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Tenable Holdings, Inc.（TENB）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
Tenable Holdings, Inc.的季度营收约是VARONIS SYSTEMS INC的1.5倍（$260.5M vs $173.1M），VARONIS SYSTEMS INC同比增速更快（26.9% vs 10.5%），Tenable Holdings, Inc.自由现金流更多（$82.7M vs $49.0M），过去两年VARONIS SYSTEMS INC的营收复合增速更高（15.2% vs 9.8%）
Tenable Holdings, Inc.是总部位于美国马里兰州哥伦比亚市的网络安全企业，旗下1998年推出的漏洞扫描软件Nessus是全球网络安全行业应用最广泛的漏洞评估解决方案之一。截至2023年12月31日，公司拥有约4.4万家客户，其中包括65%的财富500强企业。
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。
TENB vs VRNS — 直观对比
营收规模更大
TENB
是对方的1.5倍
$173.1M
营收增速更快
VRNS
高出16.4%
10.5%
自由现金流更多
TENB
多$33.7M
$49.0M
两年增速更快
VRNS
近两年复合增速
9.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $260.5M | $173.1M |
| 净利润 | $-737.0K | — |
| 毛利率 | 78.8% | 76.0% |
| 营业利润率 | 3.4% | — |
| 净利率 | -0.3% | — |
| 营收同比 | 10.5% | 26.9% |
| 净利润同比 | -139.5% | — |
| 每股收益（稀释后） | $-0.01 | $115788061.00 |
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TENBVRNS
| Q1 26 | — | $173.1M | ||
| Q4 25 | $260.5M | $173.4M | ||
| Q3 25 | $252.4M | $161.6M | ||
| Q2 25 | $247.3M | $152.2M | ||
| Q1 25 | $239.1M | $136.4M | ||
| Q4 24 | $235.7M | $158.5M | ||
| Q3 24 | $227.1M | $148.1M | ||
| Q2 24 | $221.2M | $130.3M |
净利润TENBVRNS
| Q1 26 | — | — | ||
| Q4 25 | $-737.0K | $-27.8M | ||
| Q3 25 | $2.3M | $-29.9M | ||
| Q2 25 | $-14.7M | $-35.8M | ||
| Q1 25 | $-22.9M | $-35.8M | ||
| Q4 24 | $1.9M | $-13.0M | ||
| Q3 24 | $-9.2M | $-18.3M | ||
| Q2 24 | $-14.6M | $-23.9M |
毛利率TENBVRNS
| Q1 26 | — | 76.0% | ||
| Q4 25 | 78.8% | 78.9% | ||
| Q3 25 | 77.5% | 78.2% | ||
| Q2 25 | 78.0% | 79.5% | ||
| Q1 25 | 78.1% | 78.7% | ||
| Q4 24 | 78.2% | 83.6% | ||
| Q3 24 | 77.8% | 83.8% | ||
| Q2 24 | 77.9% | 82.8% |
营业利润率TENBVRNS
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | -17.5% | ||
| Q3 25 | 2.8% | -22.2% | ||
| Q2 25 | -3.0% | -24.0% | ||
| Q1 25 | -7.4% | -32.1% | ||
| Q4 24 | 5.5% | -11.1% | ||
| Q3 24 | -0.9% | -16.0% | ||
| Q2 24 | -4.0% | -22.1% |
净利率TENBVRNS
| Q1 26 | — | — | ||
| Q4 25 | -0.3% | -16.0% | ||
| Q3 25 | 0.9% | -18.5% | ||
| Q2 25 | -5.9% | -23.5% | ||
| Q1 25 | -9.6% | -26.2% | ||
| Q4 24 | 0.8% | -8.2% | ||
| Q3 24 | -4.1% | -12.4% | ||
| Q2 24 | -6.6% | -18.4% |
每股收益（稀释后）TENBVRNS
| Q1 26 | — | $115788061.00 | ||
| Q4 25 | $-0.01 | $-0.23 | ||
| Q3 25 | $0.02 | $-0.26 | ||
| Q2 25 | $-0.12 | $-0.32 | ||
| Q1 25 | $-0.19 | $-0.32 | ||
| Q4 24 | $0.01 | $-0.12 | ||
| Q3 24 | $-0.08 | $-0.16 | ||
| Q2 24 | $-0.12 | $-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 | $402.2M | $179.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $326.4M | $453.5M |
| 总资产 | $1.7B | $1.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资TENBVRNS
| Q1 26 | — | $179.3M | ||
| Q4 25 | $402.2M | $883.7M | ||
| Q3 25 | $383.6M | $671.3M | ||
| Q2 25 | $386.5M | $770.9M | ||
| Q1 25 | $460.3M | $567.6M | ||
| Q4 24 | $577.2M | $529.0M | ||
| Q3 24 | $548.4M | $844.8M | ||
| Q2 24 | $487.0M | $582.5M |
股东权益TENBVRNS
| Q1 26 | — | $453.5M | ||
| Q4 25 | $326.4M | $598.7M | ||
| Q3 25 | $344.4M | $604.8M | ||
| Q2 25 | $350.7M | $341.5M | ||
| Q1 25 | $383.2M | $367.7M | ||
| Q4 24 | $400.0M | $455.7M | ||
| Q3 24 | $404.6M | $428.6M | ||
| Q2 24 | $363.6M | $458.6M |
总资产TENBVRNS
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.7B | $1.8B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.7B | $1.6B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.6B | $1.1B |
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 | $83.0M | $55.0M |
| 自由现金流经营现金流 - 资本支出 | $82.7M | $49.0M |
| 自由现金流率自由现金流/营收 | 31.7% | 28.3% |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 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 | $254.6M | $118.2M |
8季度趋势，按日历期对齐
经营现金流TENBVRNS
| Q1 26 | — | $55.0M | ||
| Q4 25 | $83.0M | $24.7M | ||
| Q3 25 | $53.9M | $33.4M | ||
| Q2 25 | $42.5M | $21.3M | ||
| Q1 25 | $87.4M | $68.0M | ||
| Q4 24 | $81.1M | $24.3M | ||
| Q3 24 | $54.6M | $22.5M | ||
| Q2 24 | $31.4M | $11.7M |
自由现金流TENBVRNS
| Q1 26 | — | $49.0M | ||
| Q4 25 | $82.7M | $20.7M | ||
| Q3 25 | $53.0M | $30.4M | ||
| Q2 25 | $38.1M | $18.0M | ||
| Q1 25 | $80.9M | $65.7M | ||
| Q4 24 | $78.8M | $19.9M | ||
| Q3 24 | $53.9M | $21.3M | ||
| Q2 24 | $30.9M | $10.9M |
自由现金流率TENBVRNS
| Q1 26 | — | 28.3% | ||
| Q4 25 | 31.7% | 12.0% | ||
| Q3 25 | 21.0% | 18.8% | ||
| Q2 25 | 15.4% | 11.8% | ||
| Q1 25 | 33.8% | 48.1% | ||
| Q4 24 | 33.4% | 12.6% | ||
| Q3 24 | 23.7% | 14.4% | ||
| Q2 24 | 14.0% | 8.4% |
资本支出强度TENBVRNS
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 2.3% | ||
| Q3 25 | 0.3% | 1.8% | ||
| Q2 25 | 1.8% | 2.2% | ||
| Q1 25 | 2.7% | 1.7% | ||
| Q4 24 | 1.0% | 2.7% | ||
| Q3 24 | 0.3% | 0.8% | ||
| Q2 24 | 0.2% | 0.6% |
现金转化率TENBVRNS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 23.83× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 43.43× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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
TENB
| Subscription And Circulation | $238.9M | 92% |
| Other | $11.0M | 4% |
| License And Maintenance | $10.6M | 4% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
