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Sells software that discovers, classifies and protects sensitive data across cloud and on-prem systems.
Sells software that discovers, classifies and protects sensitive data across cloud and on-prem systems.
Charges annual subscriptions for software that maps who can reach which files and spots unusual access, with growth measured by annual recurring revenue, the yearly value of active subscriptions. It has been moving from perpetual licences, one-time purchases, to SaaS, software run by the vendor. Headquarters are in New York with research in Israel.
Moat: narrow (switching costs, process know-how). Deep integration mapping an organization's data and permissions is costly to replicate or rip out.
Headquarters: New York, New York, United States · Founded: 2005 · Employees: 2,658
Size Varonis Systems (VRNS) is a United States Information Technology company (Packaged Software) with a market value of $5.63B, the 1108th largest of 3,117 United States companies the cockpit tracks. Shares closed at $48.80 on 6 Nov 2026.
Performance Over six months the shares gained 71.0%, against +11.5% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 17.9% over the last twelve months (peer median +10.9%); the operating margin is -24.9% (peer median 18.3%).
Valuation It trades at 138.0× forward earnings against a peer median of 17.6× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 53.0 points below its cost of capital (8.4% WACC).
Backlog Backlog (remaining performance obligations) was $1.13B at 30 Sep 2026, up 21% on a year earlier — 1.6 years of trailing revenue. Backlog detail →
Credit Varonis Systems has 1 bond outstanding ($460M).
Short interest Short interest is 5.2% of the free float (15 Oct 2026).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $717M | $623M | $551M | $499M | $474M |
| Revenue growth | — | +13% | +10% | +5% | — |
| Gross profit | $564M | $490M | $457M | $427M | $404M |
| EBITDA | -$157M | -$136M | -$95.7M | -$120M | -$95.9M |
| Net income | -$153M | -$129M | -$95.8M | -$101M | -$125M |
| Free cash flow | $118M | $135M | $109M | $54.3M | $475,000 |
| Capital expenditure | $17.9M | $15.5M | $6.69M | $5.10M | $11.4M |
| Total debt | $514M | $522M | $754M | $312M | $316M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Varonis Systems VRNS | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
| Rubrik RBRK | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% |
| CrowdStrike CRWD | $222B | +64% | +24% | -1% | 153.6× | 52.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VRNS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | +5.3% | 9th lowest of 21 |
| 6-month return | +71.0% | +11.5% | highest of 20 |
| Distance from 52-week high | -3.0% | -33.7% | highest of 21 |
| Revenue growth (TTM) | +17.9% | +10.9% | 5th highest of 21 |
| Operating margin | -24.9% | 18.3% | lowest of 21 |
| Forward P/E | 138.0× | 17.6× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 23.0% | 10.4% | 4th most demanding of 21 |
| Growth delivered (Del g) | +16.3% | +12.7% | 8th highest of 21 |
| Hurdle (Req g minus delivered) | +6.7 pp | -6.1 pp | 6th most demanding of 21 |
| ROIC minus cost of capital | -53.0 pp | +2.6 pp | lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |
| Octave Intelligence OCTV | United States | $5.60B | n/a | +1% | 20% | 14.7× | 17.0% | +1.3% |
| Kingnet Network 002517.SZ | China | $5.47B | -4% | +62% | 29% | 13.7× | 6.3% | +28.1% |
| Doximity DOCS | United States | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% | +25.5% |
| Waystar WAY | United States | $5.45B | +33% | +21% | 24% | 15.8× | 7.5% | +16.0% |
| Trend Micro 4704.T | Japan | $5.39B | +18% | +7% | 18% | 27.4× | -4.1% | +9.7% |
| Klaviyo KVYO | United States | $5.90B | +36% | +29% | -2% | 19.7× | 7.0% | +37.7% |
| Shanghai Baosight Software 600845.SS | China | $5.97B | -24% | +11% | 10% | 30.3× | 6.9% | +1.4% |
| 37 Interactive Entertainment Network Technology 002555.SZ | China | $5.29B | -24% | -10% | 14% | 14.2× | 5.0% | +2.1% |
| NIQ Global Intelligence NIQ | United States | $6.02B | +5% | +9% | 8% | 17.1× | 10.9% | +14.6% |
| Hundsun Technologies 600570.SS | China | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% | +7.0% |
| ACI Worldwide ACIW | United States | $6.06B | +32% | +7% | 19% | 22.9× | 11.8% | +6.3% |
| Bilibili 9626.HK | Hong Kong | $6.06B | -36% | +11% | 4% | 14.2× | 7.3% | +19.5% |
| Dolby Laboratories DLB | United States | $6.07B | +11% | +1% | 19% | 14.3× | 10.0% | +3.0% |
| Open Text OTEX.TO | Canada | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% | +10.8% |
| AutoStore AUTO.OL | Norway | $5.20B | +8% | +17% | 33% | 27.4× | 18.5% | +27.0% |
| RingCentral RNG | United States | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% | +16.3% |
| BlackBerry BB.TO | Canada | $5.16B | +48% | +14% | 16% | 40.8× | 33.6% | -8.6% |
| Mphasis MPHASIS.NS | India | $5.15B | +15% | +14% | 15% | 22.4× | 28.7% | +10.6% |
| Lumine LMN.V | Canada | $5.14B | +38% | +15% | 21% | 18.1× | 15.6% | +36.8% |
Varonis Systems has 1 bond outstanding with $460M face value.
Varonis Systems reported $1.13B of remaining performance obligations at 30 Sep 2026, up 21% from a year earlier and up 4% from the previous quarter. That is 1.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.23.