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Side-by-side financial comparison of VARONIS SYSTEMS INC (VRNS) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $173.1M, roughly 2.0× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -0.4%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 15.2%).
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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
VRNS vs WD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $340.0M |
| Net Profit | — | $-13.9M |
| Gross Margin | 76.0% | — |
| Operating Margin | -1.7% | -17.2% |
| Net Margin | — | -12.9% |
| Revenue YoY | 26.9% | -0.4% |
| Net Profit YoY | — | -131.0% |
| EPS (diluted) | — | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $161.6M | $337.7M | ||
| Q2 25 | $152.2M | $319.2M | ||
| Q1 25 | $136.4M | $237.4M | ||
| Q4 24 | $158.5M | $341.5M | ||
| Q3 24 | $148.1M | $292.3M | ||
| Q2 24 | $130.3M | $270.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-27.8M | $-13.9M | ||
| Q3 25 | $-29.9M | $33.5M | ||
| Q2 25 | $-35.8M | $34.0M | ||
| Q1 25 | $-35.8M | $2.8M | ||
| Q4 24 | $-13.0M | $44.8M | ||
| Q3 24 | $-18.3M | $28.8M | ||
| Q2 24 | $-23.9M | $22.7M |
| 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 | -17.5% | -17.2% | ||
| Q3 25 | -22.2% | 13.6% | ||
| Q2 25 | -24.0% | 14.5% | ||
| Q1 25 | -32.1% | 2.2% | ||
| Q4 24 | -11.1% | 15.3% | ||
| Q3 24 | -16.0% | 12.8% | ||
| Q2 24 | -22.1% | 10.4% |
| Q1 26 | — | — | ||
| Q4 25 | -16.0% | -12.9% | ||
| Q3 25 | -18.5% | 9.9% | ||
| Q2 25 | -23.5% | 10.6% | ||
| Q1 25 | -26.2% | 1.2% | ||
| Q4 24 | -8.2% | 13.1% | ||
| Q3 24 | -12.4% | 9.9% | ||
| Q2 24 | -18.4% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.23 | $-0.41 | ||
| Q3 25 | $-0.26 | $0.98 | ||
| Q2 25 | $-0.32 | $0.99 | ||
| Q1 25 | $-0.32 | $0.08 | ||
| Q4 24 | $-0.12 | $1.32 | ||
| Q3 24 | $-0.16 | $0.85 | ||
| Q2 24 | $-0.21 | $0.67 |
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 | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $453.5M | $1.7B |
| Total Assets | $1.6B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $179.3M | — | ||
| Q4 25 | $883.7M | $299.3M | ||
| Q3 25 | $671.3M | $274.8M | ||
| Q2 25 | $770.9M | $233.7M | ||
| Q1 25 | $567.6M | $181.0M | ||
| Q4 24 | $529.0M | $279.3M | ||
| Q3 24 | $844.8M | $179.8M | ||
| Q2 24 | $582.5M | $208.1M |
| Q1 26 | $453.5M | — | ||
| Q4 25 | $598.7M | $1.7B | ||
| Q3 25 | $604.8M | $1.8B | ||
| Q2 25 | $341.5M | $1.8B | ||
| Q1 25 | $367.7M | $1.7B | ||
| Q4 24 | $455.7M | $1.7B | ||
| Q3 24 | $428.6M | $1.7B | ||
| Q2 24 | $458.6M | $1.7B |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.8B | $5.1B | ||
| Q3 25 | $1.7B | $5.8B | ||
| Q2 25 | $1.6B | $4.7B | ||
| Q1 25 | $1.6B | $4.5B | ||
| Q4 24 | $1.7B | $4.4B | ||
| Q3 24 | $1.5B | $4.6B | ||
| Q2 24 | $1.1B | $4.2B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | $49.0M | $-680.1M |
| FCF MarginFCF / Revenue | 28.3% | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $118.2M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $55.0M | — | ||
| Q4 25 | $24.7M | $-664.3M | ||
| Q3 25 | $33.4M | $-948.1M | ||
| Q2 25 | $21.3M | $-238.5M | ||
| Q1 25 | $68.0M | $-281.1M | ||
| Q4 24 | $24.3M | $129.4M | ||
| Q3 24 | $22.5M | $-202.0M | ||
| Q2 24 | $11.7M | $-237.8M |
| Q1 26 | $49.0M | — | ||
| Q4 25 | $20.7M | $-680.1M | ||
| Q3 25 | $30.4M | $-950.4M | ||
| Q2 25 | $18.0M | $-241.0M | ||
| Q1 25 | $65.7M | $-284.7M | ||
| Q4 24 | $19.9M | $116.4M | ||
| Q3 24 | $21.3M | $-204.0M | ||
| Q2 24 | $10.9M | $-241.7M |
| Q1 26 | 28.3% | — | ||
| Q4 25 | 12.0% | -200.0% | ||
| Q3 25 | 18.8% | -281.5% | ||
| Q2 25 | 11.8% | -75.5% | ||
| Q1 25 | 48.1% | -120.0% | ||
| Q4 24 | 12.6% | 34.1% | ||
| Q3 24 | 14.4% | -69.8% | ||
| Q2 24 | 8.4% | -89.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.3% | 4.6% | ||
| Q3 25 | 1.8% | 0.7% | ||
| Q2 25 | 2.2% | 0.8% | ||
| Q1 25 | 1.7% | 1.5% | ||
| Q4 24 | 2.7% | 3.8% | ||
| Q3 24 | 0.8% | 0.7% | ||
| Q2 24 | 0.6% | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | — | -10.49× |
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% |
WD
Segment breakdown not available.
