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VARONIS SYSTEMS INC（VRNS）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
VARONIS SYSTEMS INC的季度营收约是再鼎医药的1.4倍（$173.1M vs $127.1M），VARONIS SYSTEMS INC同比增速更快（26.9% vs 17.1%），VARONIS SYSTEMS INC自由现金流更多（$49.0M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs 15.2%）
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。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
VRNS vs ZLAB — 直观对比
营收规模更大
VRNS
是对方的1.4倍
$127.1M
营收增速更快
VRNS
高出9.8%
17.1%
自由现金流更多
VRNS
多$75.7M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
15.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $173.1M | $127.1M |
| 净利润 | — | — |
| 毛利率 | 76.0% | 51.0% |
| 营业利润率 | -1.7% | -54.6% |
| 净利率 | — | — |
| 营收同比 | 26.9% | 17.1% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | $-0.05 |
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VRNSZLAB
| Q1 26 | $173.1M | — | ||
| Q4 25 | $173.4M | $127.1M | ||
| Q3 25 | $161.6M | $115.4M | ||
| Q2 25 | $152.2M | $109.1M | ||
| Q1 25 | $136.4M | $105.7M | ||
| Q4 24 | $158.5M | $108.5M | ||
| Q3 24 | $148.1M | $101.8M | ||
| Q2 24 | $130.3M | $100.1M |
净利润VRNSZLAB
| Q1 26 | — | — | ||
| Q4 25 | $-27.8M | — | ||
| Q3 25 | $-29.9M | $-36.0M | ||
| Q2 25 | $-35.8M | $-40.7M | ||
| Q1 25 | $-35.8M | $-48.4M | ||
| Q4 24 | $-13.0M | — | ||
| Q3 24 | $-18.3M | $-41.7M | ||
| Q2 24 | $-23.9M | $-80.3M |
毛利率VRNSZLAB
| Q1 26 | 76.0% | — | ||
| Q4 25 | 78.9% | 51.0% | ||
| Q3 25 | 78.2% | 59.5% | ||
| Q2 25 | 79.5% | 60.6% | ||
| Q1 25 | 78.7% | 63.6% | ||
| Q4 24 | 83.6% | 61.5% | ||
| Q3 24 | 83.8% | 64.1% | ||
| Q2 24 | 82.8% | 64.9% |
营业利润率VRNSZLAB
| Q1 26 | -1.7% | — | ||
| Q4 25 | -17.5% | -54.6% | ||
| Q3 25 | -22.2% | -42.3% | ||
| Q2 25 | -24.0% | -50.3% | ||
| Q1 25 | -32.1% | -53.3% | ||
| Q4 24 | -11.1% | -62.6% | ||
| Q3 24 | -16.0% | -66.6% | ||
| Q2 24 | -22.1% | -76.0% |
净利率VRNSZLAB
| Q1 26 | — | — | ||
| Q4 25 | -16.0% | — | ||
| Q3 25 | -18.5% | -31.2% | ||
| Q2 25 | -23.5% | -37.3% | ||
| Q1 25 | -26.2% | -45.8% | ||
| Q4 24 | -8.2% | — | ||
| Q3 24 | -12.4% | -40.9% | ||
| Q2 24 | -18.4% | -80.2% |
每股收益（稀释后）VRNSZLAB
| Q1 26 | — | — | ||
| Q4 25 | $-0.23 | $-0.05 | ||
| Q3 25 | $-0.26 | $-0.03 | ||
| Q2 25 | $-0.32 | $-0.04 | ||
| Q1 25 | $-0.32 | $-0.04 | ||
| Q4 24 | $-0.12 | $-0.09 | ||
| Q3 24 | $-0.16 | $-0.04 | ||
| Q2 24 | $-0.21 | $-0.08 |
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 | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $453.5M | $715.5M |
| 总资产 | $1.6B | $1.2B |
| 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VRNSZLAB
| Q1 26 | $179.3M | — | ||
| Q4 25 | $883.7M | $689.6M | ||
| Q3 25 | $671.3M | $717.2M | ||
| Q2 25 | $770.9M | $732.2M | ||
| Q1 25 | $567.6M | $757.3M | ||
| Q4 24 | $529.0M | $779.7M | ||
| Q3 24 | $844.8M | $616.1M | ||
| Q2 24 | $582.5M | $630.0M |
股东权益VRNSZLAB
| Q1 26 | $453.5M | — | ||
| Q4 25 | $598.7M | $715.5M | ||
| Q3 25 | $604.8M | $759.9M | ||
| Q2 25 | $341.5M | $791.7M | ||
| Q1 25 | $367.7M | $810.8M | ||
| Q4 24 | $455.7M | $840.9M | ||
| Q3 24 | $428.6M | $667.7M | ||
| Q2 24 | $458.6M | $704.2M |
总资产VRNSZLAB
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.7B | $1.2B | ||
| Q3 24 | $1.5B | $985.3M | ||
| Q2 24 | $1.1B | $987.4M |
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 | $55.0M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $49.0M | $-26.7M |
| 自由现金流率自由现金流/营收 | 28.3% | -21.0% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 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 | $118.2M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流VRNSZLAB
| Q1 26 | $55.0M | — | ||
| Q4 25 | $24.7M | $-26.0M | ||
| Q3 25 | $33.4M | $-32.0M | ||
| Q2 25 | $21.3M | $-31.0M | ||
| Q1 25 | $68.0M | $-61.7M | ||
| Q4 24 | $24.3M | $-55.8M | ||
| Q3 24 | $22.5M | $-26.8M | ||
| Q2 24 | $11.7M | $-42.2M |
自由现金流VRNSZLAB
| Q1 26 | $49.0M | — | ||
| Q4 25 | $20.7M | $-26.7M | ||
| Q3 25 | $30.4M | $-35.0M | ||
| Q2 25 | $18.0M | $-33.9M | ||
| Q1 25 | $65.7M | $-63.2M | ||
| Q4 24 | $19.9M | $-58.4M | ||
| Q3 24 | $21.3M | $-28.2M | ||
| Q2 24 | $10.9M | $-42.9M |
自由现金流率VRNSZLAB
| Q1 26 | 28.3% | — | ||
| Q4 25 | 12.0% | -21.0% | ||
| Q3 25 | 18.8% | -30.4% | ||
| Q2 25 | 11.8% | -31.1% | ||
| Q1 25 | 48.1% | -59.9% | ||
| Q4 24 | 12.6% | -53.8% | ||
| Q3 24 | 14.4% | -27.7% | ||
| Q2 24 | 8.4% | -42.9% |
资本支出强度VRNSZLAB
| Q1 26 | — | — | ||
| Q4 25 | 2.3% | 0.5% | ||
| Q3 25 | 1.8% | 2.6% | ||
| Q2 25 | 2.2% | 2.6% | ||
| Q1 25 | 1.7% | 1.5% | ||
| Q4 24 | 2.7% | 2.4% | ||
| Q3 24 | 0.8% | 1.3% | ||
| Q2 24 | 0.6% | 0.7% |
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
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
