VARONIS SYSTEMS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VARONIS SYSTEMS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	166	215	270	254	293	390	474	499	551	624
Cost of revenue	15.7	20.7	27.7	35.1	44.3	59.4	69.8	71.8	93.8	132
Gross profit	150	195	243	219	248	331	404	427	457	492
Research and development	36.7	47.4	70	80.8	99.4	138	178	184	197	238
Selling and marketing	106	134	168	170	180	230	275	278	289	301
General and administrative	19.8	26.8	33.5	44.4	47.6	61.2	72.1	82.9	89.2	98.9
Operating expenses	162	208	272	295	327	429	525	545	575	638
Operating income	-12	-13.4	-29.1	-76	-78.4	-98.7	-121	-117	-118	-147
Interest expense			0	0	2.02	3.17
Other non-operating income	-0.89	2.36	0.97	-0.39	-7.48	-12.1	10.4	30.3	34.6	30.2
Pre-tax income	-12.9	-11.1	-28.2	-76.4	-85.9	-111	-111	-86.9	-83	-116
Income tax	1.31	2.79	0.41	2.39	8.11	6.02	13.7	14	12.8	13
Net income	-14.2	-13.8	-28.6	-78.8	-94	-117	-125	-101	-95.8	-129
EBITDA	-9.82	-10.1	-25	-69.7	-68.2	-87.8	-109	-106	-107	-134
EPS, basic	-0.18	-0.17	-0.33	-0.87	-1.00	-1.11	-1.14	-0.92	-0.86	-1.13
EPS, diluted	-0.18	-0.17	-0.33	-0.87	-1.00	-1.11	-1.14	-0.92	-0.86	-1.13
Shares, basic (weighted)	79	82.1	86.8	271	94.3	105	109	109	112	114
Shares, diluted (weighted)	79	82.1	86.8	271	94.3	105	109	109	112	114

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	48.3	56.7	48.7	68.9	234	806	368	231	186	202
Short-term investments	65.5	40.1	70.4	41.5	34.1	0	236	253	343	681
Receivables	53.9	75.6	83.2	75.1	94.2	117	136	169	193	243
Other current assets	3.65	14.3	17	19.4	27.4	34.4	37.2	64.3	117	135
Total current assets	171	226	259	215	420	959	906	767	878	1,299
Property, plant and equipment	9.91	11.9	17.3	36.3	37.2	38.3	39	34	30.8	36
Lease right-of-use assets				55.1	47.9	63.7	56.8	51.8	45.6	57.7
Goodwill				0	23.1	23.1	23.1	23.1	23.1	135
Intangible assets				0	5.85	4.31	2.79	1.26	0	16.7
Long-term investments							0	211	659	187
Other non-current assets	0.61	7.24	8.57	12	21.6	19.8	16.3	15.5	27.8	60.2
Total assets	182	246	285	318	555	1,109	1,044	1,104	1,664	1,792
Accounts payable	1.29	0.64	2.62	1	0.85	5.32	2.96	0.67	4.31	5.74
Accrued liabilities	12.3	17.7	20.1	23.5	32.6	44.1	42	28.2	24.7	38.1
Deferred revenue	58.5	73.5	87.7	96	98.6	104	111	181	290	428
Total current liabilities	88.2	117	146	160	183	212	229	307	710	659
Lease liabilities				57	54.5	68.7	57.6	51.3	42.8	59.7
Other non-current liabilities	7.29	7.81	6.78	2.7	3	3.58	4.77	4.81	3.49	7.59
Total liabilities	85.9	131	160	225	461	512	542	614	1,209	1,193
Paid-in capital	189	224	267	311	395	1,018	1,055	1,143	1,193	1,445
Retained earnings	-106	-109	-138	-217	-311	-428	-543	-644	-740	-869
Other comprehensive income	-0.48	0.14	-3.63	-0.45	9.37	6.08	-9.56	-8.65	2.68	23.1
Shareholders' equity	96	115	125	93.5	94.1	597	502	490	456	599
Total equity	96	115	125	93.5	94.1	597	502	490	456	599
Total liabilities and equity	182	246	285	318	555	1,109	1,044	1,104	1,664	1,792
Shares outstanding	80.2	84.2	88.4	91.4	95.5	108	108	109	113	118

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-14.2	-13.8	-28.6	-78.8	-94	-117	-125	-101	-95.8	-129
Depreciation and amortization	2.18	3.33	4.16	6.32	10.2	10.9	12.2	11.7	11.1	12.3
Stock-based compensation	12.9	19.8	35	46.1	68.6	110	143	140	127	130
Deferred income tax	0.18	0.17	-1.25	0.09	-0.96	1.24	0.26	0.09	0.02	0.25
Change in receivables	-6.43	-21.7	-7.63	8.17	-19.1	-23	-18.8	-33.1	-23.7	-52.6
Change in payables	-1.32	-0.65	1.99	-1.62	-0.33	4.47	-2.36	-2.29	3.64	1.23
Cash from operations	7.35	16.4	23.5	-10.7	-5.84	7.18	11.9	59.4	115	147
Capital expenditures	-3.83	-5.31	-9.58	-25.4	-10.1	-10.5	-11.4	-5.1	-6.69	-12.6
Acquisitions			0	0	-29.4	0	0
Purchases of investments	0	-39.7	-0.04				-278	-518	-950	-229
Sales and maturities of investments							41.6	301	309	365
Cash from investing	-12.3	-20	-40.2	33.3	-54.7	54.4	-374	-143	-532	-0.84
Stock issued	4.07	12.1	8.11	0	0	500	0	0
Share buybacks					0	0	-56.4	-43.5	0	-115
Cash from financing	4.07	12.1	8.11	-2.4	226	510	-75.6	-53.4	372	-130
Net change in cash	-0.91	8.43	-8.53	20.2	165	572	-438	-137	-45.2	16.9
Free cash flow	3.52	11	14	-36.1	-16	-3.31	0.48	54.3	109	135
Interest paid					1.55	3.17	3.17	3.2	3.19	7.72
Income taxes paid	0.25	0.47	0.71	3.96	1.34	8.51	7.35	16.1	24.2	3.59

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $46.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.1%	Gross profit / revenue.
Operating margin	-22.0%	Operating income / revenue.
EBITDA margin	-19.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-19.5%	Pre-tax income / revenue.
Net margin	-20.5%	Net income / revenue.
FCF margin	17.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.1%	Cash from operations / revenue.
Return on equity (ROE)	-31.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-8.5%	Net income / average total assets.
Return on invested capital (ROIC)	-56.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	39.3%	Research and development expense / revenue.
Stock-based pay / revenue	19.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	28.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	131.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	24.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	557.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	31.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	44.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	26.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.65x	Current assets / current liabilities.
Quick ratio	1.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.09x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	73.1%	Total liabilities / total assets.
Working capital	$391.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	16.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$173.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	17.1x	Revenue / average property, plant and equipment.
Receivables turnover	4.56x	Revenue / average receivables.
Days sales outstanding	80 days	365 x average receivables / revenue.
Days payables	29 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	11.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.23	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.99	Revenue / diluted weighted shares.
FCF per share	$1.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.20	Cash from operations / diluted weighted shares.
Book value per share	$3.87	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.51	Tangible book value / shares outstanding.
Cash per share	$5.75	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	123.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.31B	Share price x shares outstanding.
Enterprise value	$4.65B	Market cap + total debt - cash - short-term investments.
P/S	7.72x	Market cap / revenue.
P/B	12.0x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	30.6x	Market cap / tangible book value, when positive.
P/FCF	43.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	38.4x	Market cap / cash from operations, when positive.
EV/Sales	6.76x	Enterprise value / revenue.
EV/FCF	38.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	-2.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.8%	(Dividends paid + share buybacks) / market cap.

What was VARONIS SYSTEMS INC's revenue in fiscal 2025?

VARONIS SYSTEMS INC reported revenue of $623.5M for fiscal 2025, 13.2% higher than the year before.

Was VARONIS SYSTEMS INC profitable in fiscal 2025?

No. It reported a net loss of $129.3M.

How much free cash flow did VARONIS SYSTEMS INC generate in fiscal 2025?

Cash from operations of $147.4M minus capital expenditures of $12.6M left free cash flow of $134.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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