VRNSVARONIS SYSTEMS INC
Services-Prepackaged Software
- Revenue
- $624M
- 13% YoY
- Operating margin
- -23.5%
- 10% YoY
- EBITDA
- −$134M
- 26% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired21% of revenueOver 10% of revenue
- Payouts exceed cash flowClear78% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear13% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $390M | $474M | $499M | $551M | $624M | 13% |
| Operating income | −$99M | −$121M | −$117M | −$118M | −$147M | 25% |
| Net income | −$117M | −$125M | −$101M | −$96M | −$129M | 35% |
| Operating cash flow | $7M | $12M | $59M | $115M | $147M | 28% |
| Capex | $10M | $11M | $5M | $7M | $13M | 89% |
| Stock-based comp | $110M | $143M | $140M | $127M | $130M | 2.8% |
| Buybacks | $0 | $56M | $44M | $0 | $115M |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $14M | −$4M | 60 | 258 |
| FY2024 | $15M | $20M | 81 | 201 |
| FY2023 | $14M | $51M | 83 | 147 |
| FY2022 | $10M | −$9M | 44 | 89 |
| FY2021 | $10M | $13M | 89 | 138 |