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Side-by-side financial comparison of ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT) 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 $158.8M, roughly 1.1× ESSENTIAL PROPERTIES REALTY TRUST, INC.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 22.8%). Over the past eight quarters, ESSENTIAL PROPERTIES REALTY TRUST, INC.'s revenue compounded faster (20.6% CAGR vs 15.2%).
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
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.
EPRT vs VRNS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $158.8M | $173.1M |
| Net Profit | $60.0M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 56.5% | -1.7% |
| Net Margin | 37.8% | — |
| Revenue YoY | 22.8% | 26.9% |
| Net Profit YoY | 6.5% | — |
| EPS (diluted) | $0.28 | — |
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 | $158.8M | $173.1M | ||
| Q4 25 | $149.9M | $173.4M | ||
| Q3 25 | $144.9M | $161.6M | ||
| Q2 25 | $137.1M | $152.2M | ||
| Q1 25 | $129.4M | $136.4M | ||
| Q4 24 | $119.7M | $158.5M | ||
| Q3 24 | $117.1M | $148.1M | ||
| Q2 24 | $109.3M | $130.3M |
| Q1 26 | $60.0M | — | ||
| Q4 25 | $68.1M | $-27.8M | ||
| Q3 25 | $65.6M | $-29.9M | ||
| Q2 25 | $63.2M | $-35.8M | ||
| Q1 25 | $56.1M | $-35.8M | ||
| Q4 24 | $55.4M | $-13.0M | ||
| Q3 24 | $49.1M | $-18.3M | ||
| Q2 24 | $51.5M | $-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 | 56.5% | -1.7% | ||
| Q4 25 | 65.9% | -17.5% | ||
| Q3 25 | 64.7% | -22.2% | ||
| Q2 25 | 64.1% | -24.0% | ||
| Q1 25 | 61.6% | -32.1% | ||
| Q4 24 | 66.1% | -11.1% | ||
| Q3 24 | 59.7% | -16.0% | ||
| Q2 24 | 61.1% | -22.1% |
| Q1 26 | 37.8% | — | ||
| Q4 25 | 45.4% | -16.0% | ||
| Q3 25 | 45.3% | -18.5% | ||
| Q2 25 | 46.1% | -23.5% | ||
| Q1 25 | 43.4% | -26.2% | ||
| Q4 24 | 46.3% | -8.2% | ||
| Q3 24 | 42.0% | -12.4% | ||
| Q2 24 | 47.1% | -18.4% |
| Q1 26 | $0.28 | — | ||
| Q4 25 | $0.34 | $-0.23 | ||
| Q3 25 | $0.33 | $-0.26 | ||
| Q2 25 | $0.32 | $-0.32 | ||
| Q1 25 | $0.29 | $-0.32 | ||
| Q4 24 | $0.31 | $-0.12 | ||
| Q3 24 | $0.27 | $-0.16 | ||
| Q2 24 | $0.29 | $-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 | $15.2M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.4B | $453.5M |
| Total Assets | $7.2B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $15.2M | $179.3M | ||
| Q4 25 | $60.2M | $883.7M | ||
| Q3 25 | $23.8M | $671.3M | ||
| Q2 25 | $20.8M | $770.9M | ||
| Q1 25 | $47.0M | $567.6M | ||
| Q4 24 | $40.7M | $529.0M | ||
| Q3 24 | $32.7M | $844.8M | ||
| Q2 24 | $23.6M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | $4.4B | $453.5M | ||
| Q4 25 | $4.2B | $598.7M | ||
| Q3 25 | $3.8B | $604.8M | ||
| Q2 25 | $3.8B | $341.5M | ||
| Q1 25 | $3.8B | $367.7M | ||
| Q4 24 | $3.6B | $455.7M | ||
| Q3 24 | $3.2B | $428.6M | ||
| Q2 24 | $3.2B | $458.6M |
| Q1 26 | $7.2B | $1.6B | ||
| Q4 25 | $6.9B | $1.8B | ||
| Q3 25 | $6.6B | $1.7B | ||
| Q2 25 | $6.3B | $1.6B | ||
| Q1 25 | $6.1B | $1.6B | ||
| Q4 24 | $5.8B | $1.7B | ||
| Q3 24 | $5.5B | $1.5B | ||
| Q2 24 | $5.3B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.69× | — | ||
| Q2 24 | 0.59× | — |
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 | — | $55.0M |
| Free Cash FlowOCF − Capex | — | $49.0M |
| FCF MarginFCF / Revenue | — | 28.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $381.1M | $24.7M | ||
| Q3 25 | $99.0M | $33.4M | ||
| Q2 25 | $99.8M | $21.3M | ||
| Q1 25 | $77.2M | $68.0M | ||
| Q4 24 | $308.5M | $24.3M | ||
| Q3 24 | $73.5M | $22.5M | ||
| Q2 24 | $81.1M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | — | $20.7M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | — | $21.3M | ||
| Q2 24 | — | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | — | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 5.60× | — | ||
| Q3 25 | 1.51× | — | ||
| Q2 25 | 1.58× | — | ||
| Q1 25 | 1.38× | — | ||
| Q4 24 | 5.57× | — | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.57× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
