vs
Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) 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 $114.8M, roughly 1.5× HA Sustainable Infrastructure Capital, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 13.3%). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 4.2%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
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.
HASI vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $173.1M |
| Net Profit | $-53.8M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -57.4% | -1.7% |
| Net Margin | -46.8% | — |
| Revenue YoY | 13.3% | 26.9% |
| Net Profit YoY | -176.7% | — |
| EPS (diluted) | $-0.38 | — |
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 | $114.8M | $173.4M | ||
| Q3 25 | $103.1M | $161.6M | ||
| Q2 25 | $85.7M | $152.2M | ||
| Q1 25 | $96.9M | $136.4M | ||
| Q4 24 | $101.3M | $158.5M | ||
| Q3 24 | $82.0M | $148.1M | ||
| Q2 24 | $94.5M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-53.8M | $-27.8M | ||
| Q3 25 | $83.3M | $-29.9M | ||
| Q2 25 | $98.4M | $-35.8M | ||
| Q1 25 | $56.6M | $-35.8M | ||
| Q4 24 | $70.1M | $-13.0M | ||
| Q3 24 | $-19.6M | $-18.3M | ||
| Q2 24 | $26.5M | $-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 | -57.4% | -17.5% | ||
| Q3 25 | — | -22.2% | ||
| Q2 25 | — | -24.0% | ||
| Q1 25 | 84.7% | -32.1% | ||
| Q4 24 | 90.9% | -11.1% | ||
| Q3 24 | -32.1% | -16.0% | ||
| Q2 24 | 39.5% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -46.8% | -16.0% | ||
| Q3 25 | 80.8% | -18.5% | ||
| Q2 25 | 114.9% | -23.5% | ||
| Q1 25 | 58.4% | -26.2% | ||
| Q4 24 | 69.2% | -8.2% | ||
| Q3 24 | -23.9% | -12.4% | ||
| Q2 24 | 28.1% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.38 | $-0.23 | ||
| Q3 25 | $0.61 | $-0.26 | ||
| Q2 25 | $0.74 | $-0.32 | ||
| Q1 25 | $0.44 | $-0.32 | ||
| Q4 24 | $0.58 | $-0.12 | ||
| Q3 24 | $-0.17 | $-0.16 | ||
| Q2 24 | $0.23 | $-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 | $110.2M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.7B | $453.5M |
| Total Assets | $8.2B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $110.2M | $883.7M | ||
| Q3 25 | $301.8M | $671.3M | ||
| Q2 25 | $86.5M | $770.9M | ||
| Q1 25 | $67.4M | $567.6M | ||
| Q4 24 | $129.8M | $529.0M | ||
| Q3 24 | $44.1M | $844.8M | ||
| Q2 24 | $145.7M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $2.7B | $598.7M | ||
| Q3 25 | $2.7B | $604.8M | ||
| Q2 25 | $2.6B | $341.5M | ||
| Q1 25 | $2.5B | $367.7M | ||
| Q4 24 | $2.4B | $455.7M | ||
| Q3 24 | $2.3B | $428.6M | ||
| Q2 24 | $2.3B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $8.2B | $1.8B | ||
| Q3 25 | $8.2B | $1.7B | ||
| Q2 25 | $7.6B | $1.6B | ||
| Q1 25 | $7.5B | $1.6B | ||
| Q4 24 | $7.1B | $1.7B | ||
| Q3 24 | $6.7B | $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 | $167.3M | $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 | $167.3M | $24.7M | ||
| Q3 25 | $-121.8M | $33.4M | ||
| Q2 25 | $79.6M | $21.3M | ||
| Q1 25 | $-37.1M | $68.0M | ||
| Q4 24 | $5.9M | $24.3M | ||
| Q3 24 | $21.9M | $22.5M | ||
| Q2 24 | $-24.8M | $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 | — | — | ||
| Q3 25 | -1.46× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.94× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
