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Software - Application · Technology · Fiscal year ends Dec 31
Varonis Systems reported revenue of $624M in the fiscal year ended Dec 2025, up 13.2% from the year before. Operating income was −$147M, an operating margin of −23.5%, and net income was −$129M. Operating cash flow of $147M less capital expenditure of $13M left free cash flow of $135M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 390 | 474 | 499 | 551 | 624 |
| Cost of revenue | 59.4 | 69.8 | 71.8 | 93.8 | 132 |
| Gross profit | 331 | 404 | 427 | 457 | 492 |
| Research & development | 138 | 178 | 184 | 197 | 238 |
| Selling, general & admin | 292 | 347 | 361 | 378 | 400 |
| Operating income | −98.7 | −121 | −117 | −118 | −147 |
| Interest expense | 3.2 | – | – | – | – |
| Pre-tax income | −111 | −111 | −86.9 | −83.0 | −116 |
| Income tax | 6.0 | 13.7 | 14.0 | 12.8 | 13.0 |
| Net income | −117 | −125 | −101 | −95.8 | −129 |
| Diluted EPS | −1.11 | −1.14 | −0.92 | −0.86 | −1.13 |
| Diluted shares | 105 | 109 | 109 | 112 | 114 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 806 | 368 | 231 | 186 | 202 |
| Receivables | 117 | 136 | 169 | 193 | 243 |
| Current assets | 959 | 906 | 767 | 878 | 1,299 |
| Net PP&E | 38.3 | 39.0 | 34.0 | 30.8 | 36.0 |
| Goodwill | 23.1 | 23.1 | 23.1 | 23.1 | 135 |
| Total assets | 1,109 | 1,044 | 1,104 | 1,664 | 1,792 |
| Payables | 5.3 | 3.0 | 0.7 | 4.3 | 5.7 |
| Deferred revenue | 104 | 111 | 181 | 290 | 428 |
| Current liabilities | 212 | 229 | 307 | 710 | 659 |
| Total liabilities | 512 | 542 | 614 | 1,209 | 1,193 |
| Shareholders' equity | 597 | 502 | 490 | 456 | 599 |
| Backlog (remaining obligations) | – | – | 378 | 730 | 1,097 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 7.2 | 11.9 | 59.4 | 115 | 147 |
| Capital expenditure | 10.5 | 11.4 | 5.1 | 6.7 | 12.6 |
| Free cash flow | −3.3 | 0.5 | 54.3 | 109 | 135 |
| Depreciation & amortisation | 10.9 | 12.2 | 11.7 | 11.1 | 12.3 |
| Stock-based compensation | 110 | 143 | 140 | 127 | 130 |
| Acquisitions | 0.0 | 0.0 | – | – | – |
| Share buybacks | 0.0 | 56.4 | 43.5 | 0.0 | 115 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.4% | 5.4% | 10.4% | 13.2% |
| Gross margin | 84.8% | 85.3% | 85.6% | 83.0% | 78.8% |
| Operating margin | −25.3% | −25.6% | −23.5% | −21.4% | −23.5% |
| Net margin | −30.0% | −26.3% | −20.2% | −17.4% | −20.7% |
| Return on equityBlank when equity is negative | −19.6% | −24.8% | −20.6% | −21.0% | −21.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −11.0% | −14.9% | −14.7% | −12.3% | −12.9% |
| Free cash flow margin | −0.8% | 0.1% | 10.9% | 19.7% | 21.6% |
| Cash conversion (CFO ÷ net income) | −0.06x | −0.10x | −0.59x | −1.20x | −1.14x |
| Receivable days | 110 | 105 | 124 | 128 | 142 |
| Payable days | 33 | 15 | 3 | 17 | 16 |
| Interest cover | −31.2x | – | – | – | – |
| Current ratio | 4.53x | 3.96x | 2.50x | 1.24x | 1.97x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.