VRNS.US: Data security and the AI-feeding surface

Snapshot

Price

USD 24.7

Mkt cap

USD 2.9B

Revenue

USD 623.5M

Revenue YoY (approx)

0.1

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Varonis Systems Data security/DSPM: regulation often starts with 'what data may enter a model'. $624M still growing, but the 2026 tape already de-rated the name. Solid theme fit; scale and platform bundling are the constraints.

Business

Model: data-security subscriptions. Flagships: classification, entitlement tightening, DSPM/cloud data. Edge: unstructured-data depth. Strategy: from on-prem file servers into SaaS/cloud and the AI data plane.

Value chain

Mid-stack data security; upstream storage/SaaS (M365, object storage); downstream security/compliance and data owners. Risks: overlap with Purview and platform DSPM modules; small-cap liquidity.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 24.7	VRNS · 以包内 kpi_snapshot 时点为准

Valuation & return · ~3y

Interactive chart available in the reader.

Small/mid security software; sensitive to growth and profit expectations—already de-rated over the past year.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Volume: data-estate coverage and cloud customers; price: subscriptions; cost: S&M. OCF typically positive.

Key financials

Key financials

Item	Value	YoY	Note
CY2025 rev	~$624M	+13%	Still growing, not hyper
Gross margin	High 80s	—	Software
1Y tape (to 2026-03)	Deep drawdown	—	FA: ~-37%
AI hook	Training/feed data control	—	Regulation starts here

Competition

Peer strengths/weaknesses:

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
Varonis (self)	Data security/DSPM	High GM	Unstructured depth	Scale / bundle risk
Palo Alto	Platform DSPM+	FCF+	Bundle	Less data-native
Microsoft Purview	Compliance suite	N/A	M365 attach	Good enough for many
Rubrik	Data resilience	FCF turning	Recovery	Different job

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
CEO	Leadership (see proxy)	ongoing	Verify latest 10-K
CFO	CFO office	ongoing	Verify latest proxy
Founder influence	Historic founder culture	long	Data-security specialist

Stability: Specialist management; verify names in latest 10-K; no disclosed control change.

Outlook

Track cloud ARR, overlap with Microsoft/platforms, and contract mix from AI-data use cases.

Scenarios

Risks

Tracking

Observable items that would confirm or falsify this note:

• Cloud ARR growth
• Differentiation vs Purview
• Wins on AI/data-classification use cases

References

Issuer / key sources:

• https://ir.varonis.com/
• https://www.sec.gov/edgar

1. Latest company filings / IR (see issuer website)
2. Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
3. Related on-site notes via wiki-links in the body

Not investment advice; defer to latest company filings.