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Side-by-side financial comparison of ONTO INNOVATION INC. (ONTO) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
ONTO INNOVATION INC. is the larger business by last-quarter revenue ($218.2M vs $173.1M, roughly 1.3× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -13.5%). ONTO INNOVATION INC. produced more free cash flow last quarter ($82.0M vs $49.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 2.6%).
Onto Innovation Inc. is an American semiconductor company formed in 2019 from the merger of Rudolph Technologies, Inc. and Nanometrics Incorporated. It is a provider of process and process control equipment and software for microelectronic manufacturing industries.
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.
ONTO vs VRNS — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $218.2M | $173.1M |
| Net Profit | $28.2M | — |
| Gross Margin | 50.7% | 76.0% |
| Operating Margin | 10.9% | -1.7% |
| Net Margin | 12.9% | — |
| Revenue YoY | -13.5% | 26.9% |
| Net Profit YoY | -46.8% | — |
| EPS (diluted) | $0.57 | — |
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 | — | $173.4M | ||
| Q3 25 | $218.2M | $161.6M | ||
| Q2 25 | $253.6M | $152.2M | ||
| Q1 25 | $266.6M | $136.4M | ||
| Q4 24 | $263.9M | $158.5M | ||
| Q3 24 | $252.2M | $148.1M | ||
| Q2 24 | $242.3M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $28.2M | $-29.9M | ||
| Q2 25 | $33.9M | $-35.8M | ||
| Q1 25 | $64.1M | $-35.8M | ||
| Q4 24 | $48.8M | $-13.0M | ||
| Q3 24 | $53.1M | $-18.3M | ||
| Q2 24 | $52.9M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | 50.7% | 78.2% | ||
| Q2 25 | 48.2% | 79.5% | ||
| Q1 25 | 53.7% | 78.7% | ||
| Q4 24 | 50.2% | 83.6% | ||
| Q3 24 | 54.1% | 83.8% | ||
| Q2 24 | 52.9% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | — | -17.5% | ||
| Q3 25 | 10.9% | -22.2% | ||
| Q2 25 | 12.7% | -24.0% | ||
| Q1 25 | 23.7% | -32.1% | ||
| Q4 24 | 16.1% | -11.1% | ||
| Q3 24 | 21.0% | -16.0% | ||
| Q2 24 | 20.2% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | -16.0% | ||
| Q3 25 | 12.9% | -18.5% | ||
| Q2 25 | 13.4% | -23.5% | ||
| Q1 25 | 24.0% | -26.2% | ||
| Q4 24 | 18.5% | -8.2% | ||
| Q3 24 | 21.0% | -12.4% | ||
| Q2 24 | 21.9% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.23 | ||
| Q3 25 | $0.57 | $-0.26 | ||
| Q2 25 | $0.69 | $-0.32 | ||
| Q1 25 | $1.30 | $-0.32 | ||
| Q4 24 | $0.98 | $-0.12 | ||
| Q3 24 | $1.07 | $-0.16 | ||
| Q2 24 | $1.07 | $-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 | $603.1M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.0B | $453.5M |
| Total Assets | $2.2B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | — | $883.7M | ||
| Q3 25 | $603.1M | $671.3M | ||
| Q2 25 | $217.5M | $770.9M | ||
| Q1 25 | $203.7M | $567.6M | ||
| Q4 24 | $212.9M | $529.0M | ||
| Q3 24 | $188.7M | $844.8M | ||
| Q2 24 | $172.6M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | — | $598.7M | ||
| Q3 25 | $2.0B | $604.8M | ||
| Q2 25 | $2.0B | $341.5M | ||
| Q1 25 | $1.9B | $367.7M | ||
| Q4 24 | $1.9B | $455.7M | ||
| Q3 24 | $1.9B | $428.6M | ||
| Q2 24 | $1.8B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $2.2B | $1.7B | ||
| Q2 25 | $2.1B | $1.6B | ||
| Q1 25 | $2.1B | $1.6B | ||
| Q4 24 | $2.1B | $1.7B | ||
| Q3 24 | $2.1B | $1.5B | ||
| Q2 24 | $2.0B | $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 | $83.4M | $55.0M |
| Free Cash FlowOCF − Capex | $82.0M | $49.0M |
| FCF MarginFCF / Revenue | 37.6% | 28.3% |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | 2.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | $261.3M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | — | $24.7M | ||
| Q3 25 | $83.4M | $33.4M | ||
| Q2 25 | $57.9M | $21.3M | ||
| Q1 25 | $92.0M | $68.0M | ||
| Q4 24 | $56.0M | $24.3M | ||
| Q3 24 | $67.2M | $22.5M | ||
| Q2 24 | $65.3M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | — | $20.7M | ||
| Q3 25 | $82.0M | $30.4M | ||
| Q2 25 | $44.2M | $18.0M | ||
| Q1 25 | $83.7M | $65.7M | ||
| Q4 24 | $51.4M | $19.9M | ||
| Q3 24 | $59.2M | $21.3M | ||
| Q2 24 | $53.0M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | 37.6% | 18.8% | ||
| Q2 25 | 17.4% | 11.8% | ||
| Q1 25 | 31.4% | 48.1% | ||
| Q4 24 | 19.5% | 12.6% | ||
| Q3 24 | 23.5% | 14.4% | ||
| Q2 24 | 21.9% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | 0.6% | 1.8% | ||
| Q2 25 | 5.4% | 2.2% | ||
| Q1 25 | 3.1% | 1.7% | ||
| Q4 24 | 1.8% | 2.7% | ||
| Q3 24 | 3.2% | 0.8% | ||
| Q2 24 | 5.1% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 1.71× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.23× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ONTO
| Systems And Software Revenue | $173.8M | 80% |
| Parts Revenue | $23.9M | 11% |
| Service Revenue | $20.5M | 9% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
