vs
Side-by-side financial comparison of FIRST MID BANCSHARES, INC. (FMBH) 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 $88.2M, roughly 2.0× FIRST MID BANCSHARES, INC.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 3.4%). FIRST MID BANCSHARES, INC. produced more free cash flow last quarter ($124.0M vs $49.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 5.0%).
First Mid Bancshares Inc. is a U.S.-headquartered regional financial services holding company. It provides full-range retail and commercial banking products, wealth management, insurance solutions, and agricultural financing, mainly serving individual consumers, small and medium-sized enterprises, and agricultural clients across multiple Midwestern states including Illinois, Missouri, and Indiana.
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.
FMBH vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $88.2M | $173.1M |
| Net Profit | $23.7M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 34.0% | -1.7% |
| Net Margin | 26.8% | — |
| Revenue YoY | 3.4% | 26.9% |
| Net Profit YoY | 23.5% | — |
| EPS (diluted) | $0.98 | — |
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 | $88.2M | $173.4M | ||
| Q3 25 | $89.3M | $161.6M | ||
| Q2 25 | $87.5M | $152.2M | ||
| Q1 25 | $84.3M | $136.4M | ||
| Q4 24 | $85.3M | $158.5M | ||
| Q3 24 | $80.6M | $148.1M | ||
| Q2 24 | $79.2M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $23.7M | $-27.8M | ||
| Q3 25 | $22.5M | $-29.9M | ||
| Q2 25 | $23.4M | $-35.8M | ||
| Q1 25 | $22.2M | $-35.8M | ||
| Q4 24 | $19.2M | $-13.0M | ||
| Q3 24 | $19.5M | $-18.3M | ||
| Q2 24 | $19.7M | $-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 | 34.0% | -17.5% | ||
| Q3 25 | 32.2% | -22.2% | ||
| Q2 25 | 34.4% | -24.0% | ||
| Q1 25 | 33.4% | -32.1% | ||
| Q4 24 | 29.7% | -11.1% | ||
| Q3 24 | 31.5% | -16.0% | ||
| Q2 24 | 33.7% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 26.8% | -16.0% | ||
| Q3 25 | 25.2% | -18.5% | ||
| Q2 25 | 26.8% | -23.5% | ||
| Q1 25 | 26.3% | -26.2% | ||
| Q4 24 | 22.5% | -8.2% | ||
| Q3 24 | 24.2% | -12.4% | ||
| Q2 24 | 24.9% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.98 | $-0.23 | ||
| Q3 25 | $0.94 | $-0.26 | ||
| Q2 25 | $0.98 | $-0.32 | ||
| Q1 25 | $0.93 | $-0.32 | ||
| Q4 24 | $0.81 | $-0.12 | ||
| Q3 24 | $0.81 | $-0.16 | ||
| Q2 24 | $0.82 | $-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 | — | $179.3M |
| Total DebtLower is stronger | $354.5M | — |
| Stockholders' EquityBook value | $958.7M | $453.5M |
| Total Assets | $8.0B | $1.6B |
| Debt / EquityLower = less leverage | 0.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | — | $883.7M | ||
| Q3 25 | — | $671.3M | ||
| Q2 25 | — | $770.9M | ||
| Q1 25 | — | $567.6M | ||
| Q4 24 | — | $529.0M | ||
| Q3 24 | — | $844.8M | ||
| Q2 24 | — | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $354.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $958.7M | $598.7M | ||
| Q3 25 | $932.2M | $604.8M | ||
| Q2 25 | $894.1M | $341.5M | ||
| Q1 25 | $870.9M | $367.7M | ||
| Q4 24 | $846.4M | $455.7M | ||
| Q3 24 | $858.5M | $428.6M | ||
| Q2 24 | $813.6M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $8.0B | $1.8B | ||
| Q3 25 | $7.8B | $1.7B | ||
| Q2 25 | $7.7B | $1.6B | ||
| Q1 25 | $7.6B | $1.6B | ||
| Q4 24 | $7.5B | $1.7B | ||
| Q3 24 | $7.6B | $1.5B | ||
| Q2 24 | $7.6B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.37× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $130.9M | $55.0M |
| Free Cash FlowOCF − Capex | $124.0M | $49.0M |
| FCF MarginFCF / Revenue | 140.6% | 28.3% |
| Capex IntensityCapex / Revenue | 7.8% | — |
| Cash ConversionOCF / Net Profit | 5.53× | — |
| TTM Free Cash FlowTrailing 4 quarters | $207.9M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $130.9M | $24.7M | ||
| Q3 25 | $33.0M | $33.4M | ||
| Q2 25 | $7.7M | $21.3M | ||
| Q1 25 | $47.9M | $68.0M | ||
| Q4 24 | $124.4M | $24.3M | ||
| Q3 24 | $33.1M | $22.5M | ||
| Q2 24 | $24.0M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $124.0M | $20.7M | ||
| Q3 25 | $31.9M | $30.4M | ||
| Q2 25 | $6.0M | $18.0M | ||
| Q1 25 | $46.0M | $65.7M | ||
| Q4 24 | $119.5M | $19.9M | ||
| Q3 24 | $32.0M | $21.3M | ||
| Q2 24 | $22.9M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 140.6% | 12.0% | ||
| Q3 25 | 35.8% | 18.8% | ||
| Q2 25 | 6.8% | 11.8% | ||
| Q1 25 | 54.5% | 48.1% | ||
| Q4 24 | 140.0% | 12.6% | ||
| Q3 24 | 39.7% | 14.4% | ||
| Q2 24 | 28.9% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | 2.3% | ||
| Q3 25 | 1.2% | 1.8% | ||
| Q2 25 | 2.0% | 2.2% | ||
| Q1 25 | 2.3% | 1.7% | ||
| Q4 24 | 5.8% | 2.7% | ||
| Q3 24 | 1.4% | 0.8% | ||
| Q2 24 | 1.4% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 5.53× | — | ||
| Q3 25 | 1.47× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 2.16× | — | ||
| Q4 24 | 6.49× | — | ||
| Q3 24 | 1.70× | — | ||
| Q2 24 | 1.21× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FMBH
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
