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Side-by-side financial comparison of Donnelley Financial Solutions, Inc. (DFIN) 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 $172.5M, roughly 1.0× Donnelley Financial Solutions, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 10.4%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $47.9M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -7.9%).
Donnelley Financial Solutions (DFIN) is a financial compliance company based in Chicago, Illinois, United States. The company provides software as a service (SaaS) products, software-enabled services (SeS), print, and compliance services related to US Securities and Exchange Commission regulations to companies in capital and investment markets.
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.
DFIN vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $172.5M | $173.1M |
| Net Profit | $6.2M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 8.3% | — |
| Net Margin | 3.6% | — |
| Revenue YoY | 10.4% | 26.9% |
| Net Profit YoY | -1.6% | — |
| EPS (diluted) | $0.31 | $115788061.00 |
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 | $172.5M | $173.4M | ||
| Q3 25 | $175.3M | $161.6M | ||
| Q2 25 | $218.1M | $152.2M | ||
| Q1 25 | $201.1M | $136.4M | ||
| Q4 24 | $156.3M | $158.5M | ||
| Q3 24 | $179.5M | $148.1M | ||
| Q2 24 | $242.7M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $6.2M | $-27.8M | ||
| Q3 25 | $-40.9M | $-29.9M | ||
| Q2 25 | $36.1M | $-35.8M | ||
| Q1 25 | $31.0M | $-35.8M | ||
| Q4 24 | $6.3M | $-13.0M | ||
| Q3 24 | $8.7M | $-18.3M | ||
| Q2 24 | $44.1M | $-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 | — | — | ||
| Q4 25 | 8.3% | -17.5% | ||
| Q3 25 | 16.1% | -22.2% | ||
| Q2 25 | 24.2% | -24.0% | ||
| Q1 25 | 22.8% | -32.1% | ||
| Q4 24 | 6.0% | -11.1% | ||
| Q3 24 | 10.1% | -16.0% | ||
| Q2 24 | 26.6% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | -16.0% | ||
| Q3 25 | -23.3% | -18.5% | ||
| Q2 25 | 16.6% | -23.5% | ||
| Q1 25 | 15.4% | -26.2% | ||
| Q4 24 | 4.0% | -8.2% | ||
| Q3 24 | 4.8% | -12.4% | ||
| Q2 24 | 18.2% | -18.4% |
| Q1 26 | — | $115788061.00 | ||
| Q4 25 | $0.31 | $-0.23 | ||
| Q3 25 | $-1.49 | $-0.26 | ||
| Q2 25 | $1.28 | $-0.32 | ||
| Q1 25 | $1.05 | $-0.32 | ||
| Q4 24 | $0.21 | $-0.12 | ||
| Q3 24 | $0.29 | $-0.16 | ||
| Q2 24 | $1.47 | $-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 | $24.5M | $179.3M |
| Total DebtLower is stronger | $171.3M | — |
| Stockholders' EquityBook value | $379.2M | $453.5M |
| Total Assets | $800.4M | $1.6B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $24.5M | $883.7M | ||
| Q3 25 | $22.7M | $671.3M | ||
| Q2 25 | $33.8M | $770.9M | ||
| Q1 25 | $16.2M | $567.6M | ||
| Q4 24 | $57.3M | $529.0M | ||
| Q3 24 | $33.6M | $844.8M | ||
| Q2 24 | $35.0M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $171.3M | — | ||
| Q3 25 | $154.7M | — | ||
| Q2 25 | $190.1M | — | ||
| Q1 25 | $189.5M | — | ||
| Q4 24 | $124.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $379.2M | $598.7M | ||
| Q3 25 | $423.1M | $604.8M | ||
| Q2 25 | $432.1M | $341.5M | ||
| Q1 25 | $419.9M | $367.7M | ||
| Q4 24 | $436.1M | $455.7M | ||
| Q3 24 | $444.5M | $428.6M | ||
| Q2 24 | $441.5M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $800.4M | $1.8B | ||
| Q3 25 | $816.3M | $1.7B | ||
| Q2 25 | $874.7M | $1.6B | ||
| Q1 25 | $852.8M | $1.6B | ||
| Q4 24 | $841.6M | $1.7B | ||
| Q3 24 | $843.6M | $1.5B | ||
| Q2 24 | $882.9M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.45× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.45× | — | ||
| Q4 24 | 0.29× | — | ||
| 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 | $59.8M | $55.0M |
| Free Cash FlowOCF − Capex | $47.9M | $49.0M |
| FCF MarginFCF / Revenue | 27.8% | 28.3% |
| Capex IntensityCapex / Revenue | 6.9% | — |
| Cash ConversionOCF / Net Profit | 9.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $107.8M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $59.8M | $24.7M | ||
| Q3 25 | $74.4M | $33.4M | ||
| Q2 25 | $68.4M | $21.3M | ||
| Q1 25 | $-37.7M | $68.0M | ||
| Q4 24 | $56.4M | $24.3M | ||
| Q3 24 | $86.4M | $22.5M | ||
| Q2 24 | $56.2M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $47.9M | $20.7M | ||
| Q3 25 | $59.2M | $30.4M | ||
| Q2 25 | $51.7M | $18.0M | ||
| Q1 25 | $-51.0M | $65.7M | ||
| Q4 24 | $41.3M | $19.9M | ||
| Q3 24 | $67.3M | $21.3M | ||
| Q2 24 | $36.8M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 27.8% | 12.0% | ||
| Q3 25 | 33.8% | 18.8% | ||
| Q2 25 | 23.7% | 11.8% | ||
| Q1 25 | -25.4% | 48.1% | ||
| Q4 24 | 26.4% | 12.6% | ||
| Q3 24 | 37.5% | 14.4% | ||
| Q2 24 | 15.2% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 6.9% | 2.3% | ||
| Q3 25 | 8.7% | 1.8% | ||
| Q2 25 | 7.7% | 2.2% | ||
| Q1 25 | 6.6% | 1.7% | ||
| Q4 24 | 9.7% | 2.7% | ||
| Q3 24 | 10.6% | 0.8% | ||
| Q2 24 | 8.0% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 9.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.89× | — | ||
| Q1 25 | -1.22× | — | ||
| Q4 24 | 8.95× | — | ||
| Q3 24 | 9.93× | — | ||
| Q2 24 | 1.27× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DFIN
| Technology Service | $68.0M | 39% |
| Capital Markets Compliance And Communications Management | $61.6M | 36% |
| Investment Companies Software Solutions | $30.9M | 18% |
| Print And Distribution Service | $13.6M | 8% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
