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VARONIS SYSTEMS INC

VRNS Clue Score60
United States Fiscal year ends December CIK 0001361113
$50.12 +2.54% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $50.12 −12.25% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue165.9Operating income−12.0Net income−14.2Fiscal year 2017Revenue215.4 +29.9%Operating income−13.4Net income−13.8Fiscal year 2018Revenue270.3 +25.5%Operating income−29.1Net income−28.6Fiscal year 2019Revenue254.2 −6.0%Operating income−76.0Net income−78.8Fiscal year 2020Revenue292.7 +15.1%Operating income−78.4Net income−94.0EPS, diluted−1.00Fiscal year 2021Revenue390.1 +33.3%Operating income−98.7Net income−116.9EPS, diluted−1.11Fiscal year 2022Revenue473.6 +21.4%Operating income−121.2Net income−124.5EPS, diluted−1.14Fiscal year 2023Revenue499.2 +5.4%Operating income−117.2Net income−100.9EPS, diluted−0.92Fiscal year 2024Revenue551.0 +10.4%Operating income−117.7Net income−95.8EPS, diluted−0.86Fiscal year 2025Revenue623.5 +13.2%Operating income−146.5Net income−129.3EPS, diluted−1.13
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 165.9 215.4 270.3 254.2 292.7 390.1 473.6 499.2 551.0 623.5
Growth +29.9% +25.5% −6.0% +15.1% +33.3% +21.4% +5.4% +10.4% +13.2%
Operating income −12.0 −13.4 −29.1 −76.0 −78.4 −98.7 −121.2 −117.2 −117.7 −146.5
Net income −14.2 −13.8 −28.6 −78.8 −94.0 −116.9 −124.5 −100.9 −95.8 −129.3
Growth
EPS, diluted n/a n/a n/a n/a −1.00 −1.11 −1.14 −0.92 −0.86 −1.13
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin90.5%Operating margin−7.2%Net margin−8.6%Free cash flow margin2.1%Fiscal year 2017Gross margin90.4%Operating margin−6.2%Net margin−6.4%Free cash flow margin5.1%Fiscal year 2018Gross margin89.8%Operating margin−10.8%Net margin−10.6%Free cash flow margin5.2%Fiscal year 2019Gross margin86.2%Operating margin−29.9%Net margin−31.0%Free cash flow margin−14.2%Fiscal year 2020Gross margin84.9%Operating margin−26.8%Net margin−32.1%Free cash flow margin−5.5%Fiscal year 2021Gross margin84.8%Operating margin−25.3%Net margin−30.0%Free cash flow margin−0.8%Fiscal year 2022Gross margin85.3%Operating margin−25.6%Net margin−26.3%Free cash flow margin0.1%Fiscal year 2023Gross margin85.6%Operating margin−23.5%Net margin−20.2%Free cash flow margin10.9%Fiscal year 2024Gross margin83.0%Operating margin−21.4%Net margin−17.4%Free cash flow margin19.7%Fiscal year 2025Gross margin78.8%Operating margin−23.5%Net margin−20.7%Free cash flow margin21.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 90.5% 90.4% 89.8% 86.2% 84.9% 84.8% 85.3% 85.6% 83.0% 78.8%
Operating margin −7.2% −6.2% −10.8% −29.9% −26.8% −25.3% −25.6% −23.5% −21.4% −23.5%
Net margin −8.6% −6.4% −10.6% −31.0% −32.1% −30.0% −26.3% −20.2% −17.4% −20.7%
Free cash flow margin 2.1% 5.1% 5.2% −14.2% −5.5% −0.8% 0.1% 10.9% 19.7% 21.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow7.3Capital expenditure−3.8Free cash flow3.5Fiscal year 2017Operating cash flow16.4Capital expenditure−5.3Free cash flow11.0 +213.4%Fiscal year 2018Operating cash flow23.5Capital expenditure−9.6Free cash flow14.0 +26.5%Fiscal year 2019Operating cash flow−10.7Capital expenditure−25.4Free cash flow−36.1 −358.4%Fiscal year 2020Operating cash flow−5.8Capital expenditure−10.1Free cash flow−16.0Buybacks0.0Fiscal year 2021Operating cash flow7.2Capital expenditure−10.5Free cash flow−3.3Buybacks0.0Fiscal year 2022Operating cash flow11.9Capital expenditure−11.4Free cash flow0.5Buybacks−56.4Fiscal year 2023Operating cash flow59.4Capital expenditure−5.1Free cash flow54.3 +11,335.2%Buybacks−43.5Fiscal year 2024Operating cash flow115.2Capital expenditure−6.7Free cash flow108.5 +99.8%Buybacks0.0Fiscal year 2025Operating cash flow147.4Capital expenditure−12.6Free cash flow134.8 +24.2%Buybacks−115.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 7.3 16.4 23.5 −10.7 −5.8 7.2 11.9 59.4 115.2 147.4
Capital expenditure −3.8 −5.3 −9.6 −25.4 −10.1 −10.5 −11.4 −5.1 −6.7 −12.6
Free cash flow 3.5 11.0 14.0 −36.1 −16.0 −3.3 0.5 54.3 108.5 134.8
Growth +213.4% +26.5% −358.4% +11,335.2% +99.8% +24.2%
Buybacks n/a n/a n/a n/a 0.0 0.0 −56.4 −43.5 0.0 −115.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash48.3Shareholders’ equity96.0Fiscal year 2017Cash56.7Shareholders’ equity114.6Fiscal year 2018Cash48.7Shareholders’ equity125.4Fiscal year 2019Cash68.9Shareholders’ equity93.5Fiscal year 2020Cash234.1Shareholders’ equity94.1Fiscal year 2021Cash805.8Shareholders’ equity596.6Fiscal year 2022Cash367.8Shareholders’ equity502.1Fiscal year 2023Cash230.7Shareholders’ equity489.6Fiscal year 2024Cash185.6Shareholders’ equity455.7Fiscal year 2025Cash202.5Shareholders’ equity598.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 48.3 56.7 48.7 68.9 234.1 805.8 367.8 230.7 185.6 202.5
Shareholders’ equity 96.0 114.6 125.4 93.5 94.1 596.6 502.1 489.6 455.7 598.7

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
165.9 215.4 270.3 254.2 292.7 390.1 473.6 499.2 551.0 623.5
Growth +29.9% +25.5% −6.0% +15.1% +33.3% +21.4% +5.4% +10.4% +13.2%
15.7 20.7 27.7 35.1 44.3 59.4 69.8 71.8 93.8 132.0
150.1 194.7 242.6 219.0 248.4 330.7 403.8 427.4 457.1 491.6
Growth +29.7% +24.6% −9.7% +13.4% +33.1% +22.1% +5.8% +6.9% +7.5%
36.7 47.4 70.0 80.8 99.4 137.9 177.9 183.8 196.8 237.8
19.8 26.8 33.5 44.4 47.6 61.2 72.1 82.9 89.2 98.9
−12.0 −13.4 −29.1 −76.0 −78.4 −98.7 −121.2 −117.2 −117.7 −146.5
Growth
−12.9 −11.1 −28.2 −76.4 −85.9 −110.8 −110.8 −86.9 −83.0 −116.3
1.3 2.8 0.4 2.4 8.1 6.0 13.7 14.0 12.8 13.0
−14.2 −13.8 −28.6 −78.8 −94.0 −116.9 −124.5 −100.9 −95.8 −129.3
Growth
Per share
n/a n/a n/a n/a −1.00 −1.11 −1.14 −0.92 −0.86 −1.13
n/a n/a n/a n/a −1.00 −1.11 −1.14 −0.92 −0.86 −1.13
Growth
n/a n/a n/a 90.8 94.3 105.3 109.3 109.1 111.7 114.4
n/a n/a n/a 90.8 94.3 105.3 109.3 109.1 111.7 114.4
Growth +3.9% +11.6% +3.8% −0.1% +2.3% +2.5%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 16.3% a year over five years.
  • The diluted share count rose 21.3% in five years, which is dilution.
  • Operating margin is up 3.3 points on five years ago, at -23.5%.
  • A net loss in 10 of 10 years on file.