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Side-by-side financial comparison of PRA GROUP INC (PRAA) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
PRA GROUP INC is the larger business by last-quarter revenue ($333.4M vs $173.1M, roughly 1.9× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 13.7%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-90.4M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 14.2%).
PRA Group, Inc. is a publicly traded debt buyer and debt collection company based in Norfolk, Virginia. The company buys delinquent consumer debt from credit card issuers and other financial institutions at a discount and pursues collection of the full debt owed. Founded in 1996, PRA Group employs more than 3200 people in 18 countries.
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.
PRAA vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $333.4M | $173.1M |
| Net Profit | $56.5M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 37.7% | -1.7% |
| Net Margin | 17.0% | — |
| Revenue YoY | 13.7% | 26.9% |
| Net Profit YoY | 206.3% | — |
| EPS (diluted) | $1.47 | — |
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 | $333.4M | $173.4M | ||
| Q3 25 | $311.1M | $161.6M | ||
| Q2 25 | $287.7M | $152.2M | ||
| Q1 25 | $269.6M | $136.4M | ||
| Q4 24 | $293.2M | $158.5M | ||
| Q3 24 | $281.5M | $148.1M | ||
| Q2 24 | $284.2M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $56.5M | $-27.8M | ||
| Q3 25 | $-407.7M | $-29.9M | ||
| Q2 25 | $42.4M | $-35.8M | ||
| Q1 25 | $3.7M | $-35.8M | ||
| Q4 24 | $18.5M | $-13.0M | ||
| Q3 24 | $27.2M | $-18.3M | ||
| Q2 24 | $21.5M | $-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 | 37.7% | -17.5% | ||
| Q3 25 | -101.4% | -22.2% | ||
| Q2 25 | 29.6% | -24.0% | ||
| Q1 25 | 27.7% | -32.1% | ||
| Q4 24 | 32.1% | -11.1% | ||
| Q3 24 | 32.0% | -16.0% | ||
| Q2 24 | 31.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 17.0% | -16.0% | ||
| Q3 25 | -131.0% | -18.5% | ||
| Q2 25 | 14.7% | -23.5% | ||
| Q1 25 | 1.4% | -26.2% | ||
| Q4 24 | 6.3% | -8.2% | ||
| Q3 24 | 9.6% | -12.4% | ||
| Q2 24 | 7.6% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $1.47 | $-0.23 | ||
| Q3 25 | $-10.43 | $-0.26 | ||
| Q2 25 | $1.08 | $-0.32 | ||
| Q1 25 | $0.09 | $-0.32 | ||
| Q4 24 | $0.47 | $-0.12 | ||
| Q3 24 | $0.69 | $-0.16 | ||
| Q2 24 | $0.54 | $-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 | $104.4M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $979.9M | $453.5M |
| Total Assets | $5.1B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $104.4M | $883.7M | ||
| Q3 25 | $107.5M | $671.3M | ||
| Q2 25 | $131.6M | $770.9M | ||
| Q1 25 | $128.7M | $567.6M | ||
| Q4 24 | $105.9M | $529.0M | ||
| Q3 24 | $141.1M | $844.8M | ||
| Q2 24 | $118.9M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $979.9M | $598.7M | ||
| Q3 25 | $928.5M | $604.8M | ||
| Q2 25 | $1.3B | $341.5M | ||
| Q1 25 | $1.2B | $367.7M | ||
| Q4 24 | $1.1B | $455.7M | ||
| Q3 24 | $1.2B | $428.6M | ||
| Q2 24 | $1.1B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $5.1B | $1.8B | ||
| Q3 25 | $5.0B | $1.7B | ||
| Q2 25 | $5.4B | $1.6B | ||
| Q1 25 | $5.1B | $1.6B | ||
| Q4 24 | $4.9B | $1.7B | ||
| Q3 24 | $4.9B | $1.5B | ||
| Q2 24 | $4.7B | $1.1B |
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 | $-85.5M | $55.0M |
| Free Cash FlowOCF − Capex | $-90.4M | $49.0M |
| FCF MarginFCF / Revenue | -27.1% | 28.3% |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | -1.51× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-169.4M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-85.5M | $24.7M | ||
| Q3 25 | $-10.1M | $33.4M | ||
| Q2 25 | $-12.9M | $21.3M | ||
| Q1 25 | $-52.6M | $68.0M | ||
| Q4 24 | $-94.6M | $24.3M | ||
| Q3 24 | $-35.0M | $22.5M | ||
| Q2 24 | $-29.5M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-90.4M | $20.7M | ||
| Q3 25 | $-11.3M | $30.4M | ||
| Q2 25 | $-14.2M | $18.0M | ||
| Q1 25 | $-53.5M | $65.7M | ||
| Q4 24 | $-98.6M | $19.9M | ||
| Q3 24 | $-36.1M | $21.3M | ||
| Q2 24 | $-30.8M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -27.1% | 12.0% | ||
| Q3 25 | -3.6% | 18.8% | ||
| Q2 25 | -4.9% | 11.8% | ||
| Q1 25 | -19.8% | 48.1% | ||
| Q4 24 | -33.6% | 12.6% | ||
| Q3 24 | -12.8% | 14.4% | ||
| Q2 24 | -10.8% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 2.3% | ||
| Q3 25 | 0.4% | 1.8% | ||
| Q2 25 | 0.4% | 2.2% | ||
| Q1 25 | 0.3% | 1.7% | ||
| Q4 24 | 1.4% | 2.7% | ||
| Q3 24 | 0.4% | 0.8% | ||
| Q2 24 | 0.5% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | -1.51× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.30× | — | ||
| Q1 25 | -14.37× | — | ||
| Q4 24 | -5.13× | — | ||
| Q3 24 | -1.29× | — | ||
| Q2 24 | -1.37× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PRAA
| GB | $170.1M | 51% |
| Other | $163.3M | 49% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
