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Side-by-side financial comparison of Andersons, Inc. (ANDE) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
Andersons, Inc. is the larger business by last-quarter revenue ($329.5M vs $173.1M, roughly 1.9× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -2.4%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-77.1M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -1.8%).
The Andersons, Inc. is an American agribusiness established in 1947, that began as Andersons Truck Terminal (ATT) in the 1940s for the grain industry, headquartered in Maumee, Ohio. It is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and plant nutrient sectors.
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.
ANDE vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $329.5M | $173.1M |
| Net Profit | $67.4M | — |
| Gross Margin | 70.3% | 76.0% |
| Operating Margin | 26.6% | -1.7% |
| Net Margin | 20.5% | — |
| Revenue YoY | -2.4% | 26.9% |
| Net Profit YoY | 49.6% | — |
| EPS (diluted) | — | — |
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 | $329.5M | $173.4M | ||
| Q3 25 | $295.8M | $161.6M | ||
| Q2 25 | $535.0M | $152.2M | ||
| Q1 25 | $370.8M | $136.4M | ||
| Q4 24 | $337.5M | $158.5M | ||
| Q3 24 | $231.9M | $148.1M | ||
| Q2 24 | $492.5M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $67.4M | $-27.8M | ||
| Q3 25 | $20.1M | $-29.9M | ||
| Q2 25 | $7.9M | $-35.8M | ||
| Q1 25 | $284.0K | $-35.8M | ||
| Q4 24 | $45.1M | $-13.0M | ||
| Q3 24 | $27.4M | $-18.3M | ||
| Q2 24 | $36.0M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 70.3% | 78.9% | ||
| Q3 25 | 57.8% | 78.2% | ||
| Q2 25 | 29.6% | 79.5% | ||
| Q1 25 | 41.2% | 78.7% | ||
| Q4 24 | 63.1% | 83.6% | ||
| Q3 24 | 76.4% | 83.8% | ||
| Q2 24 | 35.6% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 26.6% | -17.5% | ||
| Q3 25 | 8.7% | -22.2% | ||
| Q2 25 | 4.6% | -24.0% | ||
| Q1 25 | 0.9% | -32.1% | ||
| Q4 24 | 19.9% | -11.1% | ||
| Q3 24 | 26.8% | -16.0% | ||
| Q2 24 | 11.6% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 20.5% | -16.0% | ||
| Q3 25 | 6.8% | -18.5% | ||
| Q2 25 | 1.5% | -23.5% | ||
| Q1 25 | 0.1% | -26.2% | ||
| Q4 24 | 13.4% | -8.2% | ||
| Q3 24 | 11.8% | -12.4% | ||
| Q2 24 | 7.3% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.23 | ||
| Q3 25 | $0.59 | $-0.26 | ||
| Q2 25 | $0.23 | $-0.32 | ||
| Q1 25 | $0.01 | $-0.32 | ||
| Q4 24 | $1.31 | $-0.12 | ||
| Q3 24 | $0.80 | $-0.16 | ||
| Q2 24 | $1.05 | $-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 | $98.3M | $179.3M |
| Total DebtLower is stronger | $560.0M | — |
| Stockholders' EquityBook value | $1.2B | $453.5M |
| Total Assets | $3.7B | $1.6B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $98.3M | $883.7M | ||
| Q3 25 | — | $671.3M | ||
| Q2 25 | — | $770.9M | ||
| Q1 25 | — | $567.6M | ||
| Q4 24 | $561.8M | $529.0M | ||
| Q3 24 | — | $844.8M | ||
| Q2 24 | — | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $560.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $608.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $1.2B | $598.7M | ||
| Q3 25 | $1.2B | $604.8M | ||
| Q2 25 | $1.4B | $341.5M | ||
| Q1 25 | $1.4B | $367.7M | ||
| Q4 24 | $1.4B | $455.7M | ||
| Q3 24 | $1.3B | $428.6M | ||
| Q2 24 | $1.3B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $3.7B | $1.8B | ||
| Q3 25 | $3.3B | $1.7B | ||
| Q2 25 | $3.4B | $1.6B | ||
| Q1 25 | $3.8B | $1.6B | ||
| Q4 24 | $4.1B | $1.7B | ||
| Q3 24 | $3.4B | $1.5B | ||
| Q2 24 | $3.3B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.45× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.45× | — | ||
| 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 | $-6.2M | $55.0M |
| Free Cash FlowOCF − Capex | $-77.1M | $49.0M |
| FCF MarginFCF / Revenue | -23.4% | 28.3% |
| Capex IntensityCapex / Revenue | 21.5% | — |
| Cash ConversionOCF / Net Profit | -0.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-56.1M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-6.2M | $24.7M | ||
| Q3 25 | $233.9M | $33.4M | ||
| Q2 25 | $299.3M | $21.3M | ||
| Q1 25 | $-350.0M | $68.0M | ||
| Q4 24 | $268.8M | $24.3M | ||
| Q3 24 | $-2.1M | $22.5M | ||
| Q2 24 | $304.4M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-77.1M | $20.7M | ||
| Q3 25 | $167.0M | $30.4M | ||
| Q2 25 | $250.5M | $18.0M | ||
| Q1 25 | $-396.6M | $65.7M | ||
| Q4 24 | $212.9M | $19.9M | ||
| Q3 24 | $-40.0M | $21.3M | ||
| Q2 24 | $275.8M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -23.4% | 12.0% | ||
| Q3 25 | 56.5% | 18.8% | ||
| Q2 25 | 46.8% | 11.8% | ||
| Q1 25 | -106.9% | 48.1% | ||
| Q4 24 | 63.1% | 12.6% | ||
| Q3 24 | -17.2% | 14.4% | ||
| Q2 24 | 56.0% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 21.5% | 2.3% | ||
| Q3 25 | 22.6% | 1.8% | ||
| Q2 25 | 9.1% | 2.2% | ||
| Q1 25 | 12.6% | 1.7% | ||
| Q4 24 | 16.6% | 2.7% | ||
| Q3 24 | 16.3% | 0.8% | ||
| Q2 24 | 5.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | -0.09× | — | ||
| Q3 25 | 11.61× | — | ||
| Q2 25 | 38.10× | — | ||
| Q1 25 | -1232.46× | — | ||
| Q4 24 | 5.96× | — | ||
| Q3 24 | -0.08× | — | ||
| Q2 24 | 8.46× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANDE
| Specialty And Primary Nutrients | $137.1M | 42% |
| Premium Ingredients | $66.1M | 20% |
| Segment Reporting Reconciling Item Other | $63.2M | 19% |
| Other | $63.1M | 19% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
