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Varonis Systems, Inc (0VOU) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Varonis Systems, Inc $97.75, price $47.84, upside +104.3%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? No
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Sep 24, 2026
Varonis Systems, Inc
0VOU · LSECheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.
✓Fair value $97.75 · Strongly undervalued (+104.3%)
!Quality 46/100
!Mixed Growth (revenue 5y +16.3 %/yr)
!Loss-making · -20.6% net margin (TTM)
✓generates free cash flow
!Narrow moat 0/100
!Evidence only low, so the estimate is less certain
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $15.86 – $73.21 · fair‑value band $58.23 – $159.48 · the $47.84 price screens below the $97.75 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Varonis Systems, Inc. provides software products and services that continuously discover and classify critical data, remediate exposures, and detect advanced threats with AI-powered technology in North America, Europe, APAC, and rest of worlds.
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Varonis Systems, Inc. provides software products and services that continuously discover and classify critical data, remediate exposures, and detect advanced threats with AI-powered technology in North America, Europe, APAC, and rest of worlds. The company offers Varonis Data Security Platform, a Software-as-a-Service solution which includes Data security posture management, Data access intelligence, Data discovery & classification, Discovery policy library, least privilege automation, Data activity monitoring, Data detection and response, and User & entity behavior analytics. It also provides Protection Packages, such as Microsoft 365, Windows & NAS, Hybrid, and Cloud Environments, as well as Database and Email Security Capabilities and On-Premises Subscription Products. It serves the financial services, public, healthcare, industrial, insurance, energy and utilities, technology, construction and engineering, education, and consumer and retail industries. Varonis Systems, Inc. was incorporated in 2004 and is headquartered in Miami, Florida.
Stock analysis
Varonis Systems, Inc (0VOU) currently trades at $47.84, while our model-based Fair Value estimate is $97.75, implying the stock looks roughly 51.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $99.59 per share, and 6 of the 7 models we run sit above the $47.84 price.
Bear case: the Asset-Based group reads lowest at $13.61, and 1 of the 7 models stay below the price. Evidence for this calculation is low.
Scenario range: $58.23 (bear) to $159.48 (bull), the price of $47.84 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality).
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Varonis Systems, Inc reported revenue of $624M in FY2025 versus $390M in FY2021, a compound +12.4%/yr. Reported net income was −$129M in FY2025.
Key figures
Market cap $5.5B · EPS (TTM) $−1.21 · Net margin −20.7% · Return on equity −36.0% · Return on assets (EBIT) −9.2% · Operating margin −22.6% · Revenue (TTM) $688M · Revenue growth (YoY) +18.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 137% above its 52-week low, currently above its 200-day average.
Fair Value models
Bear $58.23
Fair Value $97.75
Bull $159.48
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
$75.22
$127.38
$259.07
74
Growth DCF
$72.86
$139.01
$242.51
73
5Y Revenue Exit
$54.11
$92.44
$147.04
68
All 7 models by family
DCF Models
FCF DCF
$75.22
$127.38
$259.07
74
5Y Revenue Exit
$54.11
$92.44
$147.04
68
10Y Revenue Exit
$59.11
$99.59
$162.88
63
Multiples
EV/Revenue
$43.91
$59.78
$75.65
51
Asset-Based
NCAV (Graham)
$10.16
$13.61
$20.32
51
Growth DCF
Growth DCF
$72.86
$139.01
$242.51
73
Rev-Margin DCF
$54.11
$91.31
$144.18
68
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Set up alert →Quality Score breakdown
Overall quality
46/100
Of which business quality 52 · Market factors (momentum, volatility) 44
Profitability
13
Margins and returns on capital today
Quality Growth
33
Are margins and returns improving?
Cashflow
88
Earnings quality: real cash, not paper profit
Fin. Strength
60
Balance sheet, leverage, solvency risk
Investment
57
Disciplined investing over empire-building
Low Volatility
38
Calm price path (market factor)
Momentum
52
Price trend over the last 3–12 months (market factor)
52W Momentum
37
Distance to the 52-week high (market factor)
Net Issuance
62
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+13.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.3%
Start year 2020 (pandemic). Over 10 years: +17.2% a year
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.7%
’14
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’19
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−26.8% (2020) → −23.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+19.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+16.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +16.8% a year for the price and +13.3% for the forecasts.
Forecast 2026 (sales)+18.3%
Forecast 2027 (sales)+18.6%
Projected 2028 (sales)+16.5%
Projected 2029 (sales)+14.4%
Projected 2030 (sales)+12.4%
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- Valuation of the UK market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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Frequently asked questions
Is Varonis Systems, Inc (0VOU) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $97.75 versus a price of $47.84, about +104% upside (undervalued).
What is the fair value of 0VOU?
Our model-based fair value for Varonis Systems, Inc is $97.75 (as of Sep 24, 2026), built from audited fundamentals. The current price: $47.84.
What is the quality score of 0VOU?
Varonis Systems, Inc has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Varonis Systems, Inc (0VOU)?
Our model-based price target is the fair value of $97.75 (as of Sep 24, 2026) from 7 valuation models. Cautious scenario $58.23, optimistic scenario $159.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Varonis Systems, Inc stock forecast for 2026?
Our models put fair value at $97.75, about +104% upside versus a price of $47.84 (undervalued). Cautious scenario $58.23, optimistic scenario $159.48. The calculation is refreshed regularly with new filings.
What is the revenue of Varonis Systems, Inc (0VOU)?
Varonis Systems, Inc reported trailing-twelve-month revenue of about $688M (latest available figure, as of Sep 24, 2026).
What growth is priced into Varonis Systems, Inc (0VOU)?
For today's price to be fair in a discounted-cash-flow model, Varonis Systems, Inc would have to grow free cash flow by +19.6 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0VOU use?
Our models discount Varonis Systems, Inc at 9.8 %: a base by market capitalisation (unknown), damped by beta 0.81, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Varonis Systems, Inc that is +19.6 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Varonis Systems, Inc (0VOU) delivered so far?
Over the past 5 years revenue at Varonis Systems, Inc grew +16.3 % a year. The price currently implies +19.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
What is the free cash flow yield of Varonis Systems, Inc (0VOU)?
The free-cash-flow yield on the price is 2.46 %: that much free cash flow Varonis Systems, Inc produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Varonis Systems, Inc (0VOU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Varonis Systems, Inc it is $97.75 per share (as of Sep 24, 2026), against a price of $47.84. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Varonis Systems, Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0VOU trades below its calculated fair value: price $47.84, fair value $97.75, a gap of about +104% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0VOU?
No. The price is what the market pays today ($47.84); the fair value is what the company's own numbers justify ($97.75). For Varonis Systems, Inc the two are $49.91 per share apart. That gap is exactly why we show both numbers side by side.
How much is Varonis Systems, Inc worth?
The market values Varonis Systems, Inc at about $5.5B (market capitalisation, as of Sep 24, 2026). Per share that is $47.84; our models calculate a fair value of $97.75 per share.
What do the bullish and bearish scenarios say about 0VOU?
Our models span a range for Varonis Systems, Inc: cautious scenario $58.23, base $97.75, optimistic $159.48 per share (as of Sep 24, 2026, price $47.84). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0VOU from its 52-week high?
Varonis Systems, Inc trades at $47.84, about 25% below its 52-week high of $63.55 and 137% above the low of $20.20 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $97.75 is for.
Is Varonis Systems, Inc stock attractive at the current price?
The data as of Sep 24, 2026: price $47.84, calculated fair value $97.75 (+104%), Quality Score 46/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0VOU calculated?
We run Varonis Systems, Inc through 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $97.75, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Varonis Systems, Inc currently trades 51 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Varonis Systems, Inc (0VOU)?
The closing price on Oct 2, 2026 was $47.84. Our model-based fair value is $97.75, about +104% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Varonis Systems, Inc right now?
The price is below even our cautious bear case ($58.23). The market is more pessimistic than our downside scenario. The model range is unusually wide ($58.23 to $159.48). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Varonis Systems, Inc
How large is the market capitalisation of Varonis Systems, Inc (0VOU)?
The market capitalisation of Varonis Systems, Inc is $5.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Varonis Systems, Inc (0VOU)?
Earnings per share at Varonis Systems, Inc are $−1.21. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Varonis Systems, Inc (0VOU)?
The net margin of Varonis Systems, Inc is −20.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Varonis Systems, Inc (0VOU)?
The return on equity (ROE) of Varonis Systems, Inc is −36.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Varonis Systems, Inc (0VOU)?
On an EBIT basis the return on assets of Varonis Systems, Inc is −9.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Varonis Systems, Inc (0VOU)?
The operating margin of Varonis Systems, Inc is −22.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Varonis Systems, Inc (0VOU)?
Revenue at Varonis Systems, Inc is growing +18.3% versus a year earlier (3y avg +9.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Varonis Systems, Inc (0VOU) carry?
The net debt of Varonis Systems, Inc is $369M (fiscal year 2025, ≈ 2.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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