Varonis Systems Inc. (VRNS) intrinsic value & 10-year financials
Varonis Systems Inc. (VRNS) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 15.8% a year to $623.5M, with an average return on invested capital of 342.8%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $48.72
- Market cap
- $5.6B
- Revenue (FY2025)
- $623.5M
- Revenue growth (10-yr CAGR)
- 15.8%
- ROIC (10-yr avg)
- 342.8%
- Free cash flow (FY2025)
- $134.8M
VRNS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $623.5M | -$129.3M | -$1.13 | $134.8M | -23.5% | -38.1% |
| FY2024 | $551.0M | -$95.8M | -$0.86 | $108.5M | -21.4% | -37.8% |
| FY2023 | $499.2M | -$100.9M | -$0.92 | $54.3M | -23.5% | -46.7% |
| FY2022 | $473.6M | -$124.5M | -$1.14 | $475.0K | -25.6% | -471.0% |
| FY2021 | $390.1M | -$116.9M | -$1.11 | -$3.3M | -25.3% | 87.4% |
| FY2020 | $292.7M | -$94.0M | -$1.00 | -$16.0M | -26.8% | 4086.2% |
| FY2019 | $254.2M | -$78.8M | — | -$36.1M | -29.9% | -93.1% |
| FY2018 | $270.3M | -$28.6M | — | $14.0M | -10.8% | -25.7% |
| FY2017 | $215.4M | -$13.7M | — | $11.0M | -6.3% | -14.8% |
| FY2016 | $165.9M | -$17.7M | — | $3.5M | -9.5% | -19.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
VARONIS SYSTEMS INC is a consistent compounder, expanding top-line revenue at 15.9% annually over the past decade.
VARONIS SYSTEMS INC has historically struggled to out-earn its cost of capital, averaging just -15.2% ROIC.
VARONIS SYSTEMS INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, VARONIS SYSTEMS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-37.53 per share.