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Side-by-side financial comparison of Kennedy-Wilson Holdings, Inc. (KW) 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 $120.6M, roughly 1.4× Kennedy-Wilson Holdings, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -11.0%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-55.2M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -6.0%).
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
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.
KW vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $120.6M | $173.1M |
| Net Profit | $58.0M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 57.3% | -1.7% |
| Net Margin | 48.1% | — |
| Revenue YoY | -11.0% | 26.9% |
| Net Profit YoY | 32.7% | — |
| EPS (diluted) | $0.22 | — |
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 | $120.6M | $173.4M | ||
| Q3 25 | $116.4M | $161.6M | ||
| Q2 25 | $135.7M | $152.2M | ||
| Q1 25 | $128.3M | $136.4M | ||
| Q4 24 | $135.5M | $158.5M | ||
| Q3 24 | $127.5M | $148.1M | ||
| Q2 24 | $132.0M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $58.0M | $-27.8M | ||
| Q3 25 | $-10.2M | $-29.9M | ||
| Q2 25 | $5.6M | $-35.8M | ||
| Q1 25 | $-29.6M | $-35.8M | ||
| Q4 24 | $43.7M | $-13.0M | ||
| Q3 24 | $-66.8M | $-18.3M | ||
| Q2 24 | $-48.3M | $-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 | 57.3% | -17.5% | ||
| Q3 25 | -6.2% | -22.2% | ||
| Q2 25 | 7.4% | -24.0% | ||
| Q1 25 | -26.9% | -32.1% | ||
| Q4 24 | 36.7% | -11.1% | ||
| Q3 24 | -60.8% | -16.0% | ||
| Q2 24 | -45.5% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 48.1% | -16.0% | ||
| Q3 25 | -8.8% | -18.5% | ||
| Q2 25 | 4.1% | -23.5% | ||
| Q1 25 | -23.1% | -26.2% | ||
| Q4 24 | 32.3% | -8.2% | ||
| Q3 24 | -52.4% | -12.4% | ||
| Q2 24 | -36.6% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.22 | $-0.23 | ||
| Q3 25 | $-0.15 | $-0.26 | ||
| Q2 25 | $-0.05 | $-0.32 | ||
| Q1 25 | $-0.30 | $-0.32 | ||
| Q4 24 | $0.24 | $-0.12 | ||
| Q3 24 | $-0.56 | $-0.16 | ||
| Q2 24 | $-0.43 | $-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 | $184.5M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $453.5M |
| Total Assets | $6.6B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $184.5M | $883.7M | ||
| Q3 25 | $382.6M | $671.3M | ||
| Q2 25 | $309.1M | $770.9M | ||
| Q1 25 | $356.6M | $567.6M | ||
| Q4 24 | $217.5M | $529.0M | ||
| Q3 24 | $367.1M | $844.8M | ||
| Q2 24 | $366.5M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $1.5B | $598.7M | ||
| Q3 25 | $1.5B | $604.8M | ||
| Q2 25 | $1.6B | $341.5M | ||
| Q1 25 | $1.6B | $367.7M | ||
| Q4 24 | $1.6B | $455.7M | ||
| Q3 24 | $1.6B | $428.6M | ||
| Q2 24 | $1.7B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $6.6B | $1.8B | ||
| Q3 25 | $6.7B | $1.7B | ||
| Q2 25 | $6.8B | $1.6B | ||
| Q1 25 | $7.2B | $1.6B | ||
| Q4 24 | $7.0B | $1.7B | ||
| Q3 24 | $7.4B | $1.5B | ||
| Q2 24 | $7.5B | $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 | $11.4M | $55.0M |
| Free Cash FlowOCF − Capex | $-55.2M | $49.0M |
| FCF MarginFCF / Revenue | -45.8% | 28.3% |
| Capex IntensityCapex / Revenue | 55.2% | — |
| Cash ConversionOCF / Net Profit | 0.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-103.5M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $11.4M | $24.7M | ||
| Q3 25 | $-7.6M | $33.4M | ||
| Q2 25 | $42.0M | $21.3M | ||
| Q1 25 | $-51.9M | $68.0M | ||
| Q4 24 | $55.1M | $24.3M | ||
| Q3 24 | $-5.6M | $22.5M | ||
| Q2 24 | $36.7M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-55.2M | $20.7M | ||
| Q3 25 | $-18.0M | $30.4M | ||
| Q2 25 | $29.4M | $18.0M | ||
| Q1 25 | $-59.7M | $65.7M | ||
| Q4 24 | $-76.5M | $19.9M | ||
| Q3 24 | $-27.7M | $21.3M | ||
| Q2 24 | $-500.0K | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -45.8% | 12.0% | ||
| Q3 25 | -15.5% | 18.8% | ||
| Q2 25 | 21.7% | 11.8% | ||
| Q1 25 | -46.5% | 48.1% | ||
| Q4 24 | -56.5% | 12.6% | ||
| Q3 24 | -21.7% | 14.4% | ||
| Q2 24 | -0.4% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 55.2% | 2.3% | ||
| Q3 25 | 8.9% | 1.8% | ||
| Q2 25 | 9.3% | 2.2% | ||
| Q1 25 | 6.1% | 1.7% | ||
| Q4 24 | 97.1% | 2.7% | ||
| Q3 24 | 17.3% | 0.8% | ||
| Q2 24 | 28.2% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.20× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 7.50× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
