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Side-by-side financial comparison of Civeo Corp (CVEO) 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 $161.6M, roughly 1.1× Civeo Corp). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 7.1%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $14.5M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -1.4%).
The Civeo Corporation is an American accommodation services multinational corporation. It is a spin-off of Oil States International. It is a public company listed on the New York Stock Exchange.
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.
CVEO vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $161.6M | $173.1M |
| Net Profit | $-6.5M | — |
| Gross Margin | 22.7% | 76.0% |
| Operating Margin | -0.1% | -1.7% |
| Net Margin | -4.0% | — |
| Revenue YoY | 7.1% | 26.9% |
| Net Profit YoY | 58.1% | — |
| EPS (diluted) | $-0.58 | — |
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 | $161.6M | $173.4M | ||
| Q3 25 | $170.5M | $161.6M | ||
| Q2 25 | $162.7M | $152.2M | ||
| Q1 25 | $144.0M | $136.4M | ||
| Q4 24 | $151.0M | $158.5M | ||
| Q3 24 | $176.3M | $148.1M | ||
| Q2 24 | $188.7M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-6.5M | $-27.8M | ||
| Q3 25 | $-455.0K | $-29.9M | ||
| Q2 25 | $-3.3M | $-35.8M | ||
| Q1 25 | $-9.8M | $-35.8M | ||
| Q4 24 | $-15.4M | $-13.0M | ||
| Q3 24 | $-5.1M | $-18.3M | ||
| Q2 24 | $8.2M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 22.7% | 78.9% | ||
| Q3 25 | 25.7% | 78.2% | ||
| Q2 25 | 25.3% | 79.5% | ||
| Q1 25 | 20.4% | 78.7% | ||
| Q4 24 | 18.6% | 83.6% | ||
| Q3 24 | 21.4% | 83.8% | ||
| Q2 24 | 25.4% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -0.1% | -17.5% | ||
| Q3 25 | 4.1% | -22.2% | ||
| Q2 25 | 1.7% | -24.0% | ||
| Q1 25 | -3.8% | -32.1% | ||
| Q4 24 | -6.7% | -11.1% | ||
| Q3 24 | 0.0% | -16.0% | ||
| Q2 24 | 6.9% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -4.0% | -16.0% | ||
| Q3 25 | -0.3% | -18.5% | ||
| Q2 25 | -2.0% | -23.5% | ||
| Q1 25 | -6.8% | -26.2% | ||
| Q4 24 | -10.2% | -8.2% | ||
| Q3 24 | -2.9% | -12.4% | ||
| Q2 24 | 4.4% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.58 | $-0.23 | ||
| Q3 25 | $-0.04 | $-0.26 | ||
| Q2 25 | $-0.25 | $-0.32 | ||
| Q1 25 | $-0.72 | $-0.32 | ||
| Q4 24 | $-1.04 | $-0.12 | ||
| Q3 24 | $-0.36 | $-0.16 | ||
| Q2 24 | $0.56 | $-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 | $14.4M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $174.4M | $453.5M |
| Total Assets | $477.4M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $14.4M | $883.7M | ||
| Q3 25 | $12.0M | $671.3M | ||
| Q2 25 | $14.6M | $770.9M | ||
| Q1 25 | $28.4M | $567.6M | ||
| Q4 24 | $5.2M | $529.0M | ||
| Q3 24 | $17.9M | $844.8M | ||
| Q2 24 | $7.4M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $43.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $174.4M | $598.7M | ||
| Q3 25 | $182.5M | $604.8M | ||
| Q2 25 | $209.4M | $341.5M | ||
| Q1 25 | $220.7M | $367.7M | ||
| Q4 24 | $236.4M | $455.7M | ||
| Q3 24 | $282.2M | $428.6M | ||
| Q2 24 | $297.4M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $477.4M | $1.8B | ||
| Q3 25 | $491.1M | $1.7B | ||
| Q2 25 | $508.8M | $1.6B | ||
| Q1 25 | $423.8M | $1.6B | ||
| Q4 24 | $405.1M | $1.7B | ||
| Q3 24 | $477.6M | $1.5B | ||
| Q2 24 | $483.2M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.18× | — | ||
| 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 | $19.3M | $55.0M |
| Free Cash FlowOCF − Capex | $14.5M | $49.0M |
| FCF MarginFCF / Revenue | 8.9% | 28.3% |
| Capex IntensityCapex / Revenue | 3.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.1M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $19.3M | $24.7M | ||
| Q3 25 | $13.8M | $33.4M | ||
| Q2 25 | $-2.3M | $21.3M | ||
| Q1 25 | $-8.4M | $68.0M | ||
| Q4 24 | $9.5M | $24.3M | ||
| Q3 24 | $35.7M | $22.5M | ||
| Q2 24 | $32.4M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $14.5M | $20.7M | ||
| Q3 25 | $8.2M | $30.4M | ||
| Q2 25 | $-6.8M | $18.0M | ||
| Q1 25 | $-13.7M | $65.7M | ||
| Q4 24 | $1.8M | $19.9M | ||
| Q3 24 | $28.2M | $21.3M | ||
| Q2 24 | $27.0M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 8.9% | 12.0% | ||
| Q3 25 | 4.8% | 18.8% | ||
| Q2 25 | -4.2% | 11.8% | ||
| Q1 25 | -9.5% | 48.1% | ||
| Q4 24 | 1.2% | 12.6% | ||
| Q3 24 | 16.0% | 14.4% | ||
| Q2 24 | 14.3% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 2.3% | ||
| Q3 25 | 3.3% | 1.8% | ||
| Q2 25 | 2.8% | 2.2% | ||
| Q1 25 | 3.7% | 1.7% | ||
| Q4 24 | 5.1% | 2.7% | ||
| Q3 24 | 4.2% | 0.8% | ||
| Q2 24 | 2.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.93× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CVEO
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
