Varonis Systems
VRNS on Nasdaq. Varonis sells data security software to companies protecting data in cloud and on-premises systems. Market value $5.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.10 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 56 of 100. Price score: 11 of 100. Our list needs 70 on quality and 60 on price.
$49.08 a share, 149% above its 1-year low
Over the past year the price has ranged from $19.70 to $63.90.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $390m | $474m | $499m | $551m | $624m |
| Operating margin | |||||
| Operating margin | -25.3% | -25.6% | -23.5% | -21.4% | -23.5% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.11bn | 0.11bn | 0.11bn | 0.12bn | 0.11bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 16.3% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $180 million last quarter, up 18% on a year ago.
- A loss of $47 million, compared with a loss of $36 million a year ago.
- It loses 22 cents on each $1 of sales, compared with 20 cents a year earlier.
- Spare cash over the past 12 months: $118 million, down from $124 million.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $148m |
| December 2024 | $159m |
| March 2025 | $136m |
| June 2025 | $152m |
| September 2025 | $162m |
| December 2025 | $173m |
| March 2026 | $173m |
| June 2026 | $180m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$18m |
| December 2024 | -$13m |
| March 2025 | -$36m |
| June 2025 | -$36m |
| September 2025 | -$30m |
| December 2025 | -$28m |
| March 2026 | -$37m |
| June 2026 | -$47m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 4 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
1 long-term investor we follow owns it, up from 0 last quarter. 351 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $16m | 0.1% | New |
Largest holders overall
- BlackRock$537mAdded
- Vanguard Portfolio Management$317m
- Vanguard Capital Management$209mCut
- Tremblant Capital Group$157mAdded
- Voya Investment Management$156mAdded
- Jacobs Levy Equity Management$140mAdded
- First Trust Advisors LP$134mAdded
- Neuberger Berman Group$130mAdded
- State Street$129mAdded
- Geode Capital Management$126mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor9.1%Since 30 June 2025
- Vanguard Portfolio ManagementPassive investor6.5%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.1% | 30 June 2025 | |
Vanguard Portfolio Management Passive investor | 6.5% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $1m of shares on the open market.
- Faitelson YakovCEO, President, Chairman, DirectorBought
- Date
- 9 February 2026
- Shares
- 26,725
- Price
- $22.41
- Value
- $598,907
- Bass DavidEVP Engineering & CTOBought
- Date
- 9 February 2026
- Shares
- 2,980
- Price
- $23.47
- Value
- $69,941
- GAVIN JOHN J JRDirectorBought
- Date
- 6 February 2026
- Shares
- 5,000
- Price
- $22.54
- Value
- $112,700
- Kess Avrohom J.DirectorBought
- Date
- 6 February 2026
- Shares
- 17,800
- Price
- $22.29
- Value
- $396,762
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 February 2026 | Faitelson Yakov CEO, President, Chairman, Director | Bought | 26,725 | $22.41 | $598,907 |
| 9 February 2026 | Bass David EVP Engineering & CTO | Bought | 2,980 | $23.47 | $69,941 |
| 6 February 2026 | GAVIN JOHN J JR Director | Bought | 5,000 | $22.54 | $112,700 |
| 6 February 2026 | Kess Avrohom J. Director | Bought | 17,800 | $22.29 | $396,762 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.