Varonis Systems VRNS Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 78.1%-0.7pp | 78.8%-1.2pp | 80%-1.4pp | 81.5%-0.8pp | 82.3%-0.7pp | |
| Operating margin | -22.3%+1.2pp | -23.5%-1.5pp | -22%-1.6pp | -20.4%-0.6pp | -19.8%+1.5pp | |
| Net margin | -19.7%+1.0pp | -20.7%-1.9pp | -18.8%-1.5pp | -17.3%-1.4pp | -15.9%+1.5pp | |
| EBITDA margin | -20.1%+1.4pp | -21.5%-1.3pp | -20.3%-1.6pp | -18.7%-0.7pp | -18%+1.3pp | |
| Free cash flow margin | 18.1%-3.6pp | 21.6%-0.4pp | 22%+1.0pp | 21%+0.4pp | 20.5%+0.8pp | |
| Returns | ||||||
| Return on equity | -31.8%-7.2pp | -24.5%-2.4pp | -22.2%+3.6pp | -25.7%-3.5pp | -22.2%-1.9pp | |
| Return on assets | -8.1%-0.6pp | -7.5%-0.3pp | -7.2%+0.4pp | -7.6%-0.7pp | -6.9%0.0pp | |
| Return on invested capital | -34.2%-6.0pp | -28.2%-0.5pp | -27.6%+2.6pp | -30.2%-4.4pp | -25.9%+0.5pp | |
| Efficiency | ||||||
| Asset turnover | 0.4×+0.1× | 0.4×0.0× | 0.4×-0.1× | 0.4×0.0× | 0.4×0.0× | |
| Liquidity | ||||||
| Current ratio | 1.7×-0.3× | 2×+0.2× | 1.8×+0.4× | 1.4×+0.2× | 1.2×-0.1× | |
| Quick ratio | 1.7×-0.3× | 2×+0.2× | 1.8×+0.4× | 1.4×+0.2× | 1.2×-0.1× | |
| Cash ratio | 0.3×0.0× | 0.3×0.0× | 0.3×0.0× | 0.3×0.0× | 0.2×0.0× | |
| Leverage | ||||||
| Debt-to-equity | 0.2×0.0× | 0.1×0.0× | 0.1×-0.8× | 0.9×+0.1× | 0.8×+0.2× | |
| Debt-to-assets | 0×0.0× | 0×0.0× | 0×-0.1× | 0.2×0.0× | 0.2×0.0× | |
| Per Share | ||||||
| Book value per share | $3.92-25.1% | $5.23-0.5% | $5.26+72.6% | $3.05-6.6% | $3.26-20.0% | |
| Valuation | ||||||
| Market capitalization | $2.52B-34.8% | $3.87B-39.9% | $6.44B+14.8% | $5.61B+23.2% | $4.55B-8.9% | |
| Enterprise value | $2.41B-35.4% | $3.73B-41.2% | $6.35B+11.2% | $5.71B+21.5% | $4.7B-8.1% | |
| Price / sales | 3.8×-2.4× | 6.2×-4.4× | 10.6×+1.2× | 9.4×+1.5× | 7.9×-1.1× | |
| Price / book | 5.6×-0.9× | 6.5×-4.2× | 10.6×-5.8× | 16.4×+4.0× | 12.4×+1.4× | |
| EV / sales | 3.7×-2.3× | 6×-4.4× | 10.4×+0.8× | 9.6×+1.4× | 8.2×-1.1× | |
| Free cash flow yield | 4.7%+1.2pp | 3.5%+1.4pp | 2.1%-0.1pp | 2.2%-0.4pp | 2.6%+0.4pp | |
| Earnings yield | -5.2%-1.8pp | -3.3%-1.6pp | -1.8%+0.1pp | -1.8%+0.2pp | -2%-0.1pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are Varonis Systems's profit margins?
- Varonis Systems (VRNS) runs a 78.1% gross margin and a -22.3% operating margin, with a -19.7% net margin.
- Where do Varonis Systems's ratios come from?
- Every ratio is computed from Varonis Systems's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.