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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% | 35.0% |
| 2024 | $551M | $-67M | $-96M | $102M | -21.0% | 10.4% | -5.1% |
| 2023 | $499M | $-72M | $-101M | $54M | -20.6% | 5.4% | -19.0% |
| 2022 | $474M | $-95M | $-125M | $0M | -24.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 473.63 | 499.16 | 550.95 | 623.53 |
| Operating 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 |
| Research And Development | - | 177.88 | 183.84 | 196.76 | 237.81 |
| Selling General And Administration | - | 347.14 | 360.79 | 377.99 | 400.26 |
| Total Expenses | - | 594.86 | 616.38 | 668.60 | 770.05 |
| Operating Income | - | -121.23 | -117.22 | -117.65 | -146.51 |
| Total Operating Income As Reported | - | -121.23 | -117.22 | -117.65 | -146.51 |
| EBITDA | - | -95.47 | -72.02 | -67.31 | -97.44 |
| Normalized EBITDA | - | -100.62 | -72.93 | -66.48 | -90.30 |
| EBIT | - | -107.65 | -83.72 | -78.44 | -109.75 |
| Interest Income | - | 10.07 | 25.21 | 30.36 | 49.95 |
| Interest Expense | - | 3.17 | 3.20 | 4.57 | 6.57 |
| Net Interest Income | - | 4.92 | 20.04 | 22.78 | 37.34 |
| Other Income Expense | - | 5.49 | 10.27 | 11.86 | -7.15 |
| Interest Income Non Operating | - | 10.07 | 25.21 | 30.36 | 49.95 |
| Interest Expense Non Operating | - | 3.17 | 3.20 | 4.57 | 6.57 |
| Net Non Operating Interest Income Expense | - | 4.92 | 20.04 | 22.78 | 37.34 |
| Pretax Income | - | -110.82 | -86.92 | -83.01 | -116.32 |
| Tax Provision | - | 13.70 | 14 | 12.76 | 13 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 1.08 | 0.19 | -0.17 | -1.50 |
| Net Income Continuous Operations | - | -124.52 | -100.92 | -95.76 | -129.32 |
| Net Income From Continuing And Discontinued Operation | - | -124.52 | -100.92 | -95.76 | -129.32 |
| Net Income From Continuing Operation Net Minority Interest | - | -124.52 | -100.92 | -95.76 | -129.32 |
| Net Income | - | -124.52 | -100.92 | -95.76 | -129.32 |
| Net Income Common Stockholders | - | -124.52 | -100.92 | -95.76 | -129.32 |
| Net Income Including Noncontrolling Interests | - | -124.52 | -100.92 | -95.76 | -129.32 |
| Normalized Income | - | -128.58 | -101.64 | -95.11 | -123.68 |
| Diluted NI Availto Com Stockholders | - | -124.52 | -100.92 | -95.76 | -129.32 |
| Basic Average Shares | - | 109.28 | 109.14 | 111.66 | 114.41 |
| Diluted Average Shares | - | 109.28 | 109.14 | 111.66 | 114.41 |
| Reconciled Depreciation | - | 12.18 | 11.70 | 11.13 | 12.31 |
| Reconciled Cost Of Revenue | - | 69.84 | 71.75 | 93.85 | 131.97 |
| Total Unusual Items | - | 5.15 | 0.92 | -0.83 | -7.15 |
| Total Unusual Items Excluding Goodwill | - | 5.15 | 0.92 | -0.83 | -7.15 |
| Gain On Sale Of Security | - | 5.15 | 0.92 | -0.83 | -7.15 |
| General And Administrative Expense | - | 72.06 | 82.90 | 89.22 | 98.92 |
| Other Gand A | - | 72.06 | 82.90 | 89.22 | 98.92 |
| Total Other Finance Cost | - | 1.98 | 1.98 | 3 | 6.04 |
| Selling And Marketing Expense | - | 275.09 | 277.89 | 288.77 | 301.34 |
| Securities Amortization | - | -0.34 | -9.35 | -12.69 | 0 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Varonis Systems, Inc.this co. | VRNS | $3.9B | - | 6.52 | -21.6% | - |
| Belden Inc. | BDC | $4.3B | 18.15 | 3.41 | 18.8% | 12.03 |
| nLIGHT, Inc. | LASR | $4.2B | -180.02 | 18.63 | -10.3% | -560.38 |
| Remitly Global, Inc. | RELY | $4.2B | 61.40 | 4.80 | 7.8% | 30.32 |
| Innodata Inc. | INOD | $4.0B | 123.29 | 37.03 |
| - |
| - |
| - |
| - |
| - |
| 30.0% |
| 83.18 |
| Bel Fuse Inc. | BELFB | $3.9B | 63.91 | 9.24 | 14.5% | 30.04 |
| Qualys, Inc. | QLYS | $3.9B | 19.80 | 7.00 | 35.3% | 15.77 |
| Penguin Solutions, Inc. | PENG | $3.7B | 147.30 | 9.49 | 6.4% | 33.90 |
| Aehr Test Systems, Inc. | AEHR | $3.7B | -937.81 | 29.84 | -3.2% | -2563.73 |
| Peer Median | - | 40.60 | 9.37 | 11.1% | 22.91 | |