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Side-by-side financial comparison of HCI Group, Inc. (HCI) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $173.1M, roughly 1.4× VARONIS SYSTEMS INC). On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 26.9%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $49.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 9.2%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
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.
HCI vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $173.1M |
| Net Profit | $97.7M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 58.5% | -1.7% |
| Net Margin | 39.7% | — |
| Revenue YoY | 52.1% | 26.9% |
| Net Profit YoY | 3679.2% | — |
| EPS (diluted) | $7.29 | — |
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 | $246.2M | $173.4M | ||
| Q3 25 | $216.3M | $161.6M | ||
| Q2 25 | $221.9M | $152.2M | ||
| Q1 25 | $216.4M | $136.4M | ||
| Q4 24 | $161.9M | $158.5M | ||
| Q3 24 | $175.3M | $148.1M | ||
| Q2 24 | $206.2M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $97.7M | $-27.8M | ||
| Q3 25 | $65.5M | $-29.9M | ||
| Q2 25 | $66.2M | $-35.8M | ||
| Q1 25 | $69.7M | $-35.8M | ||
| Q4 24 | $2.6M | $-13.0M | ||
| Q3 24 | $5.7M | $-18.3M | ||
| Q2 24 | $54.1M | $-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 | 58.5% | -17.5% | ||
| Q3 25 | 41.9% | -22.2% | ||
| Q2 25 | 42.5% | -24.0% | ||
| Q1 25 | 46.4% | -32.1% | ||
| Q4 24 | 3.6% | -11.1% | ||
| Q3 24 | 8.0% | -16.0% | ||
| Q2 24 | 36.9% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 39.7% | -16.0% | ||
| Q3 25 | 30.3% | -18.5% | ||
| Q2 25 | 29.8% | -23.5% | ||
| Q1 25 | 32.2% | -26.2% | ||
| Q4 24 | 1.6% | -8.2% | ||
| Q3 24 | 3.2% | -12.4% | ||
| Q2 24 | 26.2% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $7.29 | $-0.23 | ||
| Q3 25 | $4.90 | $-0.26 | ||
| Q2 25 | $5.18 | $-0.32 | ||
| Q1 25 | $5.35 | $-0.32 | ||
| Q4 24 | $0.32 | $-0.12 | ||
| Q3 24 | $0.52 | $-0.16 | ||
| Q2 24 | $4.24 | $-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 | $1.2B | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $453.5M |
| Total Assets | $2.5B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $1.2B | $883.7M | ||
| Q3 25 | $987.9M | $671.3M | ||
| Q2 25 | $947.2M | $770.9M | ||
| Q1 25 | $754.5M | $567.6M | ||
| Q4 24 | $532.5M | $529.0M | ||
| Q3 24 | $518.8M | $844.8M | ||
| Q2 24 | $445.8M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $1.0B | $598.7M | ||
| Q3 25 | $821.8M | $604.8M | ||
| Q2 25 | $758.6M | $341.5M | ||
| Q1 25 | $522.7M | $367.7M | ||
| Q4 24 | $453.3M | $455.7M | ||
| Q3 24 | $455.3M | $428.6M | ||
| Q2 24 | $447.3M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.3B | $1.7B | ||
| Q2 25 | $2.4B | $1.6B | ||
| Q1 25 | $2.3B | $1.6B | ||
| Q4 24 | $2.2B | $1.7B | ||
| Q3 24 | $2.0B | $1.5B | ||
| Q2 24 | $1.9B | $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 | $444.4M | $55.0M |
| Free Cash FlowOCF − Capex | $440.8M | $49.0M |
| FCF MarginFCF / Revenue | 179.0% | 28.3% |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 4.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $444.4M | $24.7M | ||
| Q3 25 | $26.7M | $33.4M | ||
| Q2 25 | $145.0M | $21.3M | ||
| Q1 25 | $162.0M | $68.0M | ||
| Q4 24 | $331.8M | $24.3M | ||
| Q3 24 | $104.1M | $22.5M | ||
| Q2 24 | $-29.0M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $440.8M | $20.7M | ||
| Q3 25 | $25.9M | $30.4M | ||
| Q2 25 | $144.5M | $18.0M | ||
| Q1 25 | $160.3M | $65.7M | ||
| Q4 24 | $327.8M | $19.9M | ||
| Q3 24 | $103.2M | $21.3M | ||
| Q2 24 | $-30.1M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 179.0% | 12.0% | ||
| Q3 25 | 12.0% | 18.8% | ||
| Q2 25 | 65.1% | 11.8% | ||
| Q1 25 | 74.1% | 48.1% | ||
| Q4 24 | 202.5% | 12.6% | ||
| Q3 24 | 58.9% | 14.4% | ||
| Q2 24 | -14.6% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 2.3% | ||
| Q3 25 | 0.4% | 1.8% | ||
| Q2 25 | 0.2% | 2.2% | ||
| Q1 25 | 0.8% | 1.7% | ||
| Q4 24 | 2.5% | 2.7% | ||
| Q3 24 | 0.5% | 0.8% | ||
| Q2 24 | 0.5% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 4.55× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | 2.32× | — | ||
| Q4 24 | 128.41× | — | ||
| Q3 24 | 18.33× | — | ||
| Q2 24 | -0.54× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
