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Side-by-side financial comparison of Latham Group, Inc. (SWIM) 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 $100.0M, roughly 1.7× Latham Group, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 14.5%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $14.1M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -4.9%).
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
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.
SWIM vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $100.0M | $173.1M |
| Net Profit | $-7.0M | — |
| Gross Margin | 28.0% | 76.0% |
| Operating Margin | -10.7% | -1.7% |
| Net Margin | -7.0% | — |
| Revenue YoY | 14.5% | 26.9% |
| Net Profit YoY | 76.0% | — |
| EPS (diluted) | $-0.06 | — |
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 | $100.0M | $173.4M | ||
| Q3 25 | $161.9M | $161.6M | ||
| Q2 25 | $172.6M | $152.2M | ||
| Q1 25 | $111.4M | $136.4M | ||
| Q4 24 | $87.3M | $158.5M | ||
| Q3 24 | $150.5M | $148.1M | ||
| Q2 24 | $160.1M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-7.0M | $-27.8M | ||
| Q3 25 | $8.1M | $-29.9M | ||
| Q2 25 | $16.0M | $-35.8M | ||
| Q1 25 | $-6.0M | $-35.8M | ||
| Q4 24 | $-29.2M | $-13.0M | ||
| Q3 24 | $5.9M | $-18.3M | ||
| Q2 24 | $13.3M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 28.0% | 78.9% | ||
| Q3 25 | 35.4% | 78.2% | ||
| Q2 25 | 37.1% | 79.5% | ||
| Q1 25 | 29.5% | 78.7% | ||
| Q4 24 | 24.6% | 83.6% | ||
| Q3 24 | 32.4% | 83.8% | ||
| Q2 24 | 33.1% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -10.7% | -17.5% | ||
| Q3 25 | 13.3% | -22.2% | ||
| Q2 25 | 14.3% | -24.0% | ||
| Q1 25 | -4.4% | -32.1% | ||
| Q4 24 | -14.9% | -11.1% | ||
| Q3 24 | 8.9% | -16.0% | ||
| Q2 24 | 12.5% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -7.0% | -16.0% | ||
| Q3 25 | 5.0% | -18.5% | ||
| Q2 25 | 9.3% | -23.5% | ||
| Q1 25 | -5.4% | -26.2% | ||
| Q4 24 | -33.4% | -8.2% | ||
| Q3 24 | 3.9% | -12.4% | ||
| Q2 24 | 8.3% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.06 | $-0.23 | ||
| Q3 25 | $0.07 | $-0.26 | ||
| Q2 25 | $0.13 | $-0.32 | ||
| Q1 25 | $-0.05 | $-0.32 | ||
| Q4 24 | $-0.24 | $-0.12 | ||
| Q3 24 | $0.05 | $-0.16 | ||
| Q2 24 | $0.11 | $-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 | — | $179.3M |
| Total DebtLower is stronger | $279.8M | — |
| Stockholders' EquityBook value | $405.9M | $453.5M |
| Total Assets | $823.2M | $1.6B |
| Debt / EquityLower = less leverage | 0.69× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | — | $883.7M | ||
| Q3 25 | — | $671.3M | ||
| Q2 25 | — | $770.9M | ||
| Q1 25 | — | $567.6M | ||
| Q4 24 | — | $529.0M | ||
| Q3 24 | — | $844.8M | ||
| Q2 24 | — | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $279.8M | — | ||
| Q3 25 | $281.1M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $306.9M | — | ||
| Q4 24 | $281.5M | — | ||
| Q3 24 | $282.8M | — | ||
| Q2 24 | $282.4M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $405.9M | $598.7M | ||
| Q3 25 | $408.4M | $604.8M | ||
| Q2 25 | $398.4M | $341.5M | ||
| Q1 25 | $381.1M | $367.7M | ||
| Q4 24 | $387.2M | $455.7M | ||
| Q3 24 | $416.6M | $428.6M | ||
| Q2 24 | $408.1M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $823.2M | $1.8B | ||
| Q3 25 | $844.4M | $1.7B | ||
| Q2 25 | $822.1M | $1.6B | ||
| Q1 25 | $824.6M | $1.6B | ||
| Q4 24 | $794.2M | $1.7B | ||
| Q3 24 | $853.4M | $1.5B | ||
| Q2 24 | $830.0M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.69× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.71× | — | ||
| Q1 25 | 0.81× | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.69× | — |
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 | $23.3M | $55.0M |
| Free Cash FlowOCF − Capex | $14.1M | $49.0M |
| FCF MarginFCF / Revenue | 14.1% | 28.3% |
| Capex IntensityCapex / Revenue | 9.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $38.0M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $23.3M | $24.7M | ||
| Q3 25 | $51.0M | $33.4M | ||
| Q2 25 | $36.0M | $21.3M | ||
| Q1 25 | $-46.9M | $68.0M | ||
| Q4 24 | $6.2M | $24.3M | ||
| Q3 24 | $37.2M | $22.5M | ||
| Q2 24 | $52.4M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $14.1M | $20.7M | ||
| Q3 25 | $45.2M | $30.4M | ||
| Q2 25 | $29.1M | $18.0M | ||
| Q1 25 | $-50.3M | $65.7M | ||
| Q4 24 | $-98.0K | $19.9M | ||
| Q3 24 | $33.2M | $21.3M | ||
| Q2 24 | $47.9M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 14.1% | 12.0% | ||
| Q3 25 | 27.9% | 18.8% | ||
| Q2 25 | 16.8% | 11.8% | ||
| Q1 25 | -45.2% | 48.1% | ||
| Q4 24 | -0.1% | 12.6% | ||
| Q3 24 | 22.1% | 14.4% | ||
| Q2 24 | 29.9% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 9.2% | 2.3% | ||
| Q3 25 | 3.6% | 1.8% | ||
| Q2 25 | 4.0% | 2.2% | ||
| Q1 25 | 3.1% | 1.7% | ||
| Q4 24 | 7.2% | 2.7% | ||
| Q3 24 | 2.7% | 0.8% | ||
| Q2 24 | 2.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 6.29× | — | ||
| Q2 25 | 2.25× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 6.32× | — | ||
| Q2 24 | 3.95× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
