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Varonis Systems Inc (VRNS) stock

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NASDAQ: VRNS Nasdaq Application Software Next results ~November 3, 2026

C Fundamentals grade

Varonis Systems Inc is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$17

Revenue-to-maturity model

Base case. Range ~$14–$21. Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Varonis Systems Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 0 selling4 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds213 adding, 130 cuttingOf 53 active managers that changed their stake, 34 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Varonis Systems files

Where Varonis Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $688m, up 15.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 17.7% from 21.0% a year earlier. The diluted share count is up 3.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 1 financial-health checks. Our revenue-to-maturity cash-flow model value is $17.21 a share, against a share price of $48.81.

Source: 10-Q filed July 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Varonis Systems Inc's trailing-twelve-month revenue grew 15.6% year on year, with a free-cash-flow margin of 17.7%. Where it lags: stock pay as % of revenue of 19.3% ranks 147 of 177 application software companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 511% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.6% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.2bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Loss-making. Operating margin is -22.0%: costs exceed revenue.
  • Heavy stock-based pay. Stock pay equals 19.3% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 3.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of 0.9 against the S&P 500.
  • Gross margin slipping. Gross margin is down 4.4 points on a year ago.

Latest results: FY2026 Q2

Filed July 29, 2026
Earnings per share
$0.04 against an average estimate of $0.01: beat by 510.7%
Revenue
$180m, up 18.3% on a year earlier
Share reaction
-12.9% in the first session after the results on July 28, 2026, against -1.3% for the S&P 500
Next report
November 3, 2026; average EPS estimate $0.03

Varonis Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.2%
  • 1 week-0.8%
  • 1 month+2.5%
  • This year+48.6%
  • 1 year+38.4%
  • 5 years-22.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$688M
Operating margin
-22.0%
Net margin
-20.5%
EPS (TTM, diluted)
$-1.22

Growth

Revenue growth
+15.6%
Change in growth rate
+0.5 pts
Share count change
+3.1%

Cash

Free cash flow (TTM)
$122M
FCF margin
17.7%
Stock pay % of revenue
19.3%

Earnings

Last results
July 28, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Varonis Systems Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Varonis Systems Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.07 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$4.7 ~$2.9–$6.1 Left out: out of range vs price (0.10x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$5.7 ~$4.7–$9.4 Left out: out of range vs price (0.12x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.2 ~$14–$40 Left out: out of range vs price (0.05x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$17 ~$14–$21 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$17 ~$14–$21 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Varonis Systems Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$6.27$8.93$16.18$17.63$25.90$54.54$48.78$23.94$45.28$44.43$32.80$48.75
Market value$474m$708m$1.3bn$1.5bn$2.4bn$5.1bn$5.1bn$2.6bn$4.9bn$5.0bn$3.8bn$5.6bn
+ Net debt (− = net cash)−$49m−$48m−$55m−$47m−$69m−$16m−$580m−$119m$20m$766m$250m$220m
Enterprise value$425m$660m$1.3bn$1.5bn$2.3bn$5.1bn$4.6bn$2.5bn$5.0bn$5.7bn$4.0bn$5.9bn
Multiples
Price / sales 3.7x4.3x6.2x5.7x9.3x17.6x13.2x5.5x9.9x9.0x6.0x8.2x
Price / earnings ————————————
Price / free cash flow —n/m120.8x110.0x———n/m91.0x45.7x27.8x46.3x
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard Varonis Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.6% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 84.8%, moving by 3.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -21.6%; its worst year was -32.7%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 7 of 10 years, at a median 5.8% of revenue.

  • Discipline 1 / 20

    The diluted share count rose 16.8% over five years; stock-based pay has been a median 21.2% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (51 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $187m and EPS of $0.03 (range $0.02 to $0.03) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.15 −16% $738m +18%
Next $0.41 +170% $875m +19%

Next year's EPS estimate has moved +0.4% in 90 days, across 24 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.5% on 90 days ago. In the last 30 days, 22 analysts raised Varonis Systems Inc's forecast and 0 cut it.

Consensus EPS forecast Varonis Systems Inc, last 90 days
$0.10 $0.20 $0.30 $0.40 $0.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.15 Current fiscal year, 60 days ago: $0.15 Current fiscal year, 30 days ago: $0.15 Current fiscal year, 7 days ago: $0.15 Current fiscal year, Now: $0.15 $0.15 Next fiscal year, 90 days ago: $0.41 Next fiscal year, 60 days ago: $0.41 Next fiscal year, 30 days ago: $0.41 Next fiscal year, 7 days ago: $0.41 Next fiscal year, Now: $0.41 $0.41

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.15$0.41
60 days ago $0.15$0.41
30 days ago $0.15$0.41
7 days ago $0.15$0.41
Now $0.15$0.41

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.01 $0.04 +510.7%
Mar 2026 −$0.05 $0.06 +209.8%
Dec 2025 $0.03 $0.08 +145.8%
Sept 2025 $0.05 $0.06 +11.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

22 analysts, Oct 2026
Buy314%
Hold1986%
Sell00%

Monthly trend

  1. Oct 202631922
  2. Sep 2026512624
  3. Aug 2026513524
  4. Jul 2026513524

Counts of recommendations published by analysts covering Varonis Systems Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.3%
of tradable shares
Days to cover
3.63
at average volume
Short interest, 1 month
−22%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.0%
of shares
Employees
2,658
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +38.4%

$35.23 on October 31, 2025 to $48.75

ThenNowEffect
Revenue (last 12 months) $595m $688m +15.6%
P/S multiple 6.7x 8.2x +23.4%
Share count 112m 116m −3.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +41.8%

$34.39 on November 3, 2023 to $48.75

ThenNowEffect
Revenue (last 12 months) $489m $688m +40.8%
P/S multiple 7.7x 8.2x +6.7%
Share count 109m 116m −5.6%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VRNS−11%−51%+89%−2%−26%+49%
Industry peers (median)−7%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VRNS58%42%75%33%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VRNS−39%−69%−21%−27%−52%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 78% from September 7, 2021 to November 4, 2022. Getting back needed a 359% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$20.19 – $50.12
From 52-week high
−2.7%
vs 50-day average
+3.6%
vs 200-day average
+37.1%
Volatility (1 year)
52%
Beta vs S&P 500
0.95

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±11.9%
After a week
7 up, 5 down
typical move ±9.7%
After a month
6 up, 6 down
typical move ±17.7%
Results releasedNext dayS&P 500 next day5 days21 days
July 28, 2026 −12.9% −1.3% −7.2% −11.3%
April 28, 2026 +8.9% −0.5% +9.4% +27.0%
February 3, 2026 −19.1% −1.3% −10.2% −18.5%
October 28, 2025 −48.4% +0.3% −43.6% −48.4%
July 29, 2025 +5.0% −0.4% +1.2% +7.5%
May 6, 2025 +3.3% −0.4% +4.6% +14.3%
February 4, 2025 −5.5% +1.1% −7.0% −10.3%
October 29, 2024 −8.5% −0.1% −11.4% −13.6%
July 29, 2024 +14.7% −0.4% +3.7% +18.5%
May 6, 2024 +2.8% +1.1% +0.8% −2.1%
February 5, 2024 +7.0% −0.1% +10.0% +9.6%
October 30, 2023 +6.8% +1.8% +7.8% +31.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Varonis Systems Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Varonis Systems Inc
$400M $500M $600M $700M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $487.7M Revenue (TTM), FY23 Q4: $499.2M Revenue (TTM), FY24 Q1: $505.8M Revenue (TTM), FY24 Q2: $520.8M Revenue (TTM), FY24 Q3: $546.5M Revenue (TTM), FY24 Q4: $551M Revenue (TTM), FY25 Q1: $573.4M Revenue (TTM), FY25 Q2: $595.2M Revenue (TTM), FY25 Q3: $608.7M Revenue (TTM), FY25 Q4: $623.5M Revenue (TTM), FY26 Q1: $660.2M Revenue (TTM), FY26 Q2: $688.1M $688.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $487.7M
FY23 Q4 $499.2M
FY24 Q1 $505.8M
FY24 Q2 $520.8M
FY24 Q3 $546.5M
FY24 Q4 $551M
FY25 Q1 $573.4M
FY25 Q2 $595.2M
FY25 Q3 $608.7M
FY25 Q4 $623.5M
FY26 Q1 $660.2M
FY26 Q2 $688.1M
Revenue growth, TTM YoY Varonis Systems Inc
0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 6.6% Revenue growth, TTM YoY, FY23 Q4: 5.4% Revenue growth, TTM YoY, FY24 Q1: 4.4% Revenue growth, TTM YoY, FY24 Q2: 6.6% Revenue growth, TTM YoY, FY24 Q3: 12.1% Revenue growth, TTM YoY, FY24 Q4: 10.4% Revenue growth, TTM YoY, FY25 Q1: 13.3% Revenue growth, TTM YoY, FY25 Q2: 14.3% Revenue growth, TTM YoY, FY25 Q3: 11.4% Revenue growth, TTM YoY, FY25 Q4: 13.2% Revenue growth, TTM YoY, FY26 Q1: 15.2% Revenue growth, TTM YoY, FY26 Q2: 15.6% 15.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 6.6%
FY23 Q4 5.4%
FY24 Q1 4.4%
FY24 Q2 6.6%
FY24 Q3 12.1%
FY24 Q4 10.4%
FY25 Q1 13.3%
FY25 Q2 14.3%
FY25 Q3 11.4%
FY25 Q4 13.2%
FY26 Q1 15.2%
FY26 Q2 15.6%
Operating margin (TTM) Varonis Systems Inc
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -25.0% Operating margin (TTM), FY23 Q4: -23.5% Operating margin (TTM), FY24 Q1: -24.1% Operating margin (TTM), FY24 Q2: -21.3% Operating margin (TTM), FY24 Q3: -19.3% Operating margin (TTM), FY24 Q4: -21.4% Operating margin (TTM), FY25 Q1: -19.8% Operating margin (TTM), FY25 Q2: -20.4% Operating margin (TTM), FY25 Q3: -22.0% Operating margin (TTM), FY25 Q4: -23.5% Operating margin (TTM), FY26 Q1: -22.3% Operating margin (TTM), FY26 Q2: -22.0% -22.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -25.0%
FY23 Q4 -23.5%
FY24 Q1 -24.1%
FY24 Q2 -21.3%
FY24 Q3 -19.3%
FY24 Q4 -21.4%
FY25 Q1 -19.8%
FY25 Q2 -20.4%
FY25 Q3 -22.0%
FY25 Q4 -23.5%
FY26 Q1 -22.3%
FY26 Q2 -22.0%
FCF margin (TTM) Varonis Systems Inc
5% 10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 9.4% FCF margin (TTM), FY23 Q4: 10.9% FCF margin (TTM), FY24 Q1: 14.8% FCF margin (TTM), FY24 Q2: 15.7% FCF margin (TTM), FY24 Q3: 17.7% FCF margin (TTM), FY24 Q4: 19.7% FCF margin (TTM), FY25 Q1: 20.5% FCF margin (TTM), FY25 Q2: 21.0% FCF margin (TTM), FY25 Q3: 22.0% FCF margin (TTM), FY25 Q4: 21.6% FCF margin (TTM), FY26 Q1: 18.1% FCF margin (TTM), FY26 Q2: 17.7% 17.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 9.4%
FY23 Q4 10.9%
FY24 Q1 14.8%
FY24 Q2 15.7%
FY24 Q3 17.7%
FY24 Q4 19.7%
FY25 Q1 20.5%
FY25 Q2 21.0%
FY25 Q3 22.0%
FY25 Q4 21.6%
FY26 Q1 18.1%
FY26 Q2 17.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 53 75 101 127 166 215 270 254 293 390 474 499 551 624 688
Gross profit 48 68 91 115 150 195 243 219 248 331 404 427 457 492 530
EBITDA −1 −5 −16 −17 −10 −10 −25 −70 −68 −88 −109 −106 −107 −134 −132
Operating income −2 −6 −17 −19 −12 −13 −29 −76 −78 −99 −121 −117 −118 −147 −151
Net income −5 −7 −19 −21 −14 −14 −29 −79 −94 −117 −125 −101 −96 −129 −141
Diluted EPS −$0.43 −$0.64 −$0.30 −$0.28 −$0.18 −$0.17 −$0.33 −$2.60 −$1.00 −$1.11 −$1.14 −$0.92 −$0.86 −$1.13 −$1.22
Growth (year on year)
Revenue — +39.7% +35.8% +25.5% +30.4% +29.9% +25.5% −6.0% +15.1% +33.3% +21.4% +5.4% +10.4% +13.2% +15.6%
Margins
Gross margin 90.8% 91.3% 90.2% 90.6% 90.5% 90.4% 89.8% 86.2% 84.9% 84.8% 85.3% 85.6% 83.0% 78.8% 77.1%
EBITDA margin −2.0% −6.8% −15.8% −13.7% −5.9% −4.7% −9.2% −27.4% −23.3% −22.5% −23.0% −21.1% −19.3% −21.5% −19.2%
Operating margin −2.9% −7.8% −17.1% −15.0% −7.2% −6.2% −10.8% −29.9% −26.8% −25.3% −25.6% −23.5% −21.4% −23.5% −22.0%
Net margin −9.1% −10.0% −19.1% −16.7% −8.6% −6.4% −10.6% −31.0% −32.1% −30.0% −26.3% −20.2% −17.4% −20.7% −20.5%
Free-cash-flow margin 1.5% −1.7% −9.3% −5.7% 2.1% 5.1% 5.2% −14.2% −5.5% −0.8% 0.1% 10.9% 19.7% 21.6% 17.7%
Cash flow
Cash from operations 2 0 −7 −3 7 16 24 −11 −6 7 12 59 115 147 138
Capital spending 1 1 2 5 4 5 10 25 10 10 11 5 7 13 16
Free cash flow 1 −1 −9 −7 4 11 14 −36 −16 −3 0 54 109 135 122
Stock-based pay 1 2 5 8 13 20 35 46 69 110 143 140 127 130 132
Free cash flow after stock pay −0 −3 −14 −15 −9 −9 −21 −82 −85 −113 −142 −86 −18 5 −11
Balance sheet
Cash 14 10 77 49 48 57 49 69 234 806 368 231 186 202 234
Total debt 0 0 0 1 1 1 1 0 218 225 249 250 951 452 453
Net debt (negative = net cash) −14 −10 −77 −49 −48 −55 −47 −69 −16 −580 −119 20 766 250 220
Diluted shares 11m 12m 64m 76m 79m 82m 87m 91m 94m 105m 109m 109m 112m 114m 116m
Returned to shareholders
Buybacks 1 — — — — — — — 0 0 56 44 0 115 150
Total returned 1 — — — — — — — 0 0 56 44 0 115 150

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 1 checks passed · June 30, 2026
What it owns · $1.7bn
Short-term assets $997mLonger-term assets $657m
What it owes, and who funded it · $1.1bn
Short-term liabilities $606mShareholders' equity $444m
  • Short-term assets cover short-term liabilities $997m of assets due within a year against $606m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Varonis Systems Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$150M
Returned to shareholders
123%
of free cash flow
Buybacks, last 3 fiscal years
$159M
Diluted share count
+3.1%
year over year
Total shareholder yield
2.7%
dividends 0.0% + buybacks 2.7% of market value
R&D spending
39.3%
of revenue
Days sales outstanding
80 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated VRNS QLYS DSGX BL EGHT NCNO Median
Revenue, last 12 months $688m $703m $729m $732m $745m $622m $482m
Revenue growth, last 12 months 15.6% 10.4% 12.0% 8.6% 3.7% 8.6% 12.0%
Revenue growth, 3-year average 12.1% 10.3% 79.1% 9.5% 0.2% 11.8% 11.1%
Revenue growth, latest quarter 18.3% 11.0% — 9.2% 4.9% 8.2% 11.9%
Gross margin 77.1% 83.3% 77.1% 75.6% 63.3% 62.2% 69.2%
Operating margin −22.0% 34.4% 28.8% 4.3% 3.1% 7.9% 1.1%
Operating margin, 3-year average −21.2% 32.0% 21.4% 3.5% 0.5% −0.2% −0.8%
Net margin −20.5% 29.4% 22.5% 4.7% 0.6% 5.4% 2.1%
Cash from operations / revenue 20.1% 45.7% 36.5% 24.8% 8.2% 21.5% 18.2%
Free-cash-flow margin 17.7% 44.7% 35.7% 24.1% 7.6% 21.2% 15.0%
Free-cash-flow margin, 3-year average 18.1% 42.1% 35.2% 25.3% 8.2% 15.3% 16.2%
Stock pay / revenue 19.3% 11.1% 2.9% 13.7% 2.4% 11.5% 9.3%
Change in share count 3.1% −2.9% 0.3% −1.5% 9.4% −4.9% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 15.6% 12.0% 73 of 184
Change in growth rate Growth +0.5pp +0.2pp 88 of 184
Gross margin Profitability 77.1% 69.8% 51 of 160
Operating margin Profitability -22.0% 1.1% 134 of 181
Net margin Profitability -20.5% 2.1% 137 of 185
Free-cash-flow margin Cash generation 17.7% 15.2% 81 of 180
Stock pay as % of revenue Cash generation 19.3% 9.3% 147 of 177
Long-term debt as % of assets Balance sheet 25.2% 16.9% 66 of 98
Change in share count Balance sheet 3.1% 1.7% 92 of 163
Days sales outstanding Balance sheet 80 days 57 days 117 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Software As A Service $463M 74.2% ▲ 121.6%
Subscriptions $110M 17.6% ▼ 56.9%
Maintenance $51.3M 8.2% ▼ 41.7%
Geography
Region Revenue Share YoY
United States $440M 70.6% ▲ 9.9%
EMEA $134M 21.4% ▲ 16.8%
Rest of World $49.5M 7.9% ▲ 38.1%

From Varonis Systems Inc's 10-K filed February 4, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.7B
Institutions reporting
348
Shares held vs prior quarter
▲ 3.1%
Positions opened / closed
88 / 41

Top buyers and sellers, Q2 2026: 213 institutions bought and 130 sold ; the biggest buyer was Cadian Capital Management, LP (+1.6M shares) and the biggest seller Pictet Asset Management Holding SA (−3.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $537M 12.8M 11.5% ▲ 13.1%
Vanguard Portfolio Management LLC $317M 7.6M 6.8% ▲ 1.1%
Vanguard Capital Management LLC $209M 5.0M 4.5% ▼ 2.2%
Tremblant Capital Group $157M 3.7M 3.4% ▲ 4.8%
Voya Investment Management LLC $156M 3.7M 3.3% ▲ 54.1%
Jacobs Levy Equity Management, Inc $140M 3.3M 3.0% ▲ 29.0%
First Trust Advisors LP $134M 3.2M 2.9% ▲ 14.1%
Neuberger Berman Group LLC $130M 3.1M 2.8% ▲ 43.7%
State Street Corp $129M 3.1M 2.7% ▲ 5.3%
Geode Capital Management, LLC $126M 3.0M 2.7% ▲ 3.9%
Arrowstreet Capital, Limited Partnership $124M 2.9M 2.6% ▲ 109.3%
Penserra Capital Management LLC $106M 2.5M 2.3% ▼ 12.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Varonis Systems Inc's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.2M 4 trades by 4 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $1.2M net buying
Insider Date Trade Shares Price Value
Bass David EVP Engineering & CTO February 9, 2026 Buy 2,980 $23.47 $69,941
Faitelson Yakov CEO, President, Chairman February 9, 2026 Buy 26,725 $22.41 $598,907
Kess Avrohom J. Director February 6, 2026 Buy 17,800 $22.29 $396,762
Gavin John J Jr Director February 6, 2026 Buy 5,000 $22.54 $112,700

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Varonis Systems Inc disclosed in the last 12 months; 1 earlier trade on record.

  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 27, 2026 estimated from the company's past filing pattern, not announced

  • July 28, 2026
  • April 28, 2026
  • February 3, 2026
  • October 28, 2025
  • July 29, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Varonis Systems Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Varonis Systems Inc in brief

What does Varonis Systems Inc do?
Varonis Systems Inc is a US-listed company in the application software industry. Its financial year ends in December.
What is Varonis Systems Inc's stock ticker?
Varonis Systems Inc trades under the ticker VRNS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Varonis Systems Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Varonis Systems Inc reported revenue of $688M, 15.6% higher than a year earlier, according to its SEC filings.
What is Varonis Systems Inc's free cash flow?
Varonis Systems Inc's free-cash-flow margin is 17.7% of revenue over the trailing twelve months, ranking 81 of the 180 application software companies we cover.
Who are Varonis Systems Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Varonis Systems Inc buying back stock, and does it pay a dividend?
Varonis Systems Inc spent $150M on share repurchases over the trailing twelve months, and its diluted share count still rose 3.1% over the year.
What is Varonis Systems Inc's market cap?
On November 2, 2026, Varonis Systems Inc's market capitalisation was about $5.6B and net debt of $220M. Market figures come from third-party market data and may be delayed.
Who are Varonis Systems Inc's competitors?
In our Application Software peer group, the companies closest to Varonis Systems Inc are Qualys, Inc., Descartes Systems Group Inc, Blackline, Inc., 8x8 Inc and Ncino, Inc. The side-by-side comparison below sets their revenue, margins and growth against Varonis Systems Inc's.
Are insiders buying or selling Varonis Systems Inc stock?
Over the last 12 months, Varonis Systems Inc's directors and officers reported 4 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Varonis Systems Inc's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Varonis Systems Inc announces its own schedule.