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Side-by-side financial comparison of VARONIS SYSTEMS INC (VRNS) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($208.0M vs $173.1M, roughly 1.2× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -10.9%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-74.1M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -3.2%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
VRNS vs VRTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $208.0M |
| Net Profit | — | $33.9M |
| Gross Margin | 76.0% | — |
| Operating Margin | — | 19.1% |
| Net Margin | — | 16.3% |
| Revenue YoY | 26.9% | -10.9% |
| Net Profit YoY | — | -14.2% |
| EPS (diluted) | $115788061.00 | $5.15 |
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 | $173.4M | $208.0M | ||
| Q3 25 | $161.6M | $216.4M | ||
| Q2 25 | $152.2M | $210.5M | ||
| Q1 25 | $136.4M | $217.9M | ||
| Q4 24 | $158.5M | $233.5M | ||
| Q3 24 | $148.1M | $227.0M | ||
| Q2 24 | $130.3M | $224.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-27.8M | $33.9M | ||
| Q3 25 | $-29.9M | $31.3M | ||
| Q2 25 | $-35.8M | $42.7M | ||
| Q1 25 | $-35.8M | $28.1M | ||
| Q4 24 | $-13.0M | $39.5M | ||
| Q3 24 | $-18.3M | $49.1M | ||
| Q2 24 | $-23.9M | $26.0M |
| 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 | — | — | ||
| Q4 25 | -17.5% | 19.1% | ||
| Q3 25 | -22.2% | 21.7% | ||
| Q2 25 | -24.0% | 21.5% | ||
| Q1 25 | -32.1% | 16.8% | ||
| Q4 24 | -11.1% | 21.7% | ||
| Q3 24 | -16.0% | 24.3% | ||
| Q2 24 | -22.1% | 19.7% |
| Q1 26 | — | — | ||
| Q4 25 | -16.0% | 16.3% | ||
| Q3 25 | -18.5% | 14.5% | ||
| Q2 25 | -23.5% | 20.3% | ||
| Q1 25 | -26.2% | 12.9% | ||
| Q4 24 | -8.2% | 16.9% | ||
| Q3 24 | -12.4% | 21.6% | ||
| Q2 24 | -18.4% | 11.6% |
| Q1 26 | $115788061.00 | — | ||
| Q4 25 | $-0.23 | $5.15 | ||
| Q3 25 | $-0.26 | $4.65 | ||
| Q2 25 | $-0.32 | $6.12 | ||
| Q1 25 | $-0.32 | $4.05 | ||
| Q4 24 | $-0.12 | $4.65 | ||
| Q3 24 | $-0.16 | $5.71 | ||
| Q2 24 | $-0.21 | $2.43 |
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 | — | $390.0M |
| Stockholders' EquityBook value | $453.5M | $934.0M |
| Total Assets | $1.6B | $4.3B |
| Debt / EquityLower = less leverage | — | 0.42× |
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 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | $453.5M | — | ||
| Q4 25 | $598.7M | $934.0M | ||
| Q3 25 | $604.8M | $918.7M | ||
| Q2 25 | $341.5M | $896.4M | ||
| Q1 25 | $367.7M | $893.7M | ||
| Q4 24 | $455.7M | $897.5M | ||
| Q3 24 | $428.6M | $889.0M | ||
| Q2 24 | $458.6M | $868.7M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.8B | $4.3B | ||
| Q3 25 | $1.7B | $3.9B | ||
| Q2 25 | $1.6B | $3.7B | ||
| Q1 25 | $1.6B | $3.7B | ||
| Q4 24 | $1.7B | $4.0B | ||
| Q3 24 | $1.5B | $3.6B | ||
| Q2 24 | $1.1B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | $55.0M | $-67.2M |
| Free Cash FlowOCF − Capex | $49.0M | $-74.1M |
| FCF MarginFCF / Revenue | 28.3% | -35.6% |
| Capex IntensityCapex / Revenue | — | 3.3% |
| Cash ConversionOCF / Net Profit | — | -1.99× |
| TTM Free Cash FlowTrailing 4 quarters | $118.2M | $100.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $55.0M | — | ||
| Q4 25 | $24.7M | $-67.2M | ||
| Q3 25 | $33.4M | $108.3M | ||
| Q2 25 | $21.3M | $75.8M | ||
| Q1 25 | $68.0M | $-3.8M | ||
| Q4 24 | $24.3M | $1.8M | ||
| Q3 24 | $22.5M | $69.1M | ||
| Q2 24 | $11.7M | $70.0M |
| Q1 26 | $49.0M | — | ||
| Q4 25 | $20.7M | $-74.1M | ||
| Q3 25 | $30.4M | $106.9M | ||
| Q2 25 | $18.0M | $74.2M | ||
| Q1 25 | $65.7M | $-6.8M | ||
| Q4 24 | $19.9M | $-3.8M | ||
| Q3 24 | $21.3M | $68.7M | ||
| Q2 24 | $10.9M | $68.6M |
| Q1 26 | 28.3% | — | ||
| Q4 25 | 12.0% | -35.6% | ||
| Q3 25 | 18.8% | 49.4% | ||
| Q2 25 | 11.8% | 35.2% | ||
| Q1 25 | 48.1% | -3.1% | ||
| Q4 24 | 12.6% | -1.6% | ||
| Q3 24 | 14.4% | 30.3% | ||
| Q2 24 | 8.4% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.3% | 3.3% | ||
| Q3 25 | 1.8% | 0.7% | ||
| Q2 25 | 2.2% | 0.7% | ||
| Q1 25 | 1.7% | 1.4% | ||
| Q4 24 | 2.7% | 2.4% | ||
| Q3 24 | 0.8% | 0.2% | ||
| Q2 24 | 0.6% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
