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Side-by-side financial comparison of IHS Holding Ltd (IHS) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
IHS Holding Ltd is the larger business by last-quarter revenue ($254.0M vs $173.1M, roughly 1.5× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 0.1%). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $49.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $173.1M |
| Net Profit | — | — |
| Gross Margin | 83.6% | 76.0% |
| Operating Margin | — | -1.7% |
| Net Margin | — | — |
| Revenue YoY | 0.1% | 26.9% |
| Net Profit YoY | — | — |
| EPS (diluted) | — | — |
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 | $254.0M | $173.4M | ||
| Q3 25 | $455.1M | $161.6M | ||
| Q2 25 | $433.3M | $152.2M | ||
| Q1 25 | $439.6M | $136.4M | ||
| Q4 24 | $253.8M | $158.5M | ||
| Q3 24 | $420.3M | $148.1M | ||
| Q2 24 | $435.4M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $147.4M | $-29.9M | ||
| Q2 25 | $32.3M | $-35.8M | ||
| Q1 25 | $30.7M | $-35.8M | ||
| Q4 24 | — | $-13.0M | ||
| Q3 24 | $-205.7M | $-18.3M | ||
| Q2 24 | $-124.3M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 83.6% | 78.9% | ||
| Q3 25 | 47.5% | 78.2% | ||
| Q2 25 | 51.3% | 79.5% | ||
| Q1 25 | 51.4% | 78.7% | ||
| Q4 24 | 72.1% | 83.6% | ||
| Q3 24 | 52.0% | 83.8% | ||
| Q2 24 | 52.5% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | — | -17.5% | ||
| Q3 25 | 35.1% | -22.2% | ||
| Q2 25 | 33.8% | -24.0% | ||
| Q1 25 | 37.1% | -32.1% | ||
| Q4 24 | — | -11.1% | ||
| Q3 24 | 29.9% | -16.0% | ||
| Q2 24 | 34.0% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | -16.0% | ||
| Q3 25 | 32.4% | -18.5% | ||
| Q2 25 | 7.5% | -23.5% | ||
| Q1 25 | 7.0% | -26.2% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | -48.9% | -12.4% | ||
| Q2 24 | -28.5% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.23 | ||
| Q3 25 | $0.44 | $-0.26 | ||
| Q2 25 | $0.10 | $-0.32 | ||
| Q1 25 | $0.10 | $-0.32 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | $-0.61 | $-0.16 | ||
| Q2 24 | $-0.36 | $-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 | $825.7M | $179.3M |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $453.5M |
| Total Assets | $4.5B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $825.7M | $883.7M | ||
| Q3 25 | $647.6M | $671.3M | ||
| Q2 25 | $531.8M | $770.9M | ||
| Q1 25 | $629.0M | $567.6M | ||
| Q4 24 | $578.0M | $529.0M | ||
| Q3 24 | $397.5M | $844.8M | ||
| Q2 24 | $445.7M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $-89.8M | $598.7M | ||
| Q3 25 | $38.1M | $604.8M | ||
| Q2 25 | $-98.4M | $341.5M | ||
| Q1 25 | $-184.4M | $367.7M | ||
| Q4 24 | $-314.4M | $455.7M | ||
| Q3 24 | $-284.7M | $428.6M | ||
| Q2 24 | $-308.3M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $4.5B | $1.8B | ||
| Q3 25 | $4.7B | $1.7B | ||
| Q2 25 | $4.5B | $1.6B | ||
| Q1 25 | $4.4B | $1.6B | ||
| Q4 24 | $4.2B | $1.7B | ||
| Q3 24 | $4.6B | $1.5B | ||
| Q2 24 | $4.5B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| 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 | $246.9M | $55.0M |
| Free Cash FlowOCF − Capex | $178.6M | $49.0M |
| FCF MarginFCF / Revenue | 70.3% | 28.3% |
| Capex IntensityCapex / Revenue | 26.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $246.9M | $24.7M | ||
| Q3 25 | $251.3M | $33.4M | ||
| Q2 25 | $237.7M | $21.3M | ||
| Q1 25 | $200.3M | $68.0M | ||
| Q4 24 | $344.4M | $24.3M | ||
| Q3 24 | $174.5M | $22.5M | ||
| Q2 24 | $134.7M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $178.6M | $20.7M | ||
| Q3 25 | $189.2M | $30.4M | ||
| Q2 25 | $197.7M | $18.0M | ||
| Q1 25 | $153.2M | $65.7M | ||
| Q4 24 | $282.9M | $19.9M | ||
| Q3 24 | $122.3M | $21.3M | ||
| Q2 24 | $74.2M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 70.3% | 12.0% | ||
| Q3 25 | 41.6% | 18.8% | ||
| Q2 25 | 45.6% | 11.8% | ||
| Q1 25 | 34.8% | 48.1% | ||
| Q4 24 | 111.5% | 12.6% | ||
| Q3 24 | 29.1% | 14.4% | ||
| Q2 24 | 17.0% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 26.9% | 2.3% | ||
| Q3 25 | 13.6% | 1.8% | ||
| Q2 25 | 9.2% | 2.2% | ||
| Q1 25 | 10.7% | 1.7% | ||
| Q4 24 | 24.2% | 2.7% | ||
| Q3 24 | 12.4% | 0.8% | ||
| Q2 24 | 13.9% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 7.36× | — | ||
| Q1 25 | 6.52× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IHS
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
