vs
Side-by-side financial comparison of Federal Realty Investment Trust (FRT) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
Federal Realty Investment Trust is the larger business by last-quarter revenue ($336.0M vs $173.1M, roughly 1.9× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 8.7%). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 6.5%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
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.
FRT vs VRNS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $173.1M |
| Net Profit | $129.7M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 53.8% | -1.7% |
| Net Margin | 38.6% | — |
| Revenue YoY | 8.7% | 26.9% |
| Net Profit YoY | 103.5% | — |
| EPS (diluted) | $1.49 | — |
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 | $336.0M | $173.1M | ||
| Q4 25 | $336.0M | $173.4M | ||
| Q3 25 | $322.3M | $161.6M | ||
| Q2 25 | $311.5M | $152.2M | ||
| Q1 25 | $309.2M | $136.4M | ||
| Q4 24 | $311.4M | $158.5M | ||
| Q3 24 | $303.6M | $148.1M | ||
| Q2 24 | $296.1M | $130.3M |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $-27.8M | ||
| Q3 25 | $61.6M | $-29.9M | ||
| Q2 25 | $155.9M | $-35.8M | ||
| Q1 25 | $63.8M | $-35.8M | ||
| Q4 24 | $65.5M | $-13.0M | ||
| Q3 24 | $61.0M | $-18.3M | ||
| Q2 24 | $112.0M | $-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 | 53.8% | -1.7% | ||
| Q4 25 | 53.8% | -17.5% | ||
| Q3 25 | 34.3% | -22.2% | ||
| Q2 25 | 65.1% | -24.0% | ||
| Q1 25 | 35.0% | -32.1% | ||
| Q4 24 | 35.1% | -11.1% | ||
| Q3 24 | 34.9% | -16.0% | ||
| Q2 24 | 53.0% | -22.1% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | -16.0% | ||
| Q3 25 | 19.1% | -18.5% | ||
| Q2 25 | 50.0% | -23.5% | ||
| Q1 25 | 20.6% | -26.2% | ||
| Q4 24 | 21.0% | -8.2% | ||
| Q3 24 | 20.1% | -12.4% | ||
| Q2 24 | 37.8% | -18.4% |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $-0.23 | ||
| Q3 25 | $0.69 | $-0.26 | ||
| Q2 25 | $1.78 | $-0.32 | ||
| Q1 25 | $0.72 | $-0.32 | ||
| Q4 24 | $0.74 | $-0.12 | ||
| Q3 24 | $0.70 | $-0.16 | ||
| Q2 24 | $1.32 | $-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 | $107.4M | $179.3M |
| Total DebtLower is stronger | $5.0B | — |
| Stockholders' EquityBook value | $3.2B | $453.5M |
| Total Assets | $9.1B | $1.6B |
| Debt / EquityLower = less leverage | 1.53× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | $179.3M | ||
| Q4 25 | $107.4M | $883.7M | ||
| Q3 25 | $111.3M | $671.3M | ||
| Q2 25 | $177.0M | $770.9M | ||
| Q1 25 | $109.2M | $567.6M | ||
| Q4 24 | $123.4M | $529.0M | ||
| Q3 24 | $97.0M | $844.8M | ||
| Q2 24 | $103.2M | $582.5M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $3.2B | $453.5M | ||
| Q4 25 | $3.2B | $598.7M | ||
| Q3 25 | $3.2B | $604.8M | ||
| Q2 25 | $3.2B | $341.5M | ||
| Q1 25 | $3.2B | $367.7M | ||
| Q4 24 | $3.2B | $455.7M | ||
| Q3 24 | $3.1B | $428.6M | ||
| Q2 24 | $3.0B | $458.6M |
| Q1 26 | $9.1B | $1.6B | ||
| Q4 25 | $9.1B | $1.8B | ||
| Q3 25 | $8.9B | $1.7B | ||
| Q2 25 | $8.6B | $1.6B | ||
| Q1 25 | $8.6B | $1.6B | ||
| Q4 24 | $8.5B | $1.7B | ||
| Q3 24 | $8.5B | $1.5B | ||
| Q2 24 | $8.4B | $1.1B |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $622.4M | $24.7M | ||
| Q3 25 | $147.8M | $33.4M | ||
| Q2 25 | $150.7M | $21.3M | ||
| Q1 25 | $179.0M | $68.0M | ||
| Q4 24 | $574.6M | $24.3M | ||
| Q3 24 | $144.1M | $22.5M | ||
| Q2 24 | $169.7M | $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 | 4.80× | — | ||
| Q3 25 | 2.40× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 8.77× | — | ||
| Q3 24 | 2.36× | — | ||
| Q2 24 | 1.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRT
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
