Is the business good?
How good a business is VRNS?
Varonis Systems, Inc. keeps −22% of every revenue dollar as operating profit, against 6.1% for the median Software - Infrastructure name.
−22%
Operating margin · Software - Infrastructure median 6.1% · 12 months to Q2 2026
- Share count, year on year
- +2.5%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 39%
R&D as % of revenue
- Gross margin
- 77%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −27% |
| FY2021 | −25% |
| FY2022 | −26% |
| FY2023 | −23% |
| FY2024 | −21% |
| FY2025 | −24% |
Details›
- Gross margin12 months to Q2 2026
- 77%
- Operating margin12 months to Q2 2026
- −22%
- Net margin12 months to Q2 2026
- −21%
- Free cash flow margin
- 18%
- R&D as % of revenue
- 39%
- Revenue, trailing twelve months
- $688M
- Free cash flow, trailing twelve months
- $122M
- Net income, trailing twelve months
- −$141M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Software - Infrastructure
Ranks #35 of 78 by Smart Score