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Side-by-side financial comparison of Leslie's, Inc. (LESL) 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 $147.1M, roughly 1.2× Leslie's, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -16.0%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-85.5M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -11.7%).
Leslie's, Inc., operating as Leslie's Swimming Pool Supplies, is the largest retailer of swimming pool supplies and related products. The company is headquartered in Phoenix, Arizona, and has a particularly strong retail presence in Arizona, California, Florida, Georgia and 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.
LESL vs VRNS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $147.1M | $173.1M |
| Net Profit | $-83.0M | — |
| Gross Margin | 18.4% | 76.0% |
| Operating Margin | -46.7% | -1.7% |
| Net Margin | -56.4% | — |
| Revenue YoY | -16.0% | 26.9% |
| Net Profit YoY | -86.2% | — |
| EPS (diluted) | $-8.92 | — |
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 | $147.1M | $173.1M | ||
| Q4 25 | $389.2M | $173.4M | ||
| Q3 25 | — | $161.6M | ||
| Q2 25 | $500.3M | $152.2M | ||
| Q1 25 | $177.1M | $136.4M | ||
| Q4 24 | $175.2M | $158.5M | ||
| Q3 24 | $397.9M | $148.1M | ||
| Q2 24 | $569.6M | $130.3M |
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-162.8M | $-27.8M | ||
| Q3 25 | — | $-29.9M | ||
| Q2 25 | $21.7M | $-35.8M | ||
| Q1 25 | $-51.3M | $-35.8M | ||
| Q4 24 | $-44.6M | $-13.0M | ||
| Q3 24 | $-9.9M | $-18.3M | ||
| Q2 24 | $60.6M | $-23.9M |
| Q1 26 | 18.4% | 76.0% | ||
| Q4 25 | 38.6% | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | 39.6% | 79.5% | ||
| Q1 25 | 24.8% | 78.7% | ||
| Q4 24 | 27.2% | 83.6% | ||
| Q3 24 | 36.0% | 83.8% | ||
| Q2 24 | 40.2% | 82.8% |
| Q1 26 | -46.7% | -1.7% | ||
| Q4 25 | -38.6% | -17.5% | ||
| Q3 25 | — | -22.2% | ||
| Q2 25 | 13.7% | -24.0% | ||
| Q1 25 | -27.3% | -32.1% | ||
| Q4 24 | -22.7% | -11.1% | ||
| Q3 24 | 6.6% | -16.0% | ||
| Q2 24 | 17.2% | -22.1% |
| Q1 26 | -56.4% | — | ||
| Q4 25 | -41.8% | -16.0% | ||
| Q3 25 | — | -18.5% | ||
| Q2 25 | 4.3% | -23.5% | ||
| Q1 25 | -29.0% | -26.2% | ||
| Q4 24 | -25.4% | -8.2% | ||
| Q3 24 | -2.5% | -12.4% | ||
| Q2 24 | 10.6% | -18.4% |
| Q1 26 | $-8.92 | — | ||
| Q4 25 | $-20.59 | $-0.23 | ||
| Q3 25 | — | $-0.26 | ||
| Q2 25 | $0.12 | $-0.32 | ||
| Q1 25 | $-0.28 | $-0.32 | ||
| Q4 24 | $-4.82 | $-0.12 | ||
| Q3 24 | $-2.46 | $-0.16 | ||
| Q2 24 | $0.33 | $-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 | $3.6M | $179.3M |
| Total DebtLower is stronger | $781.6M | — |
| Stockholders' EquityBook value | $-489.9M | $453.5M |
| Total Assets | $649.4M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.6M | $179.3M | ||
| Q4 25 | $64.3M | $883.7M | ||
| Q3 25 | — | $671.3M | ||
| Q2 25 | $42.7M | $770.9M | ||
| Q1 25 | $17.3M | $567.6M | ||
| Q4 24 | $11.6M | $529.0M | ||
| Q3 24 | $108.5M | $844.8M | ||
| Q2 24 | $74.4M | $582.5M |
| Q1 26 | $781.6M | — | ||
| Q4 25 | $756.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $776.6M | — | ||
| Q1 25 | $858.1M | — | ||
| Q4 24 | $796.6M | — | ||
| Q3 24 | $783.7M | — | ||
| Q2 24 | $783.7M | — |
| Q1 26 | $-489.9M | $453.5M | ||
| Q4 25 | $-408.0M | $598.7M | ||
| Q3 25 | — | $604.8M | ||
| Q2 25 | $-246.2M | $341.5M | ||
| Q1 25 | $-269.5M | $367.7M | ||
| Q4 24 | $-220.0M | $455.7M | ||
| Q3 24 | $-177.1M | $428.6M | ||
| Q2 24 | $-168.2M | $458.6M |
| Q1 26 | $649.4M | $1.6B | ||
| Q4 25 | $741.5M | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $989.5M | $1.6B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $967.0M | $1.7B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $1.1B | $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 | $-81.1M | $55.0M |
| Free Cash FlowOCF − Capex | $-85.5M | $49.0M |
| FCF MarginFCF / Revenue | -58.1% | 28.3% |
| Capex IntensityCapex / Revenue | 2.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-81.1M | $55.0M | ||
| Q4 25 | $48.2M | $24.7M | ||
| Q3 25 | — | $33.4M | ||
| Q2 25 | $114.9M | $21.3M | ||
| Q1 25 | $-49.2M | $68.0M | ||
| Q4 24 | $-105.1M | $24.3M | ||
| Q3 24 | $47.1M | $22.5M | ||
| Q2 24 | $175.5M | $11.7M |
| Q1 26 | $-85.5M | $49.0M | ||
| Q4 25 | $41.8M | $20.7M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | $107.1M | $18.0M | ||
| Q1 25 | $-55.8M | $65.7M | ||
| Q4 24 | $-109.8M | $19.9M | ||
| Q3 24 | $34.1M | $21.3M | ||
| Q2 24 | $165.2M | $10.9M |
| Q1 26 | -58.1% | 28.3% | ||
| Q4 25 | 10.7% | 12.0% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | 21.4% | 11.8% | ||
| Q1 25 | -31.5% | 48.1% | ||
| Q4 24 | -62.6% | 12.6% | ||
| Q3 24 | 8.6% | 14.4% | ||
| Q2 24 | 29.0% | 8.4% |
| Q1 26 | 2.9% | — | ||
| Q4 25 | 1.7% | 2.3% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | 1.6% | 2.2% | ||
| Q1 25 | 3.7% | 1.7% | ||
| Q4 24 | 2.7% | 2.7% | ||
| Q3 24 | 3.2% | 0.8% | ||
| Q2 24 | 1.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.29× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.89× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LESL
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
