Varonis Systems
Financial ratios & Valuation

Forward Multiples (2025 – 2027)

202520262027
Price/Earnings ratio
-57.23-105.9391.40
Price/Sales ratio
10.268.908.08
Earnings per Share (EPS)
$-1.02$-0.55$0.64

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
-35.94-22.27-39.94-97.36-53.70-29.84-54.72-43.95-21.01-48.97-21.85-53.70
Price/Sales ratio
6.873.724.306.135.679.2417.5713.165.529.905.745.67
Price/Book Value ratio
7.335.678.5513.1212.2425.1354.698.615.2110.095.4225.13
Price/Cash Flow ratio
-98.05-173.6896.2881.5465.19-220.06-880.71715.63220.3883.17229.2665.19
Price/Free Cash Flow ratio
-73.82-65.24200.85120.79109.93-65.16-322.41-1.55K5.50K90.985.72K109.93
Price/Earnings Growth ratio
-0.173.341.864.28-0.57-0.18-3.66-3.99-7.772.53-2.76-0.18
Dividend Yield
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Profitability Indicator Ratios
Gross Profit Margin
90.22%90.55%90.36%90.39%89.75%86.17%84.87%84.77%85.25%85.62%85.25%86.17%
Operating Profit Margin
-17.07%-14.99%-9.54%-6.25%-10.77%-29.89%-26.79%-25.29%-25.59%-23.48%-25.59%-29.89%
Pretax Profit Margin
-18.76%-16.19%-10.08%-5.16%-10.42%-30.04%-29.34%-28.41%-23.39%-17.41%-23.39%-23.39%
Net Profit Margin
-19.13%-16.73%-10.76%-6.3%-10.57%-30.98%-32.11%-29.95%-26.28%-20.21%-26.28%-26.28%
Effective Tax Rate
-1.97%-3.33%-6.82%-21.88%-1.46%-3.12%-9.44%-5.43%-12.36%-16.10%-12.36%-3.12%
Return on Assets
-12.36%-12.88%-9.73%-5.89%-10.02%-24.74%-16.92%-10.54%-11.93%-9.14%-11.93%-24.74%
Return On Equity
-20.41%-25.46%-21.40%-13.48%-22.79%-84.21%-99.93%-19.58%-24.79%-20.60%-23.75%-84.21%
Return on Capital Employed
-16.70%-20.32%-16.76%-11.80%-21.01%-47.87%-21.03%-11.00%-14.87%-14.70%-14.87%-21.01%
Liquidity Ratios
Current Ratio
2.862.191.941.871.771.302.29N/AN/AN/A3.951.77
Quick Ratio
2.862.191.941.871.771.302.294.523.952.503.791.77
Cash ratio
1.430.690.540.480.330.431.283.801.600.751.600.33
Days of Sales Outstanding
136.86136.10120.36127.85114.91109.71119.48112.74110.32134.92104.79109.71
Days of Inventory outstanding
N/A0.000.00N/AN/AN/AN/AN/A0.000.00N/AN/A
Operating Cycle
136.86136.10120.36127.85114.91109.71119.48112.74110.32134.9225.83109.71
Days of Payables Outstanding
99.5479.3229.6711.1034.5410.357.0032.7115.483.4115.4810.35
Cash Conversion Cycle
37.3256.7890.68116.7480.3799.36112.4780.0394.83131.5089.3080.37
Debt Ratios
Debt Ratio
N/AN/AN/AN/AN/A0.170.490.260.290.270.510.51
Debt Equity Ratio
N/AN/AN/AN/AN/A0.602.900.490.610.611.071.07
Long-term Debt to Capitalization
N/AN/AN/AN/AN/A0.370.740.330.370.380.370.37
Total Debt to Capitalization
N/AN/AN/AN/AN/A0.370.740.330.370.38N/A0.37
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/A-42.58N/AN/AN/A-11.64N/A
Cash Flow to Debt Ratio
N/AN/AN/AN/AN/A-0.18-0.020.020.030.19N/A-0.18
Company Equity Multiplier
1.651.972.192.282.273.405.901.852.072.252.073.40
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
-0.07-0.020.040.070.08-0.04-0.010.010.020.110.020.02
Free Cash Flow / Operating Cash Flow Ratio
1.322.660.470.670.593.372.73-0.460.040.910.043.37
Cash Flow Coverage Ratio
N/AN/AN/AN/AN/A-0.18-0.020.020.030.19N/A-0.18
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Dividend Payout Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A