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Side-by-side financial comparison of Fat Brands, Inc (FAT) 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 $140.0M, roughly 1.2× Fat Brands, Inc). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -2.3%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-16.9M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
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.
FAT vs VRNS — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $173.1M |
| Net Profit | $-58.2M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -12.4% | -1.7% |
| Net Margin | -41.6% | — |
| Revenue YoY | -2.3% | 26.9% |
| Net Profit YoY | -30.1% | — |
| EPS (diluted) | $-3.39 | — |
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 | — | $173.4M | ||
| Q3 25 | $140.0M | $161.6M | ||
| Q2 25 | $146.8M | $152.2M | ||
| Q1 25 | $142.0M | $136.4M | ||
| Q4 24 | $145.3M | $158.5M | ||
| Q3 24 | $143.4M | $148.1M | ||
| Q2 24 | $152.0M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $-58.2M | $-29.9M | ||
| Q2 25 | $-54.2M | $-35.8M | ||
| Q1 25 | $-46.0M | $-35.8M | ||
| Q4 24 | $-67.4M | $-13.0M | ||
| Q3 24 | $-44.8M | $-18.3M | ||
| Q2 24 | $-39.4M | $-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 | — | -17.5% | ||
| Q3 25 | -12.4% | -22.2% | ||
| Q2 25 | -10.6% | -24.0% | ||
| Q1 25 | -6.0% | -32.1% | ||
| Q4 24 | -27.1% | -11.1% | ||
| Q3 24 | -6.2% | -16.0% | ||
| Q2 24 | -1.8% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | -16.0% | ||
| Q3 25 | -41.6% | -18.5% | ||
| Q2 25 | -36.9% | -23.5% | ||
| Q1 25 | -32.4% | -26.2% | ||
| Q4 24 | -46.4% | -8.2% | ||
| Q3 24 | -31.2% | -12.4% | ||
| Q2 24 | -25.9% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.23 | ||
| Q3 25 | $-3.39 | $-0.26 | ||
| Q2 25 | $-3.17 | $-0.32 | ||
| Q1 25 | $-2.73 | $-0.32 | ||
| Q4 24 | $-4.06 | $-0.12 | ||
| Q3 24 | $-2.74 | $-0.16 | ||
| Q2 24 | $-2.43 | $-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 | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $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 | — | $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 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | — | $598.7M | ||
| Q3 25 | $-585.8M | $604.8M | ||
| Q2 25 | $-536.5M | $341.5M | ||
| Q1 25 | $-493.9M | $367.7M | ||
| Q4 24 | $-455.7M | $455.7M | ||
| Q3 24 | $-386.1M | $428.6M | ||
| Q2 24 | $-338.6M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.4B | $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 | $-14.5M | $55.0M |
| Free Cash FlowOCF − Capex | $-16.9M | $49.0M |
| FCF MarginFCF / Revenue | -12.1% | 28.3% |
| Capex IntensityCapex / Revenue | 1.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | — | $24.7M | ||
| Q3 25 | $-14.5M | $33.4M | ||
| Q2 25 | $-26.9M | $21.3M | ||
| Q1 25 | $-13.2M | $68.0M | ||
| Q4 24 | $-10.4M | $24.3M | ||
| Q3 24 | $-3.2M | $22.5M | ||
| Q2 24 | $-14.2M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | — | $20.7M | ||
| Q3 25 | $-16.9M | $30.4M | ||
| Q2 25 | $-29.3M | $18.0M | ||
| Q1 25 | $-17.8M | $65.7M | ||
| Q4 24 | $-11.0M | $19.9M | ||
| Q3 24 | $-11.1M | $21.3M | ||
| Q2 24 | $-24.4M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | -12.1% | 18.8% | ||
| Q2 25 | -20.0% | 11.8% | ||
| Q1 25 | -12.5% | 48.1% | ||
| Q4 24 | -7.6% | 12.6% | ||
| Q3 24 | -7.7% | 14.4% | ||
| Q2 24 | -16.1% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | 1.7% | 1.8% | ||
| Q2 25 | 1.6% | 2.2% | ||
| Q1 25 | 3.2% | 1.7% | ||
| Q4 24 | 0.4% | 2.7% | ||
| Q3 24 | 5.5% | 0.8% | ||
| Q2 24 | 6.7% | 0.6% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
