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Side-by-side financial comparison of VARONIS SYSTEMS INC (VRNS) and Willdan Group, Inc. (WLDN). Click either name above to swap in a different company.
Willdan Group, Inc. is the larger business by last-quarter revenue ($182.0M vs $173.1M, roughly 1.1× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 15.0%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $9.8M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 8.1%).
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.
Willdan Group, Inc. (Willdan) is an American publicly traded company selling professional technical and consulting services to public and private utilities, public agencies at all levels of government, and commercial and industrial firms. The company operates offices in more than a dozen states, with its key operations in California and New York.
VRNS vs WLDN — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $182.0M |
| Net Profit | — | $13.7M |
| Gross Margin | 76.0% | 36.9% |
| Operating Margin | -1.7% | 8.2% |
| Net Margin | — | 7.5% |
| Revenue YoY | 26.9% | 15.0% |
| Net Profit YoY | — | 86.8% |
| EPS (diluted) | — | $0.90 |
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 | $182.0M | ||
| Q3 25 | $161.6M | $173.5M | ||
| Q2 25 | $152.2M | $152.4M | ||
| Q1 25 | $136.4M | — | ||
| Q4 24 | $158.5M | $144.1M | ||
| Q3 24 | $148.1M | $158.3M | ||
| Q2 24 | $130.3M | $141.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-27.8M | $13.7M | ||
| Q3 25 | $-29.9M | $15.4M | ||
| Q2 25 | $-35.8M | $4.7M | ||
| Q1 25 | $-35.8M | — | ||
| Q4 24 | $-13.0M | $7.7M | ||
| Q3 24 | $-18.3M | $7.3M | ||
| Q2 24 | $-23.9M | $4.6M |
| Q1 26 | 76.0% | — | ||
| Q4 25 | 78.9% | 36.9% | ||
| Q3 25 | 78.2% | 39.4% | ||
| Q2 25 | 79.5% | 37.8% | ||
| Q1 25 | 78.7% | — | ||
| Q4 24 | 83.6% | 38.1% | ||
| Q3 24 | 83.8% | 32.6% | ||
| Q2 24 | 82.8% | 34.6% |
| Q1 26 | -1.7% | — | ||
| Q4 25 | -17.5% | 8.2% | ||
| Q3 25 | -22.2% | 6.8% | ||
| Q2 25 | -24.0% | 4.6% | ||
| Q1 25 | -32.1% | — | ||
| Q4 24 | -11.1% | 7.5% | ||
| Q3 24 | -16.0% | 5.5% | ||
| Q2 24 | -22.1% | 4.6% |
| Q1 26 | — | — | ||
| Q4 25 | -16.0% | 7.5% | ||
| Q3 25 | -18.5% | 8.9% | ||
| Q2 25 | -23.5% | 3.1% | ||
| Q1 25 | -26.2% | — | ||
| Q4 24 | -8.2% | 5.3% | ||
| Q3 24 | -12.4% | 4.6% | ||
| Q2 24 | -18.4% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.23 | $0.90 | ||
| Q3 25 | $-0.26 | $1.03 | ||
| Q2 25 | $-0.32 | $0.32 | ||
| Q1 25 | $-0.32 | — | ||
| Q4 24 | $-0.12 | $0.53 | ||
| Q3 24 | $-0.16 | $0.51 | ||
| Q2 24 | $-0.21 | $0.33 |
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 | $33.1M |
| Total DebtLower is stronger | — | $49.1M |
| Stockholders' EquityBook value | $453.5M | $283.1M |
| Total Assets | $1.6B | $507.9M |
| Debt / EquityLower = less leverage | — | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $179.3M | — | ||
| Q4 25 | $883.7M | $33.1M | ||
| Q3 25 | $671.3M | $32.3M | ||
| Q2 25 | $770.9M | $38.4M | ||
| Q1 25 | $567.6M | — | ||
| Q4 24 | $529.0M | $74.2M | ||
| Q3 24 | $844.8M | $53.1M | ||
| Q2 24 | $582.5M | $44.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $49.1M | ||
| Q3 25 | — | $59.7M | ||
| Q2 25 | — | $86.9M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $89.5M | ||
| Q3 24 | — | $91.9M | ||
| Q2 24 | — | $93.7M |
| Q1 26 | $453.5M | — | ||
| Q4 25 | $598.7M | $283.1M | ||
| Q3 25 | $604.8M | $265.9M | ||
| Q2 25 | $341.5M | $245.5M | ||
| Q1 25 | $367.7M | — | ||
| Q4 24 | $455.7M | $234.3M | ||
| Q3 24 | $428.6M | $224.0M | ||
| Q2 24 | $458.6M | $213.0M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.8B | $507.9M | ||
| Q3 25 | $1.7B | $484.9M | ||
| Q2 25 | $1.6B | $471.2M | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.7B | $464.9M | ||
| Q3 24 | $1.5B | $447.3M | ||
| Q2 24 | $1.1B | $421.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.17× | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.38× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.44× |
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 | $12.2M |
| Free Cash FlowOCF − Capex | $49.0M | $9.8M |
| FCF MarginFCF / Revenue | 28.3% | 5.4% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | — | 0.89× |
| TTM Free Cash FlowTrailing 4 quarters | $118.2M | $65.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $55.0M | — | ||
| Q4 25 | $24.7M | $12.2M | ||
| Q3 25 | $33.4M | $25.4M | ||
| Q2 25 | $21.3M | $3.3M | ||
| Q1 25 | $68.0M | — | ||
| Q4 24 | $24.3M | $33.5M | ||
| Q3 24 | $22.5M | $10.8M | ||
| Q2 24 | $11.7M | $889.0K |
| Q1 26 | $49.0M | — | ||
| Q4 25 | $20.7M | $9.8M | ||
| Q3 25 | $30.4M | $23.2M | ||
| Q2 25 | $18.0M | $1.0M | ||
| Q1 25 | $65.7M | — | ||
| Q4 24 | $19.9M | $31.1M | ||
| Q3 24 | $21.3M | $8.8M | ||
| Q2 24 | $10.9M | $-1.3M |
| Q1 26 | 28.3% | — | ||
| Q4 25 | 12.0% | 5.4% | ||
| Q3 25 | 18.8% | 13.4% | ||
| Q2 25 | 11.8% | 0.7% | ||
| Q1 25 | 48.1% | — | ||
| Q4 24 | 12.6% | 21.6% | ||
| Q3 24 | 14.4% | 5.6% | ||
| Q2 24 | 8.4% | -0.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.3% | 1.3% | ||
| Q3 25 | 1.8% | 1.3% | ||
| Q2 25 | 2.2% | 1.5% | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 2.7% | 1.6% | ||
| Q3 24 | 0.8% | 1.2% | ||
| Q2 24 | 0.6% | 1.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.89× | ||
| Q3 25 | — | 1.65× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.35× | ||
| Q3 24 | — | 1.47× | ||
| Q2 24 | — | 0.19× |
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% |
WLDN
| Public Utility | $74.2M | 41% |
| Governments | $64.6M | 35% |
| Engineering Consulting Services | $27.3M | 15% |
| Commercial | $15.9M | 9% |
| Alternative Power Generation Inc | $4.8M | 3% |
