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Side-by-side financial comparison of Ranpak Holdings Corp. (PACK) 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 $93.7M, roughly 1.8× Ranpak Holdings Corp.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 2.3%). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 13.7%).
Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions. The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Kansas City, Missouri; the Netherlands; Czech Republic; Shanghai and Singapore. The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain p...
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.
PACK vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $93.7M | $173.1M |
| Net Profit | — | — |
| Gross Margin | 39.0% | 76.0% |
| Operating Margin | -1.0% | -1.7% |
| Net Margin | — | — |
| Revenue YoY | 2.3% | 26.9% |
| Net Profit YoY | — | — |
| EPS (diluted) | $-0.11 | — |
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 | $93.7M | $173.4M | ||
| Q3 25 | $83.6M | $161.6M | ||
| Q2 25 | $77.8M | $152.2M | ||
| Q1 25 | $77.6M | $136.4M | ||
| Q4 24 | $91.6M | $158.5M | ||
| Q3 24 | $78.6M | $148.1M | ||
| Q2 24 | $72.8M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $-10.4M | $-29.9M | ||
| Q2 25 | $-7.5M | $-35.8M | ||
| Q1 25 | $-10.9M | $-35.8M | ||
| Q4 24 | — | $-13.0M | ||
| Q3 24 | $-8.1M | $-18.3M | ||
| Q2 24 | $5.5M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 39.0% | 78.9% | ||
| Q3 25 | 41.1% | 78.2% | ||
| Q2 25 | 37.1% | 79.5% | ||
| Q1 25 | 39.8% | 78.7% | ||
| Q4 24 | 45.2% | 83.6% | ||
| Q3 24 | 43.8% | 83.8% | ||
| Q2 24 | 43.5% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -1.0% | -17.5% | ||
| Q3 25 | -6.8% | -22.2% | ||
| Q2 25 | -12.5% | -24.0% | ||
| Q1 25 | -10.3% | -32.1% | ||
| Q4 24 | 1.5% | -11.1% | ||
| Q3 24 | -5.3% | -16.0% | ||
| Q2 24 | -7.1% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | -16.0% | ||
| Q3 25 | -12.4% | -18.5% | ||
| Q2 25 | -9.6% | -23.5% | ||
| Q1 25 | -14.0% | -26.2% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | -10.3% | -12.4% | ||
| Q2 24 | 7.6% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.11 | $-0.23 | ||
| Q3 25 | $-0.12 | $-0.26 | ||
| Q2 25 | $-0.09 | $-0.32 | ||
| Q1 25 | $-0.13 | $-0.32 | ||
| Q4 24 | $-0.13 | $-0.12 | ||
| Q3 24 | $-0.10 | $-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 | $63.0M | $179.3M |
| Total DebtLower is stronger | $401.9M | — |
| Stockholders' EquityBook value | $534.9M | $453.5M |
| Total Assets | $1.1B | $1.6B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $63.0M | $883.7M | ||
| Q3 25 | $49.9M | $671.3M | ||
| Q2 25 | $49.2M | $770.9M | ||
| Q1 25 | $65.5M | $567.6M | ||
| Q4 24 | $76.1M | $529.0M | ||
| Q3 24 | $69.5M | $844.8M | ||
| Q2 24 | $65.1M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $401.9M | — | ||
| Q3 25 | $403.1M | — | ||
| Q2 25 | $403.1M | — | ||
| Q1 25 | $405.2M | — | ||
| Q4 24 | $406.4M | — | ||
| Q3 24 | $403.2M | — | ||
| Q2 24 | $396.1M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $534.9M | $598.7M | ||
| Q3 25 | $537.8M | $604.8M | ||
| Q2 25 | $539.0M | $341.5M | ||
| Q1 25 | $544.1M | $367.7M | ||
| Q4 24 | $548.1M | $455.7M | ||
| Q3 24 | $564.3M | $428.6M | ||
| Q2 24 | $566.2M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.1B | $1.6B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $1.1B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.75× | — | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 0.74× | — | ||
| Q4 24 | 0.74× | — | ||
| Q3 24 | 0.71× | — | ||
| Q2 24 | 0.70× | — |
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 | $19.5M | $55.0M |
| Free Cash FlowOCF − Capex | — | $49.0M |
| FCF MarginFCF / Revenue | — | 28.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $19.5M | $24.7M | ||
| Q3 25 | $8.5M | $33.4M | ||
| Q2 25 | $-3.6M | $21.3M | ||
| Q1 25 | $-1.3M | $68.0M | ||
| Q4 24 | $6.5M | $24.3M | ||
| Q3 24 | $10.1M | $22.5M | ||
| Q2 24 | $19.6M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | — | $20.7M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | — | $21.3M | ||
| Q2 24 | — | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | — | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.56× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
