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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
VARONIS SYSTEMS INC is the larger business by last-quarter revenue ($173.1M vs $110.6M, roughly 1.6× American Assets Trust, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 1.8%). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -0.1%).
Personal Assets Trust is a large British investment trust. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Iain Ferguson CBE.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
AAT vs VRNS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $110.6M | $173.1M |
| Net Profit | $6.7M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 23.4% | — |
| Net Margin | 6.1% | — |
| Revenue YoY | 1.8% | 26.9% |
| Net Profit YoY | -16.3% | — |
| EPS (diluted) | $0.08 | $115788061.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $110.6M | $173.1M | ||
| Q4 25 | $110.1M | $173.4M | ||
| Q3 25 | $109.6M | $161.6M | ||
| Q2 25 | $107.9M | $152.2M | ||
| Q1 25 | $108.6M | $136.4M | ||
| Q4 24 | $113.5M | $158.5M | ||
| Q3 24 | $122.8M | $148.1M | ||
| Q2 24 | $110.9M | $130.3M |
| Q1 26 | $6.7M | — | ||
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $4.5M | $-29.9M | ||
| Q2 25 | $5.5M | $-35.8M | ||
| Q1 25 | $42.5M | $-35.8M | ||
| Q4 24 | — | $-13.0M | ||
| Q3 24 | $16.7M | $-18.3M | ||
| Q2 24 | $11.9M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 59.4% | 78.9% | ||
| Q3 25 | 60.5% | 78.2% | ||
| Q2 25 | 62.6% | 79.5% | ||
| Q1 25 | 62.0% | 78.7% | ||
| Q4 24 | 61.3% | 83.6% | ||
| Q3 24 | 65.5% | 83.8% | ||
| Q2 24 | 63.6% | 82.8% |
| Q1 26 | 23.4% | — | ||
| Q4 25 | 21.1% | -17.5% | ||
| Q3 25 | 22.6% | -22.2% | ||
| Q2 25 | 24.1% | -24.0% | ||
| Q1 25 | 66.3% | -32.1% | ||
| Q4 24 | 26.5% | -11.1% | ||
| Q3 24 | 30.8% | -16.0% | ||
| Q2 24 | 27.8% | -22.1% |
| Q1 26 | 6.1% | — | ||
| Q4 25 | — | -16.0% | ||
| Q3 25 | 4.1% | -18.5% | ||
| Q2 25 | 5.1% | -23.5% | ||
| Q1 25 | 39.2% | -26.2% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | 13.6% | -12.4% | ||
| Q2 24 | 10.7% | -18.4% |
| Q1 26 | $0.08 | $115788061.00 | ||
| Q4 25 | $0.06 | $-0.23 | ||
| Q3 25 | $0.07 | $-0.26 | ||
| Q2 25 | $0.09 | $-0.32 | ||
| Q1 25 | $0.70 | $-0.32 | ||
| Q4 24 | $0.14 | $-0.12 | ||
| Q3 24 | $0.28 | $-0.16 | ||
| Q2 24 | $0.20 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.3M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $453.5M |
| Total Assets | $2.9B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $118.3M | $179.3M | ||
| Q4 25 | $129.4M | $883.7M | ||
| Q3 25 | $138.7M | $671.3M | ||
| Q2 25 | $143.7M | $770.9M | ||
| Q1 25 | $143.9M | $567.6M | ||
| Q4 24 | $425.7M | $529.0M | ||
| Q3 24 | $533.0M | $844.8M | ||
| Q2 24 | $114.9M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.1B | $453.5M | ||
| Q4 25 | $1.2B | $598.7M | ||
| Q3 25 | $1.2B | $604.8M | ||
| Q2 25 | $1.2B | $341.5M | ||
| Q1 25 | $1.2B | $367.7M | ||
| Q4 24 | $1.2B | $455.7M | ||
| Q3 24 | $1.2B | $428.6M | ||
| Q2 24 | $1.2B | $458.6M |
| Q1 26 | $2.9B | $1.6B | ||
| Q4 25 | $2.9B | $1.8B | ||
| Q3 25 | $2.9B | $1.7B | ||
| Q2 25 | $3.0B | $1.6B | ||
| Q1 25 | $3.0B | $1.6B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $3.4B | $1.5B | ||
| Q2 24 | $3.0B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 1.48× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.72× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $55.0M |
| Free Cash FlowOCF − Capex | — | $49.0M |
| FCF MarginFCF / Revenue | — | 28.3% |
| Capex IntensityCapex / Revenue | 14.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $167.1M | $24.7M | ||
| Q3 25 | $40.5M | $33.4M | ||
| Q2 25 | $49.2M | $21.3M | ||
| Q1 25 | $36.9M | $68.0M | ||
| Q4 24 | $207.1M | $24.3M | ||
| Q3 24 | $52.4M | $22.5M | ||
| Q2 24 | $59.3M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $94.9M | $20.7M | ||
| Q3 25 | $23.1M | $30.4M | ||
| Q2 25 | $28.4M | $18.0M | ||
| Q1 25 | $20.4M | $65.7M | ||
| Q4 24 | $136.9M | $19.9M | ||
| Q3 24 | $28.0M | $21.3M | ||
| Q2 24 | $43.6M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 86.2% | 12.0% | ||
| Q3 25 | 21.1% | 18.8% | ||
| Q2 25 | 26.3% | 11.8% | ||
| Q1 25 | 18.8% | 48.1% | ||
| Q4 24 | 120.7% | 12.6% | ||
| Q3 24 | 22.8% | 14.4% | ||
| Q2 24 | 39.3% | 8.4% |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 65.6% | 2.3% | ||
| Q3 25 | 15.9% | 1.8% | ||
| Q2 25 | 19.3% | 2.2% | ||
| Q1 25 | 15.1% | 1.7% | ||
| Q4 24 | 61.9% | 2.7% | ||
| Q3 24 | 19.9% | 0.8% | ||
| Q2 24 | 14.1% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 8.98× | — | ||
| Q2 25 | 9.01× | — | ||
| Q1 25 | 0.87× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.15× | — | ||
| Q2 24 | 4.98× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AAT
| Rental income | $104.4M | 94% |
| Other | $6.2M | 6% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
