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Side-by-side financial comparison of Essent Group Ltd. (ESNT) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
Essent Group Ltd. is the larger business by last-quarter revenue ($312.4M vs $173.1M, roughly 1.8× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -0.8%). Essent Group Ltd. produced more free cash flow last quarter ($848.7M vs $49.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 2.3%).
Essentra PLC is a supplier of plastic and fibre products. The company operates internationally from headquarters in Kidlington, Oxfordshire. It is listed on the London 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.
ESNT vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $312.4M | $173.1M |
| Net Profit | $155.0M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 59.1% | -1.7% |
| Net Margin | 49.6% | — |
| Revenue YoY | -0.8% | 26.9% |
| Net Profit YoY | -7.7% | — |
| EPS (diluted) | $1.61 | — |
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 | $312.4M | $173.4M | ||
| Q3 25 | $311.8M | $161.6M | ||
| Q2 25 | $319.1M | $152.2M | ||
| Q1 25 | $317.6M | $136.4M | ||
| Q4 24 | $315.0M | $158.5M | ||
| Q3 24 | $316.6M | $148.1M | ||
| Q2 24 | $312.9M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $155.0M | $-27.8M | ||
| Q3 25 | $164.2M | $-29.9M | ||
| Q2 25 | $195.3M | $-35.8M | ||
| Q1 25 | $175.4M | $-35.8M | ||
| Q4 24 | $167.9M | $-13.0M | ||
| Q3 24 | $176.2M | $-18.3M | ||
| Q2 24 | $203.6M | $-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 | 59.1% | -17.5% | ||
| Q3 25 | 63.9% | -22.2% | ||
| Q2 25 | 72.4% | -24.0% | ||
| Q1 25 | 65.2% | -32.1% | ||
| Q4 24 | 61.9% | -11.1% | ||
| Q3 24 | 65.6% | -16.0% | ||
| Q2 24 | 76.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 49.6% | -16.0% | ||
| Q3 25 | 52.7% | -18.5% | ||
| Q2 25 | 61.2% | -23.5% | ||
| Q1 25 | 55.2% | -26.2% | ||
| Q4 24 | 53.3% | -8.2% | ||
| Q3 24 | 55.6% | -12.4% | ||
| Q2 24 | 65.1% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $1.61 | $-0.23 | ||
| Q3 25 | $1.67 | $-0.26 | ||
| Q2 25 | $1.93 | $-0.32 | ||
| Q1 25 | $1.69 | $-0.32 | ||
| Q4 24 | $1.59 | $-0.12 | ||
| Q3 24 | $1.65 | $-0.16 | ||
| Q2 24 | $1.91 | $-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 | — | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.8B | $453.5M |
| Total Assets | $7.4B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | — | $883.7M | ||
| Q3 25 | — | $671.3M | ||
| Q2 25 | — | $770.9M | ||
| Q1 25 | — | $567.6M | ||
| Q4 24 | — | $529.0M | ||
| Q3 24 | — | $844.8M | ||
| Q2 24 | — | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $5.8B | $598.7M | ||
| Q3 25 | $5.7B | $604.8M | ||
| Q2 25 | $5.7B | $341.5M | ||
| Q1 25 | $5.7B | $367.7M | ||
| Q4 24 | $5.6B | $455.7M | ||
| Q3 24 | $5.6B | $428.6M | ||
| Q2 24 | $5.4B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $7.4B | $1.8B | ||
| Q3 25 | $7.4B | $1.7B | ||
| Q2 25 | $7.2B | $1.6B | ||
| Q1 25 | $7.2B | $1.6B | ||
| Q4 24 | $7.1B | $1.7B | ||
| Q3 24 | $7.1B | $1.5B | ||
| Q2 24 | $6.7B | $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 | $856.1M | $55.0M |
| Free Cash FlowOCF − Capex | $848.7M | $49.0M |
| FCF MarginFCF / Revenue | 271.7% | 28.3% |
| Capex IntensityCapex / Revenue | 2.4% | — |
| Cash ConversionOCF / Net Profit | 5.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $856.1M | $24.7M | ||
| Q3 25 | $215.9M | $33.4M | ||
| Q2 25 | $189.5M | $21.3M | ||
| Q1 25 | $221.6M | $68.0M | ||
| Q4 24 | $861.5M | $24.3M | ||
| Q3 24 | $229.2M | $22.5M | ||
| Q2 24 | $188.7M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $848.7M | $20.7M | ||
| Q3 25 | $210.6M | $30.4M | ||
| Q2 25 | $188.8M | $18.0M | ||
| Q1 25 | $221.3M | $65.7M | ||
| Q4 24 | $854.8M | $19.9M | ||
| Q3 24 | $228.7M | $21.3M | ||
| Q2 24 | $187.6M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 271.7% | 12.0% | ||
| Q3 25 | 67.5% | 18.8% | ||
| Q2 25 | 59.2% | 11.8% | ||
| Q1 25 | 69.7% | 48.1% | ||
| Q4 24 | 271.3% | 12.6% | ||
| Q3 24 | 72.2% | 14.4% | ||
| Q2 24 | 60.0% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 2.3% | ||
| Q3 25 | 1.7% | 1.8% | ||
| Q2 25 | 0.2% | 2.2% | ||
| Q1 25 | 0.1% | 1.7% | ||
| Q4 24 | 2.1% | 2.7% | ||
| Q3 24 | 0.2% | 0.8% | ||
| Q2 24 | 0.3% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 5.52× | — | ||
| Q3 25 | 1.31× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 5.13× | — | ||
| Q3 24 | 1.30× | — | ||
| Q2 24 | 0.93× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESNT
| Mortgage Insurance Segment | $192.4M | 62% |
| Other | $120.0M | 38% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
