VRNS - Varonis Systems, Inc.
Price:
--
--
|
CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$36.00
DETAILS
HIGH:
$50.00
LOW:
$27.00
MEDIAN:
$36.00
CONSENSUS:
$36.00
UPSIDE:
7.85%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||
| Revenue | 623.5 | 551.0 | 499.2 | 473.6 | 390.1 | 292.7 | 254.2 | 270.3 | 217.4 | 164.5 | 127.2 | 101.3 | 74.6 | 53.4 | 39.8 | 28.9 |
| Cost of Revenue | 130.1 | 93.8 | 71.8 | 69.8 | 59.4 | 44.3 | 35.1 | 27.7 | 20.9 | 15.8 | 12.0 | 9.9 | 6.5 | 4.9 | 3.5 | 2.4 |
| Gross Profit | 493.4 | 457.1 | 427.4 | 403.8 | 330.7 | 248.4 | 219.0 | 242.6 | 196.5 | 148.6 | 115.2 | 91.4 | 68.1 | 48.5 | 36.3 | 26.5 |
| Operating Expenses | ||||||||||||||||
| R&D Expenses | 237.8 | 196.8 | 183.8 | 177.9 | 137.9 | 99.4 | 80.8 | 70.0 | 47.4 | 36.7 | 31.8 | 28.1 | 21.0 | 15.0 | 13.0 | 7.7 |
| SG&A Expenses | 400.3 | 367.1 | 375.1 | 343.3 | 300.4 | 227.5 | 214.3 | 201.8 | 160.7 | 127.6 | 102.5 | 80.7 | 53.0 | 35.0 | 26.6 | 19.9 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 638.1 | 563.9 | 558.9 | 521.2 | 438.3 | 326.8 | 295.0 | 271.7 | 208.1 | 164.3 | 134.3 | 108.7 | 74.0 | 50.0 | 39.7 | 27.7 |
| Operating Income | ||||||||||||||||
| Operating Income | (146.5) | (106.8) | (131.5) | (117.4) | (107.6) | (78.4) | (76.0) | (29.1) | (13.4) | (15.7) | (19.1) | (17.3) | (5.8) | (1.6) | (3.4) | (1.2) |
| Interest Expense | 12.9 | 8.3 | 4.7 | 7.3 | 11.6 | 5.3 | 0.2 | 0.2 | 0.2 | 0.1 | 0 | 0.3 | 0.1 | 0.1 | 0.7 | 0.3 |
| Interest Income | 49.9 | 43.0 | 34.6 | 10.4 | 0.2 | 0.7 | 2.0 | 1.7 | 0.7 | 0.5 | 0.3 | 0.2 | 0.0 | 0.1 | 0.1 | 0.0 |
| Profitability | ||||||||||||||||
| EBITDA | (104.0) | (63.6) | (70.6) | (82.0) | (80.2) | (61.7) | (60.8) | (23.8) | (7.5) | (14.2) | (19.0) | (17.4) | (6.2) | (4.0) | (2.5) | (2.1) |
| EBIT | (116.3) | (74.7) | (82.3) | (103.5) | (99.3) | (80.6) | (76.2) | (28.0) | (10.9) | (16.4) | (20.6) | (18.7) | (7.0) | (4.5) | (2.9) | (2.4) |
| Income Before Tax | (116.3) | (83.0) | (86.9) | (110.8) | (110.8) | (85.9) | (76.4) | (28.2) | (11.2) | (16.6) | (20.6) | (19.0) | (7.1) | (4.6) | (3.6) | (2.6) |
| Income Tax Expense | 13.0 | 12.8 | 14.0 | 13.7 | 6.0 | 8.1 | 2.4 | 0.4 | 2.8 | 1.1 | 0.7 | 0.4 | 0.4 | 0.2 | 0.2 | 0.1 |
| Net Income | (129.3) | (95.8) | (100.9) | (124.5) | (116.9) | (94.0) | (78.8) | (28.6) | (13.8) | (17.7) | (21.3) | (19.4) | (7.5) | (4.8) | (3.8) | (2.8) |
| Per Share Data | ||||||||||||||||
| EPS (Basic) | -1.13 | -0.86 | -0.92 | -1.14 | -1.11 | -1.00 | -0.87 | -0.33 | -0.17 | -0.22 | -0.28 | -0.30 | -0.10 | -0.09 | -0.07 | -0.05 |
| EPS (Diluted) | -1.13 | -0.86 | -0.92 | -1.14 | -1.11 | -1.00 | -0.87 | -0.33 | -0.17 | -0.22 | -0.28 | -0.30 | -0.10 | -0.09 | -0.07 | -0.05 |
| Shares Outstanding | 129.2 | 111.7 | 109.1 | 109.3 | 105.3 | 94.3 | 90.8 | 87.1 | 82.4 | 79.2 | 75.6 | 63.7 | 71.5 | 56.9 | 56.9 | 56.9 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | |||||||||||||||
| Cash & Cash Equivalents | 202.5 | 185.6 | 230.7 | 367.8 | 805.8 | 234.1 | 68.9 | 48.7 | 56.7 | 48.3 | 49.2 | 76.6 | 9.8 | 14.6 | 13.1 |
| Short-Term Investments | 718.5 | 382.8 | 303.0 | 364.7 | 1.9 | 64.2 | 51.5 | 110.2 | 79.9 | 65.6 | 57.1 | 35.2 | 4.4 | 0.4 | 0.8 |
| Net Receivables | 289.3 | 236.6 | 184.5 | 143.2 | 120.5 | 95.8 | 76.4 | 85.1 | 76.1 | 54.2 | 47.9 | 38.0 | 28.4 | 20.2 | 15.7 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 67.3 | 10.4 | 4.4 | 0.4 | 6.4 | 3.7 | 0.3 | 0.2 | 0.4 | 0.0 | 0.5 | 0.0 | 0.2 | 0.2 | 0.1 |
| Total Current Assets | 1,298.6 | 843.9 | 745.5 | 886.3 | 941.3 | 405.7 | 204.8 | 251.0 | 219.1 | 171.1 | 156.4 | 150.7 | 43.8 | 36.3 | 29.9 |
| Non-Current Assets | |||||||||||||||
| Property, Plant & Equipment | 93.7 | 76.4 | 85.8 | 95.8 | 102.0 | 85.1 | 91.4 | 17.3 | 11.9 | 9.9 | 8.3 | 4.0 | 1.9 | 1.3 | 0.9 |
| Goodwill | 135.3 | 23.1 | 23.1 | 23.1 | 23.1 | 23.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 16.7 | 0 | 1.3 | 2.8 | 4.3 | 5.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 187.2 | 662.0 | 211.1 | 0 | 0 | 0 | 0 | 0 | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 60.2 | 58.8 | 37.2 | 35.7 | 37.8 | 35.7 | 22.1 | 16.6 | 13.9 | 0.9 | 0.5 | 2.1 | 1.6 | 0.1 | 0.2 |
| Total Non-Current Assets | 493.1 | 820.3 | 358.4 | 157.5 | 167.3 | 149.8 | 113.5 | 33.9 | 26.4 | 10.8 | 8.7 | 6.1 | 3.5 | 1.4 | 1.0 |
| Total Assets | 1,791.6 | 1,664.3 | 1,103.9 | 1,043.7 | 1,108.5 | 555.5 | 318.3 | 285.0 | 245.5 | 181.8 | 165.1 | 156.8 | 47.3 | 37.7 | 30.9 |
| Current Liabilities | |||||||||||||||
| Account Payables | 5.7 | 4.3 | 0.7 | 3.0 | 5.3 | 0.8 | 1.0 | 2.6 | 0.6 | 1.3 | 2.6 | 2.7 | 2.2 | 1.9 | 0.8 |
| Short-Term Debt | 0 | 250.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 290.1 | 181.0 | 110.5 | 104.2 | 98.6 | 96.0 | 87.7 | 73.9 | 58.5 | 45.7 | 33.8 | 26.6 | 19.0 | 14.1 |
| Other Current Liabilities | 427.8 | 62.8 | 40.5 | 42.2 | 29.8 | 50.6 | 39.1 | 35.9 | 24.7 | 16.2 | 7.1 | 8.8 | 5.6 | 1.7 | 1.3 |
| Total Current Liabilities | 659.0 | 709.9 | 306.8 | 228.7 | 211.8 | 182.6 | 159.6 | 146.3 | 117.0 | 88.2 | 71.3 | 53.2 | 40.4 | 28.3 | 20.6 |
| Non-Current Liabilities | |||||||||||||||
| Long-Term Debt | 512.0 | 450.2 | 250.5 | 249.0 | 225.3 | 218.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | (52.2) | 3.5 | 4.8 | 4.8 | 3.6 | 3.0 | 2.7 | 6.8 | 7.8 | 7.3 | 7.1 | 1.4 | 4.0 | 6.6 | 3.1 |
| Total Non-Current Liabilities | 534.0 | 498.7 | 307.5 | 312.9 | 300.2 | 278.8 | 65.2 | 13.3 | 14.4 | 10.9 | 10.2 | 8.6 | 6.1 | 8.8 | 6.2 |
| Total Liabilities | 1,193.0 | 1,208.6 | 614.3 | 541.6 | 511.9 | 461.4 | 224.8 | 159.6 | 131.0 | 99.1 | 81.6 | 61.8 | 46.5 | 37.2 | 26.8 |
| Stockholders' Equity | |||||||||||||||
| Common Stock | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | (869.5) | (740.2) | (644.4) | (543.5) | (427.6) | (310.7) | (216.7) | (138.0) | (122.5) | (106.1) | (88.4) | (67.2) | (47.8) | (40.3) | (35.4) |
| Accumulated Other Comprehensive Income | 23.1 | 2.7 | (8.6) | (9.6) | 6.1 | 9.4 | (0.4) | (3.6) | 0.1 | (0.5) | (0.3) | (0.3) | (2.7) | (1.9) | (1.4) |
| Total Stockholders' Equity | 598.7 | 455.7 | 489.6 | 502.1 | 596.6 | 94.1 | 93.5 | 125.4 | 101.6 | 82.7 | 83.6 | 95.0 | 3.6 | (37.4) | (33.9) |
| Total Liabilities & Equity | 1,791.6 | 1,664.3 | 1,103.9 | 1,043.7 | 1,108.5 | 555.5 | 318.3 | 285.0 | 245.5 | 181.8 | 165.1 | 156.8 | 47.3 | 37.7 | 30.9 |
| Debt Metrics | |||||||||||||||
| Total Debt | 571.8 | 754.4 | 311.8 | 316.5 | 302.8 | 273 | 57.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 369.3 | 568.8 | 81.1 | (51.3) | (502.9) | 38.9 | (11.9) | (48.7) | (56.7) | (48.3) | (49.2) | (76.6) | (9.8) | (14.6) | (13.1) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||||
| Net Income | 30.2 | (95.8) | (100.9) | (124.5) | (116.9) | (94.0) | (78.8) | (28.6) | (13.7) | (17.7) | (21.3) | (19.4) | (7.5) | (4.8) | (3.8) | (2.8) |
| Depreciation & Amortization | 14.6 | 11.1 | 11.7 | 21.5 | 19.1 | 18.9 | 15.3 | 4.2 | 3.3 | 2.2 | 1.6 | 1.3 | 0.8 | 0.5 | 0.5 | 0.3 |
| Stock-Based Compensation | 130.2 | 126.7 | 0 | 0 | 0 | 0 | 0 | 35.0 | 19.8 | 0 | 7.8 | 4.7 | 1.8 | 0.8 | 0.2 | 0.5 |
| Change in Working Capital | 67.2 | 13.1 | (14.3) | (51.3) | (25.9) | (16.3) | (7.1) | (0.2) | (5.5) | 9.9 | 9.1 | 6.2 | 3.2 | 1.9 | 4.7 | 1.8 |
| Other Non-Cash Items | (94.8) | 60.0 | 163.0 | 166.2 | 130.8 | 85.5 | 59.8 | 13.2 | 12.6 | 12.9 | (0.0) | 0.2 | 1.7 | 3.3 | (0.3) | 1.7 |
| Operating Cash Flow | 147.4 | 115.2 | 59.4 | 11.9 | 7.2 | (5.8) | (10.7) | 23.5 | 16.4 | 7.3 | (2.7) | (7.1) | 0.1 | 1.7 | 1.3 | 1.5 |
| Investing Activities | ||||||||||||||||
| Capital Expenditure | (12.6) | (6.7) | (5.1) | (11.4) | (10.5) | (10.1) | (25.4) | (9.6) | (5.3) | (3.8) | (4.5) | (2.3) | (1.3) | (0.9) | (0.6) | (0.6) |
| Acquisitions | (123.5) | 0 | 0 | 0.0 | 0 | (29.4) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | (480.0) | (974.1) | (653.8) | (420.4) | (50) | (22.7) | (1.8) | (30.6) | (40.0) | (8.5) | (22.0) | 0 | (4.0) | 0 | (0.5) | (0.2) |
| Sales/Maturities of Investments | 365.0 | 455.2 | 515.8 | 57.6 | 114.9 | 7.4 | 60.5 | 0 | 25.3 | 0 | 0.0 | 0 | 0 | 0.3 | 0.0 | 0 |
| Other Investing Activities | 250.4 | (6.7) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.2) | (30.5) | (0.3) | (0.0) | 0.0 | (0.2) |
| Investing Cash Flow | (0.8) | (532.3) | (143.1) | (374.3) | 54.4 | (54.7) | 33.3 | (40.2) | (20.0) | (12.3) | (26.7) | (32.8) | (5.7) | (0.6) | (1.0) | (1.0) |
| Financing Activities | ||||||||||||||||
| Net Debt Issuance | (0.1) | 394.1 | 0 | 0 | 0 | 245.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.5) | (1.8) |
| Stock Repurchased | (115) | 0 | (43.5) | (56.4) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.8) | (1.9) | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (28.9) | (38.3) | (21.4) | (31.1) | 10.1 | (29.3) | 0 | 0 | 0 | 0 | 0 | (1.9) | (0.4) | 0 | 0 | 0 |
| Financing Cash Flow | (129.7) | 371.9 | (53.4) | (75.6) | 510.1 | 225.8 | (2.4) | 8.1 | 12.1 | 4.1 | 2.1 | 106.9 | 0.8 | 0.4 | 0.6 | (1.6) |
| Cash Position | ||||||||||||||||
| Net Change in Cash | 16.9 | (45.2) | (137.1) | (438.0) | 571.7 | 165.2 | 20.2 | (8.5) | 8.4 | (0.9) | (27.4) | 67.0 | (4.8) | 1.5 | 0.8 | (1.1) |
| Cash at Beginning | 185.6 | 230.7 | 367.8 | 805.8 | 234.1 | 68.9 | 48.7 | 57.2 | 48.8 | 49.2 | 76.6 | 9.6 | 14.5 | 13.0 | 12.1 | 13.3 |
| Cash at End | 202.5 | 185.6 | 230.7 | 367.8 | 805.8 | 234.1 | 68.9 | 48.7 | 57.2 | 48.3 | 49.2 | 76.6 | 9.6 | 14.5 | 13.0 | 12.1 |
| Free Cash Flow | 134.8 | 108.5 | 54.3 | 0.5 | (3.3) | (16.0) | (36.1) | 14.0 | 11.0 | 3.5 | (7.3) | (9.4) | (1.3) | 0.8 | 0.7 | 0.9 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||||||
| Revenue | 623.5 | 551.0 | 499.2 | 473.6 | 390.1 | 292.7 | 254.2 | 270.3 | 217.4 | 164.5 | 127.2 | 101.3 | 74.6 | 53.4 | 39.8 | 28.9 |
| Gross Profit | 493.4 | 457.1 | 427.4 | 403.8 | 330.7 | 248.4 | 219.0 | 242.6 | 196.5 | 148.6 | 115.2 | 91.4 | 68.1 | 48.5 | 36.3 | 26.5 |
| Operating Income | (146.5) | (106.8) | (131.5) | (117.4) | (107.6) | (78.4) | (76.0) | (29.1) | (13.4) | (15.7) | (19.1) | (17.3) | (5.8) | (1.6) | (3.4) | (1.2) |
| Net Income | (129.3) | (95.8) | (100.9) | (124.5) | (116.9) | (94.0) | (78.8) | (28.6) | (13.8) | (17.7) | (21.3) | (19.4) | (7.5) | (4.8) | (3.8) | (2.8) |
| EPS (Diluted) | -1.13 | -0.86 | -0.92 | -1.14 | -1.11 | -1.00 | -0.87 | -0.33 | -0.17 | -0.22 | -0.28 | -0.30 | -0.10 | -0.09 | -0.07 | -0.05 |
| Balance Sheet | ||||||||||||||||
| Cash & Equivalents | 202.5 | 185.6 | 230.7 | 367.8 | 805.8 | 234.1 | 68.9 | 48.7 | 56.7 | 48.3 | 49.2 | 76.6 | 9.8 | 14.6 | 13.1 | |
| Total Assets | 1,791.6 | 1,664.3 | 1,103.9 | 1,043.7 | 1,108.5 | 555.5 | 318.3 | 285.0 | 245.5 | 181.8 | 165.1 | 156.8 | 47.3 | 37.7 | 30.9 | |
| Total Debt | 571.8 | 754.4 | 311.8 | 316.5 | 302.8 | 273 | 57.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Stockholders' Equity | 598.7 | 455.7 | 489.6 | 502.1 | 596.6 | 94.1 | 93.5 | 125.4 | 101.6 | 82.7 | 83.6 | 95.0 | 3.6 | (37.4) | (33.9) | |
| Cash Flow | ||||||||||||||||
| Operating Cash Flow | 147.4 | 115.2 | 59.4 | 11.9 | 7.2 | (5.8) | (10.7) | 23.5 | 16.4 | 7.3 | (2.7) | (7.1) | 0.1 | 1.7 | 1.3 | 1.5 |
| Capital Expenditure | (12.6) | (6.7) | (5.1) | (11.4) | (10.5) | (10.1) | (25.4) | (9.6) | (5.3) | (3.8) | (4.5) | (2.3) | (1.3) | (0.9) | (0.6) | (0.6) |
| Free Cash Flow | 134.8 | 108.5 | 54.3 | 0.5 | (3.3) | (16.0) | (36.1) | 14.0 | 11.0 | 3.5 | (7.3) | (9.4) | (1.3) | 0.8 | 0.7 | 0.9 |