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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) 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 $132.7M, roughly 1.3× Emerald Holding, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 24.3%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $11.7M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -0.3%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
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.
EEX vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $173.1M |
| Net Profit | $-30.2M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -11.8% | -1.7% |
| Net Margin | -22.8% | — |
| Revenue YoY | 24.3% | 26.9% |
| Net Profit YoY | -692.2% | — |
| EPS (diluted) | $-0.15 | — |
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 | $132.7M | $173.4M | ||
| Q3 25 | $77.5M | $161.6M | ||
| Q2 25 | $105.5M | $152.2M | ||
| Q1 25 | $147.7M | $136.4M | ||
| Q4 24 | $106.8M | $158.5M | ||
| Q3 24 | $72.6M | $148.1M | ||
| Q2 24 | $86.0M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-30.2M | $-27.8M | ||
| Q3 25 | $-14.4M | $-29.9M | ||
| Q2 25 | $-1.4M | $-35.8M | ||
| Q1 25 | $15.3M | $-35.8M | ||
| Q4 24 | $5.1M | $-13.0M | ||
| Q3 24 | $-11.1M | $-18.3M | ||
| Q2 24 | $-2.8M | $-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 | -11.8% | -17.5% | ||
| Q3 25 | -10.1% | -22.2% | ||
| Q2 25 | 9.7% | -24.0% | ||
| Q1 25 | 24.2% | -32.1% | ||
| Q4 24 | 19.5% | -11.1% | ||
| Q3 24 | -6.5% | -16.0% | ||
| Q2 24 | 7.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -22.8% | -16.0% | ||
| Q3 25 | -18.6% | -18.5% | ||
| Q2 25 | -1.3% | -23.5% | ||
| Q1 25 | 10.4% | -26.2% | ||
| Q4 24 | 4.8% | -8.2% | ||
| Q3 24 | -15.3% | -12.4% | ||
| Q2 24 | -3.3% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.15 | $-0.23 | ||
| Q3 25 | $-0.07 | $-0.26 | ||
| Q2 25 | $-0.01 | $-0.32 | ||
| Q1 25 | $0.08 | $-0.32 | ||
| Q4 24 | $0.01 | $-0.12 | ||
| Q3 24 | $-0.05 | $-0.16 | ||
| Q2 24 | $-0.03 | $-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 | $100.9M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $338.8M | $453.5M |
| Total Assets | $1.2B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $100.9M | $883.7M | ||
| Q3 25 | $95.4M | $671.3M | ||
| Q2 25 | $156.4M | $770.9M | ||
| Q1 25 | $276.8M | $567.6M | ||
| Q4 24 | $194.8M | $529.0M | ||
| Q3 24 | $188.9M | $844.8M | ||
| Q2 24 | $193.2M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $338.8M | $598.7M | ||
| Q3 25 | $369.5M | $604.8M | ||
| Q2 25 | $389.4M | $341.5M | ||
| Q1 25 | $392.1M | $367.7M | ||
| Q4 24 | $385.9M | $455.7M | ||
| Q3 24 | $391.1M | $428.6M | ||
| Q2 24 | $407.6M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $1.1B | $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 | $12.3M | $55.0M |
| Free Cash FlowOCF − Capex | $11.7M | $49.0M |
| FCF MarginFCF / Revenue | 8.8% | 28.3% |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $12.3M | $24.7M | ||
| Q3 25 | $1.8M | $33.4M | ||
| Q2 25 | $15.9M | $21.3M | ||
| Q1 25 | $12.6M | $68.0M | ||
| Q4 24 | $20.6M | $24.3M | ||
| Q3 24 | $9.1M | $22.5M | ||
| Q2 24 | $9.8M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $11.7M | $20.7M | ||
| Q3 25 | $1.5M | $30.4M | ||
| Q2 25 | $15.8M | $18.0M | ||
| Q1 25 | $12.4M | $65.7M | ||
| Q4 24 | $19.9M | $19.9M | ||
| Q3 24 | $9.0M | $21.3M | ||
| Q2 24 | $9.6M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 8.8% | 12.0% | ||
| Q3 25 | 1.9% | 18.8% | ||
| Q2 25 | 15.0% | 11.8% | ||
| Q1 25 | 8.4% | 48.1% | ||
| Q4 24 | 18.6% | 12.6% | ||
| Q3 24 | 12.4% | 14.4% | ||
| Q2 24 | 11.2% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 2.3% | ||
| Q3 25 | 0.4% | 1.8% | ||
| Q2 25 | 0.1% | 2.2% | ||
| Q1 25 | 0.1% | 1.7% | ||
| Q4 24 | 0.7% | 2.7% | ||
| Q3 24 | 0.1% | 0.8% | ||
| Q2 24 | 0.2% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.82× | — | ||
| Q4 24 | 4.04× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
