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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
FORUM ENERGY TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($208.7M vs $173.1M, roughly 1.2× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 3.2%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $1.4M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 0.8%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
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.
FET vs VRNS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $208.7M | $173.1M |
| Net Profit | $4.5M | — |
| Gross Margin | 29.2% | 76.0% |
| Operating Margin | 5.3% | -1.7% |
| Net Margin | 2.2% | — |
| Revenue YoY | 3.2% | 26.9% |
| Net Profit YoY | 300.4% | — |
| EPS (diluted) | $0.39 | — |
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 | $208.7M | $173.1M | ||
| Q4 25 | $202.2M | $173.4M | ||
| Q3 25 | $196.2M | $161.6M | ||
| Q2 25 | $199.8M | $152.2M | ||
| Q1 25 | $193.3M | $136.4M | ||
| Q4 24 | $201.0M | $158.5M | ||
| Q3 24 | $207.8M | $148.1M | ||
| Q2 24 | $205.2M | $130.3M |
| Q1 26 | $4.5M | — | ||
| Q4 25 | $2.1M | $-27.8M | ||
| Q3 25 | $-20.6M | $-29.9M | ||
| Q2 25 | $7.7M | $-35.8M | ||
| Q1 25 | $1.1M | $-35.8M | ||
| Q4 24 | $-103.5M | $-13.0M | ||
| Q3 24 | $-14.8M | $-18.3M | ||
| Q2 24 | $-6.7M | $-23.9M |
| Q1 26 | 29.2% | 76.0% | ||
| Q4 25 | 30.2% | 78.9% | ||
| Q3 25 | 20.5% | 78.2% | ||
| Q2 25 | 29.7% | 79.5% | ||
| Q1 25 | 30.2% | 78.7% | ||
| Q4 24 | 31.1% | 83.6% | ||
| Q3 24 | 31.6% | 83.8% | ||
| Q2 24 | 30.7% | 82.8% |
| Q1 26 | 5.3% | -1.7% | ||
| Q4 25 | 6.3% | -17.5% | ||
| Q3 25 | -3.1% | -22.2% | ||
| Q2 25 | 7.4% | -24.0% | ||
| Q1 25 | 4.6% | -32.1% | ||
| Q4 24 | -53.1% | -11.1% | ||
| Q3 24 | 4.3% | -16.0% | ||
| Q2 24 | 3.9% | -22.1% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.0% | -16.0% | ||
| Q3 25 | -10.5% | -18.5% | ||
| Q2 25 | 3.9% | -23.5% | ||
| Q1 25 | 0.6% | -26.2% | ||
| Q4 24 | -51.5% | -8.2% | ||
| Q3 24 | -7.1% | -12.4% | ||
| Q2 24 | -3.3% | -18.4% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $0.25 | $-0.23 | ||
| Q3 25 | $-1.76 | $-0.26 | ||
| Q2 25 | $0.61 | $-0.32 | ||
| Q1 25 | $0.09 | $-0.32 | ||
| Q4 24 | $-8.41 | $-0.12 | ||
| Q3 24 | $-1.20 | $-0.16 | ||
| Q2 24 | $-0.54 | $-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 | $37.5M | $179.3M |
| Total DebtLower is stronger | $153.7M | — |
| Stockholders' EquityBook value | $280.7M | $453.5M |
| Total Assets | $763.1M | $1.6B |
| Debt / EquityLower = less leverage | 0.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.5M | $179.3M | ||
| Q4 25 | $34.7M | $883.7M | ||
| Q3 25 | $31.7M | $671.3M | ||
| Q2 25 | $39.0M | $770.9M | ||
| Q1 25 | $31.1M | $567.6M | ||
| Q4 24 | $44.7M | $529.0M | ||
| Q3 24 | $33.3M | $844.8M | ||
| Q2 24 | $31.8M | $582.5M |
| Q1 26 | $153.7M | — | ||
| Q4 25 | $135.9M | — | ||
| Q3 25 | $140.0M | — | ||
| Q2 25 | $159.3M | — | ||
| Q1 25 | $171.4M | — | ||
| Q4 24 | $188.4M | — | ||
| Q3 24 | $231.5M | — | ||
| Q2 24 | $252.9M | — |
| Q1 26 | $280.7M | $453.5M | ||
| Q4 25 | $291.1M | $598.7M | ||
| Q3 25 | $297.3M | $604.8M | ||
| Q2 25 | $334.2M | $341.5M | ||
| Q1 25 | $320.0M | $367.7M | ||
| Q4 24 | $319.9M | $455.7M | ||
| Q3 24 | $443.5M | $428.6M | ||
| Q2 24 | $442.0M | $458.6M |
| Q1 26 | $763.1M | $1.6B | ||
| Q4 25 | $752.5M | $1.8B | ||
| Q3 25 | $770.1M | $1.7B | ||
| Q2 25 | $810.1M | $1.6B | ||
| Q1 25 | $790.1M | $1.6B | ||
| Q4 24 | $816.0M | $1.7B | ||
| Q3 24 | $973.7M | $1.5B | ||
| Q2 24 | $976.8M | $1.1B |
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.54× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.57× | — |
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 | $1.6M | $55.0M |
| Free Cash FlowOCF − Capex | $1.4M | $49.0M |
| FCF MarginFCF / Revenue | 0.7% | 28.3% |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | 0.36× | — |
| TTM Free Cash FlowTrailing 4 quarters | $58.5M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6M | $55.0M | ||
| Q4 25 | $22.4M | $24.7M | ||
| Q3 25 | $22.9M | $33.4M | ||
| Q2 25 | $15.8M | $21.3M | ||
| Q1 25 | $9.3M | $68.0M | ||
| Q4 24 | $38.5M | $24.3M | ||
| Q3 24 | $25.6M | $22.5M | ||
| Q2 24 | $23.1M | $11.7M |
| Q1 26 | $1.4M | $49.0M | ||
| Q4 25 | $20.9M | $20.7M | ||
| Q3 25 | $21.5M | $30.4M | ||
| Q2 25 | $14.8M | $18.0M | ||
| Q1 25 | $7.2M | $65.7M | ||
| Q4 24 | $36.1M | $19.9M | ||
| Q3 24 | $24.3M | $21.3M | ||
| Q2 24 | $21.6M | $10.9M |
| Q1 26 | 0.7% | 28.3% | ||
| Q4 25 | 10.3% | 12.0% | ||
| Q3 25 | 10.9% | 18.8% | ||
| Q2 25 | 7.4% | 11.8% | ||
| Q1 25 | 3.7% | 48.1% | ||
| Q4 24 | 18.0% | 12.6% | ||
| Q3 24 | 11.7% | 14.4% | ||
| Q2 24 | 10.5% | 8.4% |
| Q1 26 | 0.1% | — | ||
| Q4 25 | 0.8% | 2.3% | ||
| Q3 25 | 0.7% | 1.8% | ||
| Q2 25 | 0.5% | 2.2% | ||
| Q1 25 | 1.1% | 1.7% | ||
| Q4 24 | 1.2% | 2.7% | ||
| Q3 24 | 0.6% | 0.8% | ||
| Q2 24 | 0.7% | 0.6% |
| Q1 26 | 0.36× | — | ||
| Q4 25 | 10.83× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.05× | — | ||
| Q1 25 | 8.31× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FET
| Drilling and Completions | $126.7M | 61% |
| Downhole | $50.6M | 24% |
| Production Equipment | $18.8M | 9% |
| Valve Solutions | $12.8M | 6% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
