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Varonis Systems, Inc. provides software products and services that continuously discover and classify critical data, remediate exposures, and detect advanced threats with AI-powered technology in North America, Europe, APAC, and rest of worlds. The company offers Varonis Data Security Platform, a Software-as-a-Service solution which includes Data security posture management, Data access intelligence, Data discovery & classification, Discovery policy library, least privilege automation, Data activity monitoring, Data detection and response, and User & entity behavior analytics. It also provides Protection Packages, such as Microsoft 365, Windows & NAS, Hybrid, and Cloud Environments, as well as Database and Email Security Capabilities and On-Premises Subscription Products. It serves the financial services, public, healthcare, industrial, insurance, energy and utilities, technology, construction and engineering, education, and consumer and retail industries. Varonis Systems, Inc. was incorporated in 2004 and is headquartered in Miami, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $624M | $-97M | $-129M | $132M | -21.6% | 13.2% | - |
| 2024 | $551M | $-67M | $-96M | $102M | -21.0% | 10.4% | - |
| 2023 | $499M | $-72M | $-101M | $54M | -20.6% | 5.4% | - |
| 2022 | $474M | $-95M | $-125M | $0M | -24.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 473.63 | 499.16 | 550.95 | 623.53 |
| Cost Of Revenue | 69.84 | 71.75 | 93.85 | 131.97 |
| Gross Profit | 403.80 | 427.41 | 457.10 | 491.56 |
| Operating Expense | 525.03 | 544.63 | 574.75 | 638.07 |
| Operating Income | -121.23 | -117.22 | -117.65 | -146.51 |
| EBITDA | -95.47 | -72.02 | -67.31 | -97.44 |
| EBIT | -107.65 | -83.72 | -78.44 | -109.75 |
| Pretax Income | -110.81 | -86.92 | -83.01 | -116.32 |
| Tax Provision | 13.70 | 14 | 12.76 | 13 |
| Net Income | -124.52 | -100.92 | -95.77 | -129.32 |
| Net Income Common Stockholders | -124.52 | -100.92 | -95.77 | -129.32 |
| Total Expenses | 594.86 | 616.38 | 668.60 | 770.05 |
| Interest Expense | 3.17 | 3.20 | 4.57 | 6.57 |
| Interest Income | 10.07 | 25.21 | 30.36 | 49.95 |
| Research And Development | 177.88 | 183.84 | 196.76 | 237.81 |
| Selling General And Administration | 347.14 | 360.79 | 377.99 | 400.26 |
| Normalized EBITDA | -100.62 | -72.93 | -66.48 | -90.30 |
| Normalized Income | -128.58 | -101.64 | -95.11 | -123.68 |
| Basic EPS | -1.14 | -0.92 | -0.86 | -1.13 |
| Diluted EPS | -1.14 | -0.92 | -0.86 | -1.13 |
| Tax Effect Of Unusual Items | 1.08 | 0.19 | -0.17 | -1.50 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 5.15 | 0.92 | -0.83 | -7.15 |
| Total Unusual Items Excluding Goodwill | 5.15 | 0.92 | -0.83 | -7.15 |
| Net Income From Continuing Operation Net Minority Interest | -124.52 | -100.92 | -95.77 | -129.32 |
| Reconciled Depreciation | 12.18 | 11.70 | 11.13 | 12.31 |
| Reconciled Cost Of Revenue | 69.84 | 71.75 | 93.85 | 131.97 |
| Net Interest Income | 4.92 | 20.04 | 22.78 | 37.34 |
| Net Income From Continuing And Discontinued Operation | -124.52 | -100.92 | -95.77 | -129.32 |
| Total Operating Income As Reported | -121.23 | -117.22 | -117.65 | -146.51 |
| Diluted Average Shares | 109.28 | 109.14 | 111.66 | 114.41 |
| Basic Average Shares | 109.28 | 109.14 | 111.66 | 114.41 |
| Diluted NI Availto Com Stockholders | -124.52 | -100.92 | -95.77 | -129.32 |
| Net Income Including Noncontrolling Interests | -124.52 | -100.92 | -95.77 | -129.32 |
| Net Income Continuous Operations | -124.52 | -100.92 | -95.77 | -129.32 |
| Other Income Expense | 5.49 | 10.27 | 11.86 | -7.15 |
| Securities Amortization | -0.34 | -9.35 | -12.69 | 0 |
| Gain On Sale Of Security | 5.15 | 0.92 | -0.83 | -7.15 |
| Net Non Operating Interest Income Expense | 4.92 | 20.04 | 22.78 | 37.34 |
| Total Other Finance Cost | 1.98 | 1.98 | 3 | 6.04 |
| Interest Expense Non Operating | 3.17 | 3.20 | 4.57 | 6.57 |
| Interest Income Non Operating | 10.07 | 25.21 | 30.36 | 49.95 |
| Selling And Marketing Expense | 275.09 | 277.89 | 288.77 | 301.34 |
| General And Administrative Expense | 72.06 | 82.90 | 89.22 | 98.92 |
| Other Gand A | 72.06 | 82.90 | 89.22 | 98.92 |
| Operating Revenue | 473.63 | 499.16 | 550.95 | 623.53 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Varonis Systems, Inc.this co. | VRNS | $3.2B | - | 5.36 | -21.6% | -19.29 |
| Synaptics Incorporated | SYNA | $3.5B | - | 2.48 | -3.4% | 41.61 |
| Dave Inc. | DAVE | $3.4B | 19.01 | 9.88 | 55.5% | 17.94 |
| Bel Fuse Inc. | BELFB | $3.3B | 55.54 | 7.68 | 11.9% | 26.42 |
| SoundHound AI, Inc. | SOUN | $3.3B | - | 7.03 |
| -3.0% |
| -20.62 |
| Qualys, Inc. | QLYS | $3.2B | 16.47 | 5.71 | 35.3% | 11.85 |
| Workiva Inc. | WK | $3.1B | - | -555.77 | 481.4% | -94.42 |
| Bel Fuse Inc. | BELFA | $2.9B | 49.26 | 6.83 | 11.9% | 23.70 |
| Ambarella, Inc. | AMBA | $2.9B | - | 4.80 | -12.8% | -37.38 |
| Peer Median | - | 34.14 | 6.27 | 11.9% | 14.90 | |