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We were incorporated under the laws of the State of Delaware on November 3, 2004 and commenced operations on January 1, 2005. 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.
The business is unprofitable at the operating level (-23.50% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 13.2%, still solid. Margins contracted 2.1pp, which offsets some of the top-line progress.
Insufficient data to identify specific risks. Treat any missing metrics as a data gap, not a clean bill of health.
Profitability & Returns
Revenue (TTM)
$660M
▲ +13.2% YoY
Net Income (TTM)
-$130M
▼ -35.0% YoY
Op. Margin
-22.30%
▼ -2.1pp YoY
ROIC
-11.44%
▼ -0.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$119M
▲ +24.2% YoY
Op. Cash Flow (TTM)
$134M
▲ +28.0% YoY
Net Debt
-$225M
Net Cash Position
Cash & Equiv.
$748M
5Y CAGR: +16.3%
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