vs
Side-by-side financial comparison of PennyMac Mortgage Investment Trust (PMT) 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 $93.6M, roughly 1.9× PennyMac Mortgage Investment Trust). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -13.3%). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 12.3%).
PennyMac Mortgage Investment Trust is a U.S.-headquartered real estate investment trust specializing in residential mortgage assets. It invests in performing and non-performing mortgage loans, mortgage-backed securities, and credit risk transfer instruments, operating across investment management and mortgage servicing segments in the U.S. housing market.
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.
PMT vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $93.6M | $173.1M |
| Net Profit | $52.4M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 38.6% | -1.7% |
| Net Margin | 56.0% | — |
| Revenue YoY | -13.3% | 26.9% |
| Net Profit YoY | 12.5% | — |
| EPS (diluted) | $0.49 | — |
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 | $93.6M | $173.4M | ||
| Q3 25 | $99.2M | $161.6M | ||
| Q2 25 | $70.2M | $152.2M | ||
| Q1 25 | $44.5M | $136.4M | ||
| Q4 24 | $107.9M | $158.5M | ||
| Q3 24 | $80.9M | $148.1M | ||
| Q2 24 | $71.2M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $52.4M | $-27.8M | ||
| Q3 25 | $58.3M | $-29.9M | ||
| Q2 25 | $7.5M | $-35.8M | ||
| Q1 25 | $9.7M | $-35.8M | ||
| Q4 24 | $46.5M | $-13.0M | ||
| Q3 24 | $41.4M | $-18.3M | ||
| Q2 24 | $25.4M | $-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 | 38.6% | -17.5% | ||
| Q3 25 | 47.4% | -22.2% | ||
| Q2 25 | 24.2% | -24.0% | ||
| Q1 25 | -14.2% | -32.1% | ||
| Q4 24 | 51.1% | -11.1% | ||
| Q3 24 | 32.8% | -16.0% | ||
| Q2 24 | 40.2% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 56.0% | -16.0% | ||
| Q3 25 | 58.7% | -18.5% | ||
| Q2 25 | 10.7% | -23.5% | ||
| Q1 25 | 21.8% | -26.2% | ||
| Q4 24 | 43.1% | -8.2% | ||
| Q3 24 | 51.2% | -12.4% | ||
| Q2 24 | 35.7% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.49 | $-0.23 | ||
| Q3 25 | $0.55 | $-0.26 | ||
| Q2 25 | $-0.04 | $-0.32 | ||
| Q1 25 | $-0.01 | $-0.32 | ||
| Q4 24 | $0.45 | $-0.12 | ||
| Q3 24 | $0.36 | $-0.16 | ||
| Q2 24 | $0.17 | $-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 | $190.5M | $179.3M |
| Total DebtLower is stronger | $1.1B | — |
| Stockholders' EquityBook value | $1.9B | $453.5M |
| Total Assets | $21.3B | $1.6B |
| Debt / EquityLower = less leverage | 0.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $190.5M | $883.7M | ||
| Q3 25 | $181.0M | $671.3M | ||
| Q2 25 | $108.6M | $770.9M | ||
| Q1 25 | $204.2M | $567.6M | ||
| Q4 24 | $103.2M | $529.0M | ||
| Q3 24 | $102.8M | $844.8M | ||
| Q2 24 | $336.3M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $299.0M | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $968.4M | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $5.4B | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $1.9B | $598.7M | ||
| Q3 25 | $1.9B | $604.8M | ||
| Q2 25 | $1.9B | $341.5M | ||
| Q1 25 | $1.9B | $367.7M | ||
| Q4 24 | $1.9B | $455.7M | ||
| Q3 24 | $1.9B | $428.6M | ||
| Q2 24 | $1.9B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $21.3B | $1.8B | ||
| Q3 25 | $18.5B | $1.7B | ||
| Q2 25 | $16.8B | $1.6B | ||
| Q1 25 | $14.9B | $1.6B | ||
| Q4 24 | $14.4B | $1.7B | ||
| Q3 24 | $13.1B | $1.5B | ||
| Q2 24 | $12.1B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.58× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 0.52× | — | ||
| Q3 24 | 2.70× | — | ||
| Q2 24 | 2.76× | — |
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 | $-7.2B | $55.0M |
| Free Cash FlowOCF − Capex | — | $49.0M |
| FCF MarginFCF / Revenue | — | 28.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -137.76× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-7.2B | $24.7M | ||
| Q3 25 | $-1.3B | $33.4M | ||
| Q2 25 | $-2.0B | $21.3M | ||
| Q1 25 | $-594.3M | $68.0M | ||
| Q4 24 | $-2.7B | $24.3M | ||
| Q3 24 | $-983.8M | $22.5M | ||
| Q2 24 | $243.8M | $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 | -137.76× | — | ||
| Q3 25 | -22.26× | — | ||
| Q2 25 | -267.53× | — | ||
| Q1 25 | -61.39× | — | ||
| Q4 24 | -58.08× | — | ||
| Q3 24 | -23.76× | — | ||
| Q2 24 | 9.59× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
