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Side-by-side financial comparison of TREX CO INC (TREX) 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 $161.1M, roughly 1.1× TREX CO 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 $22.1M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -34.3%).
Trex Company, Inc. is a manufacturer of wood-alternative composite decking, residential railing, and other outdoor items made from recycled materials. Its headquarters is in Winchester, Virginia.
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.
TREX vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $161.1M | $173.1M |
| Net Profit | $2.3M | — |
| Gross Margin | 30.2% | 76.0% |
| Operating Margin | 2.2% | — |
| Net Margin | 1.4% | — |
| Revenue YoY | -3.9% | 26.9% |
| Net Profit YoY | -76.4% | — |
| EPS (diluted) | $0.03 | $115788061.00 |
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 | $161.1M | $173.4M | ||
| Q3 25 | $285.3M | $161.6M | ||
| Q2 25 | $387.8M | $152.2M | ||
| Q1 25 | $340.0M | $136.4M | ||
| Q4 24 | $167.6M | $158.5M | ||
| Q3 24 | $233.7M | $148.1M | ||
| Q2 24 | $376.5M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3M | $-27.8M | ||
| Q3 25 | $51.8M | $-29.9M | ||
| Q2 25 | $75.9M | $-35.8M | ||
| Q1 25 | $60.4M | $-35.8M | ||
| Q4 24 | $9.8M | $-13.0M | ||
| Q3 24 | $40.6M | $-18.3M | ||
| Q2 24 | $87.0M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 30.2% | 78.9% | ||
| Q3 25 | 40.5% | 78.2% | ||
| Q2 25 | 40.8% | 79.5% | ||
| Q1 25 | 40.5% | 78.7% | ||
| Q4 24 | 32.7% | 83.6% | ||
| Q3 24 | 39.9% | 83.8% | ||
| Q2 24 | 44.7% | 82.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.2% | -17.5% | ||
| Q3 25 | 24.7% | -22.2% | ||
| Q2 25 | 26.4% | -24.0% | ||
| Q1 25 | 24.0% | -32.1% | ||
| Q4 24 | 9.2% | -11.1% | ||
| Q3 24 | 23.2% | -16.0% | ||
| Q2 24 | 31.1% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | -16.0% | ||
| Q3 25 | 18.1% | -18.5% | ||
| Q2 25 | 19.6% | -23.5% | ||
| Q1 25 | 17.8% | -26.2% | ||
| Q4 24 | 5.8% | -8.2% | ||
| Q3 24 | 17.4% | -12.4% | ||
| Q2 24 | 23.1% | -18.4% |
| Q1 26 | — | $115788061.00 | ||
| Q4 25 | $0.03 | $-0.23 | ||
| Q3 25 | $0.48 | $-0.26 | ||
| Q2 25 | $0.71 | $-0.32 | ||
| Q1 25 | $0.56 | $-0.32 | ||
| Q4 24 | $0.10 | $-0.12 | ||
| Q3 24 | $0.37 | $-0.16 | ||
| Q2 24 | $0.80 | $-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 | $3.8M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $453.5M |
| Total Assets | $1.5B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $3.8M | $883.7M | ||
| Q3 25 | $11.4M | $671.3M | ||
| Q2 25 | $5.5M | $770.9M | ||
| Q1 25 | $5.0M | $567.6M | ||
| Q4 24 | $1.3M | $529.0M | ||
| Q3 24 | $12.8M | $844.8M | ||
| Q2 24 | $1.2M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $1.0B | $598.7M | ||
| Q3 25 | $1.0B | $604.8M | ||
| Q2 25 | $989.3M | $341.5M | ||
| Q1 25 | $910.1M | $367.7M | ||
| Q4 24 | $850.1M | $455.7M | ||
| Q3 24 | $887.9M | $428.6M | ||
| Q2 24 | $894.9M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $1.6B | $1.6B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.3B | $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 | $65.5M | $55.0M |
| Free Cash FlowOCF − Capex | $22.1M | $49.0M |
| FCF MarginFCF / Revenue | 13.7% | 28.3% |
| Capex IntensityCapex / Revenue | 26.9% | — |
| Cash ConversionOCF / Net Profit | 28.45× | — |
| TTM Free Cash FlowTrailing 4 quarters | $134.5M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $65.5M | $24.7M | ||
| Q3 25 | $196.9M | $33.4M | ||
| Q2 25 | $249.8M | $21.3M | ||
| Q1 25 | $-154.0M | $68.0M | ||
| Q4 24 | $-8.5M | $24.3M | ||
| Q3 24 | $132.8M | $22.5M | ||
| Q2 24 | $193.7M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $22.1M | $20.7M | ||
| Q3 25 | $142.9M | $30.4M | ||
| Q2 25 | $203.0M | $18.0M | ||
| Q1 25 | $-233.5M | $65.7M | ||
| Q4 24 | $-89.3M | $19.9M | ||
| Q3 24 | $54.5M | $21.3M | ||
| Q2 24 | $158.2M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 13.7% | 12.0% | ||
| Q3 25 | 50.1% | 18.8% | ||
| Q2 25 | 52.3% | 11.8% | ||
| Q1 25 | -68.7% | 48.1% | ||
| Q4 24 | -53.3% | 12.6% | ||
| Q3 24 | 23.3% | 14.4% | ||
| Q2 24 | 42.0% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 26.9% | 2.3% | ||
| Q3 25 | 18.9% | 1.8% | ||
| Q2 25 | 12.1% | 2.2% | ||
| Q1 25 | 23.4% | 1.7% | ||
| Q4 24 | 48.2% | 2.7% | ||
| Q3 24 | 33.5% | 0.8% | ||
| Q2 24 | 9.4% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 28.45× | — | ||
| Q3 25 | 3.80× | — | ||
| Q2 25 | 3.29× | — | ||
| Q1 25 | -2.55× | — | ||
| Q4 24 | -0.87× | — | ||
| Q3 24 | 3.27× | — | ||
| Q2 24 | 2.23× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TREX
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
