vs
null（SWIM）与VARONIS SYSTEMS INC（VRNS）财务数据对比。点击上方公司名可切换其他公司
VARONIS SYSTEMS INC的季度营收约是null的1.7倍（$173.1M vs $100.0M），VARONIS SYSTEMS INC同比增速更快（26.9% vs 14.5%），VARONIS SYSTEMS INC自由现金流更多（$49.0M vs $14.1M），过去两年VARONIS SYSTEMS INC的营收复合增速更高（15.2% vs -4.9%）
该企业是一家源自美国的跨国律师事务所，1934年创立于加利福尼亚州洛杉矶，在诉讼业务、公司法务以及监管合规法律领域拥有深厚的行业积累与知名度，是全球颇具影响力的综合性律所之一。
Varonis Systems是总部位于美国佛罗里达州迈阿密的软件企业，在以色列赫兹利亚设有研发中心。其推出的数据安全平台可分析数据及数据活动，借此识别由访问权限、SaaS应用配置不当引发的数据暴露风险，并可触发自动化修复流程，助力企业保障数据安全。
SWIM vs VRNS — 直观对比
营收规模更大
VRNS
是对方的1.7倍
$100.0M
营收增速更快
VRNS
高出12.4%
14.5%
自由现金流更多
VRNS
多$34.9M
$14.1M
两年增速更快
VRNS
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $100.0M | $173.1M |
| 净利润 | $-7.0M | — |
| 毛利率 | 28.0% | 76.0% |
| 营业利润率 | -10.7% | -1.7% |
| 净利率 | -7.0% | — |
| 营收同比 | 14.5% | 26.9% |
| 净利润同比 | 76.0% | — |
| 每股收益（稀释后） | $-0.06 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收SWIMVRNS
| Q1 26 | — | $173.1M | ||
| Q4 25 | $100.0M | $173.4M | ||
| Q3 25 | $161.9M | $161.6M | ||
| Q2 25 | $172.6M | $152.2M | ||
| Q1 25 | $111.4M | $136.4M | ||
| Q4 24 | $87.3M | $158.5M | ||
| Q3 24 | $150.5M | $148.1M | ||
| Q2 24 | $160.1M | $130.3M |
净利润SWIMVRNS
| Q1 26 | — | — | ||
| Q4 25 | $-7.0M | $-27.8M | ||
| Q3 25 | $8.1M | $-29.9M | ||
| Q2 25 | $16.0M | $-35.8M | ||
| Q1 25 | $-6.0M | $-35.8M | ||
| Q4 24 | $-29.2M | $-13.0M | ||
| Q3 24 | $5.9M | $-18.3M | ||
| Q2 24 | $13.3M | $-23.9M |
毛利率SWIMVRNS
| Q1 26 | — | 76.0% | ||
| Q4 25 | 28.0% | 78.9% | ||
| Q3 25 | 35.4% | 78.2% | ||
| Q2 25 | 37.1% | 79.5% | ||
| Q1 25 | 29.5% | 78.7% | ||
| Q4 24 | 24.6% | 83.6% | ||
| Q3 24 | 32.4% | 83.8% | ||
| Q2 24 | 33.1% | 82.8% |
营业利润率SWIMVRNS
| Q1 26 | — | -1.7% | ||
| Q4 25 | -10.7% | -17.5% | ||
| Q3 25 | 13.3% | -22.2% | ||
| Q2 25 | 14.3% | -24.0% | ||
| Q1 25 | -4.4% | -32.1% | ||
| Q4 24 | -14.9% | -11.1% | ||
| Q3 24 | 8.9% | -16.0% | ||
| Q2 24 | 12.5% | -22.1% |
净利率SWIMVRNS
| Q1 26 | — | — | ||
| Q4 25 | -7.0% | -16.0% | ||
| Q3 25 | 5.0% | -18.5% | ||
| Q2 25 | 9.3% | -23.5% | ||
| Q1 25 | -5.4% | -26.2% | ||
| Q4 24 | -33.4% | -8.2% | ||
| Q3 24 | 3.9% | -12.4% | ||
| Q2 24 | 8.3% | -18.4% |
每股收益（稀释后）SWIMVRNS
| Q1 26 | — | — | ||
| Q4 25 | $-0.06 | $-0.23 | ||
| Q3 25 | $0.07 | $-0.26 | ||
| Q2 25 | $0.13 | $-0.32 | ||
| Q1 25 | $-0.05 | $-0.32 | ||
| Q4 24 | $-0.24 | $-0.12 | ||
| Q3 24 | $0.05 | $-0.16 | ||
| Q2 24 | $0.11 | $-0.21 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $179.3M |
| 总债务越低越好 | $279.8M | — |
| 股东权益账面价值 | $405.9M | $453.5M |
| 总资产 | $823.2M | $1.6B |
| 负债/权益比越低杠杆越低 | 0.69× | — |
8季度趋势，按日历期对齐
现金及短期投资SWIMVRNS
| 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 |
总债务SWIMVRNS
| Q1 26 | — | — | ||
| Q4 25 | $279.8M | — | ||
| Q3 25 | $281.1M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $306.9M | — | ||
| Q4 24 | $281.5M | — | ||
| Q3 24 | $282.8M | — | ||
| Q2 24 | $282.4M | — |
股东权益SWIMVRNS
| Q1 26 | — | $453.5M | ||
| Q4 25 | $405.9M | $598.7M | ||
| Q3 25 | $408.4M | $604.8M | ||
| Q2 25 | $398.4M | $341.5M | ||
| Q1 25 | $381.1M | $367.7M | ||
| Q4 24 | $387.2M | $455.7M | ||
| Q3 24 | $416.6M | $428.6M | ||
| Q2 24 | $408.1M | $458.6M |
总资产SWIMVRNS
| Q1 26 | — | $1.6B | ||
| Q4 25 | $823.2M | $1.8B | ||
| Q3 25 | $844.4M | $1.7B | ||
| Q2 25 | $822.1M | $1.6B | ||
| Q1 25 | $824.6M | $1.6B | ||
| Q4 24 | $794.2M | $1.7B | ||
| Q3 24 | $853.4M | $1.5B | ||
| Q2 24 | $830.0M | $1.1B |
负债/权益比SWIMVRNS
| Q1 26 | — | — | ||
| Q4 25 | 0.69× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.71× | — | ||
| Q1 25 | 0.81× | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.69× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $23.3M | $55.0M |
| 自由现金流经营现金流 - 资本支出 | $14.1M | $49.0M |
| 自由现金流率自由现金流/营收 | 14.1% | 28.3% |
| 资本支出强度资本支出/营收 | 9.2% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $38.0M | $118.2M |
8季度趋势，按日历期对齐
经营现金流SWIMVRNS
| Q1 26 | — | $55.0M | ||
| Q4 25 | $23.3M | $24.7M | ||
| Q3 25 | $51.0M | $33.4M | ||
| Q2 25 | $36.0M | $21.3M | ||
| Q1 25 | $-46.9M | $68.0M | ||
| Q4 24 | $6.2M | $24.3M | ||
| Q3 24 | $37.2M | $22.5M | ||
| Q2 24 | $52.4M | $11.7M |
自由现金流SWIMVRNS
| Q1 26 | — | $49.0M | ||
| Q4 25 | $14.1M | $20.7M | ||
| Q3 25 | $45.2M | $30.4M | ||
| Q2 25 | $29.1M | $18.0M | ||
| Q1 25 | $-50.3M | $65.7M | ||
| Q4 24 | $-98.0K | $19.9M | ||
| Q3 24 | $33.2M | $21.3M | ||
| Q2 24 | $47.9M | $10.9M |
自由现金流率SWIMVRNS
| Q1 26 | — | 28.3% | ||
| Q4 25 | 14.1% | 12.0% | ||
| Q3 25 | 27.9% | 18.8% | ||
| Q2 25 | 16.8% | 11.8% | ||
| Q1 25 | -45.2% | 48.1% | ||
| Q4 24 | -0.1% | 12.6% | ||
| Q3 24 | 22.1% | 14.4% | ||
| Q2 24 | 29.9% | 8.4% |
资本支出强度SWIMVRNS
| Q1 26 | — | — | ||
| Q4 25 | 9.2% | 2.3% | ||
| Q3 25 | 3.6% | 1.8% | ||
| Q2 25 | 4.0% | 2.2% | ||
| Q1 25 | 3.1% | 1.7% | ||
| Q4 24 | 7.2% | 2.7% | ||
| Q3 24 | 2.7% | 0.8% | ||
| Q2 24 | 2.8% | 0.6% |
现金转化率SWIMVRNS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 6.29× | — | ||
| Q2 25 | 2.25× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 6.32× | — | ||
| Q2 24 | 3.95× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
