VARONIS SYSTEMS INC
VRNS · Services-Prepackaged Software · 114.8M shares · +5%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$96M (gross $44M, SBC $140M)
Reference price $22.41 · est. market cap ~$2.6B — last insider purchase, 2026-02-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C62Data-security SaaS mid cloud transition — GAAP losses but positive free cash flow and strong bookings growth.
Strengths
- Positive FCF — $134.8M (43rd)
- Strong earnings trajectory — net income +35.0% (81st)
- Adequate liquidity — current ratio 1.97 (62nd)
Risks
- GAAP losses — ROE -21.6% (17th), ROA -7.2%
- Stock-comp-heavy model during SaaS transition — per 10-K
- Competitive data-security market — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $1.1B cash & investments
- Insider buyingInsider buying — 4 open-market buy(s) by 4 insider(s) (cluster of 4 insiders, ~$1M, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-21.6%
Return on assets
-7.2%
Revenue growth (QoQ)
63.5%
Current ratio
2.0×
Free cash flow
$135M
EBITDA
-$134M
Tangible book value
$447M
Cash & investments
$1.1B
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-31 | Gottlieb Dov | Tax withheld | 9.3K | $34.15 |
| 2026-05-22 | Melamed Guy | Tax withheld | 104K | $23.10 |
| 2026-04-30 | COMOLLI KEVIN E | Grant | 7.2K | — |
| 2026-04-30 | GAVIN JOHN J JR | Grant | 7.2K | — |
| 2026-04-30 | Iohan Gili | Grant | 7.2K | — |
| 2026-04-30 | Kess Avrohom J. | Grant | 7.2K | — |
| 2026-04-30 | MENDOZA THOMAS F | Grant | 7.2K | — |
| 2026-04-30 | Prishkolnik Rachel | Grant | 7.2K | — |
| 2026-04-30 | Segev Ofer | Grant | 7.2K | — |
| 2026-04-30 | VAN DEN BOSCH FRED | Grant | 7.2K | — |
| 2026-04-30 | Korkus Ohad | Grant | 7.2K | — |
| 2026-04-30 | Aued Carlos | Grant | 7.2K | — |
| 2026-02-27 | Faitelson Yakov | Tax withheld | 370K | $23.10 |
| 2026-02-27 | Gottlieb Dov | Tax withheld | 20K | $23.10 |
| 2026-02-27 | Pomeroy Greg | Tax withheld | 33K | $23.10 |
| 2026-02-09 | Faitelson Yakov | Buy | 27K | $22.41 |
| 2026-02-09 | Faitelson Yakov | Gift | 47K | — |
| 2026-02-09 | Faitelson Yakov | Gift | 32K | — |
| 2026-02-09 | Bass David | Buy | 3.0K | $23.47 |
| 2026-02-09 | Faitelson Yakov | Gift | 87K | — |
| 2026-02-06 | Melamed Guy | Grant | 125K | — |
| 2026-02-06 | Gottlieb Dov | Grant | 66K | — |
| 2026-02-06 | Pomeroy Greg | Grant | 75K | — |
| 2026-02-06 | Faitelson Yakov | Grant | 316K | — |
| 2026-02-06 | Bass David | Grant | 169K | — |
| 2026-02-06 | GAVIN JOHN J JR | Buy | 5.0K | $22.54 |
| 2026-02-06 | Kess Avrohom J. | Buy | 18K | $22.29 |
| 2026-02-02 | Faitelson Yakov | Grant | 162K | — |
| 2026-02-02 | Melamed Guy | Grant | 71K | — |
| 2026-02-02 | Bass David | Grant | 64K | — |
| 2026-02-02 | Pomeroy Greg | Grant | 23K | — |
| 2026-02-02 | Gottlieb Dov | Grant | 12K | — |
| 2025-09-11 | Faitelson Yakov | Gift | 55K | — |
| 2025-09-11 | Faitelson Yakov | Gift | 32K | — |
| 2025-08-29 | Melamed Guy | Sell | 1.5K | $59.59 |
| 2025-08-28 | Melamed Guy | Sell | 3.9K | $59.52 |
| 2025-08-22 | Melamed Guy | Sell | 10K | $59.53 |
| 2025-08-13 | Melamed Guy | Sell | 43K | $57.72 |
| 2025-08-01 | VAN DEN BOSCH FRED | Sell | 3.0K | $55.08 |
| 2025-08-01 | Melamed Guy | Sell | 52K | $55.10 |
| 2025-06-04 | VAN DEN BOSCH FRED | Sell | 6.0K | $50.00 |
| 2025-06-02 | Gottlieb Dov | Tax withheld | 18K | $47.68 |
| 2025-05-08 | Segev Ofer | Grant | 4.2K | — |
| 2025-05-08 | VAN DEN BOSCH FRED | Grant | 4.2K | — |
| 2025-05-08 | Prishkolnik Rachel | Grant | 4.2K | — |
| 2025-05-08 | Aued Carlos | Grant | 4.2K | — |
| 2025-05-08 | COMOLLI KEVIN E | Grant | 4.2K | — |
| 2025-05-08 | GAVIN JOHN J JR | Grant | 4.2K | — |
| 2025-05-08 | Iohan Gili | Grant | 4.2K | — |
| 2025-05-08 | Kess Avrohom J. | Grant | 4.2K | — |
| 2025-05-08 | Korkus Ohad | Grant | 4.2K | — |
| 2025-05-08 | MENDOZA THOMAS F | Grant | 4.2K | — |
| 2025-03-27 | Melamed Guy | Tax withheld | 135K | $42.97 |
| 2025-03-04 | Faitelson Yakov | Tax withheld | 82K | $42.97 |
| 2025-03-04 | Gottlieb Dov | Tax withheld | 16K | $42.97 |
| 2025-03-04 | Pomeroy Greg | Tax withheld | 35K | $42.97 |
| 2025-02-06 | Faitelson Yakov | Grant | 162K | — |
| 2025-02-06 | Melamed Guy | Grant | 71K | — |
| 2025-02-06 | Bass David | Grant | 96K | — |
| 2025-02-06 | Pomeroy Greg | Grant | 45K | — |
| 2025-02-06 | Gottlieb Dov | Grant | 37K | — |
| 2025-02-03 | Faitelson Yakov | Grant | 201K | — |
| 2025-02-03 | Melamed Guy | Grant | 88K | — |
| 2025-02-03 | Bass David | Grant | 72K | — |
| 2025-02-03 | Gottlieb Dov | Grant | 15K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-02 | Exec/director changeShareholder vote | filing ↗ |
| 2026-04-28 | ResultsExhibits | filing ↗ |
| 2026-02-03 | ResultsExhibits | filing ↗ |
| 2025-10-28 | ResultsExhibits | filing ↗ |
| 2025-09-02 | Reg FDExhibits | filing ↗ |
| 2025-07-29 | ResultsExhibits | filing ↗ |
| 2025-06-06 | Exec/director changeShareholder vote | filing ↗ |
| 2025-05-06 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-02 | 2026-06-01 | 0001171843-26-003887 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0001628280-26-028411 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001171843-26-002774 ↗ |
| 10-K | 2026-02-04 | 2025-12-31 | 0001628280-26-005450 ↗ |
| 8-K | 2026-02-03 | 2026-02-03 | 0001171843-26-000602 ↗ |
| 10-Q | 2025-10-29 | 2025-09-30 | 0001628280-25-047145 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001171843-25-006721 ↗ |
| 8-K | 2025-09-02 | 2025-08-28 | 0001171843-25-005663 ↗ |
| 10-Q | 2025-07-30 | 2025-06-30 | 0001628280-25-036728 ↗ |
| 8-K | 2025-07-29 | 2025-07-29 | 0001171843-25-004781 ↗ |
| 8-K | 2025-06-06 | 2025-06-05 | 0001171843-25-003769 ↗ |
| 10-Q | 2025-05-07 | 2025-03-31 | 0001628280-25-023196 ↗ |