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Side-by-side financial comparison of ADMA BIOLOGICS, INC. (ADMA) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
VARONIS SYSTEMS INC is the larger business by last-quarter revenue ($173.1M vs $139.2M, roughly 1.2× ADMA BIOLOGICS, INC.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 18.4%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $34.6M). Over the past eight quarters, ADMA BIOLOGICS, INC.'s revenue compounded faster (30.4% CAGR vs 15.2%).
ADMA Biologics Inc. is a biopharmaceutical enterprise focused on the research, development, manufacturing and commercialization of specialty plasma-derived immunoglobulin therapies. It primarily operates in the United States, catering to patients with primary immunodeficiency and other immune-related disorders, healthcare providers and medical institutions across its core immune health therapeutic segment.
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.
ADMA vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $139.2M | $173.1M |
| Net Profit | $49.4M | — |
| Gross Margin | 63.8% | 76.0% |
| Operating Margin | 45.1% | -1.7% |
| Net Margin | 35.5% | — |
| Revenue YoY | 18.4% | 26.9% |
| Net Profit YoY | -55.9% | — |
| EPS (diluted) | $0.20 | — |
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 | $139.2M | $173.4M | ||
| Q3 25 | $134.2M | $161.6M | ||
| Q2 25 | $122.0M | $152.2M | ||
| Q1 25 | $114.8M | $136.4M | ||
| Q4 24 | $117.5M | $158.5M | ||
| Q3 24 | $119.8M | $148.1M | ||
| Q2 24 | $107.2M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $49.4M | $-27.8M | ||
| Q3 25 | $36.4M | $-29.9M | ||
| Q2 25 | $34.2M | $-35.8M | ||
| Q1 25 | $26.9M | $-35.8M | ||
| Q4 24 | $111.9M | $-13.0M | ||
| Q3 24 | $35.9M | $-18.3M | ||
| Q2 24 | $32.1M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 63.8% | 78.9% | ||
| Q3 25 | 56.3% | 78.2% | ||
| Q2 25 | 55.1% | 79.5% | ||
| Q1 25 | 53.2% | 78.7% | ||
| Q4 24 | 53.9% | 83.6% | ||
| Q3 24 | 49.8% | 83.8% | ||
| Q2 24 | 53.6% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 45.1% | -17.5% | ||
| Q3 25 | 38.0% | -22.2% | ||
| Q2 25 | 35.1% | -24.0% | ||
| Q1 25 | 30.4% | -32.1% | ||
| Q4 24 | 32.6% | -11.1% | ||
| Q3 24 | 33.1% | -16.0% | ||
| Q2 24 | 36.6% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 35.5% | -16.0% | ||
| Q3 25 | 27.1% | -18.5% | ||
| Q2 25 | 28.1% | -23.5% | ||
| Q1 25 | 23.4% | -26.2% | ||
| Q4 24 | 95.2% | -8.2% | ||
| Q3 24 | 30.0% | -12.4% | ||
| Q2 24 | 29.9% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.20 | $-0.23 | ||
| Q3 25 | $0.15 | $-0.26 | ||
| Q2 25 | $0.14 | $-0.32 | ||
| Q1 25 | $0.11 | $-0.32 | ||
| Q4 24 | $0.45 | $-0.12 | ||
| Q3 24 | $0.15 | $-0.16 | ||
| Q2 24 | $0.13 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $87.6M | $179.3M |
| Total DebtLower is stronger | $72.1M | — |
| Stockholders' EquityBook value | $477.3M | $453.5M |
| Total Assets | $624.2M | $1.6B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $87.6M | $883.7M | ||
| Q3 25 | $61.4M | $671.3M | ||
| Q2 25 | $90.3M | $770.9M | ||
| Q1 25 | $71.6M | $567.6M | ||
| Q4 24 | $103.1M | $529.0M | ||
| Q3 24 | $86.7M | $844.8M | ||
| Q2 24 | $88.2M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $72.1M | — | ||
| Q3 25 | $72.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $72.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $477.3M | $598.7M | ||
| Q3 25 | $431.2M | $604.8M | ||
| Q2 25 | $398.3M | $341.5M | ||
| Q1 25 | $373.4M | $367.7M | ||
| Q4 24 | $349.0M | $455.7M | ||
| Q3 24 | $231.9M | $428.6M | ||
| Q2 24 | $188.3M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $624.2M | $1.8B | ||
| Q3 25 | $568.7M | $1.7B | ||
| Q2 25 | $558.4M | $1.6B | ||
| Q1 25 | $510.6M | $1.6B | ||
| Q4 24 | $488.7M | $1.7B | ||
| Q3 24 | $390.6M | $1.5B | ||
| Q2 24 | $376.4M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $35.6M | $55.0M |
| Free Cash FlowOCF − Capex | $34.6M | $49.0M |
| FCF MarginFCF / Revenue | 24.8% | 28.3% |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | 0.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.8M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $35.6M | $24.7M | ||
| Q3 25 | $13.3M | $33.4M | ||
| Q2 25 | $21.1M | $21.3M | ||
| Q1 25 | $-19.7M | $68.0M | ||
| Q4 24 | $50.2M | $24.3M | ||
| Q3 24 | $25.0M | $22.5M | ||
| Q2 24 | $45.6M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $34.6M | $20.7M | ||
| Q3 25 | $-1.1M | $30.4M | ||
| Q2 25 | $18.7M | $18.0M | ||
| Q1 25 | $-24.4M | $65.7M | ||
| Q4 24 | $47.5M | $19.9M | ||
| Q3 24 | $24.0M | $21.3M | ||
| Q2 24 | $43.6M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 24.8% | 12.0% | ||
| Q3 25 | -0.8% | 18.8% | ||
| Q2 25 | 15.3% | 11.8% | ||
| Q1 25 | -21.2% | 48.1% | ||
| Q4 24 | 40.4% | 12.6% | ||
| Q3 24 | 20.0% | 14.4% | ||
| Q2 24 | 40.7% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | 2.3% | ||
| Q3 25 | 10.7% | 1.8% | ||
| Q2 25 | 2.0% | 2.2% | ||
| Q1 25 | 4.1% | 1.7% | ||
| Q4 24 | 2.3% | 2.7% | ||
| Q3 24 | 0.9% | 0.8% | ||
| Q2 24 | 1.9% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.72× | — | ||
| Q3 25 | 0.36× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 1.42× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADMA
| ADMA Bio Manufacturing Segment | $123.1M | 88% |
| Other | $16.0M | 12% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
