Stock VRNS VARONIS SYSTEMS, INC.
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Financials Varonis Systems, Inc.

Equities

VRNS

US9222801022

Software

Market Closed - Nasdaq
Other stock markets
 21:00:00 26/04/2024 BST 		5-day change 1st Jan Change
45.33 USD +1.09% Intraday chart for Varonis Systems, Inc. +4.59% +0.11%
04-02 Varonis Systems, Inc. Debuts Industry's First Cybersecurity Solution for Microsoft 365 Copilot CI
03-13 Truist Securities Adjusts Varonis Systems Price Target to $55 From $50, Maintains Buy Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,369 5,191 5,235 2,639 4,933 4,946 - -
Enterprise Value (EV) 1 2,248 5,111 4,653 2,155 4,650 4,401 4,346 4,397
P/E ratio -29.9 x -54.7 x -43.9 x -21 x -49.2 x -43.1 x -45.3 x -97.7 x
Yield - - - - - - - -
Capitalization / Revenue 9.32 x 17.7 x 13.4 x 5.57 x 9.88 x 9.12 x 8.08 x 7.03 x
EV / Revenue 8.85 x 17.5 x 11.9 x 4.55 x 9.32 x 8.12 x 7.1 x 6.25 x
EV / EBITDA -108 x 937 x 129 x 51.7 x 124 x 167 x 91.1 x 54.7 x
EV / FCF -62.3 x -320 x -1,405 x 4,537 x 85.6 x 60.5 x 47.7 x 32 x
FCF Yield -1.6% -0.31% -0.07% 0.02% 1.17% 1.65% 2.1% 3.13%
Price to Book 25.4 x 55.3 x 8.79 x 5.13 x - 10.1 x 9.7 x 8.38 x
Nbr of stocks (in thousands) 91,453 95,181 107,324 110,220 108,953 109,104 - -
Reference price 2 25.90 54.54 48.78 23.94 45.28 45.33 45.33 45.33
Announcement Date 10/02/20 08/02/21 07/02/22 06/02/23 05/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 254.2 292.7 390.1 473.6 499.2 542.1 612.4 703.2
EBITDA 1 -20.88 5.455 36.13 41.71 37.56 26.43 47.7 80.36
EBIT 1 -27.2 -4.448 25.24 29.53 28.74 10.6 26.99 67.75
Operating Margin -10.7% -1.52% 6.47% 6.24% 5.76% 1.95% 4.41% 9.63%
Earnings before Tax (EBT) 1 -76.38 -85.9 -110.8 -110.8 -86.92 -97.86 -89.75 -25.62
Net income 1 -78.76 -94.01 -116.9 -124.5 -100.9 -123.3 -123.7 -72.27
Net margin -30.99% -32.12% -29.95% -26.29% -20.22% -22.74% -20.21% -10.28%
EPS 2 -0.8667 -0.9967 -1.110 -1.140 -0.9200 -1.052 -1.000 -0.4640
Free Cash Flow 1 -36.08 -15.96 -3.312 0.475 54.32 72.81 91.08 137.5
FCF margin -14.19% -5.45% -0.85% 0.1% 10.88% 13.43% 14.87% 19.55%
FCF Conversion (EBITDA) - - - 1.14% 144.62% 275.52% 190.96% 171.11%
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 - - - - - - - -
Announcement Date 10/02/20 08/02/21 07/02/22 06/02/23 05/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 100.4 126.6 96.26 111.4 123.3 142.6 107.3 115.4 122.3 154.1 113.6 125.6 136.2 166.6 128.2
EBITDA 1 10.9 24.99 -5.217 4.158 12.74 30.02 -1.39 3.829 7.795 29.7 -11.01 0.4979 7.689 26.33 1.327
EBIT 1 8.083 22.38 -7.896 1.66 9.797 25.97 -4.281 0.913 4.866 27.24 -13.65 -3.411 3.57 24.01 -9.412
Operating Margin 8.05% 17.68% -8.2% 1.49% 7.95% 18.21% -3.99% 0.79% 3.98% 17.68% -12.02% -2.72% 2.62% 14.41% -7.34%
Earnings before Tax (EBT) 1 -21.79 -21.92 -47.35 -34.59 -23.15 -5.723 -35.34 -31.25 -20.51 0.189 -40.8 -32.1 -23.64 -1.304 -33.3
Net income 1 -23.31 -24.94 -48.76 -36.29 -28.72 -10.75 -38.3 -38.7 -23.02 -0.898 -43.95 -37.91 -30.2 -10.68 -46.34
Net margin -23.23% -19.71% -50.66% -32.56% -23.29% -7.54% -35.69% -33.53% -18.82% -0.58% -38.7% -30.19% -22.18% -6.41% -36.14%
EPS 2 -0.2200 -0.2300 -0.4500 -0.3300 -0.2600 -0.1000 -0.3500 -0.3500 -0.2100 -0.0100 -0.3883 -0.3152 -0.2515 -0.0852 -0.3548
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 01/11/21 07/02/22 02/05/22 01/08/22 31/10/22 06/02/23 01/05/23 31/07/23 30/10/23 05/02/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 120 79.8 582 484 283 544 600 549
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -36.1 -16 -3.31 0.48 54.3 72.8 91.1 138
ROE (net income / shareholders' equity) -25.4% -8.16% 4.53% 4.11% 9.21% 5.08% 6.77% 11.2%
ROA (Net income/ Total Assets) - -1.75% 1.88% 2.1% 4.25% -3.26% -2.37% 1.8%
Assets 1 - 5,366 -6,216 -5,934 -2,374 3,783 5,216 -4,022
Book Value Per Share 2 1.020 0.9900 5.550 4.660 - 4.500 4.670 5.410
Cash Flow per Share 2 -0.1200 -0.0600 0.0700 0.1100 0.5400 0.6600 0.7700 1.260
Capex 1 25.4 10.1 10.5 11.4 5.1 9.85 11.2 11.7
Capex / Sales 9.99% 3.46% 2.69% 2.41% 1.02% 1.82% 1.82% 1.66%
Announcement Date 10/02/20 08/02/21 07/02/22 06/02/23 05/02/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Varonis Systems, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
23
Last Close Price
45.33 USD
Average target price
51.65 USD
Spread / Average Target
+13.94%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Enterprise Software

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Enterprise Software
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