vs
Side-by-side financial comparison of Claritev Corp (CTEV) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
Claritev Corp is the larger business by last-quarter revenue ($246.6M vs $173.1M, roughly 1.4× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 6.2%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $36.4M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 2.5%).
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.
CTEV vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $246.6M | $173.1M |
| Net Profit | $-80.6M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -3.1% | -1.7% |
| Net Margin | -32.7% | — |
| Revenue YoY | 6.2% | 26.9% |
| Net Profit YoY | 41.6% | — |
| EPS (diluted) | $-4.88 | — |
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 | $246.6M | $173.4M | ||
| Q3 25 | $246.0M | $161.6M | ||
| Q2 25 | $241.6M | $152.2M | ||
| Q1 25 | $231.3M | $136.4M | ||
| Q4 24 | $232.1M | $158.5M | ||
| Q3 24 | $230.5M | $148.1M | ||
| Q2 24 | $233.5M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-80.6M | $-27.8M | ||
| Q3 25 | $-69.8M | $-29.9M | ||
| Q2 25 | $-62.6M | $-35.8M | ||
| Q1 25 | $-71.3M | $-35.8M | ||
| Q4 24 | $-138.0M | $-13.0M | ||
| Q3 24 | $-391.4M | $-18.3M | ||
| Q2 24 | $-576.7M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | — | 83.6% | ||
| Q3 24 | — | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -3.1% | -17.5% | ||
| Q3 25 | 4.1% | -22.2% | ||
| Q2 25 | 6.9% | -24.0% | ||
| Q1 25 | 4.2% | -32.1% | ||
| Q4 24 | -17.8% | -11.1% | ||
| Q3 24 | -146.7% | -16.0% | ||
| Q2 24 | -224.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -32.7% | -16.0% | ||
| Q3 25 | -28.4% | -18.5% | ||
| Q2 25 | -25.9% | -23.5% | ||
| Q1 25 | -30.8% | -26.2% | ||
| Q4 24 | -59.4% | -8.2% | ||
| Q3 24 | -169.8% | -12.4% | ||
| Q2 24 | -247.0% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-4.88 | $-0.23 | ||
| Q3 25 | $-4.23 | $-0.26 | ||
| Q2 25 | $-3.81 | $-0.32 | ||
| Q1 25 | $-4.38 | $-0.32 | ||
| Q4 24 | $-8.49 | $-0.12 | ||
| Q3 24 | $-24.25 | $-0.16 | ||
| Q2 24 | $-35.78 | $-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 | $16.8M | $179.3M |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $-173.9M | $453.5M |
| Total Assets | $4.9B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $16.8M | $883.7M | ||
| Q3 25 | $39.2M | $671.3M | ||
| Q2 25 | $56.4M | $770.9M | ||
| Q1 25 | $23.1M | $567.6M | ||
| Q4 24 | $16.8M | $529.0M | ||
| Q3 24 | $86.6M | $844.8M | ||
| Q2 24 | $48.8M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $-173.9M | $598.7M | ||
| Q3 25 | $-101.8M | $604.8M | ||
| Q2 25 | $-39.9M | $341.5M | ||
| Q1 25 | $14.8M | $367.7M | ||
| Q4 24 | $84.0M | $455.7M | ||
| Q3 24 | $207.6M | $428.6M | ||
| Q2 24 | $603.4M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $4.9B | $1.8B | ||
| Q3 25 | $5.0B | $1.7B | ||
| Q2 25 | $5.1B | $1.6B | ||
| Q1 25 | $5.1B | $1.6B | ||
| Q4 24 | $5.2B | $1.7B | ||
| Q3 24 | $5.3B | $1.5B | ||
| Q2 24 | $5.7B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 304.87× | — | ||
| Q4 24 | 53.67× | — | ||
| Q3 24 | 21.73× | — | ||
| Q2 24 | 7.48× | — |
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 | $66.3M | $55.0M |
| Free Cash FlowOCF − Capex | $36.4M | $49.0M |
| FCF MarginFCF / Revenue | 14.8% | 28.3% |
| Capex IntensityCapex / Revenue | 12.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-12.3M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $66.3M | $24.7M | ||
| Q3 25 | $19.9M | $33.4M | ||
| Q2 25 | $61.2M | $21.3M | ||
| Q1 25 | $-30.1M | $68.0M | ||
| Q4 24 | $-33.4M | $24.3M | ||
| Q3 24 | $72.8M | $22.5M | ||
| Q2 24 | $18.5M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $36.4M | $20.7M | ||
| Q3 25 | $-16.3M | $30.4M | ||
| Q2 25 | $36.6M | $18.0M | ||
| Q1 25 | $-68.9M | $65.7M | ||
| Q4 24 | $-63.8M | $19.9M | ||
| Q3 24 | $41.1M | $21.3M | ||
| Q2 24 | $-7.0M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 14.8% | 12.0% | ||
| Q3 25 | -6.6% | 18.8% | ||
| Q2 25 | 15.2% | 11.8% | ||
| Q1 25 | -29.8% | 48.1% | ||
| Q4 24 | -27.5% | 12.6% | ||
| Q3 24 | 17.8% | 14.4% | ||
| Q2 24 | -3.0% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 12.1% | 2.3% | ||
| Q3 25 | 14.7% | 1.8% | ||
| Q2 25 | 10.2% | 2.2% | ||
| Q1 25 | 16.8% | 1.7% | ||
| Q4 24 | 13.1% | 2.7% | ||
| Q3 24 | 13.8% | 0.8% | ||
| Q2 24 | 10.9% | 0.6% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CTEV
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
