VARONIS SYSTEMS INC VRNS
We were incorporated under the laws of the State of Delaware on November 3, 2004 and commenced operations on January 1, 2005. Our principal offices are located at 801 Brickell Avenue, Miami, FL 33131. For convenience in this report, the terms "Company," "Varonis," "we" and "us" may be used to refer to Varonis Systems, Inc. and/or its subsidiaries, except where indicated otherwise. Our telephone number is (877) 292-8767.
Varonis is a data security company focused on protecting what matters most to organizations: their data. Modern enterprises run on data that is created, copied, shared and accessed across cloud services, SaaS applications and on-premises environments, often faster than security teams can see, understand or control. We started Varonis around a simple observation that we believe has only intensified over time: the ability to create and share data scales far faster than the ability to secure it. Our strategy is built around closing that gap, giving organizations the deep visibility and automated controls to deeply understand their enterprise data, reduce exposure and respond to threats quickly, wherever their data lives.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $623.5M | $551.0M | $499.2M | $473.6M | $390.1M | $292.7M | $254.2M | $270.3M | $215.4M | $165.9M |
| Cost of revenue | $132.0M | $93.8M | $71.8M | $69.8M | $59.4M | $44.3M | $35.1M | $27.7M | $20.7M | $15.7M |
| Gross profit | $491.6M | $457.1M | $427.4M | $403.8M | $330.7M | $248.4M | $219.0M | $242.6M | $194.7M | $150.1M |
| R&D | $237.8M | $196.8M | $183.8M | $177.9M | $137.9M | $99.4M | $80.8M | $70.0M | $47.4M | $36.7M |
| SG&A | $98.9M | $89.2M | $82.9M | $72.1M | $61.2M | $47.6M | $44.4M | $33.5M | $26.8M | $19.8M |
| Total operating expenses | $638.1M | $574.8M | $544.6M | $525.0M | $429.4M | $326.8M | $295.0M | $271.7M | $208.1M | $162.1M |
| Operating income | -$146.5M | -$117.7M | -$117.2M | -$121.2M | -$98.7M | -$78.4M | -$76.0M | -$29.1M | -$13.4M | -$12.0M |
| Pre-tax income | -$116.3M | -$83.0M | -$86.9M | -$110.8M | -$110.8M | -$85.9M | -$76.4M | -$28.2M | -$11.1M | -$12.9M |
| Income tax | $13.0M | $12.8M | $14.0M | $13.7M | $6.0M | $8.1M | $2.4M | $413.0K | $2.8M | $1.3M |
| Net income | -$129.3M | -$95.8M | -$100.9M | -$124.5M | -$116.9M | -$94.0M | -$78.8M | -$28.6M | -$13.8M | -$14.2M |
| EPS, basic | -1.13 | -0.86 | -0.92 | -1.14 | -1.11 | -1.00 | — | — | — | — |
| EPS, diluted | -1.13 | -0.86 | -0.92 | -1.14 | -1.11 | -1.00 | -2.60 | -0.98 | -0.50 | -0.54 |
| Shares, diluted (wtd. avg.) | $114.4M | $111.7M | $109.1M | $109.3M | $105.3M | $94.3M | $90.8M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $202.5M | $185.6M | $230.7M | $367.8M | $805.8M | $234.1M | $68.9M | $48.7M | $57.2M | $48.8M |
| Short-term investments | $681.2M | $343.4M | $253.2M | $236.3M | $0 | $34.1M | $41.5M | $39.8M | $40.1M | $65.5M |
| Receivables | $242.8M | $192.8M | $169.1M | $136.0M | $117.2M | $94.2M | $75.0M | $83.2M | $75.6M | $53.9M |
| Total current assets | $1.30B | $878.1M | $767.2M | $905.7M | $959.2M | $419.8M | $214.9M | $259.1M | $226.5M | $171.3M |
| Property, plant and equipment | $36.0M | $30.8M | $34.0M | $39.0M | $38.3M | $37.2M | $36.3M | $17.3M | $11.9M | $9.9M |
| Goodwill | $135.3M | $23.1M | $23.1M | $23.1M | $23.1M | $23.1M | $0 | — | — | — |
| Other intangibles | $16.7M | $0 | $1.3M | $2.8M | $4.3M | $5.8M | $0 | — | — | — |
| Total assets | $1.79B | $1.66B | $1.10B | $1.04B | $1.11B | $555.5M | $318.3M | $285.0M | $245.6M | $181.8M |
| Accounts payable | $5.7M | $4.3M | $672.0K | $3.0M | $5.3M | $850.0K | $997.0K | $2.6M | $635.0K | $1.3M |
| Total current liabilities | $659.0M | $709.9M | $306.8M | $228.7M | $211.8M | $182.6M | $159.6M | $146.3M | $116.6M | $88.2M |
| Retained earnings | -$869.5M | -$740.2M | -$644.4M | -$543.5M | -$427.6M | -$310.7M | -$216.7M | -$138.0M | -$109.4M | -$106.1M |
| Total equity | $598.7M | $455.7M | $489.6M | $502.1M | $596.6M | $94.1M | $93.5M | $125.4M | $114.6M | $96.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $147.4M | $115.2M | $59.4M | $11.9M | $7.2M | -$5.8M | -$10.7M | $23.5M | $16.4M | $7.3M |
| Depreciation and amortisation | $12.3M | $11.1M | $11.7M | $12.2M | $10.9M | $10.2M | $6.3M | $4.2M | $3.3M | $2.2M |
| Stock-based compensation | $130.2M | $126.7M | $139.8M | $142.9M | $109.8M | $68.6M | $46.1M | $35.0M | $19.8M | $12.9M |
| Capital expenditure | $12.6M | $6.7M | $5.1M | $11.4M | $10.5M | $10.1M | $25.4M | $9.6M | $5.3M | $3.8M |
| Investing cash flow | -$837.0K | -$532.3M | -$143.1M | -$374.3M | $54.4M | -$54.7M | $33.3M | -$40.2M | -$20.0M | -$12.3M |
| Financing cash flow | -$129.7M | $371.9M | -$53.4M | -$75.6M | $510.1M | $225.8M | -$2.4M | $8.1M | $12.1M | $4.1M |
| Buybacks | $115.0M | $0 | $43.5M | $56.4M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-015263.
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