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Side-by-side financial comparison of SMITH & WESSON BRANDS, INC. (SWBI) 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 $124.7M, roughly 1.4× SMITH & WESSON BRANDS, INC.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -3.9%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $16.3M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -4.8%).
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
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.
SWBI vs VRNS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $124.7M | $173.1M |
| Net Profit | $1.9M | — |
| Gross Margin | 24.3% | 76.0% |
| Operating Margin | 3.3% | -1.7% |
| Net Margin | 1.5% | — |
| Revenue YoY | -3.9% | 26.9% |
| Net Profit YoY | -53.6% | — |
| EPS (diluted) | $0.04 | — |
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 | $124.7M | $173.4M | ||
| Q3 25 | $85.1M | $161.6M | ||
| Q2 25 | $140.8M | $152.2M | ||
| Q1 25 | $115.9M | $136.4M | ||
| Q4 24 | $129.7M | $158.5M | ||
| Q3 24 | $88.3M | $148.1M | ||
| Q2 24 | $159.1M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $1.9M | $-27.8M | ||
| Q3 25 | $-3.4M | $-29.9M | ||
| Q2 25 | $8.6M | $-35.8M | ||
| Q1 25 | $2.1M | $-35.8M | ||
| Q4 24 | $4.5M | $-13.0M | ||
| Q3 24 | $-1.9M | $-18.3M | ||
| Q2 24 | $27.9M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 24.3% | 78.9% | ||
| Q3 25 | 25.9% | 78.2% | ||
| Q2 25 | 28.8% | 79.5% | ||
| Q1 25 | 24.1% | 78.7% | ||
| Q4 24 | 26.6% | 83.6% | ||
| Q3 24 | 27.4% | 83.8% | ||
| Q2 24 | 35.5% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 3.3% | -17.5% | ||
| Q3 25 | -3.5% | -22.2% | ||
| Q2 25 | 9.3% | -24.0% | ||
| Q1 25 | 4.1% | -32.1% | ||
| Q4 24 | 5.8% | -11.1% | ||
| Q3 24 | -1.7% | -16.0% | ||
| Q2 24 | 17.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | -16.0% | ||
| Q3 25 | -4.0% | -18.5% | ||
| Q2 25 | 6.1% | -23.5% | ||
| Q1 25 | 1.8% | -26.2% | ||
| Q4 24 | 3.5% | -8.2% | ||
| Q3 24 | -2.1% | -12.4% | ||
| Q2 24 | 17.5% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.04 | $-0.23 | ||
| Q3 25 | $-0.08 | $-0.26 | ||
| Q2 25 | $0.19 | $-0.32 | ||
| Q1 25 | $0.05 | $-0.32 | ||
| Q4 24 | $0.10 | $-0.12 | ||
| Q3 24 | $-0.04 | $-0.16 | ||
| Q2 24 | $0.60 | $-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 | $22.4M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $363.2M | $453.5M |
| Total Assets | $548.6M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $22.4M | $883.7M | ||
| Q3 25 | $18.0M | $671.3M | ||
| Q2 25 | $25.2M | $770.9M | ||
| Q1 25 | $26.7M | $567.6M | ||
| Q4 24 | $39.1M | $529.0M | ||
| Q3 24 | $35.5M | $844.8M | ||
| Q2 24 | $60.8M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $363.2M | $598.7M | ||
| Q3 25 | $364.4M | $604.8M | ||
| Q2 25 | $372.5M | $341.5M | ||
| Q1 25 | $366.9M | $367.7M | ||
| Q4 24 | $371.5M | $455.7M | ||
| Q3 24 | $380.0M | $428.6M | ||
| Q2 24 | $399.9M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $548.6M | $1.8B | ||
| Q3 25 | $554.6M | $1.7B | ||
| Q2 25 | $559.6M | $1.6B | ||
| Q1 25 | $578.9M | $1.6B | ||
| Q4 24 | $587.4M | $1.7B | ||
| Q3 24 | $571.3M | $1.5B | ||
| Q2 24 | $577.4M | $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 | $27.3M | $55.0M |
| Free Cash FlowOCF − Capex | $16.3M | $49.0M |
| FCF MarginFCF / Revenue | 13.1% | 28.3% |
| Capex IntensityCapex / Revenue | 8.8% | — |
| Cash ConversionOCF / Net Profit | 14.22× | — |
| TTM Free Cash FlowTrailing 4 quarters | $21.3M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $27.3M | $24.7M | ||
| Q3 25 | $-8.1M | $33.4M | ||
| Q2 25 | $40.8M | $21.3M | ||
| Q1 25 | $-9.8M | $68.0M | ||
| Q4 24 | $-7.4M | $24.3M | ||
| Q3 24 | $-30.8M | $22.5M | ||
| Q2 24 | $43.7M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $16.3M | $20.7M | ||
| Q3 25 | $-12.4M | $30.4M | ||
| Q2 25 | $33.5M | $18.0M | ||
| Q1 25 | $-16.1M | $65.7M | ||
| Q4 24 | $-10.7M | $19.9M | ||
| Q3 24 | $-35.5M | $21.3M | ||
| Q2 24 | $38.2M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 13.1% | 12.0% | ||
| Q3 25 | -14.6% | 18.8% | ||
| Q2 25 | 23.8% | 11.8% | ||
| Q1 25 | -13.9% | 48.1% | ||
| Q4 24 | -8.3% | 12.6% | ||
| Q3 24 | -40.2% | 14.4% | ||
| Q2 24 | 24.0% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 8.8% | 2.3% | ||
| Q3 25 | 5.0% | 1.8% | ||
| Q2 25 | 5.2% | 2.2% | ||
| Q1 25 | 5.4% | 1.7% | ||
| Q4 24 | 2.5% | 2.7% | ||
| Q3 24 | 5.3% | 0.8% | ||
| Q2 24 | 3.5% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 14.22× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.73× | — | ||
| Q1 25 | -4.68× | — | ||
| Q4 24 | -1.63× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.57× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SWBI
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
