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Side-by-side financial comparison of Limbach Holdings, Inc. (LMB) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
Limbach Holdings, Inc. is the larger business by last-quarter revenue ($186.9M vs $173.1M, roughly 1.1× VARONIS SYSTEMS INC). On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 26.9%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $27.9M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs 15.2%).
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
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.
LMB vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $186.9M | $173.1M |
| Net Profit | $12.3M | — |
| Gross Margin | 25.7% | 76.0% |
| Operating Margin | 9.4% | -1.7% |
| Net Margin | 6.6% | — |
| Revenue YoY | 30.1% | 26.9% |
| Net Profit YoY | 25.0% | — |
| EPS (diluted) | $1.01 | — |
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 | $186.9M | $173.4M | ||
| Q3 25 | $184.6M | $161.6M | ||
| Q2 25 | $142.2M | $152.2M | ||
| Q1 25 | $133.1M | $136.4M | ||
| Q4 24 | $143.7M | $158.5M | ||
| Q3 24 | $133.9M | $148.1M | ||
| Q2 24 | $122.2M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $12.3M | $-27.8M | ||
| Q3 25 | $8.8M | $-29.9M | ||
| Q2 25 | $7.8M | $-35.8M | ||
| Q1 25 | $10.2M | $-35.8M | ||
| Q4 24 | $9.8M | $-13.0M | ||
| Q3 24 | $7.5M | $-18.3M | ||
| Q2 24 | $6.0M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 25.7% | 78.9% | ||
| Q3 25 | 24.2% | 78.2% | ||
| Q2 25 | 28.0% | 79.5% | ||
| Q1 25 | 27.6% | 78.7% | ||
| Q4 24 | 30.3% | 83.6% | ||
| Q3 24 | 27.0% | 83.8% | ||
| Q2 24 | 27.4% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 9.4% | -17.5% | ||
| Q3 25 | 7.2% | -22.2% | ||
| Q2 25 | 7.5% | -24.0% | ||
| Q1 25 | 5.9% | -32.1% | ||
| Q4 24 | 9.1% | -11.1% | ||
| Q3 24 | 8.1% | -16.0% | ||
| Q2 24 | 6.7% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | -16.0% | ||
| Q3 25 | 4.8% | -18.5% | ||
| Q2 25 | 5.5% | -23.5% | ||
| Q1 25 | 7.7% | -26.2% | ||
| Q4 24 | 6.9% | -8.2% | ||
| Q3 24 | 5.6% | -12.4% | ||
| Q2 24 | 4.9% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $1.01 | $-0.23 | ||
| Q3 25 | $0.73 | $-0.26 | ||
| Q2 25 | $0.64 | $-0.32 | ||
| Q1 25 | $0.85 | $-0.32 | ||
| Q4 24 | $0.81 | $-0.12 | ||
| Q3 24 | $0.62 | $-0.16 | ||
| Q2 24 | $0.50 | $-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 | $11.3M | $179.3M |
| Total DebtLower is stronger | $30.5M | — |
| Stockholders' EquityBook value | $195.7M | $453.5M |
| Total Assets | $381.1M | $1.6B |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $11.3M | $883.7M | ||
| Q3 25 | $9.8M | $671.3M | ||
| Q2 25 | $38.9M | $770.9M | ||
| Q1 25 | $38.1M | $567.6M | ||
| Q4 24 | $44.9M | $529.0M | ||
| Q3 24 | $51.2M | $844.8M | ||
| Q2 24 | $59.5M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $30.5M | — | ||
| Q3 25 | $56.3M | — | ||
| Q2 25 | $28.4M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $23.6M | — | ||
| Q3 24 | $20.5M | — | ||
| Q2 24 | $19.7M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $195.7M | $598.7M | ||
| Q3 25 | $181.6M | $604.8M | ||
| Q2 25 | $170.5M | $341.5M | ||
| Q1 25 | $161.1M | $367.7M | ||
| Q4 24 | $153.5M | $455.7M | ||
| Q3 24 | $142.2M | $428.6M | ||
| Q2 24 | $133.0M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $381.1M | $1.8B | ||
| Q3 25 | $409.1M | $1.7B | ||
| Q2 25 | $343.0M | $1.6B | ||
| Q1 25 | $336.4M | $1.6B | ||
| Q4 24 | $352.1M | $1.7B | ||
| Q3 24 | $324.4M | $1.5B | ||
| Q2 24 | $303.9M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.15× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.15× | — |
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 | $28.1M | $55.0M |
| Free Cash FlowOCF − Capex | $27.9M | $49.0M |
| FCF MarginFCF / Revenue | 14.9% | 28.3% |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | 2.29× | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $28.1M | $24.7M | ||
| Q3 25 | $13.3M | $33.4M | ||
| Q2 25 | $2.0M | $21.3M | ||
| Q1 25 | $2.2M | $68.0M | ||
| Q4 24 | $19.3M | $24.3M | ||
| Q3 24 | $4.9M | $22.5M | ||
| Q2 24 | $16.5M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $27.9M | $20.7M | ||
| Q3 25 | $12.8M | $30.4M | ||
| Q2 25 | $1.2M | $18.0M | ||
| Q1 25 | $11.0K | $65.7M | ||
| Q4 24 | $18.0M | $19.9M | ||
| Q3 24 | $4.6M | $21.3M | ||
| Q2 24 | $13.2M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 14.9% | 12.0% | ||
| Q3 25 | 7.0% | 18.8% | ||
| Q2 25 | 0.8% | 11.8% | ||
| Q1 25 | 0.0% | 48.1% | ||
| Q4 24 | 12.5% | 12.6% | ||
| Q3 24 | 3.4% | 14.4% | ||
| Q2 24 | 10.8% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 2.3% | ||
| Q3 25 | 0.3% | 1.8% | ||
| Q2 25 | 0.6% | 2.2% | ||
| Q1 25 | 1.7% | 1.7% | ||
| Q4 24 | 0.9% | 2.7% | ||
| Q3 24 | 0.3% | 0.8% | ||
| Q2 24 | 2.7% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.29× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 0.26× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 2.77× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
