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Side-by-side financial comparison of Phreesia, Inc. (PHR) 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 $120.3M, roughly 1.4× Phreesia, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 12.7%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $12.2M).
Phreesia, Inc. is a software as a service company that offers healthcare organizations a set of applications to automate and manage patient intake.
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.
PHR vs VRNS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $120.3M | $173.1M |
| Net Profit | $4.3M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 3.1% | -1.7% |
| Net Margin | 3.5% | — |
| Revenue YoY | 12.7% | 26.9% |
| Net Profit YoY | 129.7% | — |
| EPS (diluted) | $0.07 | — |
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 | $120.3M | $173.4M | ||
| Q3 25 | $117.3M | $161.6M | ||
| Q2 25 | $115.9M | $152.2M | ||
| Q1 25 | — | $136.4M | ||
| Q4 24 | — | $158.5M | ||
| Q3 24 | — | $148.1M | ||
| Q2 24 | — | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $4.3M | $-27.8M | ||
| Q3 25 | $654.0K | $-29.9M | ||
| Q2 25 | $-3.9M | $-35.8M | ||
| Q1 25 | — | $-35.8M | ||
| Q4 24 | — | $-13.0M | ||
| Q3 24 | — | $-18.3M | ||
| Q2 24 | — | $-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 | 3.1% | -17.5% | ||
| Q3 25 | -1.3% | -22.2% | ||
| Q2 25 | -2.8% | -24.0% | ||
| Q1 25 | — | -32.1% | ||
| Q4 24 | — | -11.1% | ||
| Q3 24 | — | -16.0% | ||
| Q2 24 | — | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 3.5% | -16.0% | ||
| Q3 25 | 0.6% | -18.5% | ||
| Q2 25 | -3.4% | -23.5% | ||
| Q1 25 | — | -26.2% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | — | -12.4% | ||
| Q2 24 | — | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.07 | $-0.23 | ||
| Q3 25 | $0.01 | $-0.26 | ||
| Q2 25 | $-0.07 | $-0.32 | ||
| Q1 25 | — | $-0.32 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | — | $-0.16 | ||
| Q2 24 | — | $-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 | $106.4M | $179.3M |
| Total DebtLower is stronger | $3.4M | — |
| Stockholders' EquityBook value | $320.3M | $453.5M |
| Total Assets | $423.5M | $1.6B |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $106.4M | $883.7M | ||
| Q3 25 | $98.3M | $671.3M | ||
| Q2 25 | $90.9M | $770.9M | ||
| Q1 25 | — | $567.6M | ||
| Q4 24 | — | $529.0M | ||
| Q3 24 | — | $844.8M | ||
| Q2 24 | — | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $3.4M | — | ||
| Q3 25 | $4.6M | — | ||
| Q2 25 | $6.2M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $320.3M | $598.7M | ||
| Q3 25 | $298.0M | $604.8M | ||
| Q2 25 | $282.2M | $341.5M | ||
| Q1 25 | — | $367.7M | ||
| Q4 24 | — | $455.7M | ||
| Q3 24 | — | $428.6M | ||
| Q2 24 | — | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $423.5M | $1.8B | ||
| Q3 25 | $408.6M | $1.7B | ||
| Q2 25 | $400.4M | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.01× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.02× | — | ||
| Q1 25 | — | — | ||
| 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 | $15.5M | $55.0M |
| Free Cash FlowOCF − Capex | $12.2M | $49.0M |
| FCF MarginFCF / Revenue | 10.1% | 28.3% |
| Capex IntensityCapex / Revenue | 2.7% | — |
| Cash ConversionOCF / Net Profit | 3.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $15.5M | $24.7M | ||
| Q3 25 | $14.8M | $33.4M | ||
| Q2 25 | $14.8M | $21.3M | ||
| Q1 25 | — | $68.0M | ||
| Q4 24 | — | $24.3M | ||
| Q3 24 | — | $22.5M | ||
| Q2 24 | — | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $12.2M | $20.7M | ||
| Q3 25 | $13.1M | $30.4M | ||
| Q2 25 | $11.3M | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | — | $21.3M | ||
| Q2 24 | — | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 10.1% | 12.0% | ||
| Q3 25 | 11.1% | 18.8% | ||
| Q2 25 | 9.8% | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | — | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.7% | 2.3% | ||
| Q3 25 | 1.5% | 1.8% | ||
| Q2 25 | 3.0% | 2.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.62× | — | ||
| Q3 25 | 22.68× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PHR
| Subscription And Services | $55.5M | 46% |
| Network Solutions | $37.4M | 31% |
| Payment Processing Fees | $27.4M | 23% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
