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Side-by-side financial comparison of POWER SOLUTIONS INTERNATIONAL, INC. (PSIX) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
POWER SOLUTIONS INTERNATIONAL, INC. is the larger business by last-quarter revenue ($191.2M vs $173.1M, roughly 1.1× VARONIS SYSTEMS INC). On growth, POWER SOLUTIONS INTERNATIONAL, INC. posted the faster year-over-year revenue change (32.5% vs 26.9%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-7.6M). Over the past eight quarters, POWER SOLUTIONS INTERNATIONAL, INC.'s revenue compounded faster (41.7% CAGR vs 15.2%).
Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, is an electric power transmission and distribution company headquartered in Ahmedabad. As of April 2025, the company operates a cumulative transmission network of 26,696 circuit kilometers and is one of the largest private sector power transmission companies operating in India.
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.
PSIX vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $191.2M | $173.1M |
| Net Profit | $16.1M | — |
| Gross Margin | 21.9% | 76.0% |
| Operating Margin | 12.7% | -1.7% |
| Net Margin | 8.4% | — |
| Revenue YoY | 32.5% | 26.9% |
| Net Profit YoY | -31.0% | — |
| EPS (diluted) | $0.69 | — |
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 | $191.2M | $173.4M | ||
| Q3 25 | $203.8M | $161.6M | ||
| Q2 25 | $191.9M | $152.2M | ||
| Q1 25 | $135.4M | $136.4M | ||
| Q4 24 | $144.3M | $158.5M | ||
| Q3 24 | $125.8M | $148.1M | ||
| Q2 24 | $110.6M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $16.1M | $-27.8M | ||
| Q3 25 | $27.6M | $-29.9M | ||
| Q2 25 | $51.2M | $-35.8M | ||
| Q1 25 | $19.1M | $-35.8M | ||
| Q4 24 | $23.3M | $-13.0M | ||
| Q3 24 | $17.3M | $-18.3M | ||
| Q2 24 | $21.5M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 21.9% | 78.9% | ||
| Q3 25 | 23.9% | 78.2% | ||
| Q2 25 | 28.2% | 79.5% | ||
| Q1 25 | 29.7% | 78.7% | ||
| Q4 24 | 29.9% | 83.6% | ||
| Q3 24 | 28.9% | 83.8% | ||
| Q2 24 | 31.8% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 12.7% | -17.5% | ||
| Q3 25 | 13.9% | -22.2% | ||
| Q2 25 | 16.9% | -24.0% | ||
| Q1 25 | 18.2% | -32.1% | ||
| Q4 24 | 17.5% | -11.1% | ||
| Q3 24 | 16.3% | -16.0% | ||
| Q2 24 | 22.9% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 8.4% | -16.0% | ||
| Q3 25 | 13.5% | -18.5% | ||
| Q2 25 | 26.7% | -23.5% | ||
| Q1 25 | 14.1% | -26.2% | ||
| Q4 24 | 16.1% | -8.2% | ||
| Q3 24 | 13.8% | -12.4% | ||
| Q2 24 | 19.5% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.69 | $-0.23 | ||
| Q3 25 | $1.20 | $-0.26 | ||
| Q2 25 | $2.22 | $-0.32 | ||
| Q1 25 | $0.83 | $-0.32 | ||
| Q4 24 | $1.01 | $-0.12 | ||
| Q3 24 | $0.75 | $-0.16 | ||
| Q2 24 | $0.94 | $-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 | $41.3M | $179.3M |
| Total DebtLower is stronger | $96.6M | — |
| Stockholders' EquityBook value | $178.6M | $453.5M |
| Total Assets | $424.7M | $1.6B |
| Debt / EquityLower = less leverage | 0.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $41.3M | $883.7M | ||
| Q3 25 | $49.0M | $671.3M | ||
| Q2 25 | $49.5M | $770.9M | ||
| Q1 25 | $50.0M | $567.6M | ||
| Q4 24 | $55.3M | $529.0M | ||
| Q3 24 | $40.5M | $844.8M | ||
| Q2 24 | $28.8M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $96.6M | — | ||
| Q3 25 | $96.7M | — | ||
| Q2 25 | $1.8M | — | ||
| Q1 25 | $1.0M | — | ||
| Q4 24 | $184.0K | — | ||
| Q3 24 | $238.0K | — | ||
| Q2 24 | $292.0K | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $178.6M | $598.7M | ||
| Q3 25 | $162.5M | $604.8M | ||
| Q2 25 | $135.7M | $341.5M | ||
| Q1 25 | $84.3M | $367.7M | ||
| Q4 24 | $65.3M | $455.7M | ||
| Q3 24 | $42.1M | $428.6M | ||
| Q2 24 | $24.8M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $424.7M | $1.8B | ||
| Q3 25 | $458.9M | $1.7B | ||
| Q2 25 | $437.7M | $1.6B | ||
| Q1 25 | $372.7M | $1.6B | ||
| Q4 24 | $328.2M | $1.7B | ||
| Q3 24 | $339.1M | $1.5B | ||
| Q2 24 | $307.6M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.54× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.01× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.01× | — | ||
| Q2 24 | 0.01× | — |
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 | $-4.6M | $55.0M |
| Free Cash FlowOCF − Capex | $-7.6M | $49.0M |
| FCF MarginFCF / Revenue | -4.0% | 28.3% |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | -0.29× | — |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-4.6M | $24.7M | ||
| Q3 25 | $3.3M | $33.4M | ||
| Q2 25 | $16.7M | $21.3M | ||
| Q1 25 | $8.8M | $68.0M | ||
| Q4 24 | $32.7M | $24.3M | ||
| Q3 24 | $12.6M | $22.5M | ||
| Q2 24 | $1.5M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-7.6M | $20.7M | ||
| Q3 25 | $1.7M | $30.4M | ||
| Q2 25 | $14.6M | $18.0M | ||
| Q1 25 | $5.4M | $65.7M | ||
| Q4 24 | $30.0M | $19.9M | ||
| Q3 24 | $12.1M | $21.3M | ||
| Q2 24 | $822.0K | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -4.0% | 12.0% | ||
| Q3 25 | 0.8% | 18.8% | ||
| Q2 25 | 7.6% | 11.8% | ||
| Q1 25 | 4.0% | 48.1% | ||
| Q4 24 | 20.8% | 12.6% | ||
| Q3 24 | 9.7% | 14.4% | ||
| Q2 24 | 0.7% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 2.3% | ||
| Q3 25 | 0.8% | 1.8% | ||
| Q2 25 | 1.1% | 2.2% | ||
| Q1 25 | 2.5% | 1.7% | ||
| Q4 24 | 1.8% | 2.7% | ||
| Q3 24 | 0.3% | 0.8% | ||
| Q2 24 | 0.6% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | -0.29× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 0.73× | — | ||
| Q2 24 | 0.07× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PSIX
| Energy End Market | $153.4M | 80% |
| Industrial End Market | $33.3M | 17% |
| Transportation End Market | $4.6M | 2% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
