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Side-by-side financial comparison of H2O AMERICA (HTO) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M 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 1.5%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs 15.2%).
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
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.
HTO vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $173.1M |
| Net Profit | $16.2M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 16.6% | -1.7% |
| Net Margin | 8.1% | — |
| Revenue YoY | 1.5% | 26.9% |
| Net Profit YoY | -29.2% | — |
| EPS (diluted) | $0.45 | — |
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 | $199.4M | $173.4M | ||
| Q3 25 | $243.5M | $161.6M | ||
| Q2 25 | $197.8M | $152.2M | ||
| Q1 25 | $164.9M | $136.4M | ||
| Q4 24 | $196.5M | $158.5M | ||
| Q3 24 | $216.7M | $148.1M | ||
| Q2 24 | $173.1M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $16.2M | $-27.8M | ||
| Q3 25 | $45.1M | $-29.9M | ||
| Q2 25 | $24.7M | $-35.8M | ||
| Q1 25 | $16.6M | $-35.8M | ||
| Q4 24 | $22.9M | $-13.0M | ||
| Q3 24 | $38.7M | $-18.3M | ||
| Q2 24 | $20.7M | $-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 | 16.6% | -17.5% | ||
| Q3 25 | 26.5% | -22.2% | ||
| Q2 25 | 22.2% | -24.0% | ||
| Q1 25 | 21.8% | -32.1% | ||
| Q4 24 | 22.2% | -11.1% | ||
| Q3 24 | 26.9% | -16.0% | ||
| Q2 24 | 23.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 8.1% | -16.0% | ||
| Q3 25 | 18.5% | -18.5% | ||
| Q2 25 | 12.5% | -23.5% | ||
| Q1 25 | 10.0% | -26.2% | ||
| Q4 24 | 11.7% | -8.2% | ||
| Q3 24 | 17.8% | -12.4% | ||
| Q2 24 | 12.0% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.45 | $-0.23 | ||
| Q3 25 | $1.27 | $-0.26 | ||
| Q2 25 | $0.71 | $-0.32 | ||
| Q1 25 | $0.49 | $-0.32 | ||
| Q4 24 | $0.70 | $-0.12 | ||
| Q3 24 | $1.17 | $-0.16 | ||
| Q2 24 | $0.64 | $-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 | $20.7M | $179.3M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $453.5M |
| Total Assets | $5.1B | $1.6B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $20.7M | $883.7M | ||
| Q3 25 | $11.3M | $671.3M | ||
| Q2 25 | $19.8M | $770.9M | ||
| Q1 25 | $23.7M | $567.6M | ||
| Q4 24 | $11.1M | $529.0M | ||
| Q3 24 | $4.0M | $844.8M | ||
| Q2 24 | $22.8M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $1.5B | $598.7M | ||
| Q3 25 | $1.5B | $604.8M | ||
| Q2 25 | $1.5B | $341.5M | ||
| Q1 25 | $1.4B | $367.7M | ||
| Q4 24 | $1.4B | $455.7M | ||
| Q3 24 | $1.3B | $428.6M | ||
| Q2 24 | $1.3B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $5.1B | $1.8B | ||
| Q3 25 | $5.0B | $1.7B | ||
| Q2 25 | $4.8B | $1.6B | ||
| Q1 25 | $4.7B | $1.6B | ||
| Q4 24 | $4.7B | $1.7B | ||
| Q3 24 | $4.6B | $1.5B | ||
| Q2 24 | $4.4B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| 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 | $63.5M | $55.0M |
| Free Cash FlowOCF − Capex | — | $49.0M |
| FCF MarginFCF / Revenue | — | 28.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $63.5M | $24.7M | ||
| Q3 25 | $77.3M | $33.4M | ||
| Q2 25 | $60.8M | $21.3M | ||
| Q1 25 | $43.2M | $68.0M | ||
| Q4 24 | $41.5M | $24.3M | ||
| Q3 24 | $53.5M | $22.5M | ||
| Q2 24 | $49.3M | $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 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
