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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) 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 $114.9M, roughly 1.5× DULUTH HOLDINGS INC.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -9.6%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-8.9M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
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.
DLTH vs VRNS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $173.1M |
| Net Profit | $-10.1M | — |
| Gross Margin | 53.8% | 76.0% |
| Operating Margin | -7.7% | -1.7% |
| Net Margin | -8.8% | — |
| Revenue YoY | -9.6% | 26.9% |
| Net Profit YoY | 64.6% | — |
| EPS (diluted) | $-0.29 | — |
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 | $114.9M | $173.4M | ||
| Q3 25 | $131.7M | $161.6M | ||
| Q2 25 | $102.7M | $152.2M | ||
| Q1 25 | $241.3M | $136.4M | ||
| Q4 24 | $127.1M | $158.5M | ||
| Q3 24 | $141.6M | $148.1M | ||
| Q2 24 | $116.7M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-10.1M | $-27.8M | ||
| Q3 25 | $1.3M | $-29.9M | ||
| Q2 25 | $-15.3M | $-35.8M | ||
| Q1 25 | $-5.6M | $-35.8M | ||
| Q4 24 | $-28.2M | $-13.0M | ||
| Q3 24 | $-2.0M | $-18.3M | ||
| Q2 24 | $-7.9M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 53.8% | 78.9% | ||
| Q3 25 | 54.7% | 78.2% | ||
| Q2 25 | 52.0% | 79.5% | ||
| Q1 25 | 44.1% | 78.7% | ||
| Q4 24 | 52.3% | 83.6% | ||
| Q3 24 | 52.3% | 83.8% | ||
| Q2 24 | 52.8% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -7.7% | -17.5% | ||
| Q3 25 | 1.8% | -22.2% | ||
| Q2 25 | -12.0% | -24.0% | ||
| Q1 25 | -1.8% | -32.1% | ||
| Q4 24 | -17.4% | -11.1% | ||
| Q3 24 | -1.1% | -16.0% | ||
| Q2 24 | -7.7% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -8.8% | -16.0% | ||
| Q3 25 | 1.0% | -18.5% | ||
| Q2 25 | -14.9% | -23.5% | ||
| Q1 25 | -2.3% | -26.2% | ||
| Q4 24 | -22.2% | -8.2% | ||
| Q3 24 | -1.4% | -12.4% | ||
| Q2 24 | -6.7% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.29 | $-0.23 | ||
| Q3 25 | $0.04 | $-0.26 | ||
| Q2 25 | $-0.45 | $-0.32 | ||
| Q1 25 | $-0.17 | $-0.32 | ||
| Q4 24 | $-0.84 | $-0.12 | ||
| Q3 24 | $-0.06 | $-0.16 | ||
| Q2 24 | $-0.24 | $-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 | $8.2M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $453.5M |
| Total Assets | $468.0M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $8.2M | $883.7M | ||
| Q3 25 | $5.7M | $671.3M | ||
| Q2 25 | $8.6M | $770.9M | ||
| Q1 25 | $3.3M | $567.6M | ||
| Q4 24 | $9.3M | $529.0M | ||
| Q3 24 | $9.8M | $844.8M | ||
| Q2 24 | $6.8M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $160.6M | $598.7M | ||
| Q3 25 | $170.0M | $604.8M | ||
| Q2 25 | $167.9M | $341.5M | ||
| Q1 25 | $182.7M | $367.7M | ||
| Q4 24 | $188.1M | $455.7M | ||
| Q3 24 | $215.7M | $428.6M | ||
| Q2 24 | $218.4M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $468.0M | $1.8B | ||
| Q3 25 | $433.8M | $1.7B | ||
| Q2 25 | $463.7M | $1.6B | ||
| Q1 25 | $452.4M | $1.6B | ||
| Q4 24 | $533.1M | $1.7B | ||
| Q3 24 | $488.6M | $1.5B | ||
| Q2 24 | $471.4M | $1.1B |
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 | $-6.7M | $55.0M |
| Free Cash FlowOCF − Capex | $-8.9M | $49.0M |
| FCF MarginFCF / Revenue | -7.8% | 28.3% |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-6.7M | $24.7M | ||
| Q3 25 | $32.0M | $33.4M | ||
| Q2 25 | $-56.5M | $21.3M | ||
| Q1 25 | $41.2M | $68.0M | ||
| Q4 24 | $-41.1M | $24.3M | ||
| Q3 24 | $16.6M | $22.5M | ||
| Q2 24 | $-33.7M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-8.9M | $20.7M | ||
| Q3 25 | $29.8M | $30.4M | ||
| Q2 25 | $-57.8M | $18.0M | ||
| Q1 25 | $38.7M | $65.7M | ||
| Q4 24 | $-43.7M | $19.9M | ||
| Q3 24 | $15.0M | $21.3M | ||
| Q2 24 | $-35.2M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -7.8% | 12.0% | ||
| Q3 25 | 22.6% | 18.8% | ||
| Q2 25 | -56.3% | 11.8% | ||
| Q1 25 | 16.0% | 48.1% | ||
| Q4 24 | -34.4% | 12.6% | ||
| Q3 24 | 10.6% | 14.4% | ||
| Q2 24 | -30.2% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 2.3% | ||
| Q3 25 | 1.7% | 1.8% | ||
| Q2 25 | 1.3% | 2.2% | ||
| Q1 25 | 1.0% | 1.7% | ||
| Q4 24 | 2.1% | 2.7% | ||
| Q3 24 | 1.2% | 0.8% | ||
| Q2 24 | 1.3% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
