Descartes Systems Group vs Varonis Systems
Descartes Systems Group is the larger business, with $729m of revenue in fiscal 2026 against $624m for Varonis Systems (1.2 times as much). Varonis Systems grew faster (13.2% against 12.0%). Descartes Systems Group kept more of each dollar of sales as profit: a net margin of 22.5% against -20.7%. Descartes Systems Group carries less debt relative to equity (0.0% against 75.5%).
| Latest fiscal year | Descartes Systems GroupDSGX, 2026 | Varonis SystemsVRNS, 2025 |
|---|---|---|
| Revenue | $729m | $624m |
| Revenue growth | 12.0% | 13.2% |
| Net income | $164m | −$129m |
| Operating margin | 28.8% | -23.5% |
| Net margin | 22.5% | -20.7% |
| Return on equity | 10.9% | -24.5% |
| Free cash flow | $261m | $135m |
| Cash | $357m | $202m |
| Total debt | $0 | $452m |
| Debt to equity | 0.0% | 75.5% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $892,000 | $115m |
| Employees | — | — |
| Market value | $7.86bn | $5.61bn |
| Price vs our value range | Within our value range | — |
| Moat score | — | 36 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 4 buys, 0 sales |