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Side-by-side financial comparison of FEDERAL AGRICULTURAL MORTGAGE CORP (AGM) 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 $107.5M, roughly 1.6× FEDERAL AGRICULTURAL MORTGAGE CORP). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 6.1%). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 7.1%).
The Federal Agricultural Mortgage Corporation, also known as Farmer Mac, is a stockholder-owned, federally chartered corporation established by the U.S. Congress in 1988 under the Agricultural Credit Act of 1987. It was created to establish a secondary market for agricultural real estate and housing mortgage loans, to increase liquidity and the availability of long-term, stable credit for farmers, ranchers, and rural communities.
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.
AGM vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $107.5M | $173.1M |
| Net Profit | — | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 56.3% | -1.7% |
| Net Margin | — | — |
| Revenue YoY | 6.1% | 26.9% |
| Net Profit YoY | — | — |
| EPS (diluted) | $3.69 | — |
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 | $107.5M | $173.4M | ||
| Q3 25 | $104.0M | $161.6M | ||
| Q2 25 | $102.6M | $152.2M | ||
| Q1 25 | $94.3M | $136.4M | ||
| Q4 24 | $101.3M | $158.5M | ||
| Q3 24 | $90.3M | $148.1M | ||
| Q2 24 | $89.9M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $55.0M | $-29.9M | ||
| Q2 25 | $54.8M | $-35.8M | ||
| Q1 25 | $49.7M | $-35.8M | ||
| Q4 24 | $56.5M | $-13.0M | ||
| Q3 24 | $49.8M | $-18.3M | ||
| Q2 24 | $47.1M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | — | 83.6% | ||
| Q3 24 | — | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 56.3% | -17.5% | ||
| Q3 25 | 64.1% | -22.2% | ||
| Q2 25 | 63.8% | -24.0% | ||
| Q1 25 | 66.9% | -32.1% | ||
| Q4 24 | 67.5% | -11.1% | ||
| Q3 24 | 69.0% | -16.0% | ||
| Q2 24 | 65.9% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | -16.0% | ||
| Q3 25 | 52.9% | -18.5% | ||
| Q2 25 | 53.4% | -23.5% | ||
| Q1 25 | 52.6% | -26.2% | ||
| Q4 24 | 55.8% | -8.2% | ||
| Q3 24 | 55.2% | -12.4% | ||
| Q2 24 | 52.4% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $3.69 | $-0.23 | ||
| Q3 25 | $4.44 | $-0.26 | ||
| Q2 25 | $4.48 | $-0.32 | ||
| Q1 25 | $4.01 | $-0.32 | ||
| Q4 24 | $4.62 | $-0.12 | ||
| Q3 24 | $3.86 | $-0.16 | ||
| Q2 24 | $3.68 | $-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 | — | $179.3M |
| Total DebtLower is stronger | $30.8B | — |
| Stockholders' EquityBook value | $1.7B | $453.5M |
| Total Assets | $35.4B | $1.6B |
| Debt / EquityLower = less leverage | 17.93× | — |
8-quarter trend — quarters aligned by calendar period.
| 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 | $842.1M | $844.8M | ||
| Q2 24 | $923.0M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $30.8B | — | ||
| Q3 25 | $29.2B | — | ||
| Q2 25 | $28.9B | — | ||
| Q1 25 | $28.0B | — | ||
| Q4 24 | $27.5B | — | ||
| Q3 24 | $27.2B | — | ||
| Q2 24 | $26.8B | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $1.7B | $598.7M | ||
| Q3 25 | $1.7B | $604.8M | ||
| Q2 25 | $1.5B | $341.5M | ||
| Q1 25 | $1.5B | $367.7M | ||
| Q4 24 | $1.5B | $455.7M | ||
| Q3 24 | $1.5B | $428.6M | ||
| Q2 24 | $1.5B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $35.4B | $1.8B | ||
| Q3 25 | $33.4B | $1.7B | ||
| Q2 25 | $33.0B | $1.6B | ||
| Q1 25 | $31.8B | $1.6B | ||
| Q4 24 | $31.3B | $1.7B | ||
| Q3 24 | $30.6B | $1.5B | ||
| Q2 24 | $30.2B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 17.93× | — | ||
| Q3 25 | 17.31× | — | ||
| Q2 25 | 18.70× | — | ||
| Q1 25 | 18.39× | — | ||
| Q4 24 | 18.48× | — | ||
| Q3 24 | 18.60× | — | ||
| Q2 24 | 17.87× | — |
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 | $80.1M | $55.0M |
| Free Cash FlowOCF − Capex | — | $49.0M |
| FCF MarginFCF / Revenue | — | 28.3% |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $80.1M | $24.7M | ||
| Q3 25 | $74.2M | $33.4M | ||
| Q2 25 | $-47.7M | $21.3M | ||
| Q1 25 | $-49.8M | $68.0M | ||
| Q4 24 | $612.6M | $24.3M | ||
| Q3 24 | $-44.4M | $22.5M | ||
| Q2 24 | $56.1M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | — | $20.7M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | $607.4M | $19.9M | ||
| Q3 24 | $-44.4M | $21.3M | ||
| Q2 24 | $52.6M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | 599.8% | 12.6% | ||
| Q3 24 | -49.2% | 14.4% | ||
| Q2 24 | 58.5% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | 2.3% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.0% | 2.2% | ||
| Q1 25 | 0.0% | 1.7% | ||
| Q4 24 | 5.2% | 2.7% | ||
| Q3 24 | 0.1% | 0.8% | ||
| Q2 24 | 4.0% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | -0.87× | — | ||
| Q1 25 | -1.00× | — | ||
| Q4 24 | 10.84× | — | ||
| Q3 24 | -0.89× | — | ||
| Q2 24 | 1.19× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AGM
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
