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Side-by-side financial comparison of loanDepot, Inc. (LDI) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
loanDepot, Inc. is the larger business by last-quarter revenue ($310.3M vs $173.1M, roughly 1.8× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 20.5%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-648.0M). Over the past eight quarters, loanDepot, Inc.'s revenue compounded faster (18.0% CAGR vs 15.2%).
LoanDepot, sometimes stylized as loanDepot, is an Irvine, California-based nonbank holding company which sells mortgage and non-mortgage lending products.
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.
LDI vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $310.3M | $173.1M |
| Net Profit | $-22.5M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -10.3% | -1.7% |
| Net Margin | -7.2% | — |
| Revenue YoY | 20.5% | 26.9% |
| Net Profit YoY | 32.4% | — |
| 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 | $310.3M | $173.4M | ||
| Q3 25 | $323.3M | $161.6M | ||
| Q2 25 | $282.5M | $152.2M | ||
| Q1 25 | $273.6M | $136.4M | ||
| Q4 24 | $257.5M | $158.5M | ||
| Q3 24 | $314.6M | $148.1M | ||
| Q2 24 | $265.4M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-22.5M | $-27.8M | ||
| Q3 25 | $-4.9M | $-29.9M | ||
| Q2 25 | $-13.4M | $-35.8M | ||
| Q1 25 | $-21.9M | $-35.8M | ||
| Q4 24 | $-33.2M | $-13.0M | ||
| Q3 24 | $1.4M | $-18.3M | ||
| Q2 24 | $-32.2M | $-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 | -10.3% | -17.5% | ||
| Q3 25 | -3.2% | -22.2% | ||
| Q2 25 | -11.4% | -24.0% | ||
| Q1 25 | -16.8% | -32.1% | ||
| Q4 24 | -32.7% | -11.1% | ||
| Q3 24 | 1.1% | -16.0% | ||
| Q2 24 | -29.1% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -7.2% | -16.0% | ||
| Q3 25 | -1.5% | -18.5% | ||
| Q2 25 | -4.7% | -23.5% | ||
| Q1 25 | -8.0% | -26.2% | ||
| Q4 24 | -12.9% | -8.2% | ||
| Q3 24 | 0.4% | -12.4% | ||
| Q2 24 | -12.1% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.23 | ||
| Q3 25 | — | $-0.26 | ||
| Q2 25 | — | $-0.32 | ||
| Q1 25 | — | $-0.32 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | $0.01 | $-0.16 | ||
| Q2 24 | $-0.18 | $-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 | $337.2M | $179.3M |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $386.0M | $453.5M |
| Total Assets | $6.9B | $1.6B |
| Debt / EquityLower = less leverage | 5.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $337.2M | $883.7M | ||
| Q3 25 | $459.2M | $671.3M | ||
| Q2 25 | $408.6M | $770.9M | ||
| Q1 25 | $371.5M | $567.6M | ||
| Q4 24 | $421.6M | $529.0M | ||
| Q3 24 | $483.0M | $844.8M | ||
| Q2 24 | $533.2M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $2.0B | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $386.0M | $598.7M | ||
| Q3 25 | $433.3M | $604.8M | ||
| Q2 25 | $439.1M | $341.5M | ||
| Q1 25 | $469.3M | $367.7M | ||
| Q4 24 | $506.6M | $455.7M | ||
| Q3 24 | $592.0M | $428.6M | ||
| Q2 24 | $578.9M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $6.9B | $1.8B | ||
| Q3 25 | $6.2B | $1.7B | ||
| Q2 25 | $6.2B | $1.6B | ||
| Q1 25 | $6.4B | $1.6B | ||
| Q4 24 | $6.3B | $1.7B | ||
| Q3 24 | $6.4B | $1.5B | ||
| Q2 24 | $5.9B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 5.44× | — | ||
| Q3 25 | 4.83× | — | ||
| Q2 25 | 4.70× | — | ||
| Q1 25 | 4.30× | — | ||
| Q4 24 | 4.00× | — | ||
| Q3 24 | 3.31× | — | ||
| Q2 24 | 3.41× | — |
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 | $-638.7M | $55.0M |
| Free Cash FlowOCF − Capex | $-648.0M | $49.0M |
| FCF MarginFCF / Revenue | -208.9% | 28.3% |
| Capex IntensityCapex / Revenue | 3.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-734.6M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-638.7M | $24.7M | ||
| Q3 25 | $43.4M | $33.4M | ||
| Q2 25 | $67.6M | $21.3M | ||
| Q1 25 | $-179.9M | $68.0M | ||
| Q4 24 | $47.7M | $24.3M | ||
| Q3 24 | $-349.2M | $22.5M | ||
| Q2 24 | $-278.3M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-648.0M | $20.7M | ||
| Q3 25 | $38.7M | $30.4M | ||
| Q2 25 | $61.4M | $18.0M | ||
| Q1 25 | $-186.7M | $65.7M | ||
| Q4 24 | $40.8M | $19.9M | ||
| Q3 24 | $-356.4M | $21.3M | ||
| Q2 24 | $-285.7M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -208.9% | 12.0% | ||
| Q3 25 | 12.0% | 18.8% | ||
| Q2 25 | 21.7% | 11.8% | ||
| Q1 25 | -68.2% | 48.1% | ||
| Q4 24 | 15.8% | 12.6% | ||
| Q3 24 | -113.3% | 14.4% | ||
| Q2 24 | -107.7% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 2.3% | ||
| Q3 25 | 1.5% | 1.8% | ||
| Q2 25 | 2.2% | 2.2% | ||
| Q1 25 | 2.5% | 1.7% | ||
| Q4 24 | 2.7% | 2.7% | ||
| Q3 24 | 2.3% | 0.8% | ||
| Q2 24 | 2.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -255.05× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LDI
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
