Varonis Systems, Inc. Financial Ratios — VS2 Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	-23.83	-17.07	-14.03	-23.81	-71.96	-100.22	-33.84	-22.67	-20.35	-20.26	-24.53
Return on Assets (%)	- -	-14.13	-17.6	-19.01	-13.22	-8.18	-6.48	-10.77	-26.11	-21.52	-14.05	-11.57	-9.4	-6.92	-7.48
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	91.14	90.77	91.32	90.22	90.55	90.51	90.38	89.76	86.17	84.88	84.77	85.26	85.63	82.97	78.83
EBITDA Margin (%)	-7.42	-2.04	-6.77	-15.81	-13.72	-5.92	-4.68	-9.24	-27.41	-23.32	-22.51	-23.02	-21.14	-19.33	-21.52
Operating Margin (%)	-8.55	-2.91	-7.83	-17.08	-14.99	-7.23	-6.23	-10.78	-29.89	-26.79	-25.3	-25.6	-23.48	-21.35	-23.5
Incremental Operating Margin (%)	- -	13.56	- -	- -	- -	18.31	- -	- -	291.04	- -	- -	- -	15.69	- -	- -
Pretax Margin (%)	-8.98	-8.61	-9.54	-18.77	-16.19	-7.77	-5.13	-10.42	-30.05	-29.35	-28.41	-23.4	-17.41	-15.07	-18.66
Profit Margin (%)	-9.55	-9.07	-10.02	-19.14	-16.73	-8.56	-6.43	-10.57	-30.99	-32.12	-29.95	-26.29	-20.22	-17.38	-20.74
Net Income to Common Margin (%)	-9.55	-9.07	-10.02	-19.14	-16.73	-8.56	-6.43	-10.57	-30.99	-32.12	-29.95	-26.29	-20.22	-17.38	-20.74
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	-23.83	-17.07	-14.03	-23.81	-71.96	-100.22	-33.84	-22.67	-20.35	-20.26	-24.53

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	57	273	303	316	312	754	522
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9	10	10	261	10
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	57	273	294	307	302	493	512
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	-0.82	-4	-3.45	-2.9	-2.96	-7.08	-3.89
Net Debt/EBITDA	4.4	13.29	1.91	4.78	2.82	4.92	5.62	1.95	0.99	0.23	6.61	1.09	-0.19	-4.84	-1.86
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	-0.75	-3.48	-3.07	-2.61	-2.66	-6.41	-3.56
Net Debt/EBIT	3.81	9.31	1.65	4.43	2.58	4.03	4.22	1.67	0.91	0.2	5.88	0.98	-0.17	-4.38	-1.7
EBITDA to Interest Expense	-4.43	-12.66	- -	- -	- -	- -	- -	- -	- -	-33.84	-27.72	-34.43	-33.01	-23.3	-20.43
EBITDA-CapEx/Interest Expense	-5.27	-23.36	- -	- -	- -	- -	- -	- -	- -	-38.85	-31.03	-38.03	-34.6	-26.22	-22.36
EBIT to Interest Expense	-5.11	-18.07	- -	- -	- -	- -	- -	- -	- -	-38.88	-31.15	-38.28	-36.67	-25.74	-22.31
Interest Expense	1	- -	- -	- -	- -	- -	- -	- -	- -	2	3	3	3	5	7
Common Equity/Total Assets	-109.6	-99.35	-91.01	60.59	50.61	45.5	46.67	43.99	29.38	16.94	53.82	48.11	44.36	27.38	33.41
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	60.98	290.21	49.28	61.06	61.63	108.2	85.53
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	37.88	74.37	32.69	37.45	37.65	40.74	45.7
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	17.92	49.15	26.52	29.37	27.34	29.62	28.58
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	60.98	290.21	50.76	63.02	63.69	165.56	87.15
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	37.88	74.37	33.67	38.66	38.91	62.34	46.57
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	17.92	49.15	27.32	30.32	28.25	45.33	29.12
Net Debt to Equity	38.33	38.64	22.4	-80.6	-58.91	-58.39	-49.45	-38.85	-73.7	-16.62	-97.29	-23.67	4.03	113.06	41.72
Net Debt/Capital (%)	27.71	27.87	18.3	-415.52	-143.37	-140.35	-97.82	-63.53	-84.43	-11.76	-619.79	-26.36	3.46	50.29	27.21
EBITDA	-3	-1	-5	-16	-17	-10	-10	-25	-70	-68	-88	-109	-106	-107	-134
EBITDA-CapEx	-4	-2	-6	-18	-22	-14	-15	-35	-95	-78	-98	-120	-111	-120	-147
Operating Income (Loss)	-3	-2	-6	-17	-19	-12	-13	-29	-76	-78	-99	-121	-117	-118	-147

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.66	0.52	0.35	2.1	1.49	1.29	1.17	1.09	0.75	1.63	3.81	3.2	1.74	0.8	1.4
Current Ratio	1.45	1.28	1.08	2.87	2.19	1.94	1.94	1.77	1.35	2.3	4.53	3.96	2.5	1.24	1.97
Quick Ratio	1.42	1.23	1.05	2.81	2.16	1.9	1.82	1.67	1.23	2.16	4.38	3.83	2.34	1.14	1.84
CFO/Avg Current Liab	- -	0.07	- -	-0.15	-0.04	0.09	0.16	0.18	-0.07	-0.03	0.04	0.05	0.22	0.23	0.22
Common Equity/Total Assets	-109.6	-99.35	-91.01	60.59	50.61	45.5	46.67	43.99	29.38	16.94	53.82	48.11	44.36	27.38	33.41
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	60.98	290.21	49.28	61.06	61.63	108.2	85.53
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	37.88	74.37	32.69	37.45	37.65	40.74	45.7
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	17.92	49.15	26.52	29.37	27.34	29.62	28.58
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	60.98	290.21	50.76	63.02	63.69	165.56	87.15
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	37.88	74.37	33.67	38.66	38.91	62.34	46.57
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	17.92	49.15	27.32	30.32	28.25	45.33	29.12
CFO/Total Liabilities	1.98	2.3	0.06	-11.5	-3.35	7.41	12.48	14.75	-4.75	-1.27	1.4	2.19	9.67	9.53	12.36
CFO/CapEx	2.28	1.88	0.04	-3.05	-0.6	1.92	3.08	2.46	-0.42	-0.58	0.68	1.04	11.65	8.63	11.67
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.26	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	2.99	3.09	3.06	2.98	3.27	3.33	3.4	3.21	3.46	3.69	3.74	3.27	3.04	2.86
Days Sales Outstanding	- -	121.99	118.14	119.09	122.38	111.46	109.69	107.24	113.63	105.55	98.89	97.55	111.55	119.89	127.51
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,558	- -	- -
- Cash & Cash Equivalents	13	14	10	77	49	48	57	49	69	234	806	368	231	186	202
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	57	273	303	316	312	754	522
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,336	- -	- -
Total Capital	-34	-37	-43	95	84	83	115	125	151	367	899	819	801	1,210	1,120
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	37.88	74.37	33.67	38.66	38.91	62.34	46.57
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.09	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.68	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,559	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,337	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	30.59	- -	- -
TTM Sales	40	53	75	101	127	166	215	270	254	293	390	474	499	551	624
TTM EBITDA	-3	-1	-5	-16	-17	-10	-10	-25	-70	-68	-88	-109	-106	-107	-134
TTM Operating Income	-3	-2	-6	-17	-19	-12	-13	-29	-76	-78	-99	-121	-117	-118	-147
TTM Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Multiples (USD)

Valuation Multiples API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	65.53	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,336	- -	- -
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	29.78	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.68	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.27	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.95	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.27	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.63	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.65	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.31	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.65	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.98	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.13	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.82	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.13	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.51	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	59.9	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	57.29	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	59.9	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	54.68	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	62.67	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	65.53	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	59.82	- -	- -
EV/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.37	- -	- -
EV/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.68	- -	- -
EV/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.06	- -	- -
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.62	- -	- -
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.62	- -	- -
Enterprise Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,181	- -	- -
Enterprise Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,336	- -	- -
Enterprise Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,026	- -	- -

Shares Outstanding	71	71	71	74	78	80	84	89	92	95	107	108	109	113	117
Diluted Weighted Avg Shares	57	57	71	64	76	79	82	87	91	94	105	109	109	112	114
Basic Weighted Avg Shares	57	57	71	64	76	79	82	87	91	94	105	109	109	112	114
Revenue per Share	0.7	0.94	1.04	1.59	1.68	2.09	2.61	3.11	2.8	3.1	3.71	4.34	4.58	4.94	5.45
EBITDA per Share	-0.05	-0.02	-0.07	-0.25	-0.23	-0.12	-0.12	-0.29	-0.77	-0.72	-0.83	-1	-0.97	-0.95	-1.17
Operating Income per Share	-0.06	-0.03	-0.08	-0.27	-0.25	-0.15	-0.16	-0.33	-0.84	-0.83	-0.94	-1.11	-1.07	-1.05	-1.28
Basic EPS, GAAP	-0.07	-0.09	-0.1	-0.3	-0.28	-0.18	-0.17	-0.33	-0.87	-1	-1.11	-1.14	-0.93	-0.86	-1.13
Basic EPS from Cont Ops	-0.07	-0.09	-0.1	-0.3	-0.28	-0.18	-0.17	-0.33	-0.87	-1	-1.11	-1.14	-0.93	-0.86	-1.13
Diluted EPS, GAAP	-0.07	-0.09	-0.1	-0.3	-0.28	-0.18	-0.17	-0.33	-0.87	-1	-1.11	-1.14	-0.93	-0.86	-1.13
Diluted EPS from Cont Ops	-0.07	-0.09	-0.1	-0.3	-0.28	-0.18	-0.17	-0.33	-0.87	-1	-1.11	-1.14	-0.93	-0.86	-1.13
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.02	0.03	- -	-0.11	-0.04	0.09	0.2	0.27	-0.12	-0.06	0.07	0.11	0.54	1.03	1.29
Free Cash Flow per Basic Share	0.01	0.01	-0.02	-0.15	-0.1	0.04	0.13	0.16	-0.4	-0.17	-0.03	- -	0.5	0.91	1.18
Cash & Equivalents per Share	0.19	0.21	0.2	1.51	1.36	1.41	1.62	1.79	1.31	3.13	7.52	6.81	4.89	5.05	7.84
Book Value per Share	-0.47	-0.52	-0.6	1.28	1.07	1.03	1.36	1.41	1.02	0.99	5.55	4.67	4.49	4.05	5.09
Tangible Book Value per Share	-0.47	-0.52	-0.6	1.28	1.07	1.03	1.36	1.41	1.02	0.68	5.3	4.42	4.27	3.84	3.8

Varonis Systems, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)