Varonis Systems, Inc. (VRNS) Balance Sheet
VRNS balance sheet, 2025
December 31, 2025 · U.S. dollars$1.79B assets = $1.19B liabilities + $598.7M equity
Both columns are drawn to the same scale: what VRNS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VRNS financial health
Descriptive bands, not a rating. Fiscal 2025.
VRNS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $181.8M2016 | $1.79B2025 | +28.9%/yr | |
| Total liabilities | $99.1M2016 | $1.19B2025 | +31.8%/yr | |
| Shareholders’ equity | $82.7M2016 | $598.7M2025 | +24.6%/yr | |
| Cash & short-term investments | $113.9M2016 | $921.0M2025 | +26.1%/yr | |
| Total debt | $27.4M2016 | $571.8M2025 | +40.2%/yr | |
| Net cash (debt) | $86.6M2016 | $349.2M2025 | +$262.7M | |
| Working capital | $82.8M2016 | $639.6M2025 | +$556.8M | |
| Book value per share | $1.042016 | $4.632025 | +18.0%/yr | |
| Current ratio | 1.942016 | 1.972025 | +0.03 | |
| Debt / equity | 0.332016 | 0.962025 | +0.62 | |
| Shares outstanding | 79.2M2016 | 129.2M2025 | +5.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VRNS assets
VRNS liabilities and equity
VRNS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VRNS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $921.0M | $568.4M | $533.7M | $732.5M | $807.6M | $298.3M | $120.5M | $158.9M | $136.6M | $113.9M |
| Cash & equivalents | $202.5M | $185.6M | $230.7M | $367.8M | $805.8M | $234.1M | $68.9M | $48.7M | $56.7M | $48.3M |
| Short-term investments | $718.5M | $382.8M | $303.0M | $364.7M | $1.9M | $64.2M | $51.5M | $110.2M | $79.9M | $65.6M |
| Receivables | $289.3M | $236.6M | $184.5M | $143.2M | $117.2M | $95.8M | $76.4M | $85.1M | $76.1M | $54.2M |
| Inventory | $0 | −$34.1M | $1 | $1 | $31.1M | $0 | $0 | $0 | $0 | $1 |
| Other current assets | $88.2M | $73.0M | $27.2M | $10.6M | $3.3M | $11.6M | $8.0M | $7.0M | $6.4M | $2.9M |
| Total current assets | $1.30B | $843.9M | $745.5M | $886.3M | $959.2M | $405.7M | $204.8M | $251.0M | $219.1M | $171.1M |
| Property, plant & equipment (net) | $93.7M | $76.4M | $85.8M | $95.8M | $102.0M | $85.1M | $91.4M | $17.3M | $11.9M | $9.9M |
| Goodwill & intangible assets | $152.0M | $23.1M | $24.4M | $25.9M | $27.4M | $29.0M | $0 | $0 | $0 | $0 |
| Long-term investments | $187.2M | $658.9M | $211.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $60.2M | $61.9M | $37.2M | $35.7M | $19.8M | $35.7M | $22.1M | $16.6M | $14.5M | $865,000 |
| Total assets | $1.79B | $1.66B | $1.10B | $1.04B | $1.11B | $555.5M | $318.3M | $285.0M | $245.5M | $181.8M |
| Liabilities | ||||||||||
| Accounts payable | $5.7M | $4.3M | $672,000 | $3.0M | $5.3M | $850,000 | $997,000 | $2.6M | $635,000 | $1.3M |
| Short-term debt | — | $261.4M | $10.0M | $9.9M | $102.2M | — | $61.9M | $51.0M | $41.3M | $27.4M |
| Deferred revenue | — | $290.1M | $181.0M | $110.5M | $104.2M | $98.6M | $96.0M | $87.7M | $73.9M | $58.5M |
| Total current liabilities | $659.0M | $709.9M | $306.8M | $228.7M | $211.8M | $182.6M | $159.6M | $146.3M | $117.0M | $88.2M |
| Long-term debt | $452.3M | $450.2M | $250.5M | $249.0M | $225.3M | $218.5M | $0 | $0 | $0 | $0 |
| Lease obligations | $69.5M | $53.6M | $61.4M | $57.6M | $68.7M | $54.5M | $57.0M | — | — | — |
| Other long-term liabilities | $81.7M | $48.5M | $57.0M | $63.9M | $74.8M | $60.3M | $65.2M | $13.3M | $14.4M | $10.9M |
| Total liabilities | $1.19B | $1.21B | $614.3M | $541.6M | $511.9M | $461.4M | $224.8M | $159.6M | $131.0M | $99.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $118,000 | $113,000 | $109,000 | $108,000 | $108,000 | $32,000 | $31,000 | $30,000 | $28,000 | $27,000 |
| Retained earnings (deficit) | −$869.5M | −$740.2M | −$644.4M | −$543.5M | −$427.6M | −$310.7M | −$216.7M | −$138.0M | −$122.5M | −$106.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $23.1M | $2.7M | −$8.6M | −$9.6M | $6.1M | $9.4M | −$449,000 | −$3.6M | $136,000 | −$479,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $598.7M | $455.7M | $489.6M | $502.1M | $596.6M | $94.1M | $93.5M | $125.4M | $101.6M | $82.7M |
| Key figures | ||||||||||
| Total debt | $571.8M | $754.4M | $311.8M | $316.5M | $327.5M | $273.0M | $57.0M | $51.0M | $41.3M | $27.4M |
| Net cash (debt) | $349.2M | −$186.0M | $221.9M | $416.0M | $480.1M | $25.3M | $63.4M | $107.9M | $95.3M | $86.6M |
| Working capital | $639.6M | $134.1M | $438.7M | $657.5M | $747.4M | $223.1M | $45.3M | $104.7M | $102.1M | $82.8M |
| Tangible book value | $446.7M | $432.5M | $465.2M | $476.2M | $569.1M | $65.1M | $93.5M | $125.4M | $101.6M | $82.7M |
| Book value per share | $4.63 | $4.08 | $4.49 | $4.59 | $5.67 | $1.00 | $1.03 | $1.44 | $1.23 | $1.04 |
| Shares outstanding | 129.2M | 111.7M | 109.1M | 109.3M | 105.3M | 94.3M | 90.8M | 87.1M | 82.4M | 79.2M |
| Current ratio | 1.97 | 1.19 | 2.43 | 3.87 | 4.53 | 2.22 | 1.28 | 1.72 | 1.87 | 1.94 |
| Quick ratio | 1.84 | 1.13 | 2.34 | 3.83 | 4.37 | 2.16 | 1.23 | 1.67 | 1.82 | 1.91 |
| Debt / equity | 0.96 | 1.66 | 0.64 | 0.63 | 0.55 | 2.90 | 0.61 | 0.41 | 0.41 | 0.33 |
| Equity / assets | 33.4% | 27.4% | 44.4% | 48.1% | 53.8% | 16.9% | 29.4% | 44.0% | 41.4% | 45.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $660.1M | $785.9M | $921.0M | $707.9M | $807.4M | $609.2M | $568.4M | $879.0M | $627.3M | $548.1M | $533.7M | $525.1M |
| Cash & equivalents | $233.6M | $179.3M | $202.5M | $157.4M | $199.2M | $153.1M | $185.6M | $282.2M | $155.4M | $147.1M | $230.7M | $111.2M |
| Short-term investments | $426.5M | $606.6M | $718.5M | $550.6M | $608.2M | $456.1M | $382.8M | $596.7M | $471.9M | $401.0M | $303.0M | $413.9M |
| Receivables | $150.9M | $156.6M | $242.8M | $142.6M | $149.7M | $123.6M | $236.6M | $119.2M | $122.4M | $100.4M | $184.5M | $111.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | −$65.2M | $1 |
| Other current assets | $185.9M | $138.5M | $134.8M | $110.8M | $111.2M | $85.3M | $38.9M | $76.2M | $66.4M | $59.2M | $92.4M | $49.9M |
| Total current assets | $997.0M | $1.08B | $1.30B | $961.4M | $1.07B | $818.1M | $843.9M | $1.07B | $816.1M | $707.8M | $745.5M | $686.1M |
| Property, plant & equipment (net) | $102.1M | $96.6M | $93.7M | $93.9M | $74.8M | $74.6M | $76.4M | $74.3M | $77.3M | $81.0M | $85.8M | $87.1M |
| Goodwill & intangible assets | $271.1M | $273.4M | $152.0M | $152.5M | $45.6M | $45.8M | $23.1M | $23.3M | $23.6M | $24.0M | $24.4M | $24.8M |
| Long-term investments | $213.3M | $113.6M | $187.2M | $395.7M | $364.2M | $591.7M | $658.9M | $332.3M | $163.0M | $226.4M | $211.1M | $206.4M |
| Other non-current assets | $71.0M | $70.0M | $60.2M | $61.6M | $62.0M | $46.9M | $61.9M | $16.9M | $14.8M | $14.6M | $37.2M | $16.3M |
| Total assets | $1.65B | $1.63B | $1.79B | $1.67B | $1.62B | $1.58B | $1.66B | $1.52B | $1.09B | $1.05B | $1.10B | $1.02B |
| Liabilities | ||||||||||||
| Accounts payable | $12.3M | $10.8M | $5.7M | $5.3M | $7.1M | $6.3M | $4.3M | $1.5M | $2.5M | $2.9M | $672,000 | $1.3M |
| Short-term debt | — | $11.0M | — | $9.0M | $262.5M | $261.7M | $261.4M | $262.0M | $10.1M | $10.1M | $10.0M | $1.3M |
| Deferred revenue | $420.2M | $416.4M | $427.8M | $333.6M | $322.8M | $296.1M | $290.1M | $217.6M | $208.9M | $185.1M | $181.0M | $145.5M |
| Total current liabilities | $605.9M | $638.6M | $659.0M | $531.9M | $771.4M | $710.1M | $709.9M | $594.0M | $334.5M | $297.2M | $306.8M | $266.6M |
| Long-term debt | $453.3M | $452.8M | $452.3M | $451.8M | $451.2M | $450.7M | $450.2M | $449.8M | $251.2M | $250.9M | $250.5M | $250.1M |
| Lease obligations | $62.9M | $58.4M | $69.5M | $59.9M | $39.9M | $40.6M | $53.6M | $43.7M | $45.4M | $48.0M | $61.4M | $51.4M |
| Other long-term liabilities | $150.7M | $89.7M | $81.7M | $76.5M | $50.9M | $48.5M | $48.5M | $48.9M | $50.5M | $53.3M | $57.0M | $59.5M |
| Total liabilities | $1.21B | $1.18B | $1.19B | $1.06B | $1.27B | $1.21B | $1.21B | $1.09B | $636.2M | $601.3M | $614.3M | $576.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $115,000 | $115,000 | $118,000 | $118,000 | $112,000 | $113,000 | $113,000 | $112,000 | $112,000 | $112,000 | $109,000 | $109,000 |
| Retained earnings (deficit) | −$953.1M | −$906.3M | −$869.5M | −$841.7M | −$811.8M | −$775.9M | −$740.2M | −$727.2M | −$708.8M | −$684.9M | −$644.4M | −$643.5M |
| Accumulated other comprehensive income | $27.2M | $20.5M | $23.1M | $18.4M | $14.5M | −$1.2M | $2.7M | −$4.4M | −$10.6M | −$9.1M | −$8.6M | −$23.1M |
| Total shareholders' equity | $444.5M | $453.5M | $598.7M | $604.8M | $341.5M | $367.7M | $455.7M | $428.6M | $458.6M | $452.3M | $489.6M | $444.6M |
| Key figures | ||||||||||||
| Total debt | $516.1M | $522.2M | $571.8M | $520.7M | $753.7M | $753.0M | $754.4M | $755.5M | $306.7M | $309.0M | $311.8M | $301.5M |
| Net cash (debt) | $144.0M | $263.7M | $349.2M | $187.3M | $53.8M | −$143.8M | −$186.0M | $123.5M | $320.6M | $239.1M | $221.9M | $223.6M |
| Working capital | $391.0M | $442.4M | $639.6M | $429.5M | $297.0M | $108.0M | $134.1M | $480.4M | $481.7M | $410.6M | $438.7M | $419.5M |
| Tangible book value | $173.4M | $180.1M | $446.7M | $452.3M | $295.9M | $322.0M | $432.5M | $405.3M | $435.0M | $428.3M | $465.2M | $419.8M |
| Book value per share | $3.86 | $3.92 | $4.63 | $5.26 | $3.05 | $3.26 | $4.05 | $3.82 | $4.10 | $4.11 | $4.49 | $4.06 |
| Shares outstanding | 115.3M | 115.8M | 129.2M | 115.0M | 112.1M | 112.7M | 112.5M | 112.3M | 111.9M | 110.0M | 109.0M | 109.4M |
| Current ratio | 1.65 | 1.69 | 1.97 | 1.81 | 1.38 | 1.15 | 1.19 | 1.81 | 2.44 | 2.38 | 2.43 | 2.57 |
| Quick ratio | 1.34 | 1.48 | 1.77 | 1.60 | 1.24 | 1.03 | 1.13 | 1.68 | 2.24 | 2.18 | 2.34 | 2.39 |
| Debt / equity | 1.16 | 1.15 | 0.96 | 0.86 | 2.21 | 2.05 | 1.66 | 1.76 | 0.67 | 0.68 | 0.64 | 0.68 |
| Equity / assets | 26.9% | 27.7% | 33.4% | 36.3% | 21.1% | 23.3% | 27.4% | 28.2% | 41.9% | 42.9% | 44.4% | 43.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 4, 2026); data from EODHD.
VRNS financial position
At the end of fiscal 2025 (December 31, 2025), Varonis Systems had total assets of $1.8 billion (up 7.7% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of $598.7 million. It held $921.0 million in cash and short-term investments against $571.8 million of debt, a net cash position of $349.2 million. Its current ratio was 1.97. In the latest quarter (ended June 30, 2026) total assets were $1.7 billion and equity $444.5 million.
Related: VRNS income statement, VRNS cash flow statement, VRNS key metrics. See the VRNS stock overview for the latest quote and news.
VRNS balance sheet FAQ
What are Varonis Systems's total assets?
Varonis Systems reported total assets of $1.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.7 billion a year earlier.
How much debt does Varonis Systems have?
Varonis Systems had $571.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.96.
How much cash does Varonis Systems have?
Varonis Systems held $921.0 million in cash and short-term investments at the end of fiscal 2025; with $571.8 million of debt that is net cash of $349.2 million.
What is Varonis Systems's book value?
Varonis Systems's shareholders' equity (book value) was $598.7 million at the end of fiscal 2025, or $4.63 per share.
What is Varonis Systems's current ratio?
Varonis Systems had current assets of $1.3 billion and current liabilities of $659.0 million, a current ratio of 1.97 (it can cover its short-term obligations).
How much goodwill does Varonis Systems have?
Varonis Systems carried $152.0 million of goodwill and intangible assets, 8.5% of total assets, at the end of fiscal 2025.