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Side-by-side financial comparison of QUALYS, INC. (QLYS) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
QUALYS, INC. is the larger business by last-quarter revenue ($175.3M vs $173.1M, roughly 1.0× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 10.1%). QUALYS, INC. produced more free cash flow last quarter ($74.9M vs $49.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 9.6%).
Qualys, Inc. is an American technology firm based in Foster City, California, specializing in cloud security, compliance and related services.
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.
QLYS vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $175.3M | $173.1M |
| Net Profit | $53.1M | — |
| Gross Margin | 83.4% | 76.0% |
| Operating Margin | 33.6% | — |
| Net Margin | 30.3% | — |
| Revenue YoY | 10.1% | 26.9% |
| Net Profit YoY | 20.9% | — |
| EPS (diluted) | $1.47 | $115788061.00 |
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 | $175.3M | $173.4M | ||
| Q3 25 | $169.9M | $161.6M | ||
| Q2 25 | $164.1M | $152.2M | ||
| Q1 25 | $159.9M | $136.4M | ||
| Q4 24 | $159.2M | $158.5M | ||
| Q3 24 | $153.9M | $148.1M | ||
| Q2 24 | $148.7M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $53.1M | $-27.8M | ||
| Q3 25 | $50.3M | $-29.9M | ||
| Q2 25 | $47.3M | $-35.8M | ||
| Q1 25 | $47.5M | $-35.8M | ||
| Q4 24 | $44.0M | $-13.0M | ||
| Q3 24 | $46.2M | $-18.3M | ||
| Q2 24 | $43.8M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 83.4% | 78.9% | ||
| Q3 25 | 83.6% | 78.2% | ||
| Q2 25 | 82.4% | 79.5% | ||
| Q1 25 | 81.9% | 78.7% | ||
| Q4 24 | 81.8% | 83.6% | ||
| Q3 24 | 81.3% | 83.8% | ||
| Q2 24 | 82.2% | 82.8% |
| Q1 26 | — | — | ||
| Q4 25 | 33.6% | -17.5% | ||
| Q3 25 | 35.3% | -22.2% | ||
| Q2 25 | 31.3% | -24.0% | ||
| Q1 25 | 32.4% | -32.1% | ||
| Q4 24 | 31.0% | -11.1% | ||
| Q3 24 | 29.2% | -16.0% | ||
| Q2 24 | 32.3% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 30.3% | -16.0% | ||
| Q3 25 | 29.6% | -18.5% | ||
| Q2 25 | 28.8% | -23.5% | ||
| Q1 25 | 29.7% | -26.2% | ||
| Q4 24 | 27.6% | -8.2% | ||
| Q3 24 | 30.0% | -12.4% | ||
| Q2 24 | 29.4% | -18.4% |
| Q1 26 | — | $115788061.00 | ||
| Q4 25 | $1.47 | $-0.23 | ||
| Q3 25 | $1.39 | $-0.26 | ||
| Q2 25 | $1.29 | $-0.32 | ||
| Q1 25 | $1.29 | $-0.32 | ||
| Q4 24 | $1.19 | $-0.12 | ||
| Q3 24 | $1.24 | $-0.16 | ||
| Q2 24 | $1.17 | $-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 | $250.3M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $561.2M | $453.5M |
| Total Assets | $1.1B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $250.3M | $883.7M | ||
| Q3 25 | $225.3M | $671.3M | ||
| Q2 25 | $194.0M | $770.9M | ||
| Q1 25 | $290.7M | $567.6M | ||
| Q4 24 | $232.2M | $529.0M | ||
| Q3 24 | $235.4M | $844.8M | ||
| Q2 24 | $281.2M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $561.2M | $598.7M | ||
| Q3 25 | $529.4M | $604.8M | ||
| Q2 25 | $508.2M | $341.5M | ||
| Q1 25 | $498.0M | $367.7M | ||
| Q4 24 | $477.1M | $455.7M | ||
| Q3 24 | $449.6M | $428.6M | ||
| Q2 24 | $427.8M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.0B | $1.7B | ||
| Q2 25 | $999.5M | $1.6B | ||
| Q1 25 | $996.5M | $1.6B | ||
| Q4 24 | $973.5M | $1.7B | ||
| Q3 24 | $908.3M | $1.5B | ||
| Q2 24 | $876.6M | $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 | $75.7M | $55.0M |
| Free Cash FlowOCF − Capex | $74.9M | $49.0M |
| FCF MarginFCF / Revenue | 42.8% | 28.3% |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | 1.42× | — |
| TTM Free Cash FlowTrailing 4 quarters | $304.4M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $75.7M | $24.7M | ||
| Q3 25 | $90.4M | $33.4M | ||
| Q2 25 | $33.8M | $21.3M | ||
| Q1 25 | $109.6M | $68.0M | ||
| Q4 24 | $47.7M | $24.3M | ||
| Q3 24 | $61.0M | $22.5M | ||
| Q2 24 | $49.8M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $74.9M | $20.7M | ||
| Q3 25 | $89.5M | $30.4M | ||
| Q2 25 | $32.4M | $18.0M | ||
| Q1 25 | $107.5M | $65.7M | ||
| Q4 24 | $41.9M | $19.9M | ||
| Q3 24 | $57.6M | $21.3M | ||
| Q2 24 | $48.8M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 42.8% | 12.0% | ||
| Q3 25 | 52.7% | 18.8% | ||
| Q2 25 | 19.8% | 11.8% | ||
| Q1 25 | 67.3% | 48.1% | ||
| Q4 24 | 26.3% | 12.6% | ||
| Q3 24 | 37.4% | 14.4% | ||
| Q2 24 | 32.8% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 2.3% | ||
| Q3 25 | 0.5% | 1.8% | ||
| Q2 25 | 0.8% | 2.2% | ||
| Q1 25 | 1.3% | 1.7% | ||
| Q4 24 | 3.7% | 2.7% | ||
| Q3 24 | 2.2% | 0.8% | ||
| Q2 24 | 0.7% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.42× | — | ||
| Q3 25 | 1.80× | — | ||
| Q2 25 | 0.71× | — | ||
| Q1 25 | 2.31× | — | ||
| Q4 24 | 1.09× | — | ||
| Q3 24 | 1.32× | — | ||
| Q2 24 | 1.14× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
QLYS
| Sales Channel Through Intermediary | $88.6M | 51% |
| Sales Channel Directly To Consumer | $86.7M | 49% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
