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Side-by-side financial comparison of Perella Weinberg Partners (PWP) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $173.1M, roughly 1.3× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -2.9%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $30.5M). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs 15.2%).
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
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.
PWP vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $219.2M | $173.1M |
| Net Profit | $13.8M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 8.5% | -1.7% |
| Net Margin | 6.3% | — |
| Revenue YoY | -2.9% | 26.9% |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.11 | — |
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 | $219.2M | $173.4M | ||
| Q3 25 | $164.6M | $161.6M | ||
| Q2 25 | $155.3M | $152.2M | ||
| Q1 25 | $211.8M | $136.4M | ||
| Q4 24 | $225.7M | $158.5M | ||
| Q3 24 | $278.2M | $148.1M | ||
| Q2 24 | $272.0M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $13.8M | $-27.8M | ||
| Q3 25 | $6.0M | $-29.9M | ||
| Q2 25 | $2.7M | $-35.8M | ||
| Q1 25 | $17.3M | $-35.8M | ||
| Q4 24 | — | $-13.0M | ||
| Q3 24 | $16.4M | $-18.3M | ||
| Q2 24 | $-66.0M | $-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 | 8.5% | -17.5% | ||
| Q3 25 | 5.4% | -22.2% | ||
| Q2 25 | 5.8% | -24.0% | ||
| Q1 25 | 5.5% | -32.1% | ||
| Q4 24 | — | -11.1% | ||
| Q3 24 | 12.9% | -16.0% | ||
| Q2 24 | -30.2% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 6.3% | -16.0% | ||
| Q3 25 | 3.6% | -18.5% | ||
| Q2 25 | 1.8% | -23.5% | ||
| Q1 25 | 8.2% | -26.2% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | 5.9% | -12.4% | ||
| Q2 24 | -24.3% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.11 | $-0.23 | ||
| Q3 25 | $0.08 | $-0.26 | ||
| Q2 25 | $0.04 | $-0.32 | ||
| Q1 25 | $0.24 | $-0.32 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | $0.24 | $-0.16 | ||
| Q2 24 | $-1.21 | $-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 | $255.9M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-127.4M | $453.5M |
| Total Assets | $797.6M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $255.9M | $883.7M | ||
| Q3 25 | $185.5M | $671.3M | ||
| Q2 25 | $145.0M | $770.9M | ||
| Q1 25 | $111.2M | $567.6M | ||
| Q4 24 | $407.4M | $529.0M | ||
| Q3 24 | $335.1M | $844.8M | ||
| Q2 24 | $185.3M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $-127.4M | $598.7M | ||
| Q3 25 | $-302.4M | $604.8M | ||
| Q2 25 | $-318.4M | $341.5M | ||
| Q1 25 | $-323.1M | $367.7M | ||
| Q4 24 | $-421.4M | $455.7M | ||
| Q3 24 | $-360.8M | $428.6M | ||
| Q2 24 | $-283.0M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $797.6M | $1.8B | ||
| Q3 25 | $650.2M | $1.7B | ||
| Q2 25 | $606.7M | $1.6B | ||
| Q1 25 | $570.5M | $1.6B | ||
| Q4 24 | $876.8M | $1.7B | ||
| Q3 24 | $810.9M | $1.5B | ||
| Q2 24 | $645.5M | $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 | $34.8M | $55.0M |
| Free Cash FlowOCF − Capex | $30.5M | $49.0M |
| FCF MarginFCF / Revenue | 13.9% | 28.3% |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | 2.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.1M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $34.8M | $24.7M | ||
| Q3 25 | $59.2M | $33.4M | ||
| Q2 25 | $56.1M | $21.3M | ||
| Q1 25 | $-176.5M | $68.0M | ||
| Q4 24 | $223.4M | $24.3M | ||
| Q3 24 | $200.3M | $22.5M | ||
| Q2 24 | $90.0M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $30.5M | $20.7M | ||
| Q3 25 | $57.6M | $30.4M | ||
| Q2 25 | $55.3M | $18.0M | ||
| Q1 25 | $-177.6M | $65.7M | ||
| Q4 24 | $207.0M | $19.9M | ||
| Q3 24 | $199.3M | $21.3M | ||
| Q2 24 | $83.7M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 13.9% | 12.0% | ||
| Q3 25 | 35.0% | 18.8% | ||
| Q2 25 | 35.6% | 11.8% | ||
| Q1 25 | -83.8% | 48.1% | ||
| Q4 24 | 91.7% | 12.6% | ||
| Q3 24 | 71.6% | 14.4% | ||
| Q2 24 | 30.8% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 2.3% | ||
| Q3 25 | 0.9% | 1.8% | ||
| Q2 25 | 0.5% | 2.2% | ||
| Q1 25 | 0.5% | 1.7% | ||
| Q4 24 | 7.3% | 2.7% | ||
| Q3 24 | 0.4% | 0.8% | ||
| Q2 24 | 2.3% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.52× | — | ||
| Q3 25 | 9.85× | — | ||
| Q2 25 | 20.50× | — | ||
| Q1 25 | -10.18× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 12.23× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PWP
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
