Blackline vs Varonis Systems
Blackline and Varonis Systems are similar in size: $700m and $624m of revenue in their latest fiscal years. Varonis Systems grew faster (13.2% against 7.2%). Blackline kept more of each dollar of sales as profit: a net margin of 3.5% against -20.7%. Varonis Systems carries less debt relative to equity (75.5% against 269.6%).
| Latest fiscal year | BlacklineBL, 2025 | Varonis SystemsVRNS, 2025 |
|---|---|---|
| Revenue | $700m | $624m |
| Revenue growth | 7.2% | 13.2% |
| Net income | $24.5m | −$129m |
| Operating margin | 3.6% | -23.5% |
| Net margin | 3.5% | -20.7% |
| Return on equity | 6.3% | -24.5% |
| Free cash flow | $161m | $135m |
| Cash | $390m | $202m |
| Total debt | $896m | $452m |
| Debt to equity | 269.6% | 75.5% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $236m | $115m |
| Employees | — | — |
| Market value | $1.99bn | $5.60bn |
| Price vs our value range | Below our value range | — |
| Moat score | 34 (Weak) | 36 (Weak) |
| Insider trades, 12 months | 0 buys, 6 sales | 4 buys, 0 sales |