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Side-by-side financial comparison of PTC THERAPEUTICS, INC. (PTCT) 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 $164.7M, roughly 1.1× PTC THERAPEUTICS, INC.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -22.7%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-36.6M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -11.5%).
PTC Therapeutics, Inc. is a US pharmaceutical company focused on the development of orally administered small molecule drugs and gene therapy which regulate gene expression by targeting post-transcriptional control (PTC) mechanisms in orphan diseases.
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.
PTCT vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $164.7M | $173.1M |
| Net Profit | $-135.0M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -43.3% | -1.7% |
| Net Margin | -82.0% | — |
| Revenue YoY | -22.7% | 26.9% |
| Net Profit YoY | -104.8% | — |
| EPS (diluted) | $-1.63 | — |
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 | $164.7M | $173.4M | ||
| Q3 25 | $211.0M | $161.6M | ||
| Q2 25 | $178.9M | $152.2M | ||
| Q1 25 | $1.2B | $136.4M | ||
| Q4 24 | $213.2M | $158.5M | ||
| Q3 24 | $196.8M | $148.1M | ||
| Q2 24 | $186.7M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-135.0M | $-27.8M | ||
| Q3 25 | $15.9M | $-29.9M | ||
| Q2 25 | $-64.8M | $-35.8M | ||
| Q1 25 | $866.6M | $-35.8M | ||
| Q4 24 | $-65.9M | $-13.0M | ||
| Q3 24 | $-106.7M | $-18.3M | ||
| Q2 24 | $-99.2M | $-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 | -43.3% | -17.5% | ||
| Q3 25 | 1.4% | -22.2% | ||
| Q2 25 | -19.5% | -24.0% | ||
| Q1 25 | 82.5% | -32.1% | ||
| Q4 24 | -76.2% | -11.1% | ||
| Q3 24 | -27.7% | -16.0% | ||
| Q2 24 | -21.5% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -82.0% | -16.0% | ||
| Q3 25 | 7.5% | -18.5% | ||
| Q2 25 | -36.3% | -23.5% | ||
| Q1 25 | 73.7% | -26.2% | ||
| Q4 24 | -30.9% | -8.2% | ||
| Q3 24 | -54.2% | -12.4% | ||
| Q2 24 | -53.1% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-1.63 | $-0.23 | ||
| Q3 25 | $0.20 | $-0.26 | ||
| Q2 25 | $-0.83 | $-0.32 | ||
| Q1 25 | $10.04 | $-0.32 | ||
| Q4 24 | $-0.85 | $-0.12 | ||
| Q3 24 | $-1.39 | $-0.16 | ||
| Q2 24 | $-1.29 | $-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 | $1.9B | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-205.3M | $453.5M |
| Total Assets | $2.9B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $1.9B | $883.7M | ||
| Q3 25 | $1.7B | $671.3M | ||
| Q2 25 | $2.0B | $770.9M | ||
| Q1 25 | $2.0B | $567.6M | ||
| Q4 24 | $1.1B | $529.0M | ||
| Q3 24 | $1.0B | $844.8M | ||
| Q2 24 | $1.1B | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $-205.3M | $598.7M | ||
| Q3 25 | $-155.8M | $604.8M | ||
| Q2 25 | $-206.5M | $341.5M | ||
| Q1 25 | $-185.8M | $367.7M | ||
| Q4 24 | $-1.1B | $455.7M | ||
| Q3 24 | $-1.1B | $428.6M | ||
| Q2 24 | $-980.2M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.9B | $1.8B | ||
| Q3 25 | $2.6B | $1.7B | ||
| Q2 25 | $2.6B | $1.6B | ||
| Q1 25 | $2.7B | $1.6B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.8B | $1.5B | ||
| Q2 24 | $1.9B | $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 | $-34.3M | $55.0M |
| Free Cash FlowOCF − Capex | $-36.6M | $49.0M |
| FCF MarginFCF / Revenue | -22.3% | 28.3% |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $702.3M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-34.3M | $24.7M | ||
| Q3 25 | $-66.3M | $33.4M | ||
| Q2 25 | $-58.3M | $21.3M | ||
| Q1 25 | $870.1M | $68.0M | ||
| Q4 24 | $-30.0M | $24.3M | ||
| Q3 24 | $-77.0M | $22.5M | ||
| Q2 24 | $-71.5M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-36.6M | $20.7M | ||
| Q3 25 | $-69.7M | $30.4M | ||
| Q2 25 | $-59.6M | $18.0M | ||
| Q1 25 | $868.4M | $65.7M | ||
| Q4 24 | $-33.8M | $19.9M | ||
| Q3 24 | $-77.5M | $21.3M | ||
| Q2 24 | $-78.8M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -22.3% | 12.0% | ||
| Q3 25 | -33.1% | 18.8% | ||
| Q2 25 | -33.3% | 11.8% | ||
| Q1 25 | 73.8% | 48.1% | ||
| Q4 24 | -15.8% | 12.6% | ||
| Q3 24 | -39.4% | 14.4% | ||
| Q2 24 | -42.2% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 2.3% | ||
| Q3 25 | 1.6% | 1.8% | ||
| Q2 25 | 0.7% | 2.2% | ||
| Q1 25 | 0.1% | 1.7% | ||
| Q4 24 | 1.8% | 2.7% | ||
| Q3 24 | 0.3% | 0.8% | ||
| Q2 24 | 4.0% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -4.17× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.00× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PTCT
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
