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Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
A reverse discounted cash flow is not shown for a company with no positive EBITDA.
No positive EBITDA in the recent record, so there is no return on capital to compare against its cost.
Classified from the filings: EBITDA negative in each of the last 2 years.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $115.0M buybacks = $115.0M returned on $134.8M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -22%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2021 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Ranked against 39 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PAYC | $11.7B | 32.3× | 15.3× | 5.7× | 8.9% | 83.2% | 22.1% | 26.2% | 26.2% | -0.5× | 173 |
| ESTC | $10.8B | 30.1× | — | 6.2× | 17.3% | 76.1% | 21.1% | 28.8% | 19.9% | — | 77 |
| NTSK | $10.7B | — | — | 15.1× | 31.7% | 68.1% | -95.8% | -349% | -349% | — | 30 |
| GTLB | $9.4B | — | — | 9.9× | 25.8% | 87.4% | -5.9% | -5.6% | -5.6% | — | 76 |
| PCOR | $9.3B | — | — | 7.0× | 14.8% | 79.5% | -7.6% | -8.0% | -8.0% | — | 75 |
| S | $8.9B | — | — | 8.9× | 21.9% | 74.1% | -45.0% | -31.4% | -31.4% | — | 98 |
| PCTY | $8.8B | 34.2× | 17.3× | 5.0× | 11.0% | 69.2% | 15.2% | 22.1% | 20.7% | -0.4× | 105 |
| YMM | $8.5B | 269.7× | 12.5× | 4.7× | 16.0% | 63.0% | 35.7% | 11.0% | 11.0% | -1.4× | 37 |
| ZETA | $8.2B | — | — | 6.3× | 29.7% | 60.6% | -2.4% | -3.9% | -3.1% | -11.9× | 87 |
| QLYS | $8.0B | 42.3× | 32.6× | 11.9× | 10.1% | 82.8% | 29.6% | 35.3% | 35.3% | -1.1× | 96 |
| DBX | $7.9B | 19.5× | 8.5× | 3.1× | -1.1% | 80.1% | 20.2% | -28.3% | -28.3% | -1.1× | 102 |
| DSGX | $7.9B | 49.2× | 34.8× | 10.8× | 12.0% | 77.1% | 22.5% | 10.1% | 10.1% | -1.6× | 50 |
| TTAN | $7.8B | — | — | 8.1× | 24.5% | 70.1% | -16.6% | -10.5% | -10.5% | — | 80 |
| APPF | $7.3B | 53.4× | 41.2× | 7.7× | 19.7% | — | 14.8% | 26.0% | 26.0% | -0.6× | 94 |
| GLBE | $7.2B | 110.4× | 94.4× | 7.5× | 27.8% | 45.3% | 7.1% | 7.3% | 7.3% | -3.3× | 27 |
| PATH | $7.2B | 26.5× | 100.9× | 4.5× | 12.7% | 83.2% | 17.5% | 13.6% | 13.6% | -13.9× | 100 |
| CVLT | $7.1B | 108.6× | 73.7× | 6.0× | 18.9% | 81.2% | 6.0% | 943% | 943% | -10.7× | 88 |
| NAVN | $6.9B | — | — | 9.9× | 30.8% | 71.3% | -56.7% | -32.9% | -29.9% | — | 36 |
| NICE | $6.7B | 11.9× | 8.6× | 2.3× | 7.7% | 66.4% | 20.8% | 15.8% | 15.8% | -0.5× | — |
| DUOL | $6.4B | 15.9× | 35.5× | 6.1× | 38.7% | 72.2% | 39.9% | 30.7% | 30.7% | -6.9× | 100 |
| KVYO | $6.1B | — | — | 5.0× | 31.6% | 74.7% | -2.6% | -2.7% | -2.7% | — | 48 |
| BOX | $5.9B | 74.7× | 65.8× | 5.0× | 8.0% | 79.2% | 9.8% | -38.6% | 76.0% | 0.8× | 89 |
| TENB | $5.7B | — | 168.2× | 5.7× | 11.0% | 78.1% | -3.6% | -11.1% | -11.1% | -5.7× | 70 |
| ACIW | $5.6B | 25.8× | 14.6× | 3.2× | 10.4% | 49.0% | 12.9% | 14.9% | 9.7% | 1.5× | 81 |
| VRNS | $5.6B | — | — | 9.0× | 13.2% | 78.8% | -20.7% | -21.6% | -21.6% | — | 54 |
Peers = companies sharing VRNS's sector (Services-Prepackaged Software) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $623.5M 100.0% | $551.0M 100.0% | $499.2M 100.0% | $473.6M 100.0% | $390.1M 100.0% | $292.7M 100.0% | $254.2M 100.0% | $270.3M 100.0% | $215.4M 100.0% | $165.9M 100.0% |
| Cost of Revenue | $132.0M 21.2% | $93.8M 17.0% | $71.8M 14.4% | $69.8M 14.7% | $59.4M 15.2% | $44.3M 15.1% | $35.1M 13.8% | $27.7M 10.2% | $20.7M 9.6% | $15.7M 9.5% |
| Gross Profit | $491.6M 78.8% | $457.1M 83.0% | $427.4M 85.6% | $403.8M 85.3% | $330.7M 84.8% | $248.4M 84.9% | $219.0M 86.2% | $242.6M 89.8% | $194.7M 90.4% | $150.1M 90.5% |
| Research & Development | $237.8M 38.1% | $196.8M 35.7% | $183.8M 36.8% | $177.9M 37.6% | $137.9M 35.3% | $99.4M 33.9% | $80.8M 31.8% | $70.0M 25.9% | $47.4M 22.0% | $36.7M 22.1% |
| Selling, General & Admin | $98.9M 15.9% | $89.2M 16.2% | $82.9M 16.6% | $72.1M 15.2% | $61.2M 15.7% | $47.6M 16.3% | $44.4M 17.5% | $33.5M 12.4% | $26.8M 12.4% | $19.8M 12.0% |
| Total Operating Expenses | $638.1M 102.3% | $574.8M 104.3% | $544.6M 109.1% | $525.0M 110.9% | $429.4M 110.1% | $326.8M 111.7% | $295.0M 116.1% | $271.7M 100.5% | $208.1M 96.6% | $162.1M 97.7% |
| Operating Income | -$146.5M -23.5% | -$117.7M -21.4% | -$117.2M -23.5% | -$121.2M -25.6% | -$98.7M -25.3% | -$78.4M -26.8% | -$76.0M -29.9% | -$29.1M -10.8% | -$13.4M -6.2% | -$12.0M -7.2% |
| Interest Expense | — | — | — | — | $3.2M 0.8% | $2.0M 0.7% | $0 0.0% | $0 0.0% | — | — |
| Other Income (Expense), net | $30.2M 4.8% | $34.6M 6.3% | $30.3M 6.1% | $10.4M 2.2% | -$12.1M -3.1% | -$7.5M -2.6% | -$389K -0.2% | $970K 0.4% | $2.4M 1.1% | -$885K -0.5% |
| Pretax Income | -$116.3M -18.7% | -$83.0M -15.1% | -$86.9M -17.4% | -$110.8M -23.4% | -$110.8M -28.4% | -$85.9M -29.3% | -$76.4M -30.0% | -$28.2M -10.4% | -$11.1M -5.1% | -$12.9M -7.8% |
| Income Tax Expense | $13.0M 2.1% | $12.8M 2.3% | $14.0M 2.8% | $13.7M 2.9% | $6.0M 1.5% | $8.1M 2.8% | $2.4M 0.9% | $413K 0.2% | $2.8M 1.3% | $1.3M 0.8% |
| Net Income | -$129.3M -20.7% | -$95.8M -17.4% | -$100.9M -20.2% | -$124.5M -26.3% | -$116.9M -30.0% | -$94.0M -32.1% | -$78.8M -31.0% | -$28.6M -10.6% | -$13.8M -6.4% | -$14.2M -8.6% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.13 | -$0.86 | -$0.92 | -$1.14 | -$1.11 | -$1.00 | -$0.87 | — | — | — |
| EPS (Diluted) | -$1.13 | -$0.86 | -$0.92 | -$1.14 | -$1.11 | -$1.00 | -$0.87 | — | — | — |
| Weighted Avg Shares (Basic) | 114.4M | 111.7M | 109.1M | 109.3M | 105.3M | 94.3M | 90.8M | — | — | — |
| Weighted Avg Shares (Diluted) | 114.4M | 111.7M | 109.1M | 109.3M | 105.3M | 94.3M | 90.8M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-31 | Gottlieb Dov EVP and General Counsel | Tax withholding | 9,264 | $34.15 | $316k |
| 2026-05-22 | Melamed Guy CFO and COO | Tax withholding | 104,440 | $23.10 | $2.4m |
| 2026-04-30 | Comolli Kevin E Director | Grant | 7,224 | $0.00 | $0 |
| 2026-04-30 | Gavin John J Jr Director | Grant | 7,224 | $0.00 | $0 |
| 2026-04-30 | Iohan Gili |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Grant |
| 7,224 |
| $0.00 |
| $0 |
| 2026-04-30 | Kess Avrohom J. Director | Grant | 7,224 | $0.00 | $0 |
| 2026-04-30 | Korkus Ohad Director | Grant | 7,224 | $0.00 | $0 |
| 2026-04-30 | Prishkolnik Rachel Director | Grant | 7,224 | $0.00 | $0 |
| 2026-04-30 | Segev Ofer Director | Grant | 7,224 | $0.00 | $0 |
| 2026-04-30 | Van Den Bosch Fred Director | Grant | 7,224 | $0.00 | $0 |
| 2026-04-30 | Mendoza Thomas F Director | Grant | 7,224 | $0.00 | $0 |
| 2026-04-30 | Aued Carlos Director | Grant | 7,224 | $0.00 | $0 |
| 2026-02-27 | Faitelson Yakov CEO, President, Chairman | Tax withholding | 369,576 | $23.10 | $8.5m |
| 2026-02-27 | Gottlieb Dov VP and General Counsel | Tax withholding | 20,206 | $23.10 | $467k |
| 2026-02-27 | Pomeroy Greg SVP, Worldwide Sales | Tax withholding | 32,581 | $23.10 | $753k |
| 2026-02-09 | 5 co-filers CEO, President, Chairman | Open-market buy | 26,725 | $22.41 | $599k |
| 2026-02-09 | 2 co-filers EVP Engineering & CTO | Open-market buy | 2,980 | $23.47 | $70k |
| 2026-02-09 | 5 co-filers CEO, President, Chairman | Gift | 87,000 | $0.00 | $0 |
| 2026-02-09 | 5 co-filers CEO, President, Chairman | Giftindirect | 47,000 | $0.00 | $0 |
| 2026-02-09 | 5 co-filers CEO, President, Chairman | Giftindirect | 31,928 | — | — |
| 2026-02-06 | Melamed Guy CFO and COO | Grant | 125,359 | $0.00 | $0 |
| 2026-02-06 | Pomeroy Greg SVP, Worldwide Sales | Grant | 75,056 | $0.00 | $0 |
| 2026-02-06 | 5 co-filers CEO, President, Chairman | Grant | 315,674 | $0.00 | $0 |
| 2026-02-06 | 2 co-filers EVP Engineering & CTO | Grant | 169,095 | $0.00 | $0 |
| 2026-02-06 | Kess Avrohom J. Director | Open-market buy | 17,800 | $22.29 | $397k |
| 2026-02-06 | Gavin John J Jr Director | Open-market buy | 5,000 | $22.54 | $113k |
| 2026-02-06 | Gottlieb Dov VP and General Counsel | Grant | 66,226 | $0.00 | $0 |
| 2026-02-02 | Faitelson Yakov CEO, President, Chairman | Grant | 162,460 | $0.00 | $0 |
| 2026-02-02 | Melamed Guy CFO and COO | Grant | 70,967 | $0.00 | $0 |
| 2026-02-02 | Bass David EVP Engineering & CTO | Grant | 63,735 | $0.00 | $0 |
| 2026-02-02 | Pomeroy Greg SVP, Worldwide Sales | Grant | 23,011 | $0.00 | $0 |
| 2026-02-02 | Gottlieb Dov VP and General Counsel | Grant | 12,497 | $0.00 | $0 |
EOD close · as of 2026-10-30
Where each multiple sits in its own 12-yr range · 75th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -22% against ROIC -22% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -24.5% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.9× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 10.2 | 13.8 | 15.1 | 15.2 | 14.7 | 14.4 | 17.0 | 21.2 |
| Gross Profit | 89.8 | 86.2 | 84.9 | 84.8 | 85.3 | 85.6 | 83.0 | 78.8 |
| R&D | 25.9 | 31.8 | 33.9 | 35.3 | 37.6 | 36.8 | 35.7 | 38.1 |
| SG&A | 12.4 | 17.5 | 16.3 | 15.7 | 15.2 | 16.6 | 16.2 | 15.9 |
| Operating Income | -10.8 | -29.9 | -26.8 | -25.3 | -25.6 | -23.5 | -21.4 | -23.5 |
| Income Tax | 0.2 | 0.9 | 2.8 | 1.5 | 2.9 | 2.8 | 2.3 | 2.1 |
| Net Income | -10.6 | -31.0 | -32.1 | -30.0 | -26.3 | -20.2 | -17.4 | -20.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VRNS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 90.5% | -7.2% | -8.6% |
| FY2017 | 90.4% | -6.2% | -6.4% |
| FY2018 | 89.8% | -10.8% | -10.6% |
| FY2019 | 86.2% | -29.9% | -31.0% |
| FY2020 | 84.9% | -26.8% | -32.1% |
| FY2021 | 84.8% | -25.3% | -30.0% |
| FY2022 | 85.3% | -25.6% | -26.3% |
| FY2023 | 85.6% | -23.5% | -20.2% |
| FY2024 | 83.0% | -21.4% | -17.4% |
| FY2025 | 78.8% | -23.5% | -20.7% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda, interest_expense.
Once stock compensation is charged, free cash flow averages -$33M over the last 3 years — there is nothing left to discount, so no growth rate can be solved for. Before the charge it averages $99M.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: positive_free_cash_flow.