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Side-by-side financial comparison of Safehold Inc. (SAFE) 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 $97.9M, roughly 1.8× Safehold Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 6.5%). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 2.5%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
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.
SAFE vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $173.1M |
| Net Profit | $27.9M | — |
| Gross Margin | 98.6% | 76.0% |
| Operating Margin | 27.4% | -1.7% |
| Net Margin | 28.5% | — |
| Revenue YoY | 6.5% | 26.9% |
| Net Profit YoY | 7.1% | — |
| EPS (diluted) | $0.38 | — |
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 | $97.9M | $173.4M | ||
| Q3 25 | $96.2M | $161.6M | ||
| Q2 25 | $93.8M | $152.2M | ||
| Q1 25 | $97.7M | $136.4M | ||
| Q4 24 | $91.9M | $158.5M | ||
| Q3 24 | $90.7M | $148.1M | ||
| Q2 24 | $89.9M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $27.9M | $-27.8M | ||
| Q3 25 | $29.3M | $-29.9M | ||
| Q2 25 | $27.9M | $-35.8M | ||
| Q1 25 | $29.4M | $-35.8M | ||
| Q4 24 | $26.0M | $-13.0M | ||
| Q3 24 | $19.3M | $-18.3M | ||
| Q2 24 | $29.7M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 98.6% | 78.9% | ||
| Q3 25 | 98.5% | 78.2% | ||
| Q2 25 | 99.1% | 79.5% | ||
| Q1 25 | 98.8% | 78.7% | ||
| Q4 24 | 98.8% | 83.6% | ||
| Q3 24 | 98.8% | 83.8% | ||
| Q2 24 | 98.8% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 27.4% | -17.5% | ||
| Q3 25 | 25.9% | -22.2% | ||
| Q2 25 | 25.5% | -24.0% | ||
| Q1 25 | 25.9% | -32.1% | ||
| Q4 24 | 24.6% | -11.1% | ||
| Q3 24 | 17.5% | -16.0% | ||
| Q2 24 | 26.7% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 28.5% | -16.0% | ||
| Q3 25 | 30.5% | -18.5% | ||
| Q2 25 | 29.8% | -23.5% | ||
| Q1 25 | 30.1% | -26.2% | ||
| Q4 24 | 28.3% | -8.2% | ||
| Q3 24 | 21.3% | -12.4% | ||
| Q2 24 | 33.0% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.38 | $-0.23 | ||
| Q3 25 | $0.41 | $-0.26 | ||
| Q2 25 | $0.39 | $-0.32 | ||
| Q1 25 | $0.41 | $-0.32 | ||
| Q4 24 | $0.36 | $-0.12 | ||
| Q3 24 | $0.27 | $-0.16 | ||
| Q2 24 | $0.42 | $-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 | $21.7M | $179.3M |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $2.4B | $453.5M |
| Total Assets | $7.2B | $1.6B |
| Debt / EquityLower = less leverage | 1.90× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $21.7M | $883.7M | ||
| Q3 25 | $12.1M | $671.3M | ||
| Q2 25 | $13.9M | $770.9M | ||
| Q1 25 | $17.3M | $567.6M | ||
| Q4 24 | $8.3M | $529.0M | ||
| Q3 24 | $15.6M | $844.8M | ||
| Q2 24 | $13.4M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.2B | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $2.4B | $598.7M | ||
| Q3 25 | $2.4B | $604.8M | ||
| Q2 25 | $2.4B | $341.5M | ||
| Q1 25 | $2.4B | $367.7M | ||
| Q4 24 | $2.3B | $455.7M | ||
| Q3 24 | $2.3B | $428.6M | ||
| Q2 24 | $2.3B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $7.2B | $1.8B | ||
| Q3 25 | $7.1B | $1.7B | ||
| Q2 25 | $7.1B | $1.6B | ||
| Q1 25 | $6.9B | $1.6B | ||
| Q4 24 | $6.9B | $1.7B | ||
| Q3 24 | $6.8B | $1.5B | ||
| Q2 24 | $6.8B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.89× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | 1.85× | — | ||
| Q4 24 | 1.84× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.81× | — |
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 | $47.8M | $55.0M |
| Free Cash FlowOCF − Capex | — | $49.0M |
| FCF MarginFCF / Revenue | — | 28.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $47.8M | $24.7M | ||
| Q3 25 | $-1.4M | $33.4M | ||
| Q2 25 | $28.0M | $21.3M | ||
| Q1 25 | $8.9M | $68.0M | ||
| Q4 24 | $37.9M | $24.3M | ||
| Q3 24 | $8.3M | $22.5M | ||
| Q2 24 | $24.8M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | — | $20.7M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | — | $21.3M | ||
| Q2 24 | — | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | — | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.72× | — | ||
| Q3 25 | -0.05× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 0.43× | — | ||
| Q2 24 | 0.83× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
