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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) 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 $164.3M, roughly 1.1× AMERICAN STATES WATER CO). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 14.8%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-36.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 10.2%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
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.
AWR vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $173.1M |
| Net Profit | $28.7M | — |
| Gross Margin | 88.9% | 76.0% |
| Operating Margin | 27.4% | -1.7% |
| Net Margin | 17.5% | — |
| Revenue YoY | 14.8% | 26.9% |
| Net Profit YoY | 1.1% | — |
| EPS (diluted) | $0.74 | — |
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 | $164.3M | $173.4M | ||
| Q3 25 | $182.7M | $161.6M | ||
| Q2 25 | $163.1M | $152.2M | ||
| Q1 25 | $148.0M | $136.4M | ||
| Q4 24 | $143.1M | $158.5M | ||
| Q3 24 | $161.8M | $148.1M | ||
| Q2 24 | $155.3M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $28.7M | $-27.8M | ||
| Q3 25 | $41.2M | $-29.9M | ||
| Q2 25 | $33.7M | $-35.8M | ||
| Q1 25 | $26.8M | $-35.8M | ||
| Q4 24 | $28.4M | $-13.0M | ||
| Q3 24 | $35.8M | $-18.3M | ||
| Q2 24 | $31.9M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 88.9% | 78.9% | ||
| Q3 25 | 91.0% | 78.2% | ||
| Q2 25 | 92.1% | 79.5% | ||
| Q1 25 | 91.3% | 78.7% | ||
| Q4 24 | 92.4% | 83.6% | ||
| Q3 24 | 92.7% | 83.8% | ||
| Q2 24 | 89.6% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 27.4% | -17.5% | ||
| Q3 25 | 33.8% | -22.2% | ||
| Q2 25 | 31.3% | -24.0% | ||
| Q1 25 | 30.8% | -32.1% | ||
| Q4 24 | 27.0% | -11.1% | ||
| Q3 24 | 34.0% | -16.0% | ||
| Q2 24 | 33.3% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 17.5% | -16.0% | ||
| Q3 25 | 22.5% | -18.5% | ||
| Q2 25 | 20.7% | -23.5% | ||
| Q1 25 | 18.1% | -26.2% | ||
| Q4 24 | 19.9% | -8.2% | ||
| Q3 24 | 22.1% | -12.4% | ||
| Q2 24 | 20.5% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.74 | $-0.23 | ||
| Q3 25 | $1.06 | $-0.26 | ||
| Q2 25 | $0.87 | $-0.32 | ||
| Q1 25 | $0.70 | $-0.32 | ||
| Q4 24 | $0.75 | $-0.12 | ||
| Q3 24 | $0.95 | $-0.16 | ||
| Q2 24 | $0.85 | $-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 | $18.8M | $179.3M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $453.5M |
| Total Assets | $2.7B | $1.6B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $18.8M | $883.7M | ||
| Q3 25 | $26.1M | $671.3M | ||
| Q2 25 | $20.2M | $770.9M | ||
| Q1 25 | $21.2M | $567.6M | ||
| Q4 24 | $26.7M | $529.0M | ||
| Q3 24 | $16.5M | $844.8M | ||
| Q2 24 | $3.6M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $1.0B | $598.7M | ||
| Q3 25 | $1.0B | $604.8M | ||
| Q2 25 | $972.5M | $341.5M | ||
| Q1 25 | $956.4M | $367.7M | ||
| Q4 24 | $920.1M | $455.7M | ||
| Q3 24 | $879.5M | $428.6M | ||
| Q2 24 | $833.5M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.7B | $1.8B | ||
| Q3 25 | $2.7B | $1.7B | ||
| Q2 25 | $2.6B | $1.6B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | $2.5B | $1.7B | ||
| Q3 24 | $2.4B | $1.5B | ||
| Q2 24 | $2.3B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| 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 | $27.7M | $55.0M |
| Free Cash FlowOCF − Capex | $-36.0M | $49.0M |
| FCF MarginFCF / Revenue | -21.9% | 28.3% |
| Capex IntensityCapex / Revenue | 38.8% | — |
| Cash ConversionOCF / Net Profit | 0.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $27.7M | $24.7M | ||
| Q3 25 | $92.4M | $33.4M | ||
| Q2 25 | $64.6M | $21.3M | ||
| Q1 25 | $45.1M | $68.0M | ||
| Q4 24 | $64.5M | $24.3M | ||
| Q3 24 | $63.7M | $22.5M | ||
| Q2 24 | $24.7M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-36.0M | $20.7M | ||
| Q3 25 | $37.7M | $30.4M | ||
| Q2 25 | $13.7M | $18.0M | ||
| Q1 25 | $-22.5M | $65.7M | ||
| Q4 24 | $6.0M | $19.9M | ||
| Q3 24 | $-478.0K | $21.3M | ||
| Q2 24 | $-37.0M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -21.9% | 12.0% | ||
| Q3 25 | 20.7% | 18.8% | ||
| Q2 25 | 8.4% | 11.8% | ||
| Q1 25 | -15.2% | 48.1% | ||
| Q4 24 | 4.2% | 12.6% | ||
| Q3 24 | -0.3% | 14.4% | ||
| Q2 24 | -23.8% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 38.8% | 2.3% | ||
| Q3 25 | 29.9% | 1.8% | ||
| Q2 25 | 31.2% | 2.2% | ||
| Q1 25 | 45.6% | 1.7% | ||
| Q4 24 | 40.9% | 2.7% | ||
| Q3 24 | 39.7% | 0.8% | ||
| Q2 24 | 39.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | — | ||
| Q3 25 | 2.24× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
