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Side-by-side financial comparison of BALCHEM CORP (BCPC) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
BALCHEM CORP is the larger business by last-quarter revenue ($270.7M vs $173.1M, roughly 1.6× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 8.1%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $33.8M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 7.5%).
Balchem Corp is a global specialty chemicals and nutritional ingredients provider that develops, manufactures and distributes application-specific products for human nutrition, animal health, pharmaceutical and industrial end markets, serving customers across North America, Europe and Asia Pacific.
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.
BCPC vs VRNS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $270.7M | $173.1M |
| Net Profit | $40.3M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 20.5% | -1.7% |
| Net Margin | 14.9% | — |
| Revenue YoY | 8.1% | 26.9% |
| Net Profit YoY | 8.7% | — |
| EPS (diluted) | $1.25 | — |
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 | $270.7M | $173.1M | ||
| Q4 25 | $263.6M | $173.4M | ||
| Q3 25 | $267.6M | $161.6M | ||
| Q2 25 | $255.5M | $152.2M | ||
| Q1 25 | $250.5M | $136.4M | ||
| Q4 24 | $240.0M | $158.5M | ||
| Q3 24 | $239.9M | $148.1M | ||
| Q2 24 | $234.1M | $130.3M |
| Q1 26 | $40.3M | — | ||
| Q4 25 | $39.2M | $-27.8M | ||
| Q3 25 | $40.3M | $-29.9M | ||
| Q2 25 | $38.3M | $-35.8M | ||
| Q1 25 | $37.1M | $-35.8M | ||
| Q4 24 | $33.6M | $-13.0M | ||
| Q3 24 | $33.8M | $-18.3M | ||
| Q2 24 | $32.1M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 35.6% | 78.9% | ||
| Q3 25 | 35.7% | 78.2% | ||
| Q2 25 | 36.4% | 79.5% | ||
| Q1 25 | 35.2% | 78.7% | ||
| Q4 24 | 36.0% | 83.6% | ||
| Q3 24 | 35.6% | 83.8% | ||
| Q2 24 | 35.5% | 82.8% |
| Q1 26 | 20.5% | -1.7% | ||
| Q4 25 | 19.8% | -17.5% | ||
| Q3 25 | 20.4% | -22.2% | ||
| Q2 25 | 20.1% | -24.0% | ||
| Q1 25 | 20.4% | -32.1% | ||
| Q4 24 | 19.8% | -11.1% | ||
| Q3 24 | 20.0% | -16.0% | ||
| Q2 24 | 19.6% | -22.1% |
| Q1 26 | 14.9% | — | ||
| Q4 25 | 14.9% | -16.0% | ||
| Q3 25 | 15.1% | -18.5% | ||
| Q2 25 | 15.0% | -23.5% | ||
| Q1 25 | 14.8% | -26.2% | ||
| Q4 24 | 14.0% | -8.2% | ||
| Q3 24 | 14.1% | -12.4% | ||
| Q2 24 | 13.7% | -18.4% |
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.21 | $-0.23 | ||
| Q3 25 | $1.24 | $-0.26 | ||
| Q2 25 | $1.17 | $-0.32 | ||
| Q1 25 | $1.13 | $-0.32 | ||
| Q4 24 | $1.03 | $-0.12 | ||
| Q3 24 | $1.03 | $-0.16 | ||
| Q2 24 | $0.98 | $-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 | $72.9M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $453.5M |
| Total Assets | $1.7B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $72.9M | $179.3M | ||
| Q4 25 | $74.6M | $883.7M | ||
| Q3 25 | $65.1M | $671.3M | ||
| Q2 25 | $65.4M | $770.9M | ||
| Q1 25 | $49.9M | $567.6M | ||
| Q4 24 | $49.5M | $529.0M | ||
| Q3 24 | $73.7M | $844.8M | ||
| Q2 24 | $63.7M | $582.5M |
| Q1 26 | $1.3B | $453.5M | ||
| Q4 25 | $1.3B | $598.7M | ||
| Q3 25 | $1.3B | $604.8M | ||
| Q2 25 | $1.3B | $341.5M | ||
| Q1 25 | $1.2B | $367.7M | ||
| Q4 24 | $1.1B | $455.7M | ||
| Q3 24 | $1.2B | $428.6M | ||
| Q2 24 | $1.1B | $458.6M |
| Q1 26 | $1.7B | $1.6B | ||
| Q4 25 | $1.7B | $1.8B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.7B | $1.6B | ||
| Q1 25 | $1.6B | $1.6B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.6B | $1.1B |
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 | $40.1M | $55.0M |
| Free Cash FlowOCF − Capex | $33.8M | $49.0M |
| FCF MarginFCF / Revenue | 12.5% | 28.3% |
| Capex IntensityCapex / Revenue | 2.3% | — |
| Cash ConversionOCF / Net Profit | 0.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.1M | $55.0M | ||
| Q4 25 | $67.3M | $24.7M | ||
| Q3 25 | $65.6M | $33.4M | ||
| Q2 25 | $47.3M | $21.3M | ||
| Q1 25 | $36.5M | $68.0M | ||
| Q4 24 | $52.3M | $24.3M | ||
| Q3 24 | $51.3M | $22.5M | ||
| Q2 24 | $45.0M | $11.7M |
| Q1 26 | $33.8M | $49.0M | ||
| Q4 25 | — | $20.7M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | — | $19.9M | ||
| Q3 24 | — | $21.3M | ||
| Q2 24 | — | $10.9M |
| Q1 26 | 12.5% | 28.3% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | — | 8.4% |
| Q1 26 | 2.3% | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | 0.99× | — | ||
| Q4 25 | 1.72× | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 1.23× | — | ||
| Q1 25 | 0.98× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 1.52× | — | ||
| Q2 24 | 1.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BCPC
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
