vs
Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) 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 $113.9M, roughly 1.5× Industrial Logistics Properties Trust). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 3.1%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $42.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 0.7%).
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
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.
ILPT vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $173.1M |
| Net Profit | $-1.8M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -22.1% | -1.7% |
| Net Margin | -1.6% | — |
| Revenue YoY | 3.1% | 26.9% |
| Net Profit YoY | 92.6% | — |
| EPS (diluted) | $-0.02 | — |
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 | $113.9M | $173.4M | ||
| Q3 25 | $110.9M | $161.6M | ||
| Q2 25 | $112.1M | $152.2M | ||
| Q1 25 | $111.9M | $136.4M | ||
| Q4 24 | $110.5M | $158.5M | ||
| Q3 24 | $108.9M | $148.1M | ||
| Q2 24 | $110.6M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-1.8M | $-27.8M | ||
| Q3 25 | $-21.6M | $-29.9M | ||
| Q2 25 | $-21.3M | $-35.8M | ||
| Q1 25 | $-21.5M | $-35.8M | ||
| Q4 24 | $-24.1M | $-13.0M | ||
| Q3 24 | $-25.0M | $-18.3M | ||
| Q2 24 | $-23.2M | $-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 | -22.1% | -17.5% | ||
| Q3 25 | -29.4% | -22.2% | ||
| Q2 25 | -30.8% | -24.0% | ||
| Q1 25 | -26.9% | -32.1% | ||
| Q4 24 | -31.1% | -11.1% | ||
| Q3 24 | -33.5% | -16.0% | ||
| Q2 24 | -32.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -1.6% | -16.0% | ||
| Q3 25 | -19.4% | -18.5% | ||
| Q2 25 | -19.0% | -23.5% | ||
| Q1 25 | -19.2% | -26.2% | ||
| Q4 24 | -21.8% | -8.2% | ||
| Q3 24 | -22.9% | -12.4% | ||
| Q2 24 | -20.9% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.02 | $-0.23 | ||
| Q3 25 | $-0.33 | $-0.26 | ||
| Q2 25 | $-0.32 | $-0.32 | ||
| Q1 25 | $-0.33 | $-0.32 | ||
| Q4 24 | $-0.37 | $-0.12 | ||
| Q3 24 | $-0.38 | $-0.16 | ||
| Q2 24 | $-0.35 | $-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 | $94.8M | $179.3M |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | $453.5M |
| Total Assets | $5.2B | $1.6B |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $94.8M | $883.7M | ||
| Q3 25 | $83.2M | $671.3M | ||
| Q2 25 | $58.6M | $770.9M | ||
| Q1 25 | $108.0M | $567.6M | ||
| Q4 24 | $131.7M | $529.0M | ||
| Q3 24 | $153.9M | $844.8M | ||
| Q2 24 | $146.2M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.3B | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $489.7M | $598.7M | ||
| Q3 25 | $494.1M | $604.8M | ||
| Q2 25 | $519.1M | $341.5M | ||
| Q1 25 | $539.5M | $367.7M | ||
| Q4 24 | $562.0M | $455.7M | ||
| Q3 24 | $585.9M | $428.6M | ||
| Q2 24 | $618.3M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $5.2B | $1.8B | ||
| Q3 25 | $5.2B | $1.7B | ||
| Q2 25 | $5.2B | $1.6B | ||
| Q1 25 | $5.4B | $1.6B | ||
| Q4 24 | $5.4B | $1.7B | ||
| Q3 24 | $5.5B | $1.5B | ||
| Q2 24 | $5.5B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 8.56× | — | ||
| Q3 25 | 8.49× | — | ||
| Q2 25 | 8.09× | — | ||
| Q1 25 | 7.96× | — | ||
| Q4 24 | 7.65× | — | ||
| Q3 24 | 7.35× | — | ||
| Q2 24 | 6.96× | — |
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 | $60.7M | $55.0M |
| Free Cash FlowOCF − Capex | $42.0M | $49.0M |
| FCF MarginFCF / Revenue | 36.9% | 28.3% |
| Capex IntensityCapex / Revenue | 16.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $60.7M | $24.7M | ||
| Q3 25 | $22.7M | $33.4M | ||
| Q2 25 | $18.4M | $21.3M | ||
| Q1 25 | $11.4M | $68.0M | ||
| Q4 24 | $2.0M | $24.3M | ||
| Q3 24 | $-3.4M | $22.5M | ||
| Q2 24 | $10.8M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $42.0M | $20.7M | ||
| Q3 25 | $17.6M | $30.4M | ||
| Q2 25 | $15.2M | $18.0M | ||
| Q1 25 | $5.0M | $65.7M | ||
| Q4 24 | $-3.7M | $19.9M | ||
| Q3 24 | $-5.9M | $21.3M | ||
| Q2 24 | $9.4M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 36.9% | 12.0% | ||
| Q3 25 | 15.9% | 18.8% | ||
| Q2 25 | 13.5% | 11.8% | ||
| Q1 25 | 4.5% | 48.1% | ||
| Q4 24 | -3.4% | 12.6% | ||
| Q3 24 | -5.5% | 14.4% | ||
| Q2 24 | 8.5% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 16.4% | 2.3% | ||
| Q3 25 | 4.6% | 1.8% | ||
| Q2 25 | 2.9% | 2.2% | ||
| Q1 25 | 5.7% | 1.7% | ||
| Q4 24 | 5.2% | 2.7% | ||
| Q3 24 | 2.3% | 0.8% | ||
| Q2 24 | 1.3% | 0.6% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ILPT
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
