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Varonis Systems vs Qualys: VRNS and QLYS compared
Varonis Systems is the larger company: $189M of revenue in its latest quarter (Q3 2026) against $182M for Qualys (Q2 2026). Varonis Systems is growing faster (+17% against +11% a year earlier). Qualys is more profitable, with an operating margin of 34.0% against -25.2%.
Where the money goes: VRNS and QLYS
Varonis Systems (VRNS) · Q3 2026
Varonis Systems, Q3 2026: revenue $189M (+17% year over year), operating margin -25.2%, net loss $41.6M, operating cash flow $28.2M. The chart follows the revenue to costs, profit and cash.
Qualys (QLYS) · Q2 2026
Qualys, Q2 2026: revenue $182M (+11% year over year), operating margin 34.0%, net earnings $52.4M, operating cash flow $59.6M. The chart follows the revenue to costs, profit and cash.
| Varonis Systems (VRNS) | Qualys (QLYS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $189M | $182M |
| Revenue growth, Y/Y | +17% | +11% |
| Gross margin | — | 83.4% |
| Operating margin | -25.2% | 34.0% |
| Net earnings | −$41.6M | $52.4M |
| Net margin | -22.0% | 28.8% |
| Operating cash flow | $28.2M | $59.6M |
| Free cash flow | $26.6M | $55.9M |
| Market value | $5.6B | $6.9B |
| P/E | — | 33.4× |
| Analysts’ mean target | $50.14 | $187.59 |
Where the revenue comes from
Varonis Systems
- SaaS: $185M (98%)
- Maintenance and services: $3.1M (2%)
- Term license subscriptions: $1.2M (1%)
Questions
Which is bigger, Varonis Systems or Qualys?
Varonis Systems is the larger company: $189M of revenue in its latest quarter (Q3 2026) against $182M for Qualys (Q2 2026).
Is Varonis Systems or Qualys growing faster?
Varonis Systems is growing faster (+17% against +11% a year earlier).
Which is more profitable, Varonis Systems or Qualys?
Qualys is more profitable, with an operating margin of 34.0% against -25.2%.
More: Varonis Systems earnings · how Varonis Systems makes money · Qualys earnings · how Qualys makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Aug 4, 2026). Fiscal quarters can end on different dates. Not investment advice.