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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
$2.82B
P/E (TTM)
-23.9
46.2
Dividend Yield
--
52W High
$63.90
52W Low
$20.06
52W Range
9%
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

Q4 2025 Data

Revenue

$173.37M+9.37%
4-Quarter Trend

EPS

-$0.23+100.00%
4-Quarter Trend

FCF

$20.74M+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

SaaS Revenue Surge SaaS revenue reached $462.6M, growing 121.6% over 2024, driven by new customer acquisition and Gen AI interest.
SaaS Dominance Achieved SaaS now represents 74.2% of total revenues, up from 37.9%, signaling successful platform transition execution.
Operating Cash Flow Growth Net cash provided by operating activities increased to $147.4M, up from $115.2M, supporting ongoing business investments.
Total ARR Growth Total ARR reached $745.4M as of year-end 2025, marking a 16% increase, supported by high renewal rates over 90%.

Risk Factors

Persistent Operating Losses Net loss widened to $(129.3M) in 2025 from $(95.8M) in 2024, increasing operating pressure despite revenue growth.
Gross Margin Compression Gross margin fell to 78.8% due to increased third-party hosting costs and customer success headcount investment.
Self-Hosted Conversion Risk Remaining self-hosted customers converting slowly impacts revenue recognition predictability and requires continued legacy support.
Economic Uncertainty Prolonged economic uncertainties or downturns could materially reduce customer IT spending and negatively affect growth rates.

Outlook

SaaS Transition Finalization Complete end-of-life for self-hosted products by December 31, 2026, focusing resources entirely on the SaaS delivery model.
AI Security Expansion Platform enhanced via Cyral and SlashNext acquisitions for database activity monitoring and AI-native email security capabilities.
Future M&A Activity Agreement signed to acquire AI security firm AllTrue.ai for approximately $126.0M cash, expected to close in Q1 2026.
Continued Growth Investment Expect continued investment in R&D, international sales expansion, and managing growth demands efficiently going forward.

Peer Comparison

Revenue (TTM)

COMP stock ticker logoCOMP
$6.96B
+23.7%
FOUR stock ticker logoFOUR
$4.18B
+25.5%
DBX stock ticker logoDBX
$2.52B
-1.1%

Gross Margin (Latest Quarter)

CLBT stock ticker logoCLBT
84.7%
-1.7pp
QLYS stock ticker logoQLYS
83.4%
+2.4pp
INFA stock ticker logoINFA
81.7%
+1.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
CFLT$10.99B-36.6-27.0%37.0%
INFA$7.54B721.60.4%35.0%
DBX$7.08B13.0-35.6%135.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
8.3%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Deep Research

Next earnings:May 4, 2026
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EPS:-
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News
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LTM
No Data