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Side-by-side financial comparison of VARONIS SYSTEMS INC (VRNS) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Zscaler, Inc. is the larger business by last-quarter revenue ($788.1M vs $173.1M, roughly 4.6× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 25.5%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $49.0M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% 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.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
VRNS vs ZS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $788.1M |
| Net Profit | — | $-11.6M |
| Gross Margin | 76.0% | 76.6% |
| Operating Margin | — | -4.6% |
| Net Margin | — | -1.5% |
| Revenue YoY | 26.9% | 25.5% |
| Net Profit YoY | — | 3.6% |
| EPS (diluted) | $115788061.00 | $-0.07 |
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 | $788.1M | ||
| Q3 25 | $161.6M | $719.2M | ||
| Q2 25 | $152.2M | $678.0M | ||
| Q1 25 | $136.4M | $647.9M | ||
| Q4 24 | $158.5M | $628.0M | ||
| Q3 24 | $148.1M | $592.9M | ||
| Q2 24 | $130.3M | $553.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-27.8M | $-11.6M | ||
| Q3 25 | $-29.9M | $-17.6M | ||
| Q2 25 | $-35.8M | $-4.1M | ||
| Q1 25 | $-35.8M | $-7.7M | ||
| Q4 24 | $-13.0M | $-12.1M | ||
| Q3 24 | $-18.3M | $-14.9M | ||
| Q2 24 | $-23.9M | $19.1M |
| Q1 26 | 76.0% | — | ||
| Q4 25 | 78.9% | 76.6% | ||
| Q3 25 | 78.2% | 76.1% | ||
| Q2 25 | 79.5% | 77.0% | ||
| Q1 25 | 78.7% | 77.1% | ||
| Q4 24 | 83.6% | 77.5% | ||
| Q3 24 | 83.8% | 78.0% | ||
| Q2 24 | 82.8% | 78.6% |
| Q1 26 | — | — | ||
| Q4 25 | -17.5% | -4.6% | ||
| Q3 25 | -22.2% | -4.5% | ||
| Q2 25 | -24.0% | -3.7% | ||
| Q1 25 | -32.1% | -6.2% | ||
| Q4 24 | -11.1% | -4.9% | ||
| Q3 24 | -16.0% | -4.5% | ||
| Q2 24 | -22.1% | -0.5% |
| Q1 26 | — | — | ||
| Q4 25 | -16.0% | -1.5% | ||
| Q3 25 | -18.5% | -2.4% | ||
| Q2 25 | -23.5% | -0.6% | ||
| Q1 25 | -26.2% | -1.2% | ||
| Q4 24 | -8.2% | -1.9% | ||
| Q3 24 | -12.4% | -2.5% | ||
| Q2 24 | -18.4% | 3.5% |
| Q1 26 | $115788061.00 | — | ||
| Q4 25 | $-0.23 | $-0.07 | ||
| Q3 25 | $-0.26 | $-0.11 | ||
| Q2 25 | $-0.32 | $-0.03 | ||
| Q1 25 | $-0.32 | $-0.05 | ||
| Q4 24 | $-0.12 | $-0.08 | ||
| Q3 24 | $-0.16 | $-0.09 | ||
| Q2 24 | $-0.21 | $0.12 |
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 | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $453.5M | $2.0B |
| Total Assets | $1.6B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $179.3M | — | ||
| Q4 25 | $883.7M | $1.3B | ||
| Q3 25 | $671.3M | $2.4B | ||
| Q2 25 | $770.9M | $2.0B | ||
| Q1 25 | $567.6M | $1.8B | ||
| Q4 24 | $529.0M | $1.6B | ||
| Q3 24 | $844.8M | $1.4B | ||
| Q2 24 | $582.5M | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | $453.5M | — | ||
| Q4 25 | $598.7M | $2.0B | ||
| Q3 25 | $604.8M | $1.8B | ||
| Q2 25 | $341.5M | $1.8B | ||
| Q1 25 | $367.7M | $1.6B | ||
| Q4 24 | $455.7M | $1.4B | ||
| Q3 24 | $428.6M | $1.3B | ||
| Q2 24 | $458.6M | $1.1B |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.8B | $6.5B | ||
| Q3 25 | $1.7B | $6.4B | ||
| Q2 25 | $1.6B | $5.3B | ||
| Q1 25 | $1.6B | $5.0B | ||
| Q4 24 | $1.7B | $4.7B | ||
| Q3 24 | $1.5B | $4.7B | ||
| Q2 24 | $1.1B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× |
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 | $448.3M |
| Free Cash FlowOCF − Capex | $49.0M | $431.0M |
| FCF MarginFCF / Revenue | 28.3% | 54.7% |
| Capex IntensityCapex / Revenue | — | 2.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $118.2M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $55.0M | — | ||
| Q4 25 | $24.7M | $448.3M | ||
| Q3 25 | $33.4M | $250.6M | ||
| Q2 25 | $21.3M | $211.1M | ||
| Q1 25 | $68.0M | $179.4M | ||
| Q4 24 | $24.3M | $331.3M | ||
| Q3 24 | $22.5M | $203.6M | ||
| Q2 24 | $11.7M | $173.4M |
| Q1 26 | $49.0M | — | ||
| Q4 25 | $20.7M | $431.0M | ||
| Q3 25 | $30.4M | $190.6M | ||
| Q2 25 | $18.0M | $138.9M | ||
| Q1 25 | $65.7M | $164.4M | ||
| Q4 24 | $19.9M | $314.3M | ||
| Q3 24 | $21.3M | $154.2M | ||
| Q2 24 | $10.9M | $137.8M |
| Q1 26 | 28.3% | — | ||
| Q4 25 | 12.0% | 54.7% | ||
| Q3 25 | 18.8% | 26.5% | ||
| Q2 25 | 11.8% | 20.5% | ||
| Q1 25 | 48.1% | 25.4% | ||
| Q4 24 | 12.6% | 50.1% | ||
| Q3 24 | 14.4% | 26.0% | ||
| Q2 24 | 8.4% | 24.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.3% | 2.2% | ||
| Q3 25 | 1.8% | 8.3% | ||
| Q2 25 | 2.2% | 10.6% | ||
| Q1 25 | 1.7% | 2.3% | ||
| Q4 24 | 2.7% | 2.7% | ||
| Q3 24 | 0.8% | 8.3% | ||
| Q2 24 | 0.6% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× |
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% |
ZS
Segment breakdown not available.
