What is Varonis Sys Inc's earnings per share (EPS)?

Varonis Sys Inc (VRNS) reported diluted earnings per share of $-1.13 for fiscal year 2025. This represents a -31.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Varonis Sys Inc Financials

VRNS

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Varonis Sys Inc (VRNS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 39/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Varonis Sys Inc has an operating margin of -23.5%, meaning the company retains $-24 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -21.3% the prior year.

Growth

Varonis Sys Inc's revenue grew 13.2% year-over-year to $623.5M, a solid pace of expansion. This earns a growth score of 55/100.

Leverage

Varonis Sys Inc has a moderate D/E ratio of 1.99. This balance of debt and equity financing earns a leverage score of 61/100.

Liquidity

Varonis Sys Inc's current ratio of 1.97 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Varonis Sys Inc converts 21.6% of revenue into free cash flow ($134.8M). This strong cash generation earns a score of 79/100.

Returns

Varonis Sys Inc generates a -21.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -21.0% the prior year.

Piotroski F-Score Neutral

4/9

Varonis Sys Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-1.14x

For every $1 of reported earnings, Varonis Sys Inc generates $-1.14 in operating cash flow ($147.4M OCF vs -$129.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$623.5M

YoY+13.2%

5Y CAGR+16.3%

10Y CAGR+17.2%

Varonis Sys Inc generated $623.5M in revenue in fiscal year 2025. This represents an increase of 13.2% from the prior year.

EBITDA

-$134.2M

YoY-26.0%

Varonis Sys Inc's EBITDA was -$134.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 26.0% from the prior year.

Net Income

-$129.3M

YoY-35.0%

Varonis Sys Inc reported -$129.3M in net income in fiscal year 2025. This represents a decrease of 35.0% from the prior year.

EPS (Diluted)

$-1.13

YoY-31.4%

Varonis Sys Inc earned $-1.13 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 31.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$134.8M

YoY+24.2%

Varonis Sys Inc generated $134.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 24.2% from the prior year.

Cash & Debt

$202.5M

YoY+9.1%

5Y CAGR-2.9%

10Y CAGR+15.2%

Varonis Sys Inc held $202.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

117M

YoY+4.4%

Varonis Sys Inc had 117M shares outstanding in fiscal year 2025. This represents an increase of 4.4% from the prior year.

Margins & Returns

Gross Margin

78.8%

YoY-4.1pp

5Y CAGR-6.0pp

10Y CAGR-11.7pp

Varonis Sys Inc's gross margin was 78.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.1 percentage points from the prior year.

Operating Margin

-23.5%

YoY-2.1pp

5Y CAGR+3.3pp

10Y CAGR-8.5pp

Varonis Sys Inc's operating margin was -23.5% in fiscal year 2025, reflecting core business profitability. This is down 2.1 percentage points from the prior year.

Net Margin

-20.7%

YoY-3.4pp

5Y CAGR+11.4pp

10Y CAGR-4.0pp

Varonis Sys Inc's net profit margin was -20.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.4 percentage points from the prior year.

Return on Equity

-21.6%

YoY-0.6pp

5Y CAGR+78.3pp

10Y CAGR+3.9pp

Varonis Sys Inc's ROE was -21.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$237.8M

YoY+20.9%

5Y CAGR+19.1%

10Y CAGR+22.3%

Varonis Sys Inc invested $237.8M in research and development in fiscal year 2025. This represents an increase of 20.9% from the prior year.

Share Buybacks

$115.0M

Varonis Sys Inc spent $115.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$12.6M

YoY+88.6%

5Y CAGR+4.5%

10Y CAGR+10.8%

Varonis Sys Inc invested $12.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 88.6% from the prior year.

VRNS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$623.5M+13.2%	$551.0M+10.4%	$499.2M+5.4%	$473.6M+21.4%	$390.1M+33.3%	$292.7M
Cost of Revenue	$132.0M+40.6%	$93.8M+30.8%	$71.8M+2.7%	$69.8M+17.6%	$59.4M+34.2%	$44.3M
Gross Profit	$491.6M+7.5%	$457.1M+6.9%	$427.4M+5.8%	$403.8M+22.1%	$330.7M+33.1%	$248.4M
R&D Expenses	$237.8M+20.9%	$196.8M+7.0%	$183.8M+3.3%	$177.9M+29.0%	$137.9M+38.8%	$99.4M
SG&A Expenses	$98.9M+10.9%	$89.2M+7.6%	$82.9M+15.1%	$72.1M+17.7%	$61.2M+28.7%	$47.6M
Operating Income	-$146.5M-24.5%	-$117.7M-0.4%	-$117.2M+3.3%	-$121.2M-22.8%	-$98.7M-25.9%	-$78.4M
Interest Expense	N/A	N/A	N/A	N/A	$3.2M+57.1%	$2.0M
Income Tax	$13.0M+1.9%	$12.8M-8.9%	$14.0M+2.2%	$13.7M+127.5%	$6.0M-25.8%	$8.1M
Net Income	-$129.3M-35.0%	-$95.8M+5.1%	-$100.9M+19.0%	-$124.5M-6.6%	-$116.9M-24.3%	-$94.0M
EPS (Diluted)	$-1.13-31.4%	$-0.86+6.5%	$-0.92+19.3%	$-1.14-2.7%	$-1.11	$-1.00

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$173.4M+7.3%	$161.6M+6.2%	$152.2M+11.5%	$136.4M-13.9%	$158.5M+7.1%	$148.1M+13.6%	$130.3M+14.3%	$114.0M
Cost of Revenue	$36.6M+4.0%	$35.1M+12.5%	$31.2M+7.7%	$29.0M+11.4%	$26.1M+8.5%	$24.0M+7.0%	$22.4M+5.1%	$21.3M
Gross Profit	$136.8M+8.2%	$126.4M+4.6%	$120.9M+12.6%	$107.4M-18.9%	$132.5M+6.8%	$124.1M+15.0%	$107.9M+16.4%	$92.7M
R&D Expenses	$64.6M+3.0%	$62.7M+11.5%	$56.2M+3.8%	$54.2M+7.2%	$50.5M-5.4%	$53.5M+19.0%	$44.9M-6.1%	$47.8M
SG&A Expenses	$24.5M-4.4%	$25.6M+3.9%	$24.6M+1.8%	$24.2M+3.7%	$23.3M+2.1%	$22.9M+5.1%	$21.8M+2.4%	$21.3M
Operating Income	-$30.3M+15.8%	-$35.9M+1.7%	-$36.6M+16.5%	-$43.8M-149.4%	-$17.6M+25.8%	-$23.6M+18.0%	-$28.8M+39.5%	-$47.6M
Interest Expense	N/A	$2.2M-20.9%	$2.8M0.0%	$2.8M	N/A	$1.5M+31.3%	$1.2M+0.1%	$1.2M
Income Tax	$3.0M+64.4%	$1.8M-57.2%	$4.2M+6.8%	$4.0M+30.2%	$3.0M-38.3%	$4.9M+46.5%	$3.4M+140.4%	$1.4M
Net Income	-$27.8M+7.2%	-$29.9M+16.4%	-$35.8M-0.1%	-$35.8M-175.4%	-$13.0M+29.1%	-$18.3M+23.4%	-$23.9M+40.9%	-$40.5M
EPS (Diluted)	N/A	$-0.26+18.8%	$-0.320.0%	$-0.32	N/A	$-0.16+23.8%	$-0.21+43.2%	$-0.37

VRNS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.8B+7.7%	$1.7B+50.8%	$1.1B+5.8%	$1.0B-5.8%	$1.1B+99.6%	$555.5M
Current Assets	$1.3B+47.9%	$878.1M+14.5%	$767.2M-15.3%	$905.7M-5.6%	$959.2M+128.5%	$419.8M
Cash & Equivalents	$202.5M+9.1%	$185.6M-19.6%	$230.7M-37.3%	$367.8M-54.4%	$805.8M+244.2%	$234.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$242.8M+25.9%	$192.8M+14.0%	$169.1M+24.4%	$136.0M+16.0%	$117.2M+24.4%	$94.2M
Goodwill	$135.3M+484.7%	$23.1M0.0%	$23.1M0.0%	$23.1M0.0%	$23.1M0.0%	$23.1M
Total Liabilities	$1.2B-1.3%	$1.2B+96.8%	$614.3M+13.4%	$541.6M+5.8%	$511.9M+11.0%	$461.4M
Current Liabilities	$659.0M-7.2%	$709.9M+131.4%	$306.8M+34.1%	$228.7M+8.0%	$211.8M+16.0%	$182.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$598.7M+31.4%	$455.7M-6.9%	$489.6M-2.5%	$502.1M-15.8%	$596.6M+534.2%	$94.1M
Retained Earnings	-$869.5M-17.5%	-$740.2M-14.9%	-$644.4M-18.6%	-$543.5M-27.1%	-$427.6M-37.6%	-$310.7M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.8B+7.6%	$1.7B+3.1%	$1.6B+2.4%	$1.6B-5.2%	$1.7B+9.4%	$1.5B+38.9%	$1.1B+3.9%	$1.1B
Current Assets	$1.3B+35.1%	$961.4M-10.0%	$1.1B+30.6%	$818.1M-6.8%	$878.1M-18.3%	$1.1B+31.6%	$816.1M+15.3%	$707.8M
Cash & Equivalents	$202.5M+28.7%	$157.4M-21.0%	$199.2M+30.1%	$153.1M-17.5%	$185.6M-34.2%	$282.2M+81.6%	$155.4M+5.7%	$147.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$242.8M+70.2%	$142.6M-4.7%	$149.7M+21.1%	$123.6M-35.9%	$192.8M+61.8%	$119.2M-2.6%	$122.4M+21.9%	$100.4M
Goodwill	$135.3M+0.1%	$135.2M+240.1%	$39.8M0.0%	$39.8M+71.8%	$23.1M0.0%	$23.1M0.0%	$23.1M0.0%	$23.1M
Total Liabilities	$1.2B+12.5%	$1.1B-16.8%	$1.3B+5.3%	$1.2B+0.1%	$1.2B+10.6%	$1.1B+71.7%	$636.2M+5.8%	$601.3M
Current Liabilities	$659.0M+23.9%	$531.9M-31.0%	$771.4M+8.6%	$710.1M0.0%	$709.9M+19.5%	$594.0M+77.6%	$334.5M+12.5%	$297.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$598.7M-1.0%	$604.8M+77.1%	$341.5M-7.1%	$367.7M-19.3%	$455.7M+6.3%	$428.6M-6.6%	$458.6M+1.4%	$452.3M
Retained Earnings	-$869.5M-3.3%	-$841.7M-3.7%	-$811.8M-4.6%	-$775.9M-4.8%	-$740.2M-1.8%	-$727.2M-2.6%	-$708.8M-3.5%	-$684.9M

VRNS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$147.4M+28.0%	$115.2M+93.9%	$59.4M+400.5%	$11.9M+65.4%	$7.2M+222.9%	-$5.8M
Capital Expenditures	$12.6M+88.6%	$6.7M+31.3%	$5.1M-55.3%	$11.4M+8.6%	$10.5M+3.7%	$10.1M
Free Cash Flow	$134.8M+24.2%	$108.5M+99.8%	$54.3M+11335.2%	$475K+114.3%	-$3.3M+79.2%	-$16.0M
Investing Cash Flow	-$837K+99.8%	-$532.3M-272.0%	-$143.1M+61.8%	-$374.3M-788.2%	$54.4M+199.3%	-$54.7M
Financing Cash Flow	-$129.7M-134.9%	$371.9M+796.4%	-$53.4M+29.3%	-$75.6M-114.8%	$510.1M+126.0%	$225.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$115.0M	$0-100.0%	$43.5M-22.9%	$56.4M	$0	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$24.7M-26.1%	$33.4M+56.4%	$21.3M-68.6%	$68.0M+180.1%	$24.3M+8.0%	$22.5M+91.7%	$11.7M-79.3%	$56.7M
Capital Expenditures	$3.9M+32.6%	$3.0M-12.0%	$3.4M+44.4%	$2.3M-46.3%	$4.4M+255.0%	$1.2M+49.7%	$819K+175.8%	$297K
Free Cash Flow	$20.7M-31.8%	$30.4M+69.3%	$18.0M-72.6%	$65.7M+229.6%	$19.9M-6.3%	$21.3M+94.9%	$10.9M-80.7%	$56.4M
Investing Cash Flow	$35.9M+144.0%	-$81.7M-216.8%	$70.0M+379.6%	-$25.0M+79.0%	-$119.4M+59.6%	-$295.9M-5815.1%	-$5.0M+95.5%	-$112.0M
Financing Cash Flow	-$15.5M-341.2%	$6.4M+114.2%	-$45.2M+40.1%	-$75.5M-4947.6%	-$1.5M-100.4%	$400.2M+24452.8%	$1.6M+105.7%	-$28.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$15.0M	$0-100.0%	$38.7M-36.8%	$61.3M	$0	$0	$0	$0

VRNS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	78.8%-4.1pp	83.0%-2.7pp	85.6%+0.4pp	85.3%+0.5pp	84.8%-0.1pp	84.9%
Operating Margin	-23.5%-2.1pp	-21.3%+2.1pp	-23.5%+2.1pp	-25.6%-0.3pp	-25.3%+1.5pp	-26.8%
Net Margin	-20.7%-3.4pp	-17.4%+2.8pp	-20.2%+6.1pp	-26.3%+3.7pp	-29.9%+2.2pp	-32.1%
Return on Equity	-21.6%-0.6pp	-21.0%-0.4pp	-20.6%+4.2pp	-24.8%-5.2pp	-19.6%+80.3pp	-99.9%
Return on Assets	-7.2%-1.5pp	-5.8%+3.4pp	-9.1%+2.8pp	-11.9%-1.4pp	-10.5%+6.4pp	-16.9%
Current Ratio	1.97+0.7	1.24-1.3	2.50-1.5	3.96-0.6	4.53+2.2	2.30
Debt-to-Equity	1.99-0.7	2.65+1.4	1.25+0.2	1.08+0.2	0.86-4.0	4.90
FCF Margin	21.6%+1.9pp	19.7%+8.8pp	10.9%+10.8pp	0.1%+1.0pp	-0.9%+4.6pp	-5.5%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	78.9%+0.7pp	78.3%-1.2pp	79.5%+0.7pp	78.7%-4.8pp	83.6%-0.2pp	83.8%+1.0pp	82.8%+1.5pp	81.3%
Operating Margin	-17.5%+4.8pp	-22.2%+1.8pp	-24.0%+8.1pp	-32.1%-21.0pp	-11.1%+4.9pp	-16.0%+6.1pp	-22.1%+19.7pp	-41.8%
Net Margin	-16.0%+2.5pp	-18.5%+5.0pp	-23.5%+2.7pp	-26.2%-18.0pp	-8.2%+4.2pp	-12.4%+6.0pp	-18.4%+17.1pp	-35.5%
Return on Equity	-4.6%+0.3pp	-5.0%+5.5pp	-10.5%-0.8pp	-9.7%-6.9pp	-2.9%+1.4pp	-4.3%+0.9pp	-5.2%+3.7pp	-8.9%
Return on Assets	-1.6%+0.2pp	-1.8%+0.4pp	-2.2%+0.1pp	-2.3%-1.5pp	-0.8%+0.4pp	-1.2%+1.0pp	-2.2%+1.6pp	-3.8%
Current Ratio	1.97+0.2	1.81+0.4	1.39+0.2	1.15-0.1	1.24-0.6	1.81-0.6	2.44+0.1	2.38
Debt-to-Equity	1.99+0.2	1.75-2.0	3.73+0.4	3.29+0.6	2.65+0.1	2.55+1.2	1.39+0.1	1.33
FCF Margin	12.0%-6.9pp	18.8%+7.0pp	11.8%-36.3pp	48.1%+35.6pp	12.6%-1.8pp	14.3%+6.0pp	8.4%-41.1pp	49.5%

Similar Companies

$4.5B

$11.1B

$5.9B

$5.3B

$3.2B

Frequently Asked Questions

What is Varonis Sys Inc's annual revenue?

Varonis Sys Inc (VRNS) reported $623.5M in total revenue for fiscal year 2025. This represents a 13.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Varonis Sys Inc's revenue growing?

Varonis Sys Inc (VRNS) revenue grew by 13.2% year-over-year, from $551.0M to $623.5M in fiscal year 2025.

Is Varonis Sys Inc profitable?

No, Varonis Sys Inc (VRNS) reported a net income of -$129.3M in fiscal year 2025, with a net profit margin of -20.7%.

What is Varonis Sys Inc's EBITDA?

Varonis Sys Inc (VRNS) had EBITDA of -$134.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Varonis Sys Inc's gross margin?

Varonis Sys Inc (VRNS) had a gross margin of 78.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Varonis Sys Inc's operating margin?

Varonis Sys Inc (VRNS) had an operating margin of -23.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Varonis Sys Inc's net profit margin?

Varonis Sys Inc (VRNS) had a net profit margin of -20.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Varonis Sys Inc's return on equity (ROE)?

Varonis Sys Inc (VRNS) has a return on equity of -21.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Varonis Sys Inc's free cash flow?

Varonis Sys Inc (VRNS) generated $134.8M in free cash flow during fiscal year 2025. This represents a 24.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Varonis Sys Inc's operating cash flow?

Varonis Sys Inc (VRNS) generated $147.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Varonis Sys Inc's total assets?

Varonis Sys Inc (VRNS) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Varonis Sys Inc's capital expenditures?

Varonis Sys Inc (VRNS) invested $12.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Varonis Sys Inc spend on research and development?

Varonis Sys Inc (VRNS) invested $237.8M in research and development during fiscal year 2025.

Does Varonis Sys Inc buy back shares?

Yes, Varonis Sys Inc (VRNS) spent $115.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Varonis Sys Inc have outstanding?

Varonis Sys Inc (VRNS) had 117M shares outstanding as of fiscal year 2025.

What is Varonis Sys Inc's current ratio?

Varonis Sys Inc (VRNS) had a current ratio of 1.97 as of fiscal year 2025, which is generally considered healthy.

What is Varonis Sys Inc's debt-to-equity ratio?

Varonis Sys Inc (VRNS) had a debt-to-equity ratio of 1.99 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Varonis Sys Inc's return on assets (ROA)?

Varonis Sys Inc (VRNS) had a return on assets of -7.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Varonis Sys Inc's Piotroski F-Score?

Varonis Sys Inc (VRNS) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Varonis Sys Inc's earnings high quality?

Varonis Sys Inc (VRNS) has an earnings quality ratio of -1.14x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Varonis Sys Inc?

Varonis Sys Inc (VRNS) scores 39 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.