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Side-by-side financial comparison of MEDICAL PROPERTIES TRUST INC (MPW) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
MEDICAL PROPERTIES TRUST INC is the larger business by last-quarter revenue ($270.3M vs $173.1M, roughly 1.6× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 16.6%). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -0.2%).
Medical Properties Trust, Inc. (MPT) is an international real estate investment trust (REIT) based in Birmingham, Alabama that purchases and invests in healthcare facilities and for-profit healthcare holding companies, primarily in the United States and Europe. Their property acquisitions often come in the form of sale-leaseback agreements, in which the original property owner sells the property to MPT and becomes their tenant. MPT's tenants are generally subject to long-term triple net lease...
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.
MPW vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $270.3M | $173.1M |
| Net Profit | $17.6M | — |
| Gross Margin | 95.8% | 76.0% |
| Operating Margin | 9.7% | -1.7% |
| Net Margin | 6.5% | — |
| Revenue YoY | 16.6% | 26.9% |
| Net Profit YoY | 104.3% | — |
| EPS (diluted) | $0.03 | — |
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 | $270.3M | $173.4M | ||
| Q3 25 | $237.5M | $161.6M | ||
| Q2 25 | $240.4M | $152.2M | ||
| Q1 25 | $223.8M | $136.4M | ||
| Q4 24 | $231.8M | $158.5M | ||
| Q3 24 | $225.8M | $148.1M | ||
| Q2 24 | $266.6M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $17.6M | $-27.8M | ||
| Q3 25 | $-77.7M | $-29.9M | ||
| Q2 25 | $-98.4M | $-35.8M | ||
| Q1 25 | $-118.3M | $-35.8M | ||
| Q4 24 | $-412.3M | $-13.0M | ||
| Q3 24 | $-801.2M | $-18.3M | ||
| Q2 24 | $-320.6M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 95.8% | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | 91.8% | 79.5% | ||
| Q1 25 | 63.6% | 78.7% | ||
| Q4 24 | 90.9% | 83.6% | ||
| Q3 24 | 96.5% | 83.8% | ||
| Q2 24 | 98.4% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 9.7% | -17.5% | ||
| Q3 25 | -28.0% | -22.2% | ||
| Q2 25 | -36.7% | -24.0% | ||
| Q1 25 | -48.5% | -32.1% | ||
| Q4 24 | -173.7% | -11.1% | ||
| Q3 24 | -350.7% | -16.0% | ||
| Q2 24 | -114.5% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | -16.0% | ||
| Q3 25 | -32.7% | -18.5% | ||
| Q2 25 | -40.9% | -23.5% | ||
| Q1 25 | -52.8% | -26.2% | ||
| Q4 24 | -177.8% | -8.2% | ||
| Q3 24 | -354.8% | -12.4% | ||
| Q2 24 | -120.3% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.03 | $-0.23 | ||
| Q3 25 | $-0.13 | $-0.26 | ||
| Q2 25 | $-0.16 | $-0.32 | ||
| Q1 25 | $-0.20 | $-0.32 | ||
| Q4 24 | $-0.68 | $-0.12 | ||
| Q3 24 | $-1.34 | $-0.16 | ||
| Q2 24 | $-0.54 | $-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 | $540.9M | $179.3M |
| Total DebtLower is stronger | $9.7B | — |
| Stockholders' EquityBook value | $4.6B | $453.5M |
| Total Assets | $15.0B | $1.6B |
| Debt / EquityLower = less leverage | 2.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $540.9M | $883.7M | ||
| Q3 25 | $396.6M | $671.3M | ||
| Q2 25 | $509.8M | $770.9M | ||
| Q1 25 | $673.5M | $567.6M | ||
| Q4 24 | $332.3M | $529.0M | ||
| Q3 24 | $275.6M | $844.8M | ||
| Q2 24 | $606.5M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $9.7B | — | ||
| Q3 25 | $9.6B | — | ||
| Q2 25 | $9.6B | — | ||
| Q1 25 | $9.5B | — | ||
| Q4 24 | $8.8B | — | ||
| Q3 24 | $9.2B | — | ||
| Q2 24 | $9.4B | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $4.6B | $598.7M | ||
| Q3 25 | $4.7B | $604.8M | ||
| Q2 25 | $4.8B | $341.5M | ||
| Q1 25 | $4.8B | $367.7M | ||
| Q4 24 | $4.8B | $455.7M | ||
| Q3 24 | $5.4B | $428.6M | ||
| Q2 24 | $6.2B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $15.0B | $1.8B | ||
| Q3 25 | $14.9B | $1.7B | ||
| Q2 25 | $15.2B | $1.6B | ||
| Q1 25 | $14.9B | $1.6B | ||
| Q4 24 | $14.3B | $1.7B | ||
| Q3 24 | $15.2B | $1.5B | ||
| Q2 24 | $16.2B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 2.11× | — | ||
| Q3 25 | 2.06× | — | ||
| Q2 25 | 2.00× | — | ||
| Q1 25 | 1.99× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | 1.51× | — |
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 | $230.8M | $55.0M |
| Free Cash FlowOCF − Capex | — | $49.0M |
| FCF MarginFCF / Revenue | — | 28.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 13.11× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $230.8M | $24.7M | ||
| Q3 25 | $18.6M | $33.4M | ||
| Q2 25 | $51.7M | $21.3M | ||
| Q1 25 | $384.0K | $68.0M | ||
| Q4 24 | $245.5M | $24.3M | ||
| Q3 24 | $59.2M | $22.5M | ||
| Q2 24 | $35.3M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | — | $20.7M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | — | $21.3M | ||
| Q2 24 | — | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | — | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 13.11× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MPW
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
