vs
Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) 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 $165.3M, roughly 1.0× INDEPENDENCE REALTY TRUST, INC.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 2.5%). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 2.2%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
IRT vs VRNS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $173.1M |
| Net Profit | — | — |
| Gross Margin | — | 76.0% |
| Operating Margin | — | -1.7% |
| Net Margin | — | — |
| Revenue YoY | 2.5% | 26.9% |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.00 | — |
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 | $165.3M | $173.1M | ||
| Q4 25 | $167.1M | $173.4M | ||
| Q3 25 | $167.1M | $161.6M | ||
| Q2 25 | $162.2M | $152.2M | ||
| Q1 25 | $161.2M | $136.4M | ||
| Q4 24 | $161.0M | $158.5M | ||
| Q3 24 | $160.1M | $148.1M | ||
| Q2 24 | $158.4M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | $-27.8M | ||
| Q3 25 | $6.9M | $-29.9M | ||
| Q2 25 | $8.0M | $-35.8M | ||
| Q1 25 | $8.4M | $-35.8M | ||
| Q4 24 | $-1.0M | $-13.0M | ||
| Q3 24 | $12.4M | $-18.3M | ||
| Q2 24 | $10.4M | $-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 | — | -17.5% | ||
| Q3 25 | — | -22.2% | ||
| Q2 25 | — | -24.0% | ||
| Q1 25 | — | -32.1% | ||
| Q4 24 | — | -11.1% | ||
| Q3 24 | — | -16.0% | ||
| Q2 24 | — | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | -16.0% | ||
| Q3 25 | 4.1% | -18.5% | ||
| Q2 25 | 5.0% | -23.5% | ||
| Q1 25 | 5.2% | -26.2% | ||
| Q4 24 | -0.6% | -8.2% | ||
| Q3 24 | 7.7% | -12.4% | ||
| Q2 24 | 6.5% | -18.4% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | $-0.23 | ||
| Q3 25 | $0.03 | $-0.26 | ||
| Q2 25 | $0.03 | $-0.32 | ||
| Q1 25 | $0.04 | $-0.32 | ||
| Q4 24 | $-0.01 | $-0.12 | ||
| Q3 24 | $0.05 | $-0.16 | ||
| Q2 24 | $0.05 | $-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 | $23.3M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.4B | $453.5M |
| Total Assets | $6.1B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | $179.3M | ||
| Q4 25 | $23.6M | $883.7M | ||
| Q3 25 | $23.3M | $671.3M | ||
| Q2 25 | $19.5M | $770.9M | ||
| Q1 25 | $29.1M | $567.6M | ||
| Q4 24 | $21.2M | $529.0M | ||
| Q3 24 | $17.6M | $844.8M | ||
| Q2 24 | $21.0M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
| Q1 26 | $3.4B | $453.5M | ||
| Q4 25 | $3.5B | $598.7M | ||
| Q3 25 | $3.5B | $604.8M | ||
| Q2 25 | $3.4B | $341.5M | ||
| Q1 25 | $3.5B | $367.7M | ||
| Q4 24 | $3.4B | $455.7M | ||
| Q3 24 | $3.4B | $428.6M | ||
| Q2 24 | $3.4B | $458.6M |
| Q1 26 | $6.1B | $1.6B | ||
| Q4 25 | $6.0B | $1.8B | ||
| Q3 25 | $6.1B | $1.7B | ||
| Q2 25 | $6.0B | $1.6B | ||
| Q1 25 | $6.0B | $1.6B | ||
| Q4 24 | $6.1B | $1.7B | ||
| Q3 24 | $5.9B | $1.5B | ||
| Q2 24 | $5.9B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.66× | — |
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 | — | $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 | $282.1M | $24.7M | ||
| Q3 25 | $79.3M | $33.4M | ||
| Q2 25 | $82.2M | $21.3M | ||
| Q1 25 | $60.4M | $68.0M | ||
| Q4 24 | $259.8M | $24.3M | ||
| Q3 24 | $69.2M | $22.5M | ||
| Q2 24 | $83.0M | $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 | 8.48× | — | ||
| Q3 25 | 11.51× | — | ||
| Q2 25 | 10.22× | — | ||
| Q1 25 | 7.23× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.60× | — | ||
| Q2 24 | 8.02× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
