $-0.86+6.5%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 31, 2024|
    Revenue: $148.07M+21.1%
    |
    EPS: $-0.16-23.8%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 30, 2024|
    Revenue: $130.35M+12.9%
    |
    EPS: $-0.21-40.0%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $114.02M+6.2%
    |
    EPS: $-0.37+5.7%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 6, 2024|
    Revenue: $499.16M+5.4%
    |
    EPS: $-0.92+19.3%
    Miss