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Side-by-side financial comparison of Nutex Health, Inc. (NUTX) 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 $151.7M, roughly 1.1× Nutex Health, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -41.1%). Nutex Health, Inc. produced more free cash flow last quarter ($69.0M vs $49.0M). Over the past eight quarters, Nutex Health, Inc.'s revenue compounded faster (50.0% CAGR vs 15.2%).
Nutex Health Inc. is an American for-profit health care company and operator of healthcare facilities headquartered in Houston, Texas.
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.
NUTX vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $151.7M | $173.1M |
| Net Profit | $11.8M | — |
| Gross Margin | 30.4% | 76.0% |
| Operating Margin | 20.4% | -1.7% |
| Net Margin | 7.8% | — |
| Revenue YoY | -41.1% | 26.9% |
| Net Profit YoY | -80.8% | — |
| EPS (diluted) | $2.34 | — |
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 | $151.7M | $173.4M | ||
| Q3 25 | $267.8M | $161.6M | ||
| Q2 25 | $244.0M | $152.2M | ||
| Q1 25 | $211.8M | $136.4M | ||
| Q4 24 | $257.6M | $158.5M | ||
| Q3 24 | $78.8M | $148.1M | ||
| Q2 24 | $76.1M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $11.8M | $-27.8M | ||
| Q3 25 | $55.4M | $-29.9M | ||
| Q2 25 | $-17.7M | $-35.8M | ||
| Q1 25 | $21.2M | $-35.8M | ||
| Q4 24 | $61.6M | $-13.0M | ||
| Q3 24 | $-8.8M | $-18.3M | ||
| Q2 24 | $-364.0K | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 30.4% | 78.9% | ||
| Q3 25 | 57.8% | 78.2% | ||
| Q2 25 | 51.2% | 79.5% | ||
| Q1 25 | 55.9% | 78.7% | ||
| Q4 24 | 55.0% | 83.6% | ||
| Q3 24 | 27.8% | 83.8% | ||
| Q2 24 | 29.7% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 20.4% | -17.5% | ||
| Q3 25 | 48.7% | -22.2% | ||
| Q2 25 | 13.8% | -24.0% | ||
| Q1 25 | 38.1% | -32.1% | ||
| Q4 24 | 44.4% | -11.1% | ||
| Q3 24 | 12.3% | -16.0% | ||
| Q2 24 | 7.0% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | -16.0% | ||
| Q3 25 | 20.7% | -18.5% | ||
| Q2 25 | -7.3% | -23.5% | ||
| Q1 25 | 10.0% | -26.2% | ||
| Q4 24 | 23.9% | -8.2% | ||
| Q3 24 | -11.2% | -12.4% | ||
| Q2 24 | -0.5% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $2.34 | $-0.23 | ||
| Q3 25 | $7.76 | $-0.26 | ||
| Q2 25 | $-2.95 | $-0.32 | ||
| Q1 25 | $3.33 | $-0.32 | ||
| Q4 24 | $11.56 | $-0.12 | ||
| Q3 24 | $-1.72 | $-0.16 | ||
| Q2 24 | $-0.07 | $-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 | $185.6M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $329.4M | $453.5M |
| Total Assets | $918.5M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $185.6M | $883.7M | ||
| Q3 25 | $166.0M | $671.3M | ||
| Q2 25 | $96.7M | $770.9M | ||
| Q1 25 | $84.7M | $567.6M | ||
| Q4 24 | $40.6M | $529.0M | ||
| Q3 24 | $46.9M | $844.8M | ||
| Q2 24 | $40.8M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $329.4M | $598.7M | ||
| Q3 25 | $317.2M | $604.8M | ||
| Q2 25 | $235.3M | $341.5M | ||
| Q1 25 | $176.9M | $367.7M | ||
| Q4 24 | $132.4M | $455.7M | ||
| Q3 24 | $60.4M | $428.6M | ||
| Q2 24 | $62.7M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $918.5M | $1.8B | ||
| Q3 25 | $964.5M | $1.7B | ||
| Q2 25 | $841.0M | $1.6B | ||
| Q1 25 | $761.9M | $1.6B | ||
| Q4 24 | $655.3M | $1.7B | ||
| Q3 24 | $438.5M | $1.5B | ||
| Q2 24 | $422.4M | $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 | $70.4M | $55.0M |
| Free Cash FlowOCF − Capex | $69.0M | $49.0M |
| FCF MarginFCF / Revenue | 45.5% | 28.3% |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | 5.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | $245.6M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $70.4M | $24.7M | ||
| Q3 25 | $99.5M | $33.4M | ||
| Q2 25 | $27.3M | $21.3M | ||
| Q1 25 | $51.0M | $68.0M | ||
| Q4 24 | $54.0K | $24.3M | ||
| Q3 24 | $6.8M | $22.5M | ||
| Q2 24 | $13.3M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $69.0M | $20.7M | ||
| Q3 25 | $99.2M | $30.4M | ||
| Q2 25 | $26.5M | $18.0M | ||
| Q1 25 | $50.9M | $65.7M | ||
| Q4 24 | $-341.0K | $19.9M | ||
| Q3 24 | $6.2M | $21.3M | ||
| Q2 24 | $12.7M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 45.5% | 12.0% | ||
| Q3 25 | 37.0% | 18.8% | ||
| Q2 25 | 10.9% | 11.8% | ||
| Q1 25 | 24.0% | 48.1% | ||
| Q4 24 | -0.1% | 12.6% | ||
| Q3 24 | 7.8% | 14.4% | ||
| Q2 24 | 16.7% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.9% | 2.3% | ||
| Q3 25 | 0.1% | 1.8% | ||
| Q2 25 | 0.3% | 2.2% | ||
| Q1 25 | 0.0% | 1.7% | ||
| Q4 24 | 0.2% | 2.7% | ||
| Q3 24 | 0.8% | 0.8% | ||
| Q2 24 | 0.7% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 5.95× | — | ||
| Q3 25 | 1.80× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.40× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NUTX
| Hospital Division | $143.7M | 95% |
| Population Health Management Division | $8.0M | 5% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
