VRNS
Varonis Systems
NASDAQ: VRNS · TECHNOLOGY · SOFTWARE - INFRASTRUCTURE
$26.50
+0.76% today
Updated 2026-05-01
Market cap
$3.21B
P/E ratio
—
P/S ratio
5.14x
EPS (TTM)
$-1.13
Dividend yield
—
52W range
$20 – $64
Volume
2.5M
Varonis Systems (VRNS) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $28.86M | $39.78M | $53.41M | $74.62M | $101.35M | $127.21M | $164.46M | $217.36M | $270.29M | $254.19M | $292.69M | $390.13M | $473.63M | $499.16M | $550.95M | $623.53M |
| Revenue growth (YoY) | — | +37.8% | +34.3% | +39.7% | +35.8% | +25.5% | +29.3% | +32.2% | +24.3% | -6.0% | +15.1% | +33.3% | +21.4% | +5.4% | +10.4% | +13.2% |
| Cost of revenue | $2.40M | $3.52M | $4.93M | $6.48M | $9.91M | $12.02M | $15.84M | $20.87M | $27.68M | $35.14M | $44.26M | $59.40M | $69.84M | $71.75M | $93.85M | $130.09M |
| Gross profit | $26.47M | $36.26M | $48.48M | $68.14M | $91.44M | $115.19M | $148.61M | $196.49M | $242.60M | $219.05M | $248.43M | $330.74M | $403.80M | $427.41M | $457.10M | $493.44M |
| Gross margin | 91.7% | 91.1% | 90.8% | 91.3% | 90.2% | 90.6% | 90.4% | 90.4% | 89.8% | 86.2% | 84.9% | 84.8% | 85.3% | 85.6% | 83.0% | 79.1% |
| R&D | $7.74M | $13.05M | $15.03M | $20.97M | $28.09M | $31.79M | $36.66M | $47.37M | $69.97M | $80.76M | $99.36M | $137.88M | $177.88M | $183.84M | $196.76M | $237.81M |
| SG&A | $3.31M | $4.51M | $4.97M | $8.88M | $11.87M | $16.11M | $19.82M | $26.82M | $33.46M | $44.37M | $47.58M | $61.23M | $72.06M | $82.90M | $89.22M | $98.92M |
| Operating income | $-1.19M | $-3.40M | $-1.55M | $-5.84M | $-17.31M | $-19.07M | $-15.69M | $-13.42M | $-29.14M | $-75.99M | $-78.42M | $-107.59M | $-121.23M | $-117.22M | $-106.81M | $-146.51M |
| Operating margin | -4.1% | -8.6% | -2.9% | -7.8% | -17.1% | -15.0% | -9.5% | -6.2% | -10.8% | -29.9% | -26.8% | -27.6% | -25.6% | -23.5% | -19.4% | -23.5% |
| EBITDA | $-2.07M | $-2.46M | $-4.05M | $-6.17M | $-17.43M | $-18.98M | $-14.25M | $-7.54M | $-23.81M | $-60.83M | $-61.71M | $-80.15M | $-109.05M | $-117.22M | $-63.58M | $-104.01M |
| EBITDA margin | -7.2% | -6.2% | -7.6% | -8.3% | -17.2% | -14.9% | -8.7% | -3.5% | -8.8% | -23.9% | -21.1% | -20.5% | -23.0% | -23.5% | -11.5% | -16.7% |
| EBIT | $-2.37M | $-2.91M | $-4.51M | $-6.97M | $-18.71M | $-20.60M | $-16.43M | $-10.87M | $-27.97M | $-76.17M | $-80.61M | $-99.27M | $-121.23M | $-117.22M | $-74.70M | $-116.32M |
| Interest expense | $270000.00 | $666000.00 | $86000.00 | $149000.00 | $311000.00 | $142000.00 | $149000.00 | $185000.00 | $195000.00 | $205000.00 | $5.29M | $11.57M | $3.17M | $3.20M | $8.30M | $12.90M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-2.76M | $-3.80M | $-4.85M | $-7.47M | $-19.40M | $-21.28M | $-17.71M | $-13.84M | $-28.58M | $-78.76M | $-94.01M | $-116.86M | $-124.52M | $-100.92M | $-95.77M | $-129.32M |
| Net income growth (YoY) | — | -37.6% | -27.6% | -54.3% | -159.5% | -9.7% | +16.8% | +21.8% | -106.4% | -175.6% | -19.4% | -24.3% | -6.6% | +19.0% | +5.1% | -35.0% |
| Profit margin | -9.6% | -9.5% | -9.1% | -10.0% | -19.1% | -16.7% | -10.8% | -6.4% | -10.6% | -31.0% | -32.1% | -30.0% | -26.3% | -20.2% | -17.4% | -20.7% |