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Side-by-side financial comparison of GCM Grosvenor Inc. (GCMG) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
GCM Grosvenor Inc. is the larger business by last-quarter revenue ($177.1M vs $173.1M, roughly 1.0× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 7.2%). GCM Grosvenor Inc. produced more free cash flow last quarter ($175.0M vs $49.0M). Over the past eight quarters, GCM Grosvenor Inc.'s revenue compounded faster (27.5% CAGR vs 15.2%).
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
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.
GCMG vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $177.1M | $173.1M |
| Net Profit | $58.2M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 30.9% | -1.7% |
| Net Margin | 32.8% | — |
| Revenue YoY | 7.2% | 26.9% |
| Net Profit YoY | 149.2% | — |
| EPS (diluted) | $0.23 | — |
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 | $177.1M | $173.4M | ||
| Q3 25 | $135.0M | $161.6M | ||
| Q2 25 | $119.7M | $152.2M | ||
| Q1 25 | $125.8M | $136.4M | ||
| Q4 24 | $165.3M | $158.5M | ||
| Q3 24 | $122.9M | $148.1M | ||
| Q2 24 | $117.0M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $58.2M | $-27.8M | ||
| Q3 25 | $10.5M | $-29.9M | ||
| Q2 25 | $15.4M | $-35.8M | ||
| Q1 25 | $463.0K | $-35.8M | ||
| Q4 24 | $7.6M | $-13.0M | ||
| Q3 24 | $4.2M | $-18.3M | ||
| Q2 24 | $4.8M | $-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 | 30.9% | -17.5% | ||
| Q3 25 | 32.7% | -22.2% | ||
| Q2 25 | 16.1% | -24.0% | ||
| Q1 25 | 12.2% | -32.1% | ||
| Q4 24 | 26.4% | -11.1% | ||
| Q3 24 | 20.3% | -16.0% | ||
| Q2 24 | 17.8% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 32.8% | -16.0% | ||
| Q3 25 | 7.8% | -18.5% | ||
| Q2 25 | 12.9% | -23.5% | ||
| Q1 25 | 0.4% | -26.2% | ||
| Q4 24 | 4.6% | -8.2% | ||
| Q3 24 | 3.4% | -12.4% | ||
| Q2 24 | 4.1% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.23 | $-0.23 | ||
| Q3 25 | $0.16 | $-0.26 | ||
| Q2 25 | $0.05 | $-0.32 | ||
| Q1 25 | $-0.02 | $-0.32 | ||
| Q4 24 | $0.09 | $-0.12 | ||
| Q3 24 | $0.03 | $-0.16 | ||
| Q2 24 | $0.04 | $-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 | $242.1M | $179.3M |
| Total DebtLower is stronger | $428.4M | — |
| Stockholders' EquityBook value | $27.0M | $453.5M |
| Total Assets | $813.8M | $1.6B |
| Debt / EquityLower = less leverage | 15.87× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $242.1M | $883.7M | ||
| Q3 25 | $182.7M | $671.3M | ||
| Q2 25 | $136.3M | $770.9M | ||
| Q1 25 | $94.5M | $567.6M | ||
| Q4 24 | $89.5M | $529.0M | ||
| Q3 24 | $98.4M | $844.8M | ||
| Q2 24 | $73.9M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $428.4M | — | ||
| Q3 25 | $429.3M | — | ||
| Q2 25 | $430.2M | — | ||
| Q1 25 | $431.1M | — | ||
| Q4 24 | $432.0M | — | ||
| Q3 24 | $432.9M | — | ||
| Q2 24 | $433.8M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $27.0M | $598.7M | ||
| Q3 25 | $-7.4M | $604.8M | ||
| Q2 25 | $-12.3M | $341.5M | ||
| Q1 25 | $-28.3M | $367.7M | ||
| Q4 24 | $-27.6M | $455.7M | ||
| Q3 24 | $-31.9M | $428.6M | ||
| Q2 24 | $-28.5M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $813.8M | $1.8B | ||
| Q3 25 | $685.9M | $1.7B | ||
| Q2 25 | $636.9M | $1.6B | ||
| Q1 25 | $579.8M | $1.6B | ||
| Q4 24 | $612.7M | $1.7B | ||
| Q3 24 | $575.0M | $1.5B | ||
| Q2 24 | $543.9M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 15.87× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $183.5M | $55.0M |
| Free Cash FlowOCF − Capex | $175.0M | $49.0M |
| FCF MarginFCF / Revenue | 98.8% | 28.3% |
| Capex IntensityCapex / Revenue | 4.8% | — |
| Cash ConversionOCF / Net Profit | 3.16× | — |
| TTM Free Cash FlowTrailing 4 quarters | $326.2M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $183.5M | $24.7M | ||
| Q3 25 | $79.8M | $33.4M | ||
| Q2 25 | $42.0M | $21.3M | ||
| Q1 25 | $33.3M | $68.0M | ||
| Q4 24 | $148.8M | $24.3M | ||
| Q3 24 | $69.0M | $22.5M | ||
| Q2 24 | $17.5M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $175.0M | $20.7M | ||
| Q3 25 | $78.3M | $30.4M | ||
| Q2 25 | $40.8M | $18.0M | ||
| Q1 25 | $32.1M | $65.7M | ||
| Q4 24 | $132.0M | $19.9M | ||
| Q3 24 | $62.2M | $21.3M | ||
| Q2 24 | $12.8M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 98.8% | 12.0% | ||
| Q3 25 | 58.0% | 18.8% | ||
| Q2 25 | 34.1% | 11.8% | ||
| Q1 25 | 25.5% | 48.1% | ||
| Q4 24 | 79.9% | 12.6% | ||
| Q3 24 | 50.6% | 14.4% | ||
| Q2 24 | 10.9% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.8% | 2.3% | ||
| Q3 25 | 1.1% | 1.8% | ||
| Q2 25 | 1.0% | 2.2% | ||
| Q1 25 | 0.9% | 1.7% | ||
| Q4 24 | 10.1% | 2.7% | ||
| Q3 24 | 5.5% | 0.8% | ||
| Q2 24 | 4.0% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.16× | — | ||
| Q3 25 | 7.61× | — | ||
| Q2 25 | 2.72× | — | ||
| Q1 25 | 71.84× | — | ||
| Q4 24 | 19.54× | — | ||
| Q3 24 | 16.60× | — | ||
| Q2 24 | 3.64× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
