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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($276.3M vs $173.1M, roughly 1.6× VARONIS SYSTEMS INC). Over the past eight quarters, PATHWARD FINANCIAL, INC.'s revenue compounded faster (21.0% CAGR vs 15.2%).
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
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.
CASH vs VRNS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $276.3M | $173.1M |
| Net Profit | $72.9M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | — | -1.7% |
| Net Margin | 26.4% | — |
| Revenue YoY | — | 26.9% |
| Net Profit YoY | — | — |
| EPS (diluted) | $3.35 | — |
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 | $276.3M | $173.1M | ||
| Q4 25 | $173.1M | $173.4M | ||
| Q3 25 | $186.7M | $161.6M | ||
| Q2 25 | $195.8M | $152.2M | ||
| Q1 25 | $274.8M | $136.4M | ||
| Q4 24 | $182.6M | $158.5M | ||
| Q3 24 | $179.5M | $148.1M | ||
| Q2 24 | $188.6M | $130.3M |
| Q1 26 | $72.9M | — | ||
| Q4 25 | $35.2M | $-27.8M | ||
| Q3 25 | $38.8M | $-29.9M | ||
| Q2 25 | $42.1M | $-35.8M | ||
| Q1 25 | $75.0M | $-35.8M | ||
| Q4 24 | $30.0M | $-13.0M | ||
| Q3 24 | $33.5M | $-18.3M | ||
| Q2 24 | $44.9M | $-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 | 24.6% | -17.5% | ||
| Q3 25 | 25.9% | -22.2% | ||
| Q2 25 | 24.1% | -24.0% | ||
| Q1 25 | 33.2% | -32.1% | ||
| Q4 24 | 19.8% | -11.1% | ||
| Q3 24 | 20.9% | -16.0% | ||
| Q2 24 | 27.1% | -22.1% |
| Q1 26 | 26.4% | — | ||
| Q4 25 | 20.3% | -16.0% | ||
| Q3 25 | 20.8% | -18.5% | ||
| Q2 25 | 21.5% | -23.5% | ||
| Q1 25 | 27.3% | -26.2% | ||
| Q4 24 | 16.4% | -8.2% | ||
| Q3 24 | 18.7% | -12.4% | ||
| Q2 24 | 23.8% | -18.4% |
| Q1 26 | $3.35 | — | ||
| Q4 25 | $1.57 | $-0.23 | ||
| Q3 25 | $1.69 | $-0.26 | ||
| Q2 25 | $1.81 | $-0.32 | ||
| Q1 25 | $3.14 | $-0.32 | ||
| Q4 24 | $1.23 | $-0.12 | ||
| Q3 24 | $1.34 | $-0.16 | ||
| Q2 24 | $1.78 | $-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 | $157.6M | $179.3M |
| Total DebtLower is stronger | $59.5M | — |
| Stockholders' EquityBook value | $850.7M | $453.5M |
| Total Assets | $7.1B | $1.6B |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $157.6M | $179.3M | ||
| Q4 25 | $331.2M | $883.7M | ||
| Q3 25 | $120.6M | $671.3M | ||
| Q2 25 | $258.3M | $770.9M | ||
| Q1 25 | $254.2M | $567.6M | ||
| Q4 24 | $597.4M | $529.0M | ||
| Q3 24 | $158.3M | $844.8M | ||
| Q2 24 | $298.9M | $582.5M |
| Q1 26 | $59.5M | — | ||
| Q4 25 | $33.5M | — | ||
| Q3 25 | $33.5M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $33.4M | — | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | — |
| Q1 26 | $850.7M | $453.5M | ||
| Q4 25 | $854.5M | $598.7M | ||
| Q3 25 | $858.0M | $604.8M | ||
| Q2 25 | $819.0M | $341.5M | ||
| Q1 25 | $814.7M | $367.7M | ||
| Q4 24 | $758.3M | $455.7M | ||
| Q3 24 | $822.5M | $428.6M | ||
| Q2 24 | $748.4M | $458.6M |
| Q1 26 | $7.1B | $1.6B | ||
| Q4 25 | $7.6B | $1.8B | ||
| Q3 25 | $7.2B | $1.7B | ||
| Q2 25 | $7.2B | $1.6B | ||
| Q1 25 | $7.0B | $1.6B | ||
| Q4 24 | $7.6B | $1.7B | ||
| Q3 24 | $7.5B | $1.5B | ||
| Q2 24 | $7.5B | $1.1B |
| Q1 26 | 0.07× | — | ||
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — |
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 | — | $55.0M |
| Free Cash FlowOCF − Capex | — | $49.0M |
| FCF MarginFCF / Revenue | — | 28.3% |
| Capex IntensityCapex / Revenue | — | — |
| 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 | $108.3M | $24.7M | ||
| Q3 25 | $303.7M | $33.4M | ||
| Q2 25 | $30.4M | $21.3M | ||
| Q1 25 | $188.3M | $68.0M | ||
| Q4 24 | $-71.7M | $24.3M | ||
| Q3 24 | $143.1M | $22.5M | ||
| Q2 24 | $113.2M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $104.1M | $20.7M | ||
| Q3 25 | $300.3M | $30.4M | ||
| Q2 25 | $27.7M | $18.0M | ||
| Q1 25 | $184.7M | $65.7M | ||
| Q4 24 | $-73.8M | $19.9M | ||
| Q3 24 | $138.8M | $21.3M | ||
| Q2 24 | $111.0M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 60.1% | 12.0% | ||
| Q3 25 | 160.9% | 18.8% | ||
| Q2 25 | 14.1% | 11.8% | ||
| Q1 25 | 67.2% | 48.1% | ||
| Q4 24 | -40.4% | 12.6% | ||
| Q3 24 | 77.3% | 14.4% | ||
| Q2 24 | 58.8% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 2.3% | ||
| Q3 25 | 1.8% | 1.8% | ||
| Q2 25 | 1.4% | 2.2% | ||
| Q1 25 | 1.3% | 1.7% | ||
| Q4 24 | 1.1% | 2.7% | ||
| Q3 24 | 2.4% | 0.8% | ||
| Q2 24 | 1.2% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.08× | — | ||
| Q3 25 | 7.83× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | — | ||
| Q3 24 | 4.27× | — | ||
| Q2 24 | 2.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
