vs
Side-by-side financial comparison of New Fortress Energy Inc. (NFE) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
New Fortress Energy Inc. is the larger business by last-quarter revenue ($326.2M vs $173.1M, roughly 1.9× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -7.0%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-134.8M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -26.8%).
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
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.
NFE vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $326.2M | $173.1M |
| Net Profit | $-847.1M | — |
| Gross Margin | 35.5% | 76.0% |
| Operating Margin | -193.0% | -1.7% |
| Net Margin | -259.7% | — |
| Revenue YoY | -7.0% | 26.9% |
| Net Profit YoY | -277.4% | — |
| EPS (diluted) | $-3.03 | — |
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 | $326.2M | $173.4M | ||
| Q3 25 | $240.3M | $161.6M | ||
| Q2 25 | $228.1M | $152.2M | ||
| Q1 25 | $384.9M | $136.4M | ||
| Q4 24 | $350.7M | $158.5M | ||
| Q3 24 | $446.0M | $148.1M | ||
| Q2 24 | $291.2M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-847.1M | $-27.8M | ||
| Q3 25 | $-263.0M | $-29.9M | ||
| Q2 25 | $-546.5M | $-35.8M | ||
| Q1 25 | $-175.4M | $-35.8M | ||
| Q4 24 | $-224.4M | $-13.0M | ||
| Q3 24 | $9.3M | $-18.3M | ||
| Q2 24 | $-88.9M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 35.5% | 78.9% | ||
| Q3 25 | 18.1% | 78.2% | ||
| Q2 25 | 8.4% | 79.5% | ||
| Q1 25 | 21.4% | 78.7% | ||
| Q4 24 | 17.6% | 83.6% | ||
| Q3 24 | 27.1% | 83.8% | ||
| Q2 24 | 23.8% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -193.0% | -17.5% | ||
| Q3 25 | -37.4% | -22.2% | ||
| Q2 25 | -170.3% | -24.0% | ||
| Q1 25 | -3.3% | -32.1% | ||
| Q4 24 | 65.0% | -11.1% | ||
| Q3 24 | 17.8% | -16.0% | ||
| Q2 24 | 12.3% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -259.7% | -16.0% | ||
| Q3 25 | -109.4% | -18.5% | ||
| Q2 25 | -239.6% | -23.5% | ||
| Q1 25 | -45.6% | -26.2% | ||
| Q4 24 | -64.0% | -8.2% | ||
| Q3 24 | 2.1% | -12.4% | ||
| Q2 24 | -30.5% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-3.03 | $-0.23 | ||
| Q3 25 | $-0.96 | $-0.26 | ||
| Q2 25 | $-1.99 | $-0.32 | ||
| Q1 25 | $-0.65 | $-0.32 | ||
| Q4 24 | $-1.10 | $-0.12 | ||
| Q3 24 | $0.03 | $-0.16 | ||
| Q2 24 | $-0.42 | $-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 | $226.5M | $179.3M |
| Total DebtLower is stronger | $8.2B | — |
| Stockholders' EquityBook value | $182.6M | $453.5M |
| Total Assets | $10.6B | $1.6B |
| Debt / EquityLower = less leverage | 44.78× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $226.5M | $883.7M | ||
| Q3 25 | $145.2M | $671.3M | ||
| Q2 25 | $551.1M | $770.9M | ||
| Q1 25 | $447.9M | $567.6M | ||
| Q4 24 | $492.9M | $529.0M | ||
| Q3 24 | $90.8M | $844.8M | ||
| Q2 24 | $133.0M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $8.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.9B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $182.6M | $598.7M | ||
| Q3 25 | $1.1B | $604.8M | ||
| Q2 25 | $1.3B | $341.5M | ||
| Q1 25 | $1.8B | $367.7M | ||
| Q4 24 | $1.9B | $455.7M | ||
| Q3 24 | $1.6B | $428.6M | ||
| Q2 24 | $1.6B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $10.6B | $1.8B | ||
| Q3 25 | $12.0B | $1.7B | ||
| Q2 25 | $12.0B | $1.6B | ||
| Q1 25 | $13.1B | $1.6B | ||
| Q4 24 | $12.9B | $1.7B | ||
| Q3 24 | $12.0B | $1.5B | ||
| Q2 24 | $11.4B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 44.78× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.74× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $-76.2M | $55.0M |
| Free Cash FlowOCF − Capex | $-134.8M | $49.0M |
| FCF MarginFCF / Revenue | -41.3% | 28.3% |
| Capex IntensityCapex / Revenue | 18.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-76.2M | $24.7M | ||
| Q3 25 | $-171.0M | $33.4M | ||
| Q2 25 | $-329.0M | $21.3M | ||
| Q1 25 | $-7.2M | $68.0M | ||
| Q4 24 | $445.3M | $24.3M | ||
| Q3 24 | $-20.0M | $22.5M | ||
| Q2 24 | $113.9M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-134.8M | $20.7M | ||
| Q3 25 | $-231.6M | $30.4M | ||
| Q2 25 | $-726.7M | $18.0M | ||
| Q1 25 | $-262.3M | $65.7M | ||
| Q4 24 | $-210.3M | $19.9M | ||
| Q3 24 | $-367.0M | $21.3M | ||
| Q2 24 | $-493.2M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -41.3% | 12.0% | ||
| Q3 25 | -96.4% | 18.8% | ||
| Q2 25 | -318.6% | 11.8% | ||
| Q1 25 | -68.2% | 48.1% | ||
| Q4 24 | -60.0% | 12.6% | ||
| Q3 24 | -82.3% | 14.4% | ||
| Q2 24 | -169.3% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 18.0% | 2.3% | ||
| Q3 25 | 25.2% | 1.8% | ||
| Q2 25 | 174.4% | 2.2% | ||
| Q1 25 | 66.3% | 1.7% | ||
| Q4 24 | 187.0% | 2.7% | ||
| Q3 24 | 77.8% | 0.8% | ||
| Q2 24 | 208.4% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -2.15× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NFE
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
