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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) 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 $111.5M, roughly 1.6× AVIAT NETWORKS, INC.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -5.7%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $22.5M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 0.3%).
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
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.
AVNW vs VRNS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $173.1M |
| Net Profit | $5.7M | — |
| Gross Margin | 32.4% | 76.0% |
| Operating Margin | 6.5% | -1.7% |
| Net Margin | 5.1% | — |
| Revenue YoY | -5.7% | 26.9% |
| Net Profit YoY | 27.2% | — |
| EPS (diluted) | $0.44 | — |
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 | — | $173.1M | ||
| Q4 25 | $111.5M | $173.4M | ||
| Q3 25 | $107.3M | $161.6M | ||
| Q2 25 | $115.3M | $152.2M | ||
| Q1 25 | $112.6M | $136.4M | ||
| Q4 24 | $118.2M | $158.5M | ||
| Q3 24 | $88.4M | $148.1M | ||
| Q2 24 | $116.7M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $5.7M | $-27.8M | ||
| Q3 25 | $162.0K | $-29.9M | ||
| Q2 25 | $5.2M | $-35.8M | ||
| Q1 25 | $3.5M | $-35.8M | ||
| Q4 24 | $4.5M | $-13.0M | ||
| Q3 24 | $-11.9M | $-18.3M | ||
| Q2 24 | $1.5M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 32.4% | 78.9% | ||
| Q3 25 | 33.2% | 78.2% | ||
| Q2 25 | 34.2% | 79.5% | ||
| Q1 25 | 34.9% | 78.7% | ||
| Q4 24 | 34.6% | 83.6% | ||
| Q3 24 | 22.4% | 83.8% | ||
| Q2 24 | 35.3% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 6.5% | -17.5% | ||
| Q3 25 | 4.8% | -22.2% | ||
| Q2 25 | 7.7% | -24.0% | ||
| Q1 25 | 8.3% | -32.1% | ||
| Q4 24 | 6.7% | -11.1% | ||
| Q3 24 | -17.6% | -16.0% | ||
| Q2 24 | 4.7% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 5.1% | -16.0% | ||
| Q3 25 | 0.2% | -18.5% | ||
| Q2 25 | 4.5% | -23.5% | ||
| Q1 25 | 3.1% | -26.2% | ||
| Q4 24 | 3.8% | -8.2% | ||
| Q3 24 | -13.4% | -12.4% | ||
| Q2 24 | 1.3% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.44 | $-0.23 | ||
| Q3 25 | $0.01 | $-0.26 | ||
| Q2 25 | $0.42 | $-0.32 | ||
| Q1 25 | $0.27 | $-0.32 | ||
| Q4 24 | $0.35 | $-0.12 | ||
| Q3 24 | $-0.94 | $-0.16 | ||
| Q2 24 | $0.11 | $-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 | $86.5M | $179.3M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $453.5M |
| Total Assets | $659.4M | $1.6B |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $86.5M | $883.7M | ||
| Q3 25 | $64.8M | $671.3M | ||
| Q2 25 | $59.7M | $770.9M | ||
| Q1 25 | $49.4M | $567.6M | ||
| Q4 24 | $52.6M | $529.0M | ||
| Q3 24 | $51.0M | $844.8M | ||
| Q2 24 | $64.6M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $105.4M | — | ||
| Q3 25 | $106.5M | — | ||
| Q2 25 | $87.6M | — | ||
| Q1 25 | $73.9M | — | ||
| Q4 24 | $74.9M | — | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $271.6M | $598.7M | ||
| Q3 25 | $263.6M | $604.8M | ||
| Q2 25 | $263.2M | $341.5M | ||
| Q1 25 | $256.1M | $367.7M | ||
| Q4 24 | $249.6M | $455.7M | ||
| Q3 24 | $247.1M | $428.6M | ||
| Q2 24 | $255.9M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $659.4M | $1.8B | ||
| Q3 25 | $643.3M | $1.7B | ||
| Q2 25 | $633.3M | $1.6B | ||
| Q1 25 | $628.3M | $1.6B | ||
| Q4 24 | $594.1M | $1.7B | ||
| Q3 24 | $590.9M | $1.5B | ||
| Q2 24 | $535.2M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.19× | — |
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 | $23.9M | $55.0M |
| Free Cash FlowOCF − Capex | $22.5M | $49.0M |
| FCF MarginFCF / Revenue | 20.2% | 28.3% |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $23.9M | $24.7M | ||
| Q3 25 | $-11.7M | $33.4M | ||
| Q2 25 | $10.5M | $21.3M | ||
| Q1 25 | $1.6M | $68.0M | ||
| Q4 24 | $20.8M | $24.3M | ||
| Q3 24 | $-27.2M | $22.5M | ||
| Q2 24 | $8.3M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $22.5M | $20.7M | ||
| Q3 25 | $-13.5M | $30.4M | ||
| Q2 25 | $8.2M | $18.0M | ||
| Q1 25 | $-1.2M | $65.7M | ||
| Q4 24 | $18.3M | $19.9M | ||
| Q3 24 | $-32.6M | $21.3M | ||
| Q2 24 | $7.5M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 20.2% | 12.0% | ||
| Q3 25 | -12.6% | 18.8% | ||
| Q2 25 | 7.1% | 11.8% | ||
| Q1 25 | -1.0% | 48.1% | ||
| Q4 24 | 15.5% | 12.6% | ||
| Q3 24 | -36.8% | 14.4% | ||
| Q2 24 | 6.4% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 2.3% | ||
| Q3 25 | 1.6% | 1.8% | ||
| Q2 25 | 2.0% | 2.2% | ||
| Q1 25 | 2.5% | 1.7% | ||
| Q4 24 | 2.1% | 2.7% | ||
| Q3 24 | 6.1% | 0.8% | ||
| Q2 24 | 0.7% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
