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Side-by-side financial comparison of ONESPAWORLD HOLDINGS Ltd (OSW) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $173.1M, roughly 1.4× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 11.5%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $14.9M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 7.1%).
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.
OSW vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $242.1M | $173.1M |
| Net Profit | $12.1M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 6.8% | -1.7% |
| Net Margin | 5.0% | — |
| Revenue YoY | 11.5% | 26.9% |
| Net Profit YoY | -16.2% | — |
| EPS (diluted) | $0.12 | — |
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 | $242.1M | $173.4M | ||
| Q3 25 | $258.5M | $161.6M | ||
| Q2 25 | $240.7M | $152.2M | ||
| Q1 25 | $219.6M | $136.4M | ||
| Q4 24 | $217.2M | $158.5M | ||
| Q3 24 | $241.7M | $148.1M | ||
| Q2 24 | $224.9M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $12.1M | $-27.8M | ||
| Q3 25 | $24.3M | $-29.9M | ||
| Q2 25 | $19.9M | $-35.8M | ||
| Q1 25 | $15.3M | $-35.8M | ||
| Q4 24 | $14.4M | $-13.0M | ||
| Q3 24 | $21.6M | $-18.3M | ||
| Q2 24 | $15.8M | $-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 | 6.8% | -17.5% | ||
| Q3 25 | 10.2% | -22.2% | ||
| Q2 25 | 9.2% | -24.0% | ||
| Q1 25 | 7.7% | -32.1% | ||
| Q4 24 | 7.9% | -11.1% | ||
| Q3 24 | 10.3% | -16.0% | ||
| Q2 24 | 8.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 5.0% | -16.0% | ||
| Q3 25 | 9.4% | -18.5% | ||
| Q2 25 | 8.3% | -23.5% | ||
| Q1 25 | 7.0% | -26.2% | ||
| Q4 24 | 6.6% | -8.2% | ||
| Q3 24 | 8.9% | -12.4% | ||
| Q2 24 | 7.0% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.12 | $-0.23 | ||
| Q3 25 | $0.23 | $-0.26 | ||
| Q2 25 | $0.19 | $-0.32 | ||
| Q1 25 | $0.15 | $-0.32 | ||
| Q4 24 | $0.13 | $-0.12 | ||
| Q3 24 | $0.20 | $-0.16 | ||
| Q2 24 | $0.15 | $-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 | $16.3M | $179.3M |
| Total DebtLower is stronger | $84.0M | — |
| Stockholders' EquityBook value | $542.6M | $453.5M |
| Total Assets | $707.1M | $1.6B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $16.3M | $883.7M | ||
| Q3 25 | $29.6M | $671.3M | ||
| Q2 25 | $35.0M | $770.9M | ||
| Q1 25 | $22.6M | $567.6M | ||
| Q4 24 | $57.4M | $529.0M | ||
| Q3 24 | $48.8M | $844.8M | ||
| Q2 24 | $62.5M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $84.0M | — | ||
| Q3 25 | $85.2M | — | ||
| Q2 25 | $96.2M | — | ||
| Q1 25 | $97.4M | — | ||
| Q4 24 | $98.6M | — | ||
| Q3 24 | $98.7M | — | ||
| Q2 24 | $123.8M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $542.6M | $598.7M | ||
| Q3 25 | $552.8M | $604.8M | ||
| Q2 25 | $548.3M | $341.5M | ||
| Q1 25 | $530.6M | $367.7M | ||
| Q4 24 | $554.5M | $455.7M | ||
| Q3 24 | $540.1M | $428.6M | ||
| Q2 24 | $532.7M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $707.1M | $1.8B | ||
| Q3 25 | $732.6M | $1.7B | ||
| Q2 25 | $731.8M | $1.6B | ||
| Q1 25 | $708.7M | $1.6B | ||
| Q4 24 | $746.4M | $1.7B | ||
| Q3 24 | $734.0M | $1.5B | ||
| Q2 24 | $756.8M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | 0.18× | — | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.23× | — |
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 | $20.0M | $55.0M |
| Free Cash FlowOCF − Capex | $14.9M | $49.0M |
| FCF MarginFCF / Revenue | 6.2% | 28.3% |
| Capex IntensityCapex / Revenue | 2.1% | — |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | $68.4M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $20.0M | $24.7M | ||
| Q3 25 | $33.2M | $33.4M | ||
| Q2 25 | $20.3M | $21.3M | ||
| Q1 25 | $10.1M | $68.0M | ||
| Q4 24 | $16.6M | $24.3M | ||
| Q3 24 | $28.6M | $22.5M | ||
| Q2 24 | $18.7M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $14.9M | $20.7M | ||
| Q3 25 | $27.6M | $30.4M | ||
| Q2 25 | $17.6M | $18.0M | ||
| Q1 25 | $8.4M | $65.7M | ||
| Q4 24 | $13.2M | $19.9M | ||
| Q3 24 | $27.5M | $21.3M | ||
| Q2 24 | $17.6M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 6.2% | 12.0% | ||
| Q3 25 | 10.7% | 18.8% | ||
| Q2 25 | 7.3% | 11.8% | ||
| Q1 25 | 3.8% | 48.1% | ||
| Q4 24 | 6.1% | 12.6% | ||
| Q3 24 | 11.4% | 14.4% | ||
| Q2 24 | 7.8% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 2.3% | ||
| Q3 25 | 2.2% | 1.8% | ||
| Q2 25 | 1.1% | 2.2% | ||
| Q1 25 | 0.8% | 1.7% | ||
| Q4 24 | 1.5% | 2.7% | ||
| Q3 24 | 0.5% | 0.8% | ||
| Q2 24 | 0.5% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 1.02× | — | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.19× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
