About Varonis Systems, Inc. - Common Stock Company overview from Wikipedia

Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data, identities, and activity to find and remediate data exposure in cloud and multi-cloud environments, and in software-as-a-service (SaaS) and infrastructure-as-a-service (IaaS) applications that include AWS, Azure, Google Cloud, Salesforce, ServiceNow, and databases.

History

Varonis Systems was founded in 2005 by Yaki Faitelson and Ohad Korkus to address security issues such as file activity tracking, information rights management, and access control. Prior to Varonis, Faitelson and Korkus worked at the global professional services and systems integration divisions of NetVision and NetApp.

Faitelson and Korkus invented a solution that would retrieve metadata contained in file systems. In 2005, Faitelson and Korkus filed a patent, “Automatic management of storage access control", which was granted in 2006.

Varonis IPO'ed on Nasdaq with the ticker symbol VRNS on February 28, 2014. Varonis raised capital from Accel Partners, Evergreen Venture Partners, Pitango Venture Capital, and EMC.

In 2021, Varonis Systems announced that it was expanding its operations and doubling its workforce in Cork.

In 2022 Varonis announced it would deliver its Data Security Platform as a SOC® 2-compliant SaaS, citing faster updates and improved features.

In 2023, Varonis added generative AI to its SaaS platform, allowing administrators to analyze and reduce investigation times.

In 2024, Varonis began supporting Microsoft Copilot with a solution that monitors and audits Copilot prompts and data access in real-time and detects abnormal interactions to identify those with malign intent or those without malign intent that yielded undesirable outcomes. Also that year, Varonis expanded its portfolio of products that monitor data access and detect potential breaches to offer a managed service to detect and respond to incidents.

In September 2024, the company announced new capabilities in its Salesforce Security Posture Management (SSPM) solution aimed at helping customers identify and eliminate data security risks automatically.

In November 2024, Varonis announced that it would be expanding its IaaS security coverage to the Google Cloud. The company’s 2024 10-K reported customers in 95 countries and a Q1 2025 relocation of its headquarters to Miami, Florida. In February 2025 it was reported that the company was set to accelerate and complete its SaaS transition by 2026, with a target of $737-$745 million ARR.

In 2025, Varonis introduced database activity monitoring capabilities and an anti-phishing product that uses a sandbox environment to identify malicious links in email.

Acquisitions

In 2020 the company made its first acquisition, Polyrize, a company that tracks users and the cloud data stores they use and gives them the ability to track where data is going.

In January 2025 the Calcalist reported Varonis was in advanced negotiations to acquire cyber startup Apex Security, whose investors include Sam Altman, founder and CEO of OpenAI, as well as the venture capital funds Sequoia and Index. The value of the deal was estimated at $30–40 million.

In March 2025, Varonis announced that it would be acquiring Cyral to improve database security using cloud-native, AI-driven technology.

Varonis acquired California-based start-up SlashNext, developer of an email security tool that uses AI to prevent phishing attacks, for $150 million in September 2025.

In February 2026, the company acquired AI start-up AllTrue.ai, which developed technology for monitoring and controlling AI, for $150 million.

Threat research

Varonis Threat Labs created a proof-of-concept called Cookie Bite that showed how access to Azure cloud could be obtained using persistent authorization session cookies that were capable of bypassing MFA requirements.

In December 2025, Varonis researchers reported Spiderman, an automated phishing campaign kit that mimics the login pages of multiple European banks.

In January 2026, Varonis' research unit disclosed a vulnerability called "Reprompt" in Microsoft Copilot Personal that could allow attackers to trick the AI tool into retrieving sensitive data using a "try twice" command.

Technology and Architecture

Varonis performs User Behavior Analytics (UBA) that identifies abnormal behavior from cyberattacks. Their software extracts metadata from an enterprise's IT infrastructure and uses this information to map relationships among employees, data objects, content, and usage. Through its Atlas platform, the company inventories and secures AI tools and systems to prevent data breaches, identify anomalous activity, and aid in compliance.

== References ==

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

VRNS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$44.16

Market Cap

$5.19B

P/E (TTM)

-39.1

EPS (TTM)

$-1.13

Revenue (TTM)

$624M

Div Yield

—

ROE

-27.5%

Debt/Equity

—

52W Range

$20 – $64

VRNS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $624M

2016-12-31 → 2025-12-31

EPS $-1.13

2019-12-31 → 2025-12-31

Free Cash Flow $135M

2016-12-31 → 2025-12-31

Margins -20.7%

2016-12-31 → 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

VRNS

Peer Median

P/E (TTM)

-39.1

34.3

P/S (TTM)

8.3

4.8

P/B

8.7

7.5

Price / FCF

38.5

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

VRNS

Peer Median

Gross Margin

78.8%

78.7%

Operating Margin

-23.5%

—

Net Profit Margin

-20.7%

11.8%

ROA

-7.5%

6.6%

ROE

-27.5%

19.5%

ROIC

-27.2%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

VRNS

Peer Median

Current Ratio

2.0

1.6

Quick Ratio

1.7

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

VRNS

Peer Median

Revenue YoY

13.2%

—

Revenue CAGR 3Y

9.6%

—

Revenue CAGR 5Y

16.3%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

VRNS

Peer Median

EPS (Diluted)

$-1.13

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

VRNS

Peer Median

VRNS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 30 analysts

Strong Buy 6 20.0%
Buy 17 56.7%
Hold 7 23.3%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

22 analysts · 2026-08-18

Median $52.50

Now $44.16

Low $28.00

High $60.00

Median target $52.50 +18.9%

Mean target $50.68 +14.8%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.05%

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$0.04	$0.01	0.03%
March 31, 2026	$0.06	$-0.05	0.11%
Dec. 31, 2025	$0.08	$0.03	0.05%
Sept. 30, 2025	$0.06	$0.06	0.00%
June 30, 2025	$0.03	$0.01	0.02%
March 31, 2025	$0.01	$-0.05	0.06%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
VRNS	$3.86B	-29.0	13.2%	-20.7%	-27.5%	78.8%
QLYS	$4.75B	24.4	10.1%	29.6%	37.1%	82.8%
NTSK	$0	-4.7	31.7%	-95.8%	325.4%	68.1%
CVLT	$3.21B	49.3	18.9%	6.0%	64.8%	81.2%
DLB	—	27.6	5.9%	18.9%	10.0%	88.1%
TENB	—	-78.4	11.0%	-3.6%	-10.7%	78.1%
ADEA	$1.88B	17.4	17.9%	25.1%	25.3%	—
TDC	$2.82B	22.5	-5.0%	7.8%	64.0%	59.4%
APPN	$2.62B	1771.0	17.8%	0.17%	-2.5%	72.5%
ATEN	$1.26B	31.0	11.0%	14.5%	20.3%	79.3%
MSFT	$2.77T	20.8	17.8%	40.3%	34.0%	67.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16

Annual Income Statement data for VRNS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$624M	$551M	$499M	$474M	$390M	$293M	$254M	$270M	$215M	$166M	$127M	$101M
Cost of Revenue	$132M	$94M	$72M	$70M	$59M	$44M	$35M	$28M	$21M	$16M	$12M	$10M
Gross Profit	$492M	$457M	$427M	$404M	$331M	$248M	$219M	$243M	$195M	$150M	$115M	$91M
R&D Expense	$238M	$197M	$184M	$178M	$138M	$99M	$81M	$70M	$47M	$37M	$32M	$28M
SG&A Expense	$99M	$89M	$83M	$72M	$61M	$48M	$44M	$33M	$27M	$20M	$16M	$12M
Operating Expenses	$638M	$575M	$545M	$525M	$429M	$327M	$295M	$272M	$208M	$162M	$134M	$109M
Operating Income	$-147M	$-118M	$-117M	$-121M	$-99M	$-78M	$-76M	$-29M	$-13M	$-12M	$-19M	$-17M
Other Non-op	$30M	$35M	$30M	$10M	$-12M	$-7M	$-389.0K	$970.0K	$2M	$-885.0K	$-2M	$-2M
Pretax Income	$-116M	$-83M	$-87M	$-111M	$-111M	$-86M	$-76M	$-28M	$-11M	$-13M	$-21M	$-19M
Income Tax	$13M	$13M	$14M	$14M	$6M	$8M	$2M	$413.0K	$3M	$1M	$686.0K	$376.0K
Net Income	$-129M	$-96M	$-101M	$-125M	$-117M	$-94M	$-79M	$-29M	$-14M	$-14M	$-21M	$-19M
EPS (Basic)	$-1.13	$-0.86	$-0.92	$-1.14	$-1.11	$-1.00	$-0.87	·	·	·	·	·
EPS (Diluted)	$-1.13	$-0.86	$-0.92	$-1.14	$-1.11	$-1.00	$-0.87	·	·	·	·	·
Shares (Basic)	114,413,076	111,660,541	109,141,894	109,281,368	105,305,957	94,336,893	90,772,230	·	·	·	·	·
Shares (Diluted)	114,413,076	111,660,541	109,141,894	109,281,368	105,305,957	94,336,893	90,772,230	·	·	·	·	·
EBITDA	$-134M	$-107M	$-106M	$-109M	$-88M	$-78M	$-76M	$-29M	$-14M	$-16M	$-19M	$-17M

Balance Sheet 24

Annual Balance Sheet data for VRNS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$202M	$186M	$231M	$368M	$806M	$234M	$69M	$49M	$57M	$48M	$49M	$77M
Short-term Investments	$681M	$343M	$253M	$236M	$0	$34M	$42M	$40M	$40M	$65M	$57M	$35M
Receivables	$243M	$193M	$169M	$136M	$117M	$94M	$75M	$83M	$76M	$54M	$47M	$38M
Prepaid Expense	$135M	$117M	$64M	$37M	$34M	$27M	$19M	$17M	$14M	$4M	$3M	$3M
Current Assets	$1.30B	$878M	$767M	$906M	$959M	$420M	$215M	$259M	$226M	$171M	$156M	$153M
PP&E (Net)	$36M	$31M	$34M	$39M	$38M	$37M	$36M	$17M	$12M	$10M	$8M	$4M
PP&E (Gross)	$92M	$82M	$79M	$80M	$72M	$62M	$53M	$29M	$20M	$17M	$14M	$8M
Accum. Depreciation	$56M	$51M	$46M	$41M	$34M	$25M	$16M	$12M	$8M	$7M	$6M	$4M
Goodwill	$135M	$23M	$23M	$23M	$23M	$23M	$0	·	·	·	·	·
Intangibles	$17M	$0	$1M	$3M	$4M	$6M	$0	·	·	·	·	·
Other Non-current Assets	$60M	$28M	$15M	$16M	$20M	$22M	$12M	$9M	$7M	$609.0K	$477.0K	$332.0K
Total Assets	$1.79B	$1.66B	$1.10B	$1.04B	$1.11B	$555M	$318M	$285M	$246M	$182M	$165M	$157M
Accounts Payable	$6M	$4M	$672.0K	$3M	$5M	$850.0K	$997.0K	$3M	$635.0K	$1M	$3M	$3M
Accrued Liabilities	·	·	·	·	·	·	·	·	·	·	$6M	$4M
Current Liabilities	$659M	$710M	$307M	$229M	$212M	$183M	$160M	$146M	$117M	$88M	$71M	$53M
Capital Leases	$60M	$43M	$51M	$58M	$69M	$55M	$57M	·	·	·	·	·
Other Non-current Liabilities	$8M	$3M	$5M	$5M	$4M	$3M	$3M	$7M	$8M	$7M	$6M	$4M
Common Stock	$118.0K	$113.0K	$109.0K	$108.0K	$108.0K	$95.0K	$31.0K	$30.0K	$28.0K	$27.0K	$26.0K	$25.0K
Paid-in Capital	$1.44B	$1.19B	$1.14B	$1.06B	$1.02B	$395M	$311M	$267M	$224M	$189M	$172M	$162M
Retained Earnings	$-869M	$-740M	$-644M	$-543M	$-428M	$-311M	$-217M	$-138M	$-109M	$-106M	$-88M	$-67M
AOCI	$23M	$3M	$-9M	$-10M	$6M	$9M	$-449.0K	$-4M	$136.0K	$-479.0K	$-331.0K	$-326.0K
Stockholders' Equity	$599M	$456M	$490M	$502M	$597M	$94M	$94M	$125M	$115M	$96M	$84M	$95M
Liabilities + Equity	$1.79B	$1.66B	$1.10B	$1.04B	$1.11B	$555M	$318M	$285M	$246M	$182M	$165M	$157M
Shares Outstanding	117,546,852	112,550,156	109,103,721	107,673,052	107,509,096	95,456,862	30,583,311	29,576,880	28,146,162	26,821,762	26,069,154	24,685,604

Cash Flow 15

Annual Cash Flow data for VRNS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$12M	$11M	$12M	$12M	$11M	$10M	$6M	·	·	·	·	·
Stock-based Comp	$130M	$127M	$140M	$143M	$110M	$69M	$46M	$35M	$20M	$13M	$8M	$5M
Deferred Tax	$252.0K	$18.0K	$86.0K	$258.0K	$1M	$-960.0K	$91.0K	$-1M	$172.0K	$182.0K	·	·
Amort. of Intangibles	$1M	$1M	$2M	$2M	$2M	$264.0K	·	·	·	·	·	·
Other Non-cash	$134M	$73M	$9M	$-19M	$2M	·	·	·	·	·	·	·
Operating Cash Flow	$147M	$115M	$59M	$12M	$7M	$-6M	$-11M	$24M	$16M	$7M	$-3M	$-7M
CapEx	$13M	$7M	$5M	$11M	$10M	$10M	$25M	$10M	$5M	$4M	$5M	$2M
Investing Cash Flow	$-837.0K	$-532M	$-143M	$-374M	$54M	$-55M	$33M	$-40M	$-20M	$-12M	$-27M	·
Stock Issued	·	·	$0	$0	$500M	$0	$0	·	·	·	·	·
Stock Repurchased	$115M	$0	$44M	$56M	$0	$0	·	·	·	·	·	·
Net Stock Activity	$-115M	$0	$-44M	$-56M	$500M	·	·	·	·	·	·	·
Financing Cash Flow	$-130M	$372M	$-53M	$-76M	$510M	$226M	$-2M	$8M	$12M	$4M	$2M	·
Net Change in Cash	$17M	$-45M	$-137M	$-438M	$572M	$165M	$20M	$-9M	$8M	$-905.0K	$-27M	$67M
Taxes Paid	$4M	·	·	·	·	·	·	·	·	·	·	·
Free Cash Flow	$135M	$109M	$54M	$475.0K	$-3M	$-16M	$-36M	$14M	$11M	$4M	$-7M	$-9M

Profitability 8

Annual Profitability data for VRNS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	78.8%	83.0%	85.6%	85.3%	84.8%	84.9%	86.2%	89.8%	90.4%	90.4%	90.5%	90.2%
Operating Margin	-23.5%	-21.3%	-23.5%	-25.6%	-25.3%	-26.8%	-29.9%	-10.8%	-6.3%	-9.5%	-15.0%	-17.1%
Net Margin	-20.7%	-17.4%	-20.2%	-26.3%	-29.9%	-32.1%	-31.0%	-10.6%	-6.3%	-10.8%	-16.7%	-19.1%
Pretax Margin	-18.7%	-15.1%	-17.4%	-23.4%	-28.4%	-29.3%	-30.0%	-10.4%	-5.2%	-10.1%	-16.2%	-18.8%
EBITDA Margin	-21.5%	-19.3%	-21.1%	-23.0%	-22.5%	-26.8%	-29.9%	-10.8%	-6.3%	-9.5%	-15.0%	-17.1%
ROA	-7.5%	-6.9%	-9.4%	-11.6%	-14.1%	-21.5%	-26.1%	-10.8%	-6.6%	-10.2%	-13.2%	-19.0%
ROE	-27.5%	-21.7%	-21.6%	-24.1%	-19.9%	-106.2%	-82.3%	-24.3%	-13.9%	-21.3%	-23.8%	-74.6%
ROIC	-27.2%	-29.8%	-27.8%	-27.1%	-17.4%	-91.2%	-83.8%	-23.6%	-16.3%	-20.3%	-23.6%	-18.6%

Liquidity & Solvency 2

Annual Liquidity & Solvency data for VRNS
Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio		2.0	1.2	2.5	4.0	4.5	2.3	1.3	1.8	1.9	1.9	2.2	2.9
Quick Ratio		1.7	1.0	2.1	3.2	4.4	2.0	1.2	1.4	1.8	1.9	2.2	2.8

Efficiency 2

Annual Efficiency data for VRNS
Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover		0.4	0.4	0.5	0.4	0.5	0.7	0.8	1.0	1.1	0.9	0.8	1.0
Receivables Turnover		2.9	3.0	3.3	3.7	3.7	3.5	3.2	3.4	3.4	3.2	3.0	3.1

Per Share 5

Annual Per Share data for VRNS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$5.09	$4.05	$4.49	$4.66	$5.55	$2.96	$3.06	$4.24	$3.61	$3.08	$3.21	$3.85
Revenue / Share	$5.45	$4.93	$4.57	$4.33	$3.70	·	·	·	·	·	·	·
Cash Flow / Share	$1.29	$1.03	$0.54	$0.11	$0.07	·	·	·	·	·	·	·
Cash / Share	$1.72	$1.65	$2.11	$3.42	$7.49	$7.36	$2.25	$1.65	$2.01	$1.80	$1.89	$3.10
EPS (TTM)	$-1.13	$-0.86	$-0.92	$-1.14	$-1.11	$-1.00	$-0.87	·	·	·	·	·

Growth Rates 3

Annual Growth Rates data for VRNS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	13.2%	10.4%	5.4%	21.4%	33.3%	·	·	·	·	·	·	·
Revenue CAGR 3Y	9.6%	12.2%	19.5%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	16.3%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 10

Annual Valuation (TTM) data for VRNS
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$624M	$551M	$499M	$474M	$390M	$293M	$254M	$270M	$215M	$166M	$127M	$101M
Net Income TTM	$-129M	$-96M	$-101M	$-125M	$-117M	$-94M	$-79M	$-29M	$-14M	$-14M	$-21M	$-19M
Market Cap	$3.86B	$5.00B	$4.94B	$2.58B	$5.24B	$1.74B	$792M	$522M	$455M	$240M	$163M	$270M
P/E	-29.0	-51.7	-49.2	-21.0	-43.9	-54.5	-29.8	·	·	·	·	·
P/S	6.2	9.1	9.9	5.4	13.4	5.9	3.1	1.9	2.1	1.4	1.3	2.7
P/B	6.4	11.0	10.1	5.1	8.8	18.4	8.5	4.2	4.5	2.9	2.0	2.8
P / Tangible Book	8.6	11.6	10.6	5.4	9.2	26.7	·	·	·	·	·	·
P / Cash Flow	26.2	43.4	83.1	217.1	730.6	-297.0	-74.2	22.2	27.9	32.6	-59.9	-38.0
P / FCF	28.6	46.1	91.0	5426.7	-1583.4	-108.7	-22.0	37.4	41.3	68.0	-22.5	-28.6
Earnings Yield	-3.5%	-1.9%	-2.0%	-4.8%	-2.3%	-1.8%	-3.4%	·	·	·	·	·

Income Statement 16

Quarterly Income Statement data for VRNS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$180M	$173M	$173M	$162M	$152M	$136M	$159M	$148M	$130M	$114M	$154M	$122M	$115M	$107M	$143M	$123M
Cost of Revenue	$45M	$42M	$37M	$35M	$31M	$29M	$26M	$24M	$22M	$21M	$19M	$17M	$17M	$18M	$17M	$17M
Gross Profit	$136M	$132M	$137M	$126M	$121M	$107M	$132M	$124M	$108M	$93M	$135M	$105M	$98M	$90M	$126M	$106M
R&D Expense	$73M	$70M	$65M	$63M	$56M	$54M	$51M	$53M	$45M	$48M	$48M	$45M	$46M	$45M	$45M	$44M
SG&A Expense	$24M	$26M	$24M	$26M	$25M	$24M	$23M	$23M	$22M	$21M	$21M	$21M	$21M	$20M	$19M	$17M
Operating Expenses	$176M	$176M	$167M	$162M	$157M	$151M	$150M	$148M	$137M	$140M	$140M	$134M	$138M	$133M	$136M	$132M
Operating Income	$-41M	$-44M	$-30M	$-36M	$-37M	$-44M	$-18M	$-24M	$-29M	$-48M	$-5M	$-29M	$-40M	$-43M	$-10M	$-26M
Other Non-op	$-763.0K	$4M	$5M	$8M	$5M	$12M	$8M	$10M	$8M	$9M	$5M	$9M	$8M	$8M	$4M	$2M
Pretax Income	$-41M	$-40M	$-25M	$-28M	$-32M	$-32M	$-10M	$-13M	$-21M	$-39M	$189.0K	$-21M	$-31M	$-35M	$-6M	$-23M
Income Tax	$5M	$-3M	$3M	$2M	$4M	$4M	$3M	$5M	$3M	$1M	$1M	$3M	$7M	$3M	$5M	$6M
Net Income	$-47M	$-37M	$-28M	$-30M	$-36M	$-36M	$-13M	$-18M	$-24M	$-40M	$-898.0K	$-23M	$-39M	$-38M	$-11M	$-29M
EPS (Basic)	$-0.41	$-0.32	$-0.23	$-0.26	$-0.32	$-0.32	$-0.12	$-0.16	$-0.21	$-0.37	$-0.01	$-0.21	$-0.35	$-0.35	$-0.10	$-0.26
EPS (Diluted)	$-0.41	$-0.32	$-0.23	$-0.26	$-0.32	$-0.32	$-0.12	$-0.16	$-0.21	$-0.37	$-0.01	$-0.21	$-0.35	$-0.35	$-0.10	$-0.26
Shares (Basic)	114,818,267	115,788,061	-225,267,272	114,974,455	112,054,715	112,651,178	-222,483,151	112,268,210	111,885,305	109,990,177	-218,415,519	109,429,722	109,740,289	108,387,402	-218,595,491	109,996,589
Shares (Diluted)	114,818,267	115,788,061	-225,267,272	114,974,455	112,054,715	112,651,178	-222,483,151	112,268,210	111,885,305	109,990,177	-218,415,519	109,429,722	109,740,289	108,387,402	-218,595,491	109,996,589
EBITDA	$-41M	$-40M	·	$-36M	$-37M	$-41M	·	$-24M	$-29M	$-45M	·	$-29M	$-40M	$-40M	·	$-26M

Balance Sheet 23

Quarterly Balance Sheet data for VRNS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$234M	$179M	$202M	$157M	$199M	$153M	$186M	$282M	$155M	$147M	·	$111M	$399M	$249M	·	$754M
Short-term Investments	$426M	$568M	$681M	$514M	$572M	$415M	$343M	$563M	$427M	$356M	·	$338M	$277M	$281M	·	$25M
Receivables	$151M	$157M	$243M	$143M	$150M	$124M	$193M	$119M	$122M	$100M	·	$111M	$104M	$75M	·	$92M
Prepaid Expense	$148M	$139M	$135M	$111M	$111M	$85M	$117M	$76M	$66M	$59M	·	$50M	$48M	$44M	·	$35M
Current Assets	$997M	$1.08B	$1.30B	$961M	$1.07B	$818M	$878M	$1.07B	$816M	$708M	·	$686M	$905M	$876M	·	$917M
PP&E (Net)	$40M	$40M	$36M	$35M	$33M	$31M	$31M	$29M	$30M	$32M	·	$34M	$37M	$38M	·	$38M
PP&E (Gross)	·	·	$92M	·	·	·	$82M	·	·	·	·	·	·	·	·	·
Accum. Depreciation	$0	·	$56M	·	·	·	$51M	·	·	·	·	·	·	·	·	·
Goodwill	$215M	$217M	$135M	$135M	$40M	$40M	$23M	$23M	$23M	$23M	·	$23M	$23M	$23M	·	$23M
Intangibles	$56M	$57M	$17M	$17M	$6M	$6M	$0	$119.0K	$500.0K	$881.0K	·	$2M	$2M	$2M	·	$3M
Other Non-current Assets	$71M	$70M	$60M	$62M	$62M	$47M	$28M	$17M	$15M	$15M	·	$16M	$16M	$16M	·	$19M
Total Assets	$1.65B	$1.63B	$1.79B	$1.67B	$1.62B	$1.58B	$1.66B	$1.52B	$1.09B	$1.05B	·	$1.02B	$1.04B	$1.01B	·	$1.06B
Accounts Payable	$12M	$11M	$6M	$5M	$7M	$6M	$4M	$1M	$3M	$3M	·	$1M	$680.0K	$708.0K	·	$6M
Current Liabilities	$606M	$639M	$659M	$532M	$771M	$710M	$710M	$594M	$334M	$297M	·	$267M	$255M	$217M	·	$209M
Capital Leases	$63M	$58M	$60M	$60M	$40M	$41M	$43M	$44M	$45M	$48M	·	$51M	$54M	$56M	·	$59M
Other Non-current Liabilities	$72M	$8M	$8M	$9M	$11M	$8M	$3M	$4M	$5M	$5M	·	$8M	$8M	$6M	·	$7M
Common Stock	$115.0K	$115.0K	$118.0K	$118.0K	$112.0K	$113.0K	$113.0K	$112.0K	$112.0K	$112.0K	·	$109.0K	$110.0K	$110.0K	·	$110.0K
Paid-in Capital	$1.37B	$1.34B	$1.44B	$1.43B	$1.14B	$1.14B	$1.19B	$1.16B	$1.18B	$1.15B	·	$1.11B	$1.11B	$1.08B	·	$1.08B
Retained Earnings	$-953M	$-906M	$-869M	$-842M	$-812M	$-776M	$-740M	$-727M	$-709M	$-685M	·	$-643M	$-620M	$-582M	·	$-533M
AOCI	$27M	$21M	$23M	$18M	$14M	$-1M	$3M	$-4M	$-11M	$-9M	·	$-23M	$-18M	$-14M	·	$-12M
Stockholders' Equity	$444M	$454M	$599M	$605M	$341M	$368M	$456M	$429M	$459M	$452M	$490M	$445M	$471M	$481M	$502M	$532M
Liabilities + Equity	$1.65B	$1.63B	$1.79B	$1.67B	$1.62B	$1.58B	$1.66B	$1.52B	$1.09B	$1.05B	·	$1.02B	$1.04B	$1.01B	·	$1.06B
Shares Outstanding	114,853,875	114,814,150	117,546,852	117,897,308	112,047,109	112,882,608	112,550,156	112,422,071	112,179,617	111,589,110	·	108,953,058	109,818,559	109,791,863	·	110,213,856

Cash Flow 13

Quarterly Cash Flow data for VRNS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$7M	$4M	$4M	$3M	$3M	$2M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	$4M	$3M
Stock-based Comp	$35M	$34M	$33M	$32M	$34M	$32M	$33M	$32M	$30M	$32M	$32M	$33M	$39M	$36M	$35M	$34M
Amort. of Intangibles	$3M	$2M	$545.0K	$312.0K	$170.0K	$26.0K	$120.0K	$381.0K	$381.0K	$381.0K	$381.0K	$382.0K	$381.0K	$381.0K	$-762.0K	$1M
Other Non-cash	·	$54M	·	·	·	$69M	·	·	·	$62M	·	·	·	$36M	·	·
Operating Cash Flow	$25M	$55M	$25M	$33M	$21M	$68M	$24M	$22M	$12M	$57M	$10M	$6M	$6M	$37M	$3M	$-2M
CapEx	$4M	$5M	$4M	$3M	$3M	$2M	$4M	$1M	$819.0K	$297.0K	$2M	$342.0K	$1M	$1M	$4M	$2M
Investing Cash Flow	$36M	$63M	$36M	$-82M	$70M	$-25M	$-119M	$-296M	$-5M	$-112M	$110M	$-263M	$152M	$-143M	$-332M	$-2M
Stock Issued	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$0
Stock Repurchased	$0	$135M	$15M	$0	$39M	$61M	$0	$0	$0	$0	$0	$36M	$5M	$3M	$56M	$0
Net Stock Activity	·	$-135M	·	·	·	$-61M	·	·	·	$0	·	·	·	$-3M	·	·
Financing Cash Flow	$-7M	$-142M	$-15M	$6M	$-45M	$-75M	$-1M	$400M	$2M	$-28M	$-1M	$-31M	$-8M	$-14M	$-58M	$5M
Net Change in Cash	$54M	$-23M	$45M	$-42M	$46M	$-32M	$-97M	$127M	$8M	$-84M	$120M	$-288M	$151M	$-119M	$-386M	$1M
Free Cash Flow	·	$50M	·	·	·	$66M	·	·	·	$56M	·	·	·	$36M	·	·

Profitability 8

Quarterly Profitability data for VRNS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Gross Margin	75.3%	76.0%	·	78.2%	79.5%	78.7%	·	83.8%	82.8%	81.3%	·	85.8%	84.9%	83.6%	·	86.1%
Operating Margin	-22.6%	-25.7%	·	-22.2%	-24.0%	-32.1%	·	-16.0%	-22.1%	-41.8%	·	-23.8%	-34.4%	-40.2%	·	-20.8%
Net Margin	-26.0%	-21.3%	·	-18.5%	-23.5%	-26.2%	·	-12.4%	-18.4%	-35.5%	·	-18.8%	-33.5%	-35.7%	·	-23.3%
Pretax Margin	-23.0%	-23.1%	·	-17.4%	-20.8%	-23.3%	·	-9.0%	-15.8%	-34.3%	·	-16.8%	-27.1%	-32.9%	·	-18.8%
EBITDA Margin	-22.6%	-23.2%	·	-22.2%	-24.0%	-30.3%	·	-16.0%	-22.1%	-39.2%	·	-23.8%	-34.4%	-37.5%	·	-20.8%
ROA	-2.9%	-2.3%	·	-1.9%	-2.6%	-2.7%	·	-1.4%	-2.2%	-3.9%	·	-2.2%	-3.7%	-3.7%	·	-2.7%
ROE	-11.9%	-9.0%	·	-5.8%	-8.9%	-8.7%	·	-4.2%	-5.1%	-8.7%	·	-4.7%	-7.8%	-7.5%	·	-5.2%
ROIC	-10.3%	-9.0%	·	-6.3%	-12.1%	-13.4%	·	-7.5%	-7.3%	-10.9%	·	-7.4%	-10.4%	-9.7%	·	-6.0%

Liquidity & Solvency 2

Quarterly Liquidity & Solvency data for VRNS
Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio		1.6	1.7	·	1.8	1.4	1.2	·	1.8	2.4	2.4	·	2.6	3.6	4.0	·	4.4
Quick Ratio		1.3	1.4	·	1.5	1.2	1.0	·	1.6	2.1	2.0	·	2.1	3.1	2.8	·	4.2

Efficiency 2

Quarterly Efficiency data for VRNS
Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1
Receivables Turnover		1.2	1.2	·	1.2	1.1	1.2	·	1.3	1.2	1.3	·	1.2	1.2	1.5	·	1.5

Per Share 5

Quarterly Per Share data for VRNS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$3.87	$3.95	·	$5.13	$3.05	$3.26	·	$3.81	$4.09	$4.05	·	$4.08	$4.29	$4.38	·	$4.83
Revenue / Share	$1.57	$1.50	·	$1.41	$1.36	$1.21	·	$1.32	$1.17	$1.04	·	$1.12	$1.05	$0.99	·	$1.12
Cash Flow / Share	·	$0.48	·	·	·	$0.60	·	·	·	$0.52	·	·	·	$0.34	·	·
Cash / Share	$2.03	$1.56	·	$1.33	$1.78	$1.36	·	$2.51	$1.39	$1.32	·	$1.02	$3.64	$2.26	·	$6.84
EPS (TTM)	$-1.31	$-1.22	·	$-1.06	$-1.01	$-1.06	·	$-0.95	$-1.14	$-1.28	·	$-1.17	$-1.29	$-1.39	·	$-1.26

Valuation (TTM) 10

Quarterly Valuation (TTM) data for VRNS
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$667M	$623M	·	$598M	$567M	$529M	·	$515M	$482M	$459M	·	$468M	$458M	$438M	·	$431M
Net Income TTM	$-149M	$-138M	·	$-120M	$-114M	$-119M	·	$-106M	$-126M	$-141M	·	$-129M	$-142M	$-152M	·	$-137M
Market Cap	$4.82B	$2.47B	·	$6.78B	$5.69B	$4.57B	·	$6.35B	$5.38B	$5.26B	·	$3.33B	$2.93B	$2.86B	·	$2.92B
P/E	-32.0	-17.6	·	-54.2	-50.2	-38.2	·	-59.5	-42.1	-36.9	·	-26.1	-20.7	-18.7	·	-21.0
P/S	7.2	4.0	·	11.3	10.0	8.6	·	12.3	11.2	11.5	·	7.1	6.4	6.5	·	6.8
P/B	10.8	5.4	·	11.2	16.7	12.4	·	14.8	11.7	11.6	·	7.5	6.2	5.9	·	5.5
P / Tangible Book	27.8	13.7	·	15.0	19.2	14.2	·	15.7	12.4	12.3	·	7.9	6.6	6.3	·	5.8
P / Cash Flow	·	44.8	·	·	·	67.1	·	·	·	92.8	·	·	·	77.5	·	·
P / FCF	·	49.2	·	·	·	69.5	·	·	·	93.3	·	·	·	79.9	·	·
Earnings Yield	-3.1%	-5.7%	·	-1.8%	-2.0%	-2.6%	·	-1.7%	-2.4%	-2.7%	·	-3.8%	-4.8%	-5.3%	·	-4.8%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$624M	$551M	$499M	$474M	$390M
Gross Margin %	78.8%	83.0%	85.6%	85.3%	84.8%
Operating Margin %	-23.5%	-21.3%	-23.5%	-25.6%	-25.3%
Net Income	$-129M	$-96M	$-101M	$-125M	$-117M
Diluted EPS	$-1.13	$-0.86	$-0.92	$-1.14	$-1.11

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Current Ratio	2.0	1.2	2.5	4.0	4.5
Quick Ratio	1.7	1.0	2.1	3.2	4.4

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$135M	$109M	$54M	$475.0K	$-3M

Latest News Recent headlines mentioning this company

Varonis Systems (VRNS) is One of the Best Cybersecurity Stocks to Invest in, Here is Why Yahoo Finance · 3 months, 3 weeks ago

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Institutional owners (13F) 396 filers · $3.4B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
108 (+53 vs prior Q)	37 (-32 vs prior Q)	128 (+5 vs prior Q)	80 (-9 vs prior Q)	+10.5M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
VANGUARD PORTFOLIO MANAGEMENT LLC	$317,436,379	7,565,214	9.38%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$209,230,309	4,986,423	6.18%	Shares
TREMBLANT CAPITAL GROUP	$157,343,286	3,749,840	4.65%	Shares
JACOBS LEVY EQUITY MANAGEMENT, INC	$139,794,901	3,331,623	4.13%	Shares
FIRST TRUST ADVISORS LP	$134,212,332	3,198,578	3.97%	Shares
STATE STREET CORP	$128,514,584	3,062,788	3.80%	Shares
NEUBERGER BERMAN GROUP LLC	$126,340,575	3,019,674	3.73%	Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$123,758,335	2,949,436	3.66%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$107,991,515	2,573,152	3.19%	Shares
RGM Capital, LLC	$103,651,050	3,160,093	3.06%	Shares
Clearbridge Investments, LLC	$97,979,609	2,335,072	2.89%	Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$95,270,000	2,270,501	2.81%	Shares
AMERICAN CAPITAL MANAGEMENT INC	$94,061,900	2,241,704	2.78%	Shares
Stephens Investment Management Group LLC	$90,587,948	2,158,912	2.68%	Shares
UBS Group AG	$71,135,627	1,695,320	2.10%	Call option
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$66,631,431	1,587,975	1.97%	Shares
CADIAN CAPITAL MANAGEMENT, LP	$66,535,678	1,585,693	1.97%	Shares
AQR CAPITAL MANAGEMENT LLC	$64,221,752	1,530,547	1.90%	Shares
Senvest Management, LLC	$53,325,999	1,270,877	1.58%	Shares
GOLDMAN SACHS GROUP INC	$49,772,490	1,186,189	1.47%	Shares
TWO SIGMA INVESTMENTS, LP	$47,395,498	1,129,540	1.40%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$43,293,027	1,031,769	1.28%	Shares
EMERALD ADVISERS, LLC	$35,296,458	841,193	1.04%	Shares
VANGUARD FIDUCIARY TRUST CO	$34,260,088	816,494	1.01%	Shares
MILLENNIUM MANAGEMENT LLC	$32,531,378	775,295	0.96%	Shares
AXA Investment Managers S.A.	$29,390,158	511,400	0.87%	Shares
TWO SIGMA ADVISERS, LP	$27,453,600	837,000	0.81%	Shares
Thematics Asset Management	$24,982,037	434,697	0.74%	Shares
Connor, Clark & Lunn Investment Management Ltd.	$23,638,753	563,364	0.70%	Shares
EMERALD MUTUAL FUND ADVISERS TRUST	$23,324,809	555,882	0.69%	Shares
Balyasny Asset Management L.P.	$22,386,583	533,522	0.66%	Shares
GFS Advisors, LLC	$20,871,276	125	0.62%	Shares
Verition Fund Management LLC	$20,775,487	495,126	0.61%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$18,709,964	445,900	0.55%	Call option
Oribel Capital Management, LP	$18,634,436	444,100	0.55%	Shares
Oribel Capital Management, LP	$18,634,436	444,100	0.55%	Put option
BANK OF AMERICA CORP /DE/	$17,053,887	406,432	0.50%	Shares
ROYCE & ASSOCIATES LP	$16,130,095	384,416	0.48%	Shares
Kopion Asset Management, LLC	$16,032,412	382,088	0.47%	Shares
THAMES CAPITAL MANAGEMENT LLC	$15,998,551	381,281	0.47%	Shares
HERALD INVESTMENT MANAGEMENT Ltd	$15,968,370	380,834	0.47%	Shares
FMR LLC	$15,463,896	368,539	0.46%	Shares
WELLINGTON MANAGEMENT GROUP LLP	$14,398,532	343,149	0.43%	Shares
BARCLAYS PLC	$12,690,550	302,444	0.37%	Shares
Alyeska Investment Group, L.P.	$12,634,072	301,098	0.37%	Shares
CAPITAL FUND MANAGEMENT S.A.	$12,332,967	293,922	0.36%	Shares
Verition Fund Management LLC	$12,294,280	293,000	0.36%	Call option
BlackRock, Inc.	$12,018,057	286,417	0.36%	Shares
PEREGRINE CAPITAL MANAGEMENT LLC	$11,719,806	279,309	0.35%	Shares
CITADEL ADVISORS LLC	$11,644,026	277,503	0.34%	Shares
Qube Research & Technologies Ltd	$11,509,502	274,297	0.34%	Shares
Vident Advisory, LLC	$10,342,846	246,493	0.31%	Shares
DIMENSIONAL FUND ADVISORS LP	$9,778,149	233,035	0.29%	Shares
Swiss National Bank	$9,397,110	223,954	0.28%	Shares
IEQ CAPITAL, LLC	$8,594,877	204,835	0.25%	Shares
VICTORY CAPITAL MANAGEMENT INC	$8,488,592	202,302	0.25%	Shares
Public Sector Pension Investment Board	$8,412,980	200,500	0.25%	Shares
Schonfeld Strategic Advisors LLC	$7,832,714	186,671	0.23%	Shares
Erste Asset Management GmbH	$7,657,000	190,000	0.23%	Shares
BW Gestao de Investimentos Ltda.	$7,483,062	178,338	0.22%	Shares
CITADEL ADVISORS LLC	$7,359,784	175,400	0.22%	Call option
Universal- Beteiligungs- und Servicegesellschaft mbH	$7,186,488	171,270	0.21%	Shares
STATE OF WISCONSIN INVESTMENT BOARD	$7,093,548	169,055	0.21%	Shares
DEUTSCHE BANK AG\	$6,670,675	158,977	0.20%	Shares
PANAGORA ASSET MANAGEMENT INC	$6,527,633	155,568	0.19%	Shares
NICHOLAS COMPANY, INC.	$6,459,742	153,950	0.19%	Shares
MIROVA	$6,294,000	150,000	0.19%	Shares
RHUMBLINE ADVISERS	$6,293,017	149,977	0.19%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$6,239,452	148,700	0.18%	Put option
IQ EQ FUND MANAGEMENT (IRELAND) Ltd	$6,232,822	148,542	0.18%	Shares
CITIGROUP INC	$6,107,488	145,555	0.18%	Shares
Nuveen, LLC	$6,087,389	145,076	0.18%	Shares
ALGERT GLOBAL LLC	$5,780,410	137,760	0.17%	Shares
JANE STREET GROUP, LLC	$5,636,864	134,339	0.17%	Shares
PINEBRIDGE INVESTMENTS LLC	$5,488,158	130,795	0.16%	Shares
EFG Asset Management (North America) Corp.	$5,269,192	91,670	0.16%	Shares
PEAK6 LLC	$5,245,000	125,000	0.15%	Put option
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	$5,232,412	124,700	0.15%	Shares
Ion Asset Management Ltd.	$5,172,300	90,000	0.15%	Shares
KORNITZER CAPITAL MANAGEMENT INC /KS	$5,041,536	120,151	0.15%	Shares
RENAISSANCE TECHNOLOGIES LLC	$4,942,888	117,800	0.15%	Shares
Focus Partners Wealth	$4,928,413	117,455	0.15%	Shares
Jain Global LLC	$4,895,557	116,672	0.14%	Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	$4,553,038	108,509	0.13%	Shares
Mariner, LLC	$4,381,096	104,425	0.13%	Shares
VANGUARD ASSET MANAGEMENT, Ltd	$4,376,932	104,312	0.13%	Shares
Walleye Trading LLC	$4,368,036	104,100	0.13%	Call option
Quantinno Capital Management LP	$4,259,050	101,502	0.13%	Shares
Intellectus Partners, LLC	$4,094,289	97,576	0.12%	Shares
Concentric Capital Strategies, LP	$4,092,191	97,526	0.12%	Shares
MILLENNIUM MANAGEMENT LLC	$4,091,100	97,500	0.12%	Call option
CITADEL ADVISORS LLC	$4,057,532	96,700	0.12%	Put option
Point72 Asset Management, L.P.	$3,956,828	94,300	0.12%	Call option
WESBANCO BANK INC	$3,700,872	88,200	0.11%	Shares
Nuveen Asset Management, LLC	$3,558,177	80,085	0.11%	Shares
TRILLIUM ASSET MANAGEMENT, LLC	$3,476,912	82,862	0.10%	Shares
Zurcher Kantonalbank (Zurich Cantonalbank)	$3,433,881	81,837	0.10%	Shares
SOROS FUND MANAGEMENT LLC	$3,356,800	80,000	0.10%	Shares
BOOTHBAY FUND MANAGEMENT, LLC	$3,143,727	74,922	0.09%	Shares
AMERIPRISE FINANCIAL INC	$2,996,700	71,418	0.09%	Shares

Company insiders 23 insiders · 7 officers · 13 directors

Insider	Role	Last activity	Shares owned	Net 12m
Yakov Faitelson	CEO, President, Chairman	May 10, 2024 M	1,452,922	$0
Guy Melamed	CFO and COO	Feb. 8, 2024 S	645,876	$0
Eric Mann	Chief Operating Officer	March 1, 2017 F	77,164	$0
David Bass	EVP Engineering and CTO	Feb. 9, 2024 S	639,297	$0
Dov Gottlieb	VP and General Counsel	Feb. 8, 2024 S	227,654	$0
James O'Boyle	SVP of Worldwide Sales	Feb. 7, 2024 A	646,987	$0
Gilad Raz	CIO & VP of Technical Services	Feb. 3, 2022 A	248,656	$0
Ohad Korkus	Director	May 10, 2024 M	118,556	$0
Avrohom J. Kess	Director	Feb. 12, 2024 P	23,262	$0
Ofer Segev	Director	Feb. 9, 2024 S	75,682	$0
Thomas F Mendoza	Director	Feb. 9, 2024 G	56,860	$0
Carlos Aued	Director	May 3, 2023 A	14,682	$0
Rachel Prishkolnik	Director	May 3, 2023 A	17,373	$0
Gili Iohan	Director	May 3, 2023 A	38,763	$0
Fred Van Den Bosch	Director	May 3, 2023 A	129,325	$0
Kevin E Comolli	Director	May 3, 2023 A	30,663	$0
John J Gavin JR	Director	May 3, 2023 A	260,325	$0
Rona Segev-Gal	Director	May 7, 2020 A	12,914	$0
Erez Shachar	Director	March 9, 2015 S	3,762,799	$0
JPMorgan Direct Venture Capital Institutional Investors IV LLC	10% owner	March 5, 2014 C	818,854	$0
J.P. Morgan Digital Growth Fund L.P.	10% owner	March 5, 2014 C	852,974	$0
J.P. Morgan Investment Management Inc.	10% owner	March 5, 2014 C	21,595	$0
EMC CORP	10% owner	March 5, 2014 C	1,217,354	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 54 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
IHAK · iShares Trust	4.63%	1,181,614 SH	Aug. 8, 2026	Daily
BUG · Global X Funds	4.34%	1,492,368 NS	May 31, 2026	N-PORT
PSWD · DBX ETF Trust	4.21%	10,942 NS	May 29, 2026	N-PORT
MMSC · First Trust Exchange-Traded Fund VI…	0.54%	8,292 NS	May 31, 2026	N-PORT
IWO · iShares Trust	0.30%	1,036,758 SH	Aug. 8, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.28%	122,205 SH	Aug. 8, 2026	Daily
MSSM · MORGAN STANLEY PATHWAY FUNDS	0.27%	60,746 NS	May 31, 2026	N-PORT
ANEW · ProShares Trust	0.20%	462 NS	May 31, 2026	N-PORT
TMFX · RBB Fund, Inc.	0.20%	1,856 NS	May 31, 2026	N-PORT
IGV · iShares Trust	0.17%	560,319 SH	Aug. 8, 2026	Daily
BBSC · J.P. Morgan Exchange-Traded Fund Tr…	0.16%	45,152 NS	April 30, 2026	N-PORT
IWM · iShares Trust	0.15%	2,896,646 SH	Aug. 8, 2026	Daily
ISCG · iShares Trust	0.15%	35,746 SH	Aug. 8, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	0.15%	657,707 SH	Aug. 8, 2026	Daily
BKSE · BNY Mellon ETF Trust	0.13%	4,057 NS	April 30, 2026	N-PORT
VBK · VANGUARD INDEX FUNDS	0.13%	1,441,663 SH	Aug. 8, 2026	Daily
ITWO · ProShares Trust	0.10%	5,475 NS	May 31, 2026	N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust	0.10%	64,188 SH	Aug. 8, 2026	Daily
RSSL · Global X Funds	0.09%	50,471 NS	April 30, 2026	N-PORT
SCHA · SCHWAB STRATEGIC TRUST	0.08%	562,728 NS	May 31, 2026	N-PORT
GINN · Goldman Sachs ETF Trust	0.08%	4,958 NS	May 31, 2026	N-PORT
TECB · iShares Trust	0.08%	8,614 SH	Aug. 8, 2026	Daily
ISCB · iShares Trust	0.08%	5,109 SH	Aug. 8, 2026	Daily
SMLF · iShares Trust	0.07%	71,242 SH	Aug. 8, 2026	Daily
VGT · VANGUARD WORLD FUND	0.07%	2,809,898 SH	Aug. 8, 2026	Daily
TRFK · Pacer Funds Trust	0.07%	15,631 NS	April 30, 2026	N-PORT
ESML · iShares Trust	0.07%	45,279 SH	Aug. 8, 2026	Daily
UWM · ProShares Trust	0.06%	4,282 NS	May 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.05%	1,316,998 SH	Aug. 8, 2026	Daily
VB · VANGUARD INDEX FUNDS	0.05%	2,499,143 SH	Aug. 8, 2026	Daily
FTEC · FIDELITY COVINGTON TRUST	0.05%	307,632 NS	April 30, 2026	N-PORT
WSML · iShares Trust	0.04%	6,668 SH	Aug. 8, 2026	Daily
URTY · ProShares Trust	0.04%	4,327 NS	May 31, 2026	N-PORT
GSSC · Goldman Sachs ETF Trust	0.02%	7,059 NS	May 31, 2026	N-PORT
JSTC · Tidal Trust I	0.02%	2,130 NS	May 31, 2026	N-PORT
IGM · iShares Trust	0.02%	53,881 SH	Aug. 8, 2026	Daily
HDG · ProShares Trust	0.02%	109 NS	May 31, 2026	N-PORT
ONEQ · Fidelity Commonwealth Trust	0.01%	35,030 NS	May 31, 2026	N-PORT
DFAS · Dimensional ETF Trust	0.01%	58,767 NS	April 30, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.01%	3,462,892 SH	Aug. 8, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.01%	9,421 SH	Aug. 8, 2026	Daily
ESGV · VANGUARD WORLD FUND	0.01%	25,177 SH	Aug. 8, 2026	Daily
ITOT · iShares Trust	0.01%	162,304 SH	Aug. 8, 2026	Daily
IYY · iShares Trust	0.01%	4,892 SH	Aug. 8, 2026	Daily
IWV · iShares Trust	0.01%	30,722 SH	Aug. 8, 2026	Daily
SCHK · SCHWAB STRATEGIC TRUST	0.01%	9,771 NS	May 31, 2026	N-PORT
SCHB · SCHWAB STRATEGIC TRUST	0.01%	71,326 NS	May 31, 2026	N-PORT
TILT · FlexShares Trust	0.01%	4,217 NS	April 30, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.00%	1,029 NS	April 30, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.00%	2,409 NS	April 30, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.00%	5,753 NS	April 30, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.00%	725 NS	April 30, 2026	N-PORT
DFSU · Dimensional ETF Trust	0.00%	149 NS	April 30, 2026	N-PORT
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	0.00%	94,524 SH	Aug. 8, 2026	Daily

About Varonis Systems, Inc. - Common Stock Company overview from Wikipedia

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Institutional owners (13F) 396 filers · $3.4B total · As of June 30, 2026

Company insiders 23 insiders · 7 officers · 13 directors

ETF ownership Held by 54 ETFs