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Side-by-side financial comparison of Employers Holdings, Inc. (EIG) 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 $170.5M, roughly 1.0× Employers Holdings, Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -21.3%). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -11.4%).
Employers Holdings, Inc. is a U.S.-headquartered insurance holding company that specializes in offering workers' compensation insurance and customized risk management services primarily for small and medium-sized enterprises across the United States. It mainly serves clients in low-to-medium hazard industries, helping them mitigate workplace safety risks and meet relevant regulatory requirements for employee protection.
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.
EIG vs VRNS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $170.5M | $173.1M |
| Net Profit | — | — |
| Gross Margin | — | 76.0% |
| Operating Margin | — | -1.7% |
| Net Margin | — | — |
| Revenue YoY | -21.3% | 26.9% |
| Net Profit YoY | — | — |
| 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 | $170.5M | $173.1M | ||
| Q4 25 | $188.5M | $173.4M | ||
| Q3 25 | $239.3M | $161.6M | ||
| Q2 25 | $246.3M | $152.2M | ||
| Q1 25 | $202.6M | $136.4M | ||
| Q4 24 | $216.6M | $158.5M | ||
| Q3 24 | $224.0M | $148.1M | ||
| Q2 24 | $217.0M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $-8.3M | $-29.9M | ||
| Q2 25 | $29.7M | $-35.8M | ||
| Q1 25 | $12.8M | $-35.8M | ||
| Q4 24 | — | $-13.0M | ||
| Q3 24 | $30.3M | $-18.3M | ||
| Q2 24 | $31.7M | $-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 | — | -17.5% | ||
| Q3 25 | -4.7% | -22.2% | ||
| Q2 25 | 15.0% | -24.0% | ||
| Q1 25 | 7.8% | -32.1% | ||
| Q4 24 | — | -11.1% | ||
| Q3 24 | 16.4% | -16.0% | ||
| Q2 24 | 18.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | -16.0% | ||
| Q3 25 | -3.5% | -18.5% | ||
| Q2 25 | 12.1% | -23.5% | ||
| Q1 25 | 6.3% | -26.2% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | 13.5% | -12.4% | ||
| Q2 24 | 14.6% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $-0.23 | ||
| Q3 25 | $-0.36 | $-0.26 | ||
| Q2 25 | $1.23 | $-0.32 | ||
| Q1 25 | $0.52 | $-0.32 | ||
| Q4 24 | $1.14 | $-0.12 | ||
| Q3 24 | $1.21 | $-0.16 | ||
| Q2 24 | $1.25 | $-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 | $169.9M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $955.7M | $453.5M |
| Total Assets | $3.4B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $169.9M | $179.3M | ||
| Q4 25 | $169.9M | $883.7M | ||
| Q3 25 | $172.4M | $671.3M | ||
| Q2 25 | $78.1M | $770.9M | ||
| Q1 25 | $100.4M | $567.6M | ||
| Q4 24 | $68.4M | $529.0M | ||
| Q3 24 | $173.9M | $844.8M | ||
| Q2 24 | $126.4M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $19.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $955.7M | $453.5M | ||
| Q4 25 | $955.7M | $598.7M | ||
| Q3 25 | $1.0B | $604.8M | ||
| Q2 25 | $1.1B | $341.5M | ||
| Q1 25 | $1.1B | $367.7M | ||
| Q4 24 | $1.1B | $455.7M | ||
| Q3 24 | $1.1B | $428.6M | ||
| Q2 24 | $1.0B | $458.6M |
| Q1 26 | $3.4B | $1.6B | ||
| Q4 25 | $3.4B | $1.8B | ||
| Q3 25 | $3.5B | $1.7B | ||
| Q2 25 | $3.5B | $1.6B | ||
| Q1 25 | $3.6B | $1.6B | ||
| Q4 24 | $3.5B | $1.7B | ||
| Q3 24 | $3.6B | $1.5B | ||
| Q2 24 | $3.5B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.02× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| 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 | — | $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 | $44.7M | $24.7M | ||
| Q3 25 | $29.4M | $33.4M | ||
| Q2 25 | $0 | $21.3M | ||
| Q1 25 | $14.6M | $68.0M | ||
| Q4 24 | $76.4M | $24.3M | ||
| Q3 24 | $51.0M | $22.5M | ||
| Q2 24 | $11.7M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $44.6M | $20.7M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | $76.3M | $19.9M | ||
| Q3 24 | — | $21.3M | ||
| Q2 24 | — | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 23.7% | 12.0% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | 35.2% | 12.6% | ||
| Q3 24 | — | 14.4% | ||
| Q2 24 | — | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 2.3% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | 0.0% | 2.7% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 1.14× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.68× | — | ||
| Q2 24 | 0.37× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EIG
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
