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Side-by-side financial comparison of Grand Canyon Education, Inc. (LOPE) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
Grand Canyon Education, Inc. is the larger business by last-quarter revenue ($308.1M 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 5.3%). Grand Canyon Education, Inc. produced more free cash flow last quarter ($122.9M vs $49.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 5.9%).
Grand Canyon Education, Inc. (GCE) is an American for-profit corporation that provides services to universities, specializing in program development, online education, and operational support. Formerly affiliated with Grand Canyon University (GCU), a Christian university in Arizona, GCE became a separate publicly traded company in 2008.
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.
LOPE vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $308.1M | $173.1M |
| Net Profit | $86.7M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 35.1% | -1.7% |
| Net Margin | 28.1% | — |
| Revenue YoY | 5.3% | 26.9% |
| Net Profit YoY | 5.9% | — |
| EPS (diluted) | $3.13 | — |
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 | $308.1M | $173.4M | ||
| Q3 25 | $261.1M | $161.6M | ||
| Q2 25 | $247.5M | $152.2M | ||
| Q1 25 | $289.3M | $136.4M | ||
| Q4 24 | $292.6M | $158.5M | ||
| Q3 24 | $238.3M | $148.1M | ||
| Q2 24 | $227.5M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $86.7M | $-27.8M | ||
| Q3 25 | $16.3M | $-29.9M | ||
| Q2 25 | $41.5M | $-35.8M | ||
| Q1 25 | $71.6M | $-35.8M | ||
| Q4 24 | $81.9M | $-13.0M | ||
| Q3 24 | $41.5M | $-18.3M | ||
| Q2 24 | $34.9M | $-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 | 35.1% | -17.5% | ||
| Q3 25 | 6.9% | -22.2% | ||
| Q2 25 | 20.9% | -24.0% | ||
| Q1 25 | 30.4% | -32.1% | ||
| Q4 24 | 34.2% | -11.1% | ||
| Q3 24 | 20.2% | -16.0% | ||
| Q2 24 | 18.8% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 28.1% | -16.0% | ||
| Q3 25 | 6.2% | -18.5% | ||
| Q2 25 | 16.8% | -23.5% | ||
| Q1 25 | 24.8% | -26.2% | ||
| Q4 24 | 28.0% | -8.2% | ||
| Q3 24 | 17.4% | -12.4% | ||
| Q2 24 | 15.3% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $3.13 | $-0.23 | ||
| Q3 25 | $0.58 | $-0.26 | ||
| Q2 25 | $1.48 | $-0.32 | ||
| Q1 25 | $2.52 | $-0.32 | ||
| Q4 24 | $2.83 | $-0.12 | ||
| Q3 24 | $1.42 | $-0.16 | ||
| Q2 24 | $1.19 | $-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 | $111.8M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $746.9M | $453.5M |
| Total Assets | $992.3M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $111.8M | $883.7M | ||
| Q3 25 | $97.3M | $671.3M | ||
| Q2 25 | $192.3M | $770.9M | ||
| Q1 25 | $144.5M | $567.6M | ||
| Q4 24 | $324.6M | $529.0M | ||
| Q3 24 | $263.6M | $844.8M | ||
| Q2 24 | $241.3M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $746.9M | $598.7M | ||
| Q3 25 | $758.0M | $604.8M | ||
| Q2 25 | $778.0M | $341.5M | ||
| Q1 25 | $780.7M | $367.7M | ||
| Q4 24 | $783.9M | $455.7M | ||
| Q3 24 | $764.1M | $428.6M | ||
| Q2 24 | $759.2M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $992.3M | $1.8B | ||
| Q3 25 | $1.0B | $1.7B | ||
| Q2 25 | $1.0B | $1.6B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $992.9M | $1.5B | ||
| Q2 24 | $992.7M | $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 | $130.5M | $55.0M |
| Free Cash FlowOCF − Capex | $122.9M | $49.0M |
| FCF MarginFCF / Revenue | 39.9% | 28.3% |
| Capex IntensityCapex / Revenue | 2.5% | — |
| Cash ConversionOCF / Net Profit | 1.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | $238.6M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $130.5M | $24.7M | ||
| Q3 25 | $-48.6M | $33.4M | ||
| Q2 25 | $124.0M | $21.3M | ||
| Q1 25 | $67.6M | $68.0M | ||
| Q4 24 | $135.8M | $24.3M | ||
| Q3 24 | $-29.4M | $22.5M | ||
| Q2 24 | $98.6M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $122.9M | $20.7M | ||
| Q3 25 | $-58.3M | $30.4M | ||
| Q2 25 | $115.4M | $18.0M | ||
| Q1 25 | $58.7M | $65.7M | ||
| Q4 24 | $126.1M | $19.9M | ||
| Q3 24 | $-39.0M | $21.3M | ||
| Q2 24 | $89.6M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 39.9% | 12.0% | ||
| Q3 25 | -22.3% | 18.8% | ||
| Q2 25 | 46.6% | 11.8% | ||
| Q1 25 | 20.3% | 48.1% | ||
| Q4 24 | 43.1% | 12.6% | ||
| Q3 24 | -16.3% | 14.4% | ||
| Q2 24 | 39.4% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.5% | 2.3% | ||
| Q3 25 | 3.7% | 1.8% | ||
| Q2 25 | 3.5% | 2.2% | ||
| Q1 25 | 3.1% | 1.7% | ||
| Q4 24 | 3.3% | 2.7% | ||
| Q3 24 | 4.0% | 0.8% | ||
| Q2 24 | 3.9% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.50× | — | ||
| Q3 25 | -2.99× | — | ||
| Q2 25 | 2.98× | — | ||
| Q1 25 | 0.94× | — | ||
| Q4 24 | 1.66× | — | ||
| Q3 24 | -0.71× | — | ||
| Q2 24 | 2.83× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LOPE
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
