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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $173.1M, roughly 1.3× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 20.3%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $22.7M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 5.1%).
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.
CSW vs VRNS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $173.1M |
| Net Profit | $10.3M | — |
| Gross Margin | 39.7% | 76.0% |
| Operating Margin | 7.4% | -1.7% |
| Net Margin | 4.4% | — |
| Revenue YoY | 20.3% | 26.9% |
| Net Profit YoY | -61.9% | — |
| EPS (diluted) | $0.62 | — |
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 | $233.0M | $173.4M | ||
| Q3 25 | $277.0M | $161.6M | ||
| Q2 25 | $263.6M | $152.2M | ||
| Q1 25 | $230.5M | $136.4M | ||
| Q4 24 | $193.6M | $158.5M | ||
| Q3 24 | $227.9M | $148.1M | ||
| Q2 24 | $226.2M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $10.3M | $-27.8M | ||
| Q3 25 | $40.7M | $-29.9M | ||
| Q2 25 | $40.9M | $-35.8M | ||
| Q1 25 | $35.1M | $-35.8M | ||
| Q4 24 | $26.9M | $-13.0M | ||
| Q3 24 | $36.1M | $-18.3M | ||
| Q2 24 | $38.6M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 39.7% | 78.9% | ||
| Q3 25 | 43.0% | 78.2% | ||
| Q2 25 | 43.8% | 79.5% | ||
| Q1 25 | 44.2% | 78.7% | ||
| Q4 24 | 41.4% | 83.6% | ||
| Q3 24 | 45.6% | 83.8% | ||
| Q2 24 | 47.5% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 7.4% | -17.5% | ||
| Q3 25 | 20.5% | -22.2% | ||
| Q2 25 | 20.8% | -24.0% | ||
| Q1 25 | 19.5% | -32.1% | ||
| Q4 24 | 15.3% | -11.1% | ||
| Q3 24 | 22.6% | -16.0% | ||
| Q2 24 | 24.3% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 4.4% | -16.0% | ||
| Q3 25 | 14.7% | -18.5% | ||
| Q2 25 | 15.5% | -23.5% | ||
| Q1 25 | 15.2% | -26.2% | ||
| Q4 24 | 13.9% | -8.2% | ||
| Q3 24 | 15.8% | -12.4% | ||
| Q2 24 | 17.1% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.62 | $-0.23 | ||
| Q3 25 | $2.41 | $-0.26 | ||
| Q2 25 | $2.43 | $-0.32 | ||
| Q1 25 | $2.05 | $-0.32 | ||
| Q4 24 | $1.60 | $-0.12 | ||
| Q3 24 | $2.26 | $-0.16 | ||
| Q2 24 | $2.47 | $-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 | $40.2M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $453.5M |
| Total Assets | $2.3B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $40.2M | $883.7M | ||
| Q3 25 | $31.5M | $671.3M | ||
| Q2 25 | $38.0M | $770.9M | ||
| Q1 25 | $225.8M | $567.6M | ||
| Q4 24 | $213.8M | $529.0M | ||
| Q3 24 | $273.2M | $844.8M | ||
| Q2 24 | $18.9M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $1.1B | $598.7M | ||
| Q3 25 | $1.1B | $604.8M | ||
| Q2 25 | $1.1B | $341.5M | ||
| Q1 25 | $1.1B | $367.7M | ||
| Q4 24 | $1.0B | $455.7M | ||
| Q3 24 | $1.0B | $428.6M | ||
| Q2 24 | $650.2M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.3B | $1.8B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.1B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| 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 | $28.9M | $55.0M |
| Free Cash FlowOCF − Capex | $22.7M | $49.0M |
| FCF MarginFCF / Revenue | 9.8% | 28.3% |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 2.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $28.9M | $24.7M | ||
| Q3 25 | $61.8M | $33.4M | ||
| Q2 25 | $60.6M | $21.3M | ||
| Q1 25 | $27.3M | $68.0M | ||
| Q4 24 | $11.6M | $24.3M | ||
| Q3 24 | $66.8M | $22.5M | ||
| Q2 24 | $62.7M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $22.7M | $20.7M | ||
| Q3 25 | $58.7M | $30.4M | ||
| Q2 25 | $57.7M | $18.0M | ||
| Q1 25 | $22.8M | $65.7M | ||
| Q4 24 | $8.5M | $19.9M | ||
| Q3 24 | $61.3M | $21.3M | ||
| Q2 24 | $59.6M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 9.8% | 12.0% | ||
| Q3 25 | 21.2% | 18.8% | ||
| Q2 25 | 21.9% | 11.8% | ||
| Q1 25 | 9.9% | 48.1% | ||
| Q4 24 | 4.4% | 12.6% | ||
| Q3 24 | 26.9% | 14.4% | ||
| Q2 24 | 26.3% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 2.3% | ||
| Q3 25 | 1.1% | 1.8% | ||
| Q2 25 | 1.1% | 2.2% | ||
| Q1 25 | 2.0% | 1.7% | ||
| Q4 24 | 1.6% | 2.7% | ||
| Q3 24 | 2.4% | 0.8% | ||
| Q2 24 | 1.4% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.81× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
