Business Overview / Sources of Revenue

CyberArk Software (CYBR) is the leading Identity Security provider specializing in Privileged Access Management (PAM), which helps organizations secure access to critical business data and infrastructure[1][2]. The company focuses on protecting both human and machine identities by implementing intelligent privilege controls that secure access across hybrid, SaaS, and multi-cloud environments[3].

CyberArk's Identity Security Platform provides comprehensive solutions including secure Single Sign-On, Adaptive Multi-Factor Authentication, Lifecycle Management, Directory Services, and User Behavior Analytics[3]. The platform helps organizations reduce cyber risk by securing privileged access and defending against advanced cyber threats[4].

With over 10,000 customers across 110 countries, including more than 55% of the Fortune 500 and over 35% of the Global 2000 companies[4], CyberArk has established itself as a trusted leader in the cybersecurity space. The company recently secured $1.1 billion in funding through zero-cost convertible notes[5].

Revenue Growth Potential and Recurrence

CyberArk Software (CYBR) has a very large share of recurring revenue—93% of its total revenue in Q1 2024 was recurring, up from 90% in Q1 2023[5]. This strong base is driven by the firm’s shift to subscription models, with 71% of total revenue and 77% of annual recurring revenue (ARR) now coming from subscriptions[5]. CyberArk’s ARR was $1.169 billion at the end of 2024, reflecting 51% annual growth[1][4]. Looking ahead, ARR is projected to reach $1.41–$1.42 billion by the end of 2025, a 21% increase over 2024[4]. Total revenue is expected to grow at around 31–32% in 2025[4]. With a robust product portfolio and leadership in identity security, CyberArk is well positioned for continued strong revenue growth over the next five years, likely sustaining growth rates in the low-to-mid 20% range annually[4][5].

Economic Moat Factors

CyberArk Software (CYBR) possesses a narrow economic moat primarily driven by high customer switching costs[4]. As a cybersecurity vendor specializing in identity security and privileged access management (PAM), CyberArk has established significant barriers to competition. The company's PAM solutions are deeply integrated into customers' critical systems, making transitions to alternative providers costly and complex[5]. CyberArk has cultivated a strong customer base, including more than half of the Fortune 500 companies[5], demonstrating its brand power and market leadership in the identity security segment. This leadership position is reinforced by the company's specialized expertise in securing both human and machine identities across client organizations[4]. While CyberArk operates in a competitive cybersecurity landscape, its focus on the identity market segment has allowed it to carve out a defensible niche that supports long-term growth as identity security becomes increasingly critical in zero-trust security frameworks[4][5].

Leadership

The leadership team of CyberArk (CYBR) is headed by CEO Matt Cohen, who assumed the role in April 2023 after previously serving as Chief Operating Officer and Chief Revenue Officer (joined in 2019)[3][4]. He is not a founder. The founder, Udi Mokady, who served as CEO from 2005 to March 2023, transitioned to Executive Chairman[1][5]. Mokady co-founded CyberArk in 1999 and took the company public in 2014[1]. The executive team consists of experienced business leaders with technology and SaaS expertise[1]. Information about ownership stakes is not provided in the search results.

Financial Health

CyberArk Software (CYBR) demonstrates strong financial health with a debt-free balance sheet and $722.39 million in cash[5]. The company reported $1.215 billion in total ARR for Q1 2025, with subscription ARR reaching $1.028 billion[1]. CyberArk generates substantial free cash flow, reporting $96 million (30% FCF margin) in Q1 2025[1]. Short-term assets ($1.0B) exceed both short-term liabilities ($784.3M) and long-term liabilities ($126.0M)[5]. The company has maintained profitability with a 10.78% net profit margin ($99.87 million) for 2024[3]. There's no explicit information about share dilution or repurchases in the provided data.

Last updated Jun 6, 2025