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Side-by-side financial comparison of N-able, Inc. (NABL) 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 $130.3M, roughly 1.3× N-able, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 11.8%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $20.9M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 7.0%).
Able UK is a British industrial services company specialising in decommissioning of ships and offshore installations.
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.
NABL vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $130.3M | $173.1M |
| Net Profit | — | — |
| Gross Margin | 76.2% | 76.0% |
| Operating Margin | 10.2% | — |
| Net Margin | — | — |
| Revenue YoY | 11.8% | 26.9% |
| Net Profit YoY | — | — |
| EPS (diluted) | $-0.04 | $115788061.00 |
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 | $130.3M | $173.4M | ||
| Q3 25 | $131.7M | $161.6M | ||
| Q2 25 | $131.2M | $152.2M | ||
| Q1 25 | $118.2M | $136.4M | ||
| Q4 24 | $116.5M | $158.5M | ||
| Q3 24 | $116.4M | $148.1M | ||
| Q2 24 | $119.4M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $1.4M | $-29.9M | ||
| Q2 25 | $-4.0M | $-35.8M | ||
| Q1 25 | $-7.2M | $-35.8M | ||
| Q4 24 | — | $-13.0M | ||
| Q3 24 | $10.8M | $-18.3M | ||
| Q2 24 | $9.5M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 76.2% | 78.9% | ||
| Q3 25 | 77.5% | 78.2% | ||
| Q2 25 | 78.1% | 79.5% | ||
| Q1 25 | 76.6% | 78.7% | ||
| Q4 24 | 80.0% | 83.6% | ||
| Q3 24 | 82.9% | 83.8% | ||
| Q2 24 | 84.0% | 82.8% |
| Q1 26 | — | — | ||
| Q4 25 | 10.2% | -17.5% | ||
| Q3 25 | 8.8% | -22.2% | ||
| Q2 25 | 7.7% | -24.0% | ||
| Q1 25 | 1.5% | -32.1% | ||
| Q4 24 | 13.7% | -11.1% | ||
| Q3 24 | 20.5% | -16.0% | ||
| Q2 24 | 18.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | -16.0% | ||
| Q3 25 | 1.1% | -18.5% | ||
| Q2 25 | -3.1% | -23.5% | ||
| Q1 25 | -6.1% | -26.2% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | 9.2% | -12.4% | ||
| Q2 24 | 7.9% | -18.4% |
| Q1 26 | — | $115788061.00 | ||
| Q4 25 | $-0.04 | $-0.23 | ||
| Q3 25 | $0.01 | $-0.26 | ||
| Q2 25 | $-0.02 | $-0.32 | ||
| Q1 25 | $-0.04 | $-0.32 | ||
| Q4 24 | $0.01 | $-0.12 | ||
| Q3 24 | $0.06 | $-0.16 | ||
| Q2 24 | $0.05 | $-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 | $393.9M | — |
| Stockholders' EquityBook value | $804.7M | $453.5M |
| Total Assets | $1.4B | $1.6B |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $111.8M | $883.7M | ||
| Q3 25 | $101.4M | $671.3M | ||
| Q2 25 | $93.9M | $770.9M | ||
| Q1 25 | $94.1M | $567.6M | ||
| Q4 24 | $85.2M | $529.0M | ||
| Q3 24 | $174.4M | $844.8M | ||
| Q2 24 | $157.5M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $393.9M | — | ||
| Q3 25 | $331.7M | — | ||
| Q2 25 | $332.1M | — | ||
| Q1 25 | $332.6M | — | ||
| Q4 24 | $333.1M | — | ||
| Q3 24 | $333.6M | — | ||
| Q2 24 | $334.1M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $804.7M | $598.7M | ||
| Q3 25 | $813.4M | $604.8M | ||
| Q2 25 | $809.4M | $341.5M | ||
| Q1 25 | $775.1M | $367.7M | ||
| Q4 24 | $759.3M | $455.7M | ||
| Q3 24 | $765.0M | $428.6M | ||
| Q2 24 | $724.4M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.4B | $1.8B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.2B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.41× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.46× | — |
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 | $25.3M | $55.0M |
| Free Cash FlowOCF − Capex | $20.9M | $49.0M |
| FCF MarginFCF / Revenue | 16.0% | 28.3% |
| Capex IntensityCapex / Revenue | 3.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $25.3M | $24.7M | ||
| Q3 25 | $24.0M | $33.4M | ||
| Q2 25 | $24.2M | $21.3M | ||
| Q1 25 | $19.7M | $68.0M | ||
| Q4 24 | $26.0M | $24.3M | ||
| Q3 24 | $22.0M | $22.5M | ||
| Q2 24 | $27.3M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $20.9M | $20.7M | ||
| Q3 25 | $17.4M | $30.4M | ||
| Q2 25 | $20.4M | $18.0M | ||
| Q1 25 | $16.4M | $65.7M | ||
| Q4 24 | $18.8M | $19.9M | ||
| Q3 24 | $18.2M | $21.3M | ||
| Q2 24 | $24.0M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 16.0% | 12.0% | ||
| Q3 25 | 13.2% | 18.8% | ||
| Q2 25 | 15.5% | 11.8% | ||
| Q1 25 | 13.9% | 48.1% | ||
| Q4 24 | 16.2% | 12.6% | ||
| Q3 24 | 15.7% | 14.4% | ||
| Q2 24 | 20.1% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 2.3% | ||
| Q3 25 | 5.0% | 1.8% | ||
| Q2 25 | 2.9% | 2.2% | ||
| Q1 25 | 2.8% | 1.7% | ||
| Q4 24 | 6.1% | 2.7% | ||
| Q3 24 | 3.2% | 0.8% | ||
| Q2 24 | 2.7% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 17.36× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.04× | — | ||
| Q2 24 | 2.89× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NABL
| Transferred Over Time | $121.9M | 94% |
| Transferred At Point In Time | $8.4M | 6% |
| Other Revenue | $1.3M | 1% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
