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Side-by-side financial comparison of Amphastar Pharmaceuticals, Inc. (AMPH) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
Amphastar Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($183.1M vs $173.1M, roughly 1.1× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -1.8%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $24.6M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 3.2%).
Amphastar Pharmaceuticals is a publicly traded American speciality pharmaceutical company. It was incorporated in May 2004 and primarily develops, manufactures, and sells inhalation and intranasal products.
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.
AMPH vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.1M | $173.1M |
| Net Profit | $24.4M | — |
| Gross Margin | 46.8% | 76.0% |
| Operating Margin | 19.4% | -1.7% |
| Net Margin | 13.3% | — |
| Revenue YoY | -1.8% | 26.9% |
| Net Profit YoY | -35.7% | — |
| EPS (diluted) | $0.51 | — |
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 | $183.1M | $173.4M | ||
| Q3 25 | $191.8M | $161.6M | ||
| Q2 25 | $174.4M | $152.2M | ||
| Q1 25 | $170.5M | $136.4M | ||
| Q4 24 | $186.5M | $158.5M | ||
| Q3 24 | $191.2M | $148.1M | ||
| Q2 24 | $182.4M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $24.4M | $-27.8M | ||
| Q3 25 | $17.4M | $-29.9M | ||
| Q2 25 | $31.0M | $-35.8M | ||
| Q1 25 | $25.3M | $-35.8M | ||
| Q4 24 | $38.0M | $-13.0M | ||
| Q3 24 | $40.4M | $-18.3M | ||
| Q2 24 | $37.9M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 46.8% | 78.9% | ||
| Q3 25 | 51.4% | 78.2% | ||
| Q2 25 | 49.6% | 79.5% | ||
| Q1 25 | 50.0% | 78.7% | ||
| Q4 24 | 46.5% | 83.6% | ||
| Q3 24 | 53.3% | 83.8% | ||
| Q2 24 | 52.2% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 19.4% | -17.5% | ||
| Q3 25 | 13.2% | -22.2% | ||
| Q2 25 | 24.2% | -24.0% | ||
| Q1 25 | 21.9% | -32.1% | ||
| Q4 24 | 24.2% | -11.1% | ||
| Q3 24 | 29.8% | -16.0% | ||
| Q2 24 | 30.3% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 13.3% | -16.0% | ||
| Q3 25 | 9.0% | -18.5% | ||
| Q2 25 | 17.8% | -23.5% | ||
| Q1 25 | 14.8% | -26.2% | ||
| Q4 24 | 20.4% | -8.2% | ||
| Q3 24 | 21.1% | -12.4% | ||
| Q2 24 | 20.8% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.51 | $-0.23 | ||
| Q3 25 | $0.37 | $-0.26 | ||
| Q2 25 | $0.64 | $-0.32 | ||
| Q1 25 | $0.51 | $-0.32 | ||
| Q4 24 | $0.74 | $-0.12 | ||
| Q3 24 | $0.78 | $-0.16 | ||
| Q2 24 | $0.73 | $-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 | $282.8M | $179.3M |
| Total DebtLower is stronger | $608.7M | — |
| Stockholders' EquityBook value | $788.8M | $453.5M |
| Total Assets | $1.6B | $1.6B |
| Debt / EquityLower = less leverage | 0.77× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $282.8M | $883.7M | ||
| Q3 25 | $276.2M | $671.3M | ||
| Q2 25 | $231.8M | $770.9M | ||
| Q1 25 | $236.9M | $567.6M | ||
| Q4 24 | $221.6M | $529.0M | ||
| Q3 24 | $250.5M | $844.8M | ||
| Q2 24 | $217.8M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $608.7M | — | ||
| Q3 25 | $608.6M | — | ||
| Q2 25 | $607.7M | — | ||
| Q1 25 | $603.9M | — | ||
| Q4 24 | $601.6M | — | ||
| Q3 24 | $596.4M | — | ||
| Q2 24 | $586.9M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $788.8M | $598.7M | ||
| Q3 25 | $776.7M | $604.8M | ||
| Q2 25 | $757.5M | $341.5M | ||
| Q1 25 | $751.3M | $367.7M | ||
| Q4 24 | $732.3M | $455.7M | ||
| Q3 24 | $727.7M | $428.6M | ||
| Q2 24 | $713.3M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.6B | $1.8B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.6B | $1.6B | ||
| Q1 25 | $1.6B | $1.6B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $1.5B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.77× | — | ||
| Q3 25 | 0.78× | — | ||
| Q2 25 | 0.80× | — | ||
| Q1 25 | 0.80× | — | ||
| Q4 24 | 0.82× | — | ||
| Q3 24 | 0.82× | — | ||
| Q2 24 | 0.82× | — |
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 | $32.9M | $55.0M |
| Free Cash FlowOCF − Capex | $24.6M | $49.0M |
| FCF MarginFCF / Revenue | 13.4% | 28.3% |
| Capex IntensityCapex / Revenue | 4.5% | — |
| Cash ConversionOCF / Net Profit | 1.35× | — |
| TTM Free Cash FlowTrailing 4 quarters | $121.2M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $32.9M | $24.7M | ||
| Q3 25 | $52.6M | $33.4M | ||
| Q2 25 | $35.6M | $21.3M | ||
| Q1 25 | $35.1M | $68.0M | ||
| Q4 24 | $29.0M | $24.3M | ||
| Q3 24 | $60.0M | $22.5M | ||
| Q2 24 | $69.1M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $24.6M | $20.7M | ||
| Q3 25 | $47.2M | $30.4M | ||
| Q2 25 | $25.0M | $18.0M | ||
| Q1 25 | $24.4M | $65.7M | ||
| Q4 24 | $16.6M | $19.9M | ||
| Q3 24 | $46.2M | $21.3M | ||
| Q2 24 | $63.1M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 13.4% | 12.0% | ||
| Q3 25 | 24.6% | 18.8% | ||
| Q2 25 | 14.3% | 11.8% | ||
| Q1 25 | 14.3% | 48.1% | ||
| Q4 24 | 8.9% | 12.6% | ||
| Q3 24 | 24.1% | 14.4% | ||
| Q2 24 | 34.6% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.5% | 2.3% | ||
| Q3 25 | 2.8% | 1.8% | ||
| Q2 25 | 6.1% | 2.2% | ||
| Q1 25 | 6.3% | 1.7% | ||
| Q4 24 | 6.7% | 2.7% | ||
| Q3 24 | 7.2% | 0.8% | ||
| Q2 24 | 3.3% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.35× | — | ||
| Q3 25 | 3.03× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.39× | — | ||
| Q4 24 | 0.76× | — | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 1.82× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMPH
| Other Products | $62.4M | 34% |
| Baqsimi | $46.7M | 26% |
| Primatenemist | $27.9M | 15% |
| Epinephrine | $17.1M | 9% |
| Lidocaine | $14.9M | 8% |
| Glucagon | $14.1M | 8% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
