Varonis Systems Inc

VRNS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	lP	LOCK\|&k	LOCK\|@V#$wFZ

Varonis Earnings: Strong Start to Fiscal 2025 as ARR Reaccelerates; Maintain $39 Fair Value

Malik Ahmed Khan

May 7, 2025

Varonis Systems' first-quarter revenue grew 20% to $136 million and adjusted operating margin improved 400 basis points to negative 5%. The firm's cloud transition remains on track, with software as a service now constituting 61% of the firm's annual recurring revenue, up from 30% a year earlier.

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Varonis Systems Inc

Varonis Earnings: Strong Start to Fiscal 2025 as ARR Reaccelerates; Maintain $39 Fair Value

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