Varonis Systems, Inc. (VRNS) Stock Price & Analysis
Varonis Systems, Inc. (VRNS) closed at USD 48.89 on Thursday, October 22, 2026, up 0.41% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 48.69; the Oct 22, 2026 session ranged USD 48.7–48.93 on volume of 4,831,128 shares. Market capitalization is $5.62B, with a 52-week range of USD 19.7–63.8 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:16 UTC.
Also available as compact Markdown for AI agents: nexqual.com/VRNS.md
Key facts (VRNS)
- Last four reported quarters (through Jun 30, 2026): revenue $688M, net income -$141M (-20.5% margin), free cash flow $122M (SEC filings).
- Analysts: Hold (mean 2.82 on a 1–5 scale) (22 analysts), mean target USD 51.07 (range 48–58).
- Total return with dividends: 1Y -21.6% vs S&P 500 +14.9%; 5Y -22.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.03, revenue estimate $187M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (VRNS)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $390M | $474M | $499M | $551M | $624M | $688M |
| Gross profit | $331M | $404M | $427M | $457M | $492M | — |
| Operating income | -$98.7M | -$121M | -$117M | -$118M | -$147M | -$151M |
| Net income | -$117M | -$125M | -$101M | -$95.8M | -$129M | -$141M |
| EPS (diluted) | -$1.11 | -$1.14 | -$0.92 | -$0.86 | -$1.13 | — |
| Free cash flow | -$3.3M | $475K | $54.3M | $109M | $135M | $122M |
| Gross margin | 84.8% | 85.3% | 85.6% | 83.0% | 78.8% | — |
| Operating margin | -25.3% | -25.6% | -23.5% | -21.4% | -23.5% | -22.0% |
| Net margin | -30.0% | -26.3% | -20.2% | -17.4% | -20.7% | -20.5% |
| Revenue growth | +33.3% | +21.4% | +5.4% | +10.4% | +13.2% | — |
| Cash + short-term investments | $806M | $604M | $484M | $529M | $884M | — |
| Total debt | $225M | $249M | $250M | $701M | $452M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (VRNS)
P/S 8.2x · EV/Sales 7.9x · P/FCF 46.1x · P/B 12.6x · FCF yield 2.17% · Earnings yield -2.52% · Buyback yield (TTM) 2.67% · Net cash $207M · EV $5.41B
Analysts (VRNS)
Consensus Hold (mean 2.82 on a 1–5 scale), 22 analysts; mean target USD 51.07 (low 48, high 58).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Barclays | Downgrade | Overweight → Equal-Weight | $50 |
| 2026-10-16 | Citigroup | Target raised | Neutral | $45 → $49.75 |
| 2026-10-16 | Baird | Target raised | Neutral | $45 → $50 |
| 2026-10-16 | Piper Sandler | Downgrade | Overweight → Neutral | $58 → $49.75 |
| 2026-10-16 | RBC Capital | Downgrade | Outperform → Sector Perform | $52 → $49.75 |
| 2026-10-16 | TD Cowen | Downgrade | Buy → Hold | $56 → $49.75 |
| 2026-10-16 | Jefferies | Downgrade | Buy → Hold | $60 → $49.75 |
| 2026-10-16 | DA Davidson | Downgrade | Buy → Neutral | $55 → $49.75 |
| 2026-10-16 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $53 → $49.75 |
| 2026-10-16 | Wedbush | Target raised | Neutral | $46 → $49.75 |
| 2026-10-16 | Rosenblatt | Downgrade | Buy → Neutral | $55 → $49.75 |
| 2026-10-16 | Needham | Downgrade | Buy → Hold |
Total return (dividends reinvested) (VRNS)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -21.6% | -22.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -21.6% | -5.0% |
| Volatility (annualized) | 85.6% | 58.2% |
| Max drawdown | -68.0% (Oct 2025→Apr 2026) | -75.3% (Oct 2021→Oct 2022) |
VRNS revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| SaaS | $171.7M | 95.4% | +62.2% |
| Term license subscriptions | $4.2M | 2.3% | -87.1% |
| Maintenance and services | $4.1M | 2.3% | -70.2% |
| Total revenue | $180.0M | 100% | — |
VRNS revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $129.0M | 71.7% | +18.7% |
| EMEA | $36.4M | 20.2% | +14.5% |
| Rest of the World | $14.6M | 8.1% | +24.6% |
| Total revenue | $180.0M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
VRNS suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Microsoft (MSFT) | “Customers can purchase add-on support for Exchange Online, Microsoft 365 Copilot and ChatGPT Enterprise.” |
Quoted from the company's 10-K filed Feb 4, 2026.
VRNS company outlook (results filed Jul 28, 2026)
- “For the third quarter of 2026, the Company expects: SaaS ARR year-over-year growth of 22% to 23%, excluding conversions.”
- “For full year 2026, the Company now expects: SaaS ARR of $819.0 million to $850.0 million, or year-over-year growth of 28% to 33%.”
Quoted word-for-word from the SEC 8-K results press release.
VRNS analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.03 | $0.02 | +54.8% | $186.9M | 23 |
| Next quarter (ends Dec 2026) | $0.03 | $0.04 | -27.2% | $197.8M | 23 |
| Current fiscal year (ends Dec 2026) | $0.15 | $0.12 | +27.3% | $737.8M | 24 |
| Next fiscal year (ends Dec 2027) | $0.41 | $0.38 | +6.3% | $875.3M | 24 |
VRNS options: expected move
Options price a move of about ±2.4% (±$1.15) by Nov 20, 2026, which includes earnings on Nov 3, 2026. Over the last 8 reports the stock moved ±14% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 11.1% | ±2.4% |
| Dec 18, 2026 | 56 | 8.7% | ±3.4% |
| Jan 15, 2027 | 84 | 6.0% | ±11.8% |
| Mar 19, 2027 | 147 | 4.5% | ±5.6% |
| Jun 17, 2027 | 237 | 10.5% | ±7.8% |
30-day implied volatility 4.4% vs 41% realized over the last 30 trading days. Put/call ratio (volume) 0. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:16 UTC)
| Price | USD 48.89 |
|---|---|
| Change | ▲ 0.41% (up) |
| Previous Close | USD 48.69 |
| Open | USD 48.7 |
| Day Range | USD 48.7 – 48.93 |
| 52-Week Range | USD 19.7 – 63.8 |
| Volume | 4,831,128 shares |
| Market Cap | $5.62B |
| Exchange | NMS |
Technical Analysis (VRNS)
Nexqual's technical model rates VRNS "STRONG BUY" based on 5 bullish and 0 bearish signals across 127 daily candles, as of October 23, 2026 at 09:16 UTC.
| Overall Signal | STRONG BUY |
|---|---|
| RSI (14) | 55.44 (neutral) |
| vs SMA50 | Above (USD 46.26) |
| MACD | 0.61 (positive) |
Analyst Ratings (VRNS)
Wall Street analysts rate VRNS "Hold" based on 22 analysts, with a mean price target of USD 51.07 (range USD 48–58), per Nexqual as of October 23, 2026 at 09:16 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 22 |
| Mean Target | USD 51.07 |
| High Target | USD 58 |
| Low Target | USD 48 |
| Buy / Hold / Sell | 4 / 18 / 0 |
Earnings (VRNS)
| Next Earnings Date | 2026-11-03 |
|---|---|
| EPS Estimate | USD 0.03 |
| Revenue Estimate | $186.94M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.04 vs est 0.01 ▲ beat |
| 2026-03-31 | USD 0.06 vs est -0.05 ▲ beat |
| 2025-12-31 | USD 0.08 vs est 0.03 ▲ beat |
| 2025-09-30 | USD 0.06 vs est 0.05 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
Financials & Fundamentals (VRNS)
| Total Revenue | $688.09M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +18.30% |
| Gross Margin | +77.07% |
| Operating Margin | -22.56% |
| Profit Margin | -20.55% |
| ROE | -35.97% |
| Debt / Equity | 1.19 |
| Current Ratio | 1.65 |
| Total Cash | $698.27M |
| Total Debt | $528.37M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $121.94M (17.7% of revenue) |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
Financial Health Score (VRNS)
Nexqual rates Varonis Systems, Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:16 UTC.
| Growth | Solid — Revenue +13% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 77%, operating -23% (last 12 months) |
| Balance Sheet | Mixed — $660M cash and investments vs $453M debt (Jun 2026, SEC), net cash |
| Cash Flow | Strong — FCF $122M (last 4 quarters to Jun 2026, SEC), 18% margin |
| Efficiency | Critical — ROE -36%, ROA -5.7% |
Ownership (VRNS)
| Insider Ownership | +2.96% |
|---|---|
| Institutional Ownership | +101.03% |
| Shares Outstanding | 114.86M |
| Float | 111.38M |
| Short % of Float | +5.68% |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
Leadership (VRNS)
Varonis Systems, Inc. is led by Yakov Faitelson, Co-Founder, Chairman, CEO & President, per Nexqual as of October 23, 2026 at 09:16 UTC.
| Co-Founder, Chairman, CEO & President | Yakov Faitelson |
|---|---|
| Co-Founder & Director | Ohad Korkus |
| Executive VP of Engineering & CTO | David Bass |
| Senior Vice President of Worldwide Sales | Gregory Pomeroy |
| Vice Chairman of Sales | James O'Boyle |
Major Backers & Investors (VRNS)
Notable institutional backers of Varonis Systems, Inc. include Tremblant Capital Group, Voya Investment Management LLC, Jacobs Levy Equity Management, Inc., according to Nexqual as of October 23, 2026 at 09:16 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Tremblant Capital Group | 3.26% |
| Voya Investment Management LLC | 3.24% |
| Jacobs Levy Equity Management, Inc. | 2.9% |
| First Trust Advisors LP | 2.78% |
| Neuberger Berman Group, LLC | 2.71% |
| First TRT Exch-Trd Fd. II-First TRT NASDAQ Cybersecurity ETF | 2.56% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 11.13% |
| Vanguard Group | 10.93% |
| State Street | 2.67% |
| Geode Capital | 2.61% |
Source: Nexqual, October 23, 2026 at 09:16 UTC.
From Varonis Systems, Inc.'s Latest SEC 10-K Filing (filed 2026-02-04)
Key Strengths & Strategy (as disclosed to the SEC)
- In 2022, we introduced the Varonis Data Security Platform as a SaaS offering to simplify deployment, accelerate time-to-value, and enable continuous cloud-delivered automation for protecting data.
- As the volume, velocity and variety of enterprise data continues to grow, we have built an integrated platform designed to simplify and streamline data security, threat detection and response, and privacy and compliance workflows.
- Our proprietary technology, continuously collects and analyzes metadata – data about data – across an organizations' environments.
- SaaS delivery allows customers to deploy quickly, reduce infrastructure and operational overhead, and benefit from continuous updates to threat models, automation workflows and security capabilities, including our Managed Data Detection and Response ("MDDR") offering, which are only available through our SaaS platform.
Partnerships
- Provides best-of-breed phishing prevention and malicious link interception with multi-modal AI and URL sandboxing technologies, extending platform protection to email and collaboration channels.
Legal & Regulatory Risks (Item 1A, quoted)
- Our use of open source software could negatively affect our ability to sell our software and subject us to possible litigation.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
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| BOX | Box, Inc. | USD 42.78 | ▲ 1.93% |
| RELY | Remitly Global, Inc. | USD 25.32 | ▼ 0.39% |
| BB | BlackBerry Limited | USD 8.59 | ▼ 8.71% |
| WIX | Wix.com Ltd. | USD 82.55 | ▲ 4.84% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:16 UTC. This page is informational and not investment advice.
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