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VRNS · Nasdaq · United States · Services-Prepackaged Software
In shortVARONIS SYSTEMS INC is loss-making, generates cash and holds more cash than debt, with revenue growing (+13.2% last year).
Financial health
Solid
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | -23.5% | 0/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | -20.7% | 0/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | -24.5% | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | -11.0% | 0/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 1.97× | 98/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.76× | 69/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | – | n/a |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 0.74 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 21.6% | 100/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | – | n/a |
| Years with positive free cash flow (last 5) | 4 of 5 | 75/100 |
Weight in the score: 20%
| Profitable years (last 5) | 0 of 5 | 0/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 10.9% | 71/100 |
| Operating margin volatility | 1.7% | 94/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 9.6% | 70/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 390 | 474 | 499 | 551 | 624 |
| Cost of revenue | 59 | 70 | 72 | 94 | 132 |
| Gross profit | 331 | 404 | 427 | 457 | 492 |
| Research & development | 138 | 178 | 184 | 197 | 238 |
| Operating income | (99) | (121) | (117) | (118) | (147) |
| Interest expense | 3.2 | – | – | – | – |
| Pre-tax income | (111) | (111) | (87) | (83) | (116) |
| Income tax | 6 | 14 | 14 | 13 | 13 |
| Net income | (117) | (125) | (101) | (96) | (129) |
| Diluted EPS | −$1.11 | −$1.14 | −$0.92 | −$0.86 | −$1.13 |
| Diluted shares (millions) | 105 | 109 | 109 | 112 | 114 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.
The last 8 quarters of VARONIS SYSTEMS INC are included in the Investor plan. Try free for 7 days →
0.74 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 30, 2026 · Data updated Jul 29, 2026