Varonis Systems VRNS Ratios & Valuation
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 78.1%-4.2pp | 78.8%-4.1pp | 80%-4.0pp | 81.5%-3.1pp | 82.3%-2.8pp | |
| Operating margin | -22.3%-2.5pp | -23.5%-2.1pp | -22%-2.7pp | -20.4%+0.9pp | -19.8%+4.2pp | |
| Net margin | -19.7%-3.9pp | -20.7%-3.4pp | -18.8%-3.5pp | -17.3%-0.3pp | -15.9%+4.5pp | |
| EBITDA margin | -20.1%-2.2pp | -21.5%-2.2pp | -20.3%-3.1pp | -18.7%+0.4pp | -18%+3.8pp | |
| Free cash flow margin | 18.1%-2.5pp | 21.6%+1.9pp | 22%+4.3pp | 21%— | 20.5%— | |
| Returns | ||||||
| Return on equity | -31.8%-9.5pp | -24.5%-4.3pp | -22.2%-3.0pp | -25.7%-6.7pp | -22.2%-0.1pp | |
| Return on assets | -8.1%-1.2pp | -7.5%-0.6pp | -7.2%-0.6pp | -7.6%+0.7pp | -6.9%+3.1pp | |
| Return on invested capital | -34.2%-8.4pp | -28.2%-1.9pp | -27.6%-2.7pp | -30.2%— | -25.9%— | |
| Efficiency | ||||||
| Asset turnover | 0.4×0.0× | 0.4×0.0× | 0.4×0.0× | 0.4×0.0× | 0.4×-0.1× | |
| Liquidity | ||||||
| Current ratio | 1.7×+0.5× | 2×+0.7× | 1.8×0.0× | 1.4×-1.1× | 1.2×-1.2× | |
| Quick ratio | 1.7×+0.5× | 2×+0.7× | 1.8×0.0× | 1.4×-1.1× | 1.2×-1.2× | |
| Cash ratio | 0.3×+0.1× | 0.3×0.0× | 0.3×-0.2× | 0.3×-0.2× | 0.2×-0.3× | |
| Leverage | ||||||
| Debt-to-equity | 0.2×-0.7× | 0.1×-0.6× | 0.1×-0.6× | 0.9×+0.8× | 0.8×+0.7× | |
| Debt-to-assets | 0×-0.1× | 0×-0.1× | 0×-0.2× | 0.2×+0.1× | 0.2×+0.1× | |
| Per Share | ||||||
| Book value per share | $3.92+20.0% | $5.23+28.2% | $5.26+37.8% | $3.05-25.6% | $3.26-20.6% | |
| Valuation | ||||||
| Market capitalization | $2.52B-44.6% | $3.87B-22.6% | $6.44B+1.9% | $5.61B+6.3% | $4.55B-12.3% | |
| Enterprise value | $2.41B-48.7% | $3.73B-27.0% | $6.35B+0.1% | $5.71B+10.3% | $4.7B-7.8% | |
| Price / sales | 3.8×-4.1× | 6.2×-2.9× | 10.6×-1.0× | 9.4×-0.7× | 7.9×-2.3× | |
| Price / book | 5.6×-6.8× | 6.5×-4.5× | 10.6×-4.1× | 16.4×+4.9× | 12.4×+0.9× | |
| EV / sales | 3.7×-4.5× | 6×-3.3× | 10.4×-1.2× | 9.6×-0.3× | 8.2×-1.9× | |
| Free cash flow yield | 4.7%+2.1pp | 3.5%+1.3pp | 2.1%+0.5pp | 2.2%— | 2.6%— | |
| Earnings yield | -5.2%-3.2pp | -3.3%-1.4pp | -1.8%-0.5pp | -1.8%-0.2pp | -2%0.0pp |
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.