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Side-by-side financial comparison of OPAL Fuels Inc. (OPAL) 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 $88.4M, roughly 2.0× OPAL Fuels Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 18.7%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% CAGR vs 15.2%).
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
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.
OPAL vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $88.4M | $173.1M |
| Net Profit | $16.2M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 7.5% | -1.7% |
| Net Margin | 18.3% | — |
| Revenue YoY | 18.7% | 26.9% |
| Net Profit YoY | 401.5% | — |
| EPS (diluted) | $0.08 | — |
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 | $88.4M | $173.4M | ||
| Q3 25 | $77.9M | $161.6M | ||
| Q2 25 | $77.4M | $152.2M | ||
| Q1 25 | $83.0M | $136.4M | ||
| Q4 24 | $74.5M | $158.5M | ||
| Q3 24 | $82.6M | $148.1M | ||
| Q2 24 | $69.8M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $16.2M | $-27.8M | ||
| Q3 25 | $11.4M | $-29.9M | ||
| Q2 25 | $7.6M | $-35.8M | ||
| Q1 25 | $1.3M | $-35.8M | ||
| Q4 24 | $-5.4M | $-13.0M | ||
| Q3 24 | $17.1M | $-18.3M | ||
| Q2 24 | $1.9M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | — | 83.6% | ||
| Q3 24 | — | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 7.5% | -17.5% | ||
| Q3 25 | 4.6% | -22.2% | ||
| Q2 25 | -1.1% | -24.0% | ||
| Q1 25 | -2.3% | -32.1% | ||
| Q4 24 | -0.5% | -11.1% | ||
| Q3 24 | 14.9% | -16.0% | ||
| Q2 24 | 8.1% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 18.3% | -16.0% | ||
| Q3 25 | 14.6% | -18.5% | ||
| Q2 25 | 9.8% | -23.5% | ||
| Q1 25 | 1.5% | -26.2% | ||
| Q4 24 | -7.2% | -8.2% | ||
| Q3 24 | 20.7% | -12.4% | ||
| Q2 24 | 2.7% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.08 | $-0.23 | ||
| Q3 25 | $0.05 | $-0.26 | ||
| Q2 25 | $0.03 | $-0.32 | ||
| Q1 25 | $-0.01 | $-0.32 | ||
| Q4 24 | $-0.05 | $-0.12 | ||
| Q3 24 | $0.09 | $-0.16 | ||
| Q2 24 | $-0.01 | $-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 | $24.4M | $179.3M |
| Total DebtLower is stronger | $361.3M | — |
| Stockholders' EquityBook value | $-12.9M | $453.5M |
| Total Assets | $959.5M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $24.4M | $883.7M | ||
| Q3 25 | $29.9M | $671.3M | ||
| Q2 25 | $29.3M | $770.9M | ||
| Q1 25 | $40.1M | $567.6M | ||
| Q4 24 | $24.3M | $529.0M | ||
| Q3 24 | $31.0M | $844.8M | ||
| Q2 24 | $27.6M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $361.3M | — | ||
| Q3 25 | $351.2M | — | ||
| Q2 25 | $331.6M | — | ||
| Q1 25 | $307.0M | — | ||
| Q4 24 | $307.5M | — | ||
| Q3 24 | $252.9M | — | ||
| Q2 24 | $233.3M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $-12.9M | $598.7M | ||
| Q3 25 | $7.5M | $604.8M | ||
| Q2 25 | $-25.0M | $341.5M | ||
| Q1 25 | $57.1M | $367.7M | ||
| Q4 24 | $-148.4M | $455.7M | ||
| Q3 24 | $-180.1M | $428.6M | ||
| Q2 24 | $-273.0M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $959.5M | $1.8B | ||
| Q3 25 | $916.7M | $1.7B | ||
| Q2 25 | $905.5M | $1.6B | ||
| Q1 25 | $884.9M | $1.6B | ||
| Q4 24 | $881.1M | $1.7B | ||
| Q3 24 | $831.1M | $1.5B | ||
| Q2 24 | $782.3M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 46.95× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 5.38× | — | ||
| Q4 24 | — | — | ||
| 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 | $-3.5M | $55.0M |
| Free Cash FlowOCF − Capex | $-13.4M | $49.0M |
| FCF MarginFCF / Revenue | -15.1% | 28.3% |
| Capex IntensityCapex / Revenue | 11.1% | — |
| Cash ConversionOCF / Net Profit | -0.22× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.2M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-3.5M | $24.7M | ||
| Q3 25 | $18.2M | $33.4M | ||
| Q2 25 | $-7.9M | $21.3M | ||
| Q1 25 | $29.7M | $68.0M | ||
| Q4 24 | $-532.0K | $24.3M | ||
| Q3 24 | $17.7M | $22.5M | ||
| Q2 24 | $533.0K | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-13.4M | $20.7M | ||
| Q3 25 | $-9.3M | $30.4M | ||
| Q2 25 | $-29.7M | $18.0M | ||
| Q1 25 | $18.1M | $65.7M | ||
| Q4 24 | $-55.0M | $19.9M | ||
| Q3 24 | $-5.4M | $21.3M | ||
| Q2 24 | $-22.5M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -15.1% | 12.0% | ||
| Q3 25 | -11.9% | 18.8% | ||
| Q2 25 | -38.4% | 11.8% | ||
| Q1 25 | 21.8% | 48.1% | ||
| Q4 24 | -73.8% | 12.6% | ||
| Q3 24 | -6.5% | 14.4% | ||
| Q2 24 | -32.2% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 2.3% | ||
| Q3 25 | 35.3% | 1.8% | ||
| Q2 25 | 28.2% | 2.2% | ||
| Q1 25 | 13.9% | 1.7% | ||
| Q4 24 | 73.1% | 2.7% | ||
| Q3 24 | 27.9% | 0.8% | ||
| Q2 24 | 32.9% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | -0.22× | — | ||
| Q3 25 | 1.60× | — | ||
| Q2 25 | -1.04× | — | ||
| Q1 25 | 23.11× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 0.28× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
