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Side-by-side financial comparison of TIDEWATER INC (TDW) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
TIDEWATER INC is the larger business by last-quarter revenue ($336.8M vs $173.1M, roughly 1.9× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -2.4%). TIDEWATER INC produced more free cash flow last quarter ($147.8M vs $49.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 2.4%).
Tidewater, Inc. is a publicly traded international petroleum service company headquartered in Houston, Texas, U.S. It operates a fleet of ships, primarily providing vessels and marine services to the offshore petroleum and offshore wind industries.
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.
TDW vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $336.8M | $173.1M |
| Net Profit | $219.9M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 19.0% | -1.7% |
| Net Margin | 65.3% | — |
| Revenue YoY | -2.4% | 26.9% |
| Net Profit YoY | 495.8% | — |
| EPS (diluted) | $4.37 | — |
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 | $336.8M | $173.4M | ||
| Q3 25 | $341.1M | $161.6M | ||
| Q2 25 | $341.4M | $152.2M | ||
| Q1 25 | $333.4M | $136.4M | ||
| Q4 24 | $345.1M | $158.5M | ||
| Q3 24 | $340.4M | $148.1M | ||
| Q2 24 | $339.2M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $219.9M | $-27.8M | ||
| Q3 25 | $-806.0K | $-29.9M | ||
| Q2 25 | $72.9M | $-35.8M | ||
| Q1 25 | $42.7M | $-35.8M | ||
| Q4 24 | $36.9M | $-13.0M | ||
| Q3 24 | $46.4M | $-18.3M | ||
| Q2 24 | $50.4M | $-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 | 19.0% | -17.5% | ||
| Q3 25 | 18.4% | -22.2% | ||
| Q2 25 | 23.7% | -24.0% | ||
| Q1 25 | 22.5% | -32.1% | ||
| Q4 24 | 23.6% | -11.1% | ||
| Q3 24 | 20.6% | -16.0% | ||
| Q2 24 | 23.0% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 65.3% | -16.0% | ||
| Q3 25 | -0.2% | -18.5% | ||
| Q2 25 | 21.4% | -23.5% | ||
| Q1 25 | 12.8% | -26.2% | ||
| Q4 24 | 10.7% | -8.2% | ||
| Q3 24 | 13.6% | -12.4% | ||
| Q2 24 | 14.8% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $4.37 | $-0.23 | ||
| Q3 25 | $-0.02 | $-0.26 | ||
| Q2 25 | $1.46 | $-0.32 | ||
| Q1 25 | $0.83 | $-0.32 | ||
| Q4 24 | $0.70 | $-0.12 | ||
| Q3 24 | $0.87 | $-0.16 | ||
| Q2 24 | $0.94 | $-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 | $578.8M | $179.3M |
| Total DebtLower is stronger | $670.1M | — |
| Stockholders' EquityBook value | $1.4B | $453.5M |
| Total Assets | $2.4B | $1.6B |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $578.8M | $883.7M | ||
| Q3 25 | $428.2M | $671.3M | ||
| Q2 25 | $369.4M | $770.9M | ||
| Q1 25 | $341.8M | $567.6M | ||
| Q4 24 | $324.9M | $529.0M | ||
| Q3 24 | $280.8M | $844.8M | ||
| Q2 24 | $315.9M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $670.1M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $647.9M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $1.4B | $598.7M | ||
| Q3 25 | $1.1B | $604.8M | ||
| Q2 25 | $1.1B | $341.5M | ||
| Q1 25 | $1.1B | $367.7M | ||
| Q4 24 | $1.1B | $455.7M | ||
| Q3 24 | $1.1B | $428.6M | ||
| Q2 24 | $1.1B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.4B | $1.8B | ||
| Q3 25 | $2.1B | $1.7B | ||
| Q2 25 | $2.1B | $1.6B | ||
| Q1 25 | $2.1B | $1.6B | ||
| Q4 24 | $2.1B | $1.7B | ||
| Q3 24 | $2.0B | $1.5B | ||
| Q2 24 | $2.1B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.49× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.58× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $153.0M | $55.0M |
| Free Cash FlowOCF − Capex | $147.8M | $49.0M |
| FCF MarginFCF / Revenue | 43.9% | 28.3% |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 0.70× | — |
| TTM Free Cash FlowTrailing 4 quarters | $353.3M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $153.0M | $24.7M | ||
| Q3 25 | $54.7M | $33.4M | ||
| Q2 25 | $85.4M | $21.3M | ||
| Q1 25 | $86.0M | $68.0M | ||
| Q4 24 | $100.0M | $24.3M | ||
| Q3 24 | $49.0M | $22.5M | ||
| Q2 24 | $78.6M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $147.8M | $20.7M | ||
| Q3 25 | $49.6M | $30.4M | ||
| Q2 25 | $80.2M | $18.0M | ||
| Q1 25 | $75.7M | $65.7M | ||
| Q4 24 | $95.5M | $19.9M | ||
| Q3 24 | $43.3M | $21.3M | ||
| Q2 24 | $72.3M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 43.9% | 12.0% | ||
| Q3 25 | 14.5% | 18.8% | ||
| Q2 25 | 23.5% | 11.8% | ||
| Q1 25 | 22.7% | 48.1% | ||
| Q4 24 | 27.7% | 12.6% | ||
| Q3 24 | 12.7% | 14.4% | ||
| Q2 24 | 21.3% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 2.3% | ||
| Q3 25 | 1.5% | 1.8% | ||
| Q2 25 | 1.5% | 2.2% | ||
| Q1 25 | 3.1% | 1.7% | ||
| Q4 24 | 1.3% | 2.7% | ||
| Q3 24 | 1.7% | 0.8% | ||
| Q2 24 | 1.9% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.70× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.17× | — | ||
| Q1 25 | 2.02× | — | ||
| Q4 24 | 2.71× | — | ||
| Q3 24 | 1.06× | — | ||
| Q2 24 | 1.56× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TDW
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
