Screened 2026-09-16 · the tape above runs as of 23:00 UTC · 17 Sep · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markup label.
Varonis Systems, Inc. holds its Markup at $46.76. The statistical read favours the buyers, held for 10 days.
As held on the ledger · 2026-09-16
Phase
Markup
Quantitative state
The statistical read favours the buyers, held for 10 days
Price at the screen
$46.76
Valuation
N/A trailing · 114.55 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.82
The Workings
Five Screens, Shown in Full
Does not pass. Revenue purity
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
29.12%
Below 33%
Interest-bearing debt is just 29.1% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
10.45%
Below 33%
Cash held in interest-bearing accounts and securities is 10.4% of assets, under the one-third limit.
Pass
Receivables
24.85%
Below 49%
Money owed to the company is 24.9% of assets, under the 49% limit.
Pass
Revenue purity
8.01%
Below 5%
8.0% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-16 screen. The gold marker is the market price at the same screen. The price runs 33.2% above the base estimate.
Third-party analyst targets: 22 covering, consensus Buy. The average target sits +15% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-16 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Data security promise meets an eye-watering price tag
Picture a firm that maps every sensitive file across sprawling corporate networks. Varonis does exactly that with its AI-driven tools. Yet the shares trade at twice our fair value and a forward multiple of 124 times earnings while the business still posts a 20 percent loss margin and negative 32 percent return on equity. Growth at 27 percent revenue is respectable, but it does not justify the stretch.
We pass for straightforward valuation reasons. The market is paying a premium for a company that has yet to turn consistent profits, and analyst targets cluster well below the current quote. Ethical screening raises no flags, yet that alone cannot rescue a price that leaves no margin of safety.
High multiples on unprofitable operations leave little room for disappointment if growth slows or competition intensifies. Currency and sector swings add further volatility. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
VRNS trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-16Markup$44.78+6.8%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 6.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 35%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (22 analysts) rates it buy, with a mean price target of $36.
2026-08-16Markup$41.93+25.8%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 25.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 35%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (22 analysts) rates it buy, with a mean price target of $36.
2026-07-18Markup$33.34+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 35%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (22 analysts) rates it buy, with a mean price target of $36.
2026-07-03Markup$33.34+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Markup$33.34Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
