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Side-by-side financial comparison of SHENANDOAH TELECOMMUNICATIONS CO (SHEN) 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 $91.6M, roughly 1.9× SHENANDOAH TELECOMMUNICATIONS CO). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 7.2%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-78.6M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 15.0%).
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
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.
SHEN vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $91.6M | $173.1M |
| Net Profit | $-5.4M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -1.0% | -1.7% |
| Net Margin | -5.9% | — |
| Revenue YoY | 7.2% | 26.9% |
| Net Profit YoY | -95.8% | — |
| EPS (diluted) | $-0.13 | — |
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 | $91.6M | $173.4M | ||
| Q3 25 | $89.8M | $161.6M | ||
| Q2 25 | $88.6M | $152.2M | ||
| Q1 25 | $87.9M | $136.4M | ||
| Q4 24 | $85.4M | $158.5M | ||
| Q3 24 | $87.6M | $148.1M | ||
| Q2 24 | $85.8M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-5.4M | $-27.8M | ||
| Q3 25 | $-9.4M | $-29.9M | ||
| Q2 25 | $-9.0M | $-35.8M | ||
| Q1 25 | $-9.1M | $-35.8M | ||
| Q4 24 | $-2.7M | $-13.0M | ||
| Q3 24 | $-5.3M | $-18.3M | ||
| Q2 24 | $-12.9M | $-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 | -1.0% | -17.5% | ||
| Q3 25 | -8.0% | -22.2% | ||
| Q2 25 | -10.3% | -24.0% | ||
| Q1 25 | -6.9% | -32.1% | ||
| Q4 24 | -6.7% | -11.1% | ||
| Q3 24 | -4.8% | -16.0% | ||
| Q2 24 | -18.5% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -5.9% | -16.0% | ||
| Q3 25 | -10.5% | -18.5% | ||
| Q2 25 | -10.2% | -23.5% | ||
| Q1 25 | -10.4% | -26.2% | ||
| Q4 24 | -3.2% | -8.2% | ||
| Q3 24 | -6.0% | -12.4% | ||
| Q2 24 | -15.0% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.13 | $-0.23 | ||
| Q3 25 | $-0.20 | $-0.26 | ||
| Q2 25 | $-0.19 | $-0.32 | ||
| Q1 25 | $-0.19 | $-0.32 | ||
| Q4 24 | $-0.34 | $-0.12 | ||
| Q3 24 | $-0.13 | $-0.16 | ||
| Q2 24 | $-0.24 | $-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 | $27.3M | $179.3M |
| Total DebtLower is stronger | $642.4M | — |
| Stockholders' EquityBook value | $880.8M | $453.5M |
| Total Assets | $1.9B | $1.6B |
| Debt / EquityLower = less leverage | 0.73× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $27.3M | $883.7M | ||
| Q3 25 | $22.6M | $671.3M | ||
| Q2 25 | $29.1M | $770.9M | ||
| Q1 25 | $87.5M | $567.6M | ||
| Q4 24 | $46.3M | $529.0M | ||
| Q3 24 | $43.1M | $844.8M | ||
| Q2 24 | $43.8M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $642.4M | — | ||
| Q3 25 | $535.4M | — | ||
| Q2 25 | $513.1M | — | ||
| Q1 25 | $515.8M | — | ||
| Q4 24 | $418.0M | — | ||
| Q3 24 | $345.2M | — | ||
| Q2 24 | $297.4M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $880.8M | $598.7M | ||
| Q3 25 | $892.7M | $604.8M | ||
| Q2 25 | $902.0M | $341.5M | ||
| Q1 25 | $910.5M | $367.7M | ||
| Q4 24 | $918.6M | $455.7M | ||
| Q3 24 | $925.4M | $428.6M | ||
| Q2 24 | $933.1M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.9B | $1.8B | ||
| Q3 25 | $1.9B | $1.7B | ||
| Q2 25 | $1.8B | $1.6B | ||
| Q1 25 | $1.8B | $1.6B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.7B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.73× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 0.57× | — | ||
| Q4 24 | 0.46× | — | ||
| Q3 24 | 0.37× | — | ||
| Q2 24 | 0.32× | — |
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 | $28.8M | $55.0M |
| Free Cash FlowOCF − Capex | $-78.6M | $49.0M |
| FCF MarginFCF / Revenue | -85.8% | 28.3% |
| Capex IntensityCapex / Revenue | 117.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-257.9M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $28.8M | $24.7M | ||
| Q3 25 | $30.7M | $33.4M | ||
| Q2 25 | $20.9M | $21.3M | ||
| Q1 25 | $20.5M | $68.0M | ||
| Q4 24 | $20.6M | $24.3M | ||
| Q3 24 | $24.3M | $22.5M | ||
| Q2 24 | $2.5M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-78.6M | $20.7M | ||
| Q3 25 | $-51.4M | $30.4M | ||
| Q2 25 | $-65.3M | $18.0M | ||
| Q1 25 | $-62.7M | $65.7M | ||
| Q4 24 | $-72.0M | $19.9M | ||
| Q3 24 | $-51.3M | $21.3M | ||
| Q2 24 | $-78.3M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -85.8% | 12.0% | ||
| Q3 25 | -57.2% | 18.8% | ||
| Q2 25 | -73.7% | 11.8% | ||
| Q1 25 | -71.3% | 48.1% | ||
| Q4 24 | -84.3% | 12.6% | ||
| Q3 24 | -58.5% | 14.4% | ||
| Q2 24 | -91.3% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 117.2% | 2.3% | ||
| Q3 25 | 91.4% | 1.8% | ||
| Q2 25 | 97.3% | 2.2% | ||
| Q1 25 | 94.7% | 1.7% | ||
| Q4 24 | 108.4% | 2.7% | ||
| Q3 24 | 86.2% | 0.8% | ||
| Q2 24 | 94.2% | 0.6% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
