Varonis Systems Inc

VRNS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Varonis Earnings: Decent Quarter Spoiled by Weak 2026 Outlook; Cutting Fair Value Estimate to $28

Malik Ahmed Khan

Feb 4, 2026

Varonis reported mixed fourth-quarter results that included sales of $173 million, up 9%, and adjusted operating margins of 3%, down 700 basis points. The firm's 2026 ARR, or annual recurring revenue, outlook guides to a slowdown in growth, which led to the after-hours sell-off in shares.

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Varonis Systems Inc

Varonis Earnings: Decent Quarter Spoiled by Weak 2026 Outlook; Cutting Fair Value Estimate to $28

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