Varonis Systems, Inc.

NasdaqGS:VRNS Stock Report

Market Cap: US$3.2b

Varonis Systems Future Growth

Future criteria checks 1/6

Varonis Systems is forecast to grow earnings and revenue by 37.2% and 13.1% per annum respectively. EPS is expected to grow by 46.6% per annum. Return on equity is forecast to be 17.8% in 3 years.

Key information

37.2%

Earnings growth rate

46.62%

EPS growth rate

Software earnings growth19.0%
Revenue growth rate13.1%
Future return on equity17.80%
Analyst coverage

Good

Last updated30 Apr 2026

Recent future growth updates

Recent updates

Seeking Alpha • Apr 30

Varonis Systems: Potential For Topline Growth To Accelerate

Summary Varonis Systems has successfully completed its SaaS transition, driving accelerated revenue growth and improved non-GAAP profitability. VRNS now focuses on new customer acquisition and upselling, with SaaS ARR excluding conversions up 29% y/y to $522.6 million. AI and data security demand are broadening VRNS's platform adoption, with notable wins and early traction in new products like Atlas and Interceptor. I maintain a bullish rating on VRNS, targeting ~$61 per share, expecting revenue growth to accelerate to 25% by FY2028. Read the full article on Seeking Alpha
Narrative Update • Apr 23

VRNS: AI Data Security Demand Will Support SaaS Transition Repricing

Analysts have nudged the price target for Varonis Systems slightly lower to $33.43, reflecting a modestly higher discount rate and ongoing recalibration of expectations after a series of reduced Street targets, along with mixed views on the company’s SaaS transition and data security demand ahead of broader AI adoption. Analyst Commentary Recent Street research on Varonis Systems reflects a split view, with a cluster of price target cuts and downgrades balanced by fresh positive coverage and upgrades.
Narrative Update • Apr 06

VRNS: AI Data Security Demand Will Support Post SaaS Transition Recovery

Analysts have trimmed their average price target on Varonis Systems by clustering a series of cuts that collectively pull targets down by up to $30 per share, citing concerns about intensifying data security competition and nearer term earnings risk, even as some still see value in exposure to AI driven demand into 2026. Analyst Commentary Street research on Varonis Systems over the past few months reflects a split view, with several firms cutting price targets or ratings while others highlight potential upside tied to AI related data security demand and the company’s positioning into 2026.
Narrative Update • Mar 22

VRNS: AI Data Security Demand Will Drive Post SaaS Transition Upside

Analysts have reset their blended price target on Varonis Systems to $28. This reflects cautious updates to earnings assumptions during its SaaS transition, while still highlighting growing data security demand ahead of broader AI adoption.
Narrative Update • Mar 07

VRNS: AI Data Security Demand And SaaS Transition Will Drive Future Upside

Analysts have nudged their blended price target for Varonis Systems slightly lower to about $33.90 from $34.20, reflecting a mix of reduced Street targets and fresh positive views on data security demand ahead of broader AI adoption. Analyst Commentary Street research on Varonis reflects a split view, with some firms cutting targets and ratings while others see the current share price as an entry point tied to growing data security needs and AI related use cases.
Narrative Update • Feb 21

VRNS: AI Security And SaaS Transition Will Support Future Upside Potential

Analysts have adjusted their price targets on Varonis Systems, with some cutting targets by $7 to $30, while one firm issued an upgrade. These moves reflect mixed views on competition in data security, earnings risk, and interest from potential strategic or financial sponsors.
Analysis Article • Feb 11

Some Varonis Systems, Inc. (NASDAQ:VRNS) Shareholders Look For Exit As Shares Take 26% Pounding

Varonis Systems, Inc. ( NASDAQ:VRNS ) shareholders that were waiting for something to happen have been dealt a blow...
Narrative Update • Feb 07

VRNS: AI Security Demand And SaaS Transition Will Drive Future Upside

Analysts have cut their average price targets on Varonis Systems, reflected in a lower fair value estimate from US$49.60 to US$34.20. A wide group of firms has reset expectations following recent target reductions, even as they continue to debate growth, profitability assumptions and an updated future P/E of about 48x.
Narrative Update • Jan 23

VRNS: SaaS And AI Security Transition Will Drive Future Upside

Analysts have trimmed their price targets on Varonis Systems by about $8 on recent reports, citing weaker on prem renewal trends, competitive pressures in data security, and uncertainty around the on prem end of life decision, even as interest in cloud, identity, and AI driven security remains in focus. Analyst Commentary Recent research on Varonis reflects a split view, with some focusing on execution risks around the on prem business and others highlighting potential upside tied to SaaS, AI centric offerings, and possible corporate interest.
Narrative Update • Jan 09

VRNS: SaaS And AI Security Demand Will Support Future Upside

Analysts have trimmed their fair value estimate for Varonis Systems to about $50.15 from $51.84, reflecting lower Street price targets clustered around $45 to $50 as they weigh weaker on-prem renewals against ongoing SaaS traction, AI-related demand, and potential sponsor interest. Analyst Commentary Recent research around Varonis reflects a split view, with analysts weighing solid SaaS progress and AI interest against pressure from weaker on prem renewals and a more mixed read on execution.
Narrative Update • Dec 24

VRNS: SaaS And GenAI Demand Will Drive Future Upside

Analysts have modestly trimmed their price targets on Varonis Systems, with the consensus fair value estimate easing by about $1 to roughly $52, as they balance solid SaaS momentum and secular cybersecurity tailwinds against weaker on prem renewal trends, a conservative outlook, and valuation concerns. Analyst Commentary Street research around Varonis reflects a divided but generally constructive view, with recent target cuts offsetting earlier, more optimistic revisions that followed strong SaaS execution and expectations for growth acceleration.
Narrative Update • Dec 10

VRNS: SaaS Transition Will Drive Future Upside Despite On Prem Renewal Headwinds

Varonis Systems' analyst price target has been reduced by approximately $20 to a consolidated $50, as analysts factor in weaker on prem renewal trends and a more conservative outlook, despite continued confidence in the long term SaaS transition and secular cybersecurity demand. Analyst Commentary Recent Street research reflects a more balanced but still constructive view on Varonis, as analysts recalibrate price targets in light of softer on prem renewals while acknowledging the company’s progress in its SaaS transition and exposure to structural cybersecurity demand.
Narrative Update • Nov 25

VRNS: Revenue Upside Will Follow SaaS Transition And End Of On-Prem Solutions

Analysts have lowered their average price target on Varonis Systems by approximately $10, citing weaker on-prem renewal rates, a mixed quarterly outlook, and ongoing uncertainty related to the company's transition away from legacy solutions. Analyst Commentary Analyst sentiment on Varonis Systems is currently divided, with both optimistic and cautious perspectives in reaction to the company's Q3 performance and ongoing business transition.
Narrative Update • Nov 11

VRNS: Future Revenue Acceleration Is Expected With SaaS Shift Completion

Analysts have lowered their price target for Varonis Systems from approximately $66 to around $53 per share. They cite mixed third-quarter results, weaker on-premise renewal rates, and heightened uncertainty as the company continues its shift to SaaS solutions.
Analysis Article • Oct 30

Some Confidence Is Lacking In Varonis Systems, Inc. (NASDAQ:VRNS) As Shares Slide 45%

Varonis Systems, Inc. ( NASDAQ:VRNS ) shareholders that were waiting for something to happen have been dealt a blow...
Narrative Update • Oct 28

SaaS Transition And AI Advancements Will Drive Next Era Of Data Security

Analysts have modestly raised their price target for Varonis Systems to $65.90 from $63.48. This reflects ongoing confidence in the company's SaaS transition and anticipated growth drivers such as GenAI and Managed Data Detection and Response offerings.
Narrative Update • Oct 13

Global AI Trends And Cyber Threats Will Reshape Data Security

The average analyst price target for Varonis Systems has risen modestly by about $1. This reflects increased confidence in the company’s SaaS transition, robust demand for data security, and anticipated operating improvements in the coming years.
Analysis Article • Sep 02

Subdued Growth No Barrier To Varonis Systems, Inc.'s (NASDAQ:VRNS) Price

Varonis Systems, Inc.'s ( NASDAQ:VRNS ) price-to-sales (or "P/S") ratio of 11.1x might make it look like a strong sell...
Narrative Update • Aug 27

Global AI Trends And Cyber Threats Will Reshape Data Security

Analysts have raised Varonis Systems' price target from $60.85 to $62.10, citing strong SaaS migration execution, accelerating demand for data security, and optimism around future growth and margins driven by increased AI adoption. Analyst Commentary Bullish analysts highlight robust demand for data security solutions driven by industry trends and rising prioritization of identity and data protection within enterprise budgets.
Analysis Article • Jul 14

Does Varonis Systems (NASDAQ:VRNS) Have A Healthy Balance Sheet?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • May 29

Estimating The Fair Value Of Varonis Systems, Inc. (NASDAQ:VRNS)

Key Insights The projected fair value for Varonis Systems is US$51.88 based on 2 Stage Free Cash Flow to Equity Current...
Analysis Article • Apr 28

There's Reason For Concern Over Varonis Systems, Inc.'s (NASDAQ:VRNS) Price

Varonis Systems, Inc.'s ( NASDAQ:VRNS ) price-to-sales (or "P/S") ratio of 8.6x might make it look like a strong sell...
Analysis Article • Apr 07

Varonis Systems (NASDAQ:VRNS) Is Carrying A Fair Bit Of Debt

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
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New Narrative • Mar 20

Accelerated SaaS Transition And AI Demand Will Drive Customer Acquisition By 2025

Accelerated transition to a SaaS model boosts customer retention and sales efficiency, positively impacting revenue and cash flow.
Seeking Alpha • Feb 24

Varonis: MDDR - Second Line Of Defense Plays Second Fiddle To Other Cybersecurity Functions

Summary Varonis is fairly valued with strong differentiation but lacks the high growth I seek, leading me to rate it a hold. Varonis specializes in data visibility and ransomware protection, but its MDDR acts as a second line of defense, reducing its priority. The transition to SaaS will enhance cross-selling, reduce churn, and improve customer lifetime value. Despite high gross margins and no net debt, Varonis' second-line defense position and slower response times, than the fastest ransomware, present significant risks. Read the full article on Seeking Alpha
Seeking Alpha • Feb 10

Varonis Systems: Share Price Weakness Is Not Due To Poor Demand

Summary I maintain a buy rating on Varonis Systems, despite the recent share price drop due to short-term concerns over flat ARR growth and weaker margins. VRNS's SaaS transition is ahead of schedule, and expected to be completed by FY25, which should drive strong growth acceleration and profitability improvements post-transition. AI-driven security solutions like MDDR and CoPilot are gaining traction, contributing to higher ASPs and larger deal sizes, indicating robust long-term demand. With strong customer retention rates and new business momentum, VRNS's current valuation presents an attractive entry point for patient investors. Read the full article on Seeking Alpha
Analysis Article • Feb 09

Analysts Are Updating Their Varonis Systems, Inc. (NASDAQ:VRNS) Estimates After Its Yearly Results

It's been a sad week for Varonis Systems, Inc. ( NASDAQ:VRNS ), who've watched their investment drop 11% to US$40.59 in...
Analysis Article • Jan 21

Investor Optimism Abounds Varonis Systems, Inc. (NASDAQ:VRNS) But Growth Is Lacking

With a price-to-sales (or "P/S") ratio of 9.1x Varonis Systems, Inc. ( NASDAQ:VRNS ) may be sending very bearish...
Analysis Article • Dec 31

Varonis Systems, Inc.'s (NASDAQ:VRNS) Intrinsic Value Is Potentially 62% Above Its Share Price

Key Insights The projected fair value for Varonis Systems is US$71.25 based on 2 Stage Free Cash Flow to Equity Varonis...
Seeking Alpha • Dec 15

Varonis Systems: Price Drop Is An Attractive Entry Point As Fundamentals Remain Strong

Summary I reiterate a buy rating for Varonis Systems (VRNS) as the recent share price dip to $48 presents an attractive entry point for investors. VRNS fundamentals remain strong with accelerating revenue growth, improving EBITDA margins, and successful SaaS transition, despite slight weakness in the Federal sector. The new MDDR product drives SaaS adoption and growth, offering strong protection against ransomware, and is a key catalyst for future expansion. Read the full article on Seeking Alpha
Analysis Article • Dec 05

Is Now The Time To Look At Buying Varonis Systems, Inc. (NASDAQ:VRNS)?

While Varonis Systems, Inc. ( NASDAQ:VRNS ) might not have the largest market cap around , it received a lot of...
Seeking Alpha • Oct 11

Varonis Systems: 3 Factors That Make It A Buy

Summary I recommend Varonis Systems as a 'Buy' due to re-accelerating revenue growth, strong price momentum, and significant insider buying. Despite having not produced an operating profit, Varonis is already generating close to $100 million of cash from operations. Varonis' premium valuation is justified by projected revenue growth, strong price momentum, and substantial insider share purchases, indicating confidence in the stock's undervaluation. Read the full article on Seeking Alpha
Analysis Article • Sep 23

Varonis Systems, Inc.'s (NASDAQ:VRNS) Intrinsic Value Is Potentially 25% Below Its Share Price

Key Insights Using the 2 Stage Free Cash Flow to Equity, Varonis Systems fair value estimate is US$42.10 Varonis...
Analysis Article • Aug 18

Varonis Systems, Inc.'s (NASDAQ:VRNS) Share Price Not Quite Adding Up

You may think that with a price-to-sales (or "P/S") ratio of 11.9x Varonis Systems, Inc. ( NASDAQ:VRNS ) is a stock to...

Earnings and Revenue Growth Forecasts

NasdaqGS:VRNS - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20281,013-501811646
12/31/2027867-12515717421
12/31/2026735-15110312021
3/31/2026660-130116134N/A
12/31/2025624-129132147N/A
9/30/2025609-115131147N/A
6/30/2025595-103117136N/A
3/31/2025573-91111126N/A
12/31/2024551-96102115N/A
9/30/2024547-8490101N/A
6/30/2024521-888285N/A
3/31/2024506-1037579N/A
12/31/2023499-1015459N/A
9/30/2023488-1114652N/A
6/30/2023489-1163744N/A
3/31/2023485-1141524N/A
12/31/2022474-125012N/A
9/30/2022458-139-59N/A
6/30/2022435-133-86N/A
3/31/2022412-130-211N/A
12/31/2021390-117-37N/A
9/30/2021359-111714N/A
6/30/2021335-107816N/A
3/31/2021313-98211N/A
12/31/2020293-94-16-6N/A
9/30/2020270-90-32-14N/A
6/30/2020259-87-44-24N/A
3/31/2020252-88-44-21N/A
12/31/2019254-79N/A-11N/A
9/30/2019269-58N/A-3N/A
6/30/2019271-48N/A6N/A
3/31/2019273-36N/A20N/A
12/31/2018270-29N/A24N/A
9/30/2018256-28N/A22N/A
6/30/2018242-24N/A29N/A
3/31/2018229-17N/A25N/A
12/31/2017215-14N/A16N/A
9/30/2017197-17N/A14N/A
6/30/2017184-18N/A12N/A
3/31/2017174-19N/A10N/A
12/31/2016166-14N/A7N/A
9/30/2016154-19N/A6N/A
6/30/2016144-19N/A5N/A
3/31/2016135-19N/A1N/A
12/31/2015127-21N/A-3N/A
9/30/2015117-24N/A-7N/A
6/30/2015111-26N/A-12N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: VRNS is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: VRNS is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: VRNS is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: VRNS's revenue (13.1% per year) is forecast to grow faster than the US market (11.4% per year).

High Growth Revenue: VRNS's revenue (13.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: VRNS's Return on Equity is forecast to be low in 3 years time (17.8%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/07 12:22
End of Day Share Price 2026/05/07 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Varonis Systems, Inc. is covered by 34 analysts. 21 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Shrenik KothariBaird
Raimo LenschowBarclays
Saket KaliaBarclays