vs
Side-by-side financial comparison of James River Group Holdings, Inc. (JRVR) 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 $167.7M, roughly 1.0× James River Group Holdings, Inc.). On growth, James River Group Holdings, Inc. posted the faster year-over-year revenue change (32.4% vs 26.9%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-23.6M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs -8.7%).
James River Corporation was an American pulp and paper company based in Richmond, Virginia, once the largest paper manufacturer in the world.
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.
JRVR vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $167.7M | $173.1M |
| Net Profit | $32.1M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 14.6% | -1.7% |
| Net Margin | 19.1% | — |
| Revenue YoY | 32.4% | 26.9% |
| Net Profit YoY | 149.5% | — |
| EPS (diluted) | $0.59 | — |
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 | $167.7M | $173.4M | ||
| Q3 25 | $172.7M | $161.6M | ||
| Q2 25 | $174.8M | $152.2M | ||
| Q1 25 | $172.3M | $136.4M | ||
| Q4 24 | $126.7M | $158.5M | ||
| Q3 24 | $191.5M | $148.1M | ||
| Q2 24 | $188.3M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $32.1M | $-27.8M | ||
| Q3 25 | $1.0M | $-29.9M | ||
| Q2 25 | $4.8M | $-35.8M | ||
| Q1 25 | $9.6M | $-35.8M | ||
| Q4 24 | $-64.8M | $-13.0M | ||
| Q3 24 | $-39.4M | $-18.3M | ||
| Q2 24 | $7.6M | $-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 | 14.6% | -17.5% | ||
| Q3 25 | 1.5% | -22.2% | ||
| Q2 25 | 4.2% | -24.0% | ||
| Q1 25 | 9.3% | -32.1% | ||
| Q4 24 | -57.0% | -11.1% | ||
| Q3 24 | -27.1% | -16.0% | ||
| Q2 24 | 10.7% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 19.1% | -16.0% | ||
| Q3 25 | 0.6% | -18.5% | ||
| Q2 25 | 2.7% | -23.5% | ||
| Q1 25 | 5.6% | -26.2% | ||
| Q4 24 | -51.1% | -8.2% | ||
| Q3 24 | -20.6% | -12.4% | ||
| Q2 24 | 4.0% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.59 | $-0.23 | ||
| Q3 25 | $-0.02 | $-0.26 | ||
| Q2 25 | $0.06 | $-0.32 | ||
| Q1 25 | $0.16 | $-0.32 | ||
| Q4 24 | $-2.44 | $-0.12 | ||
| Q3 24 | $-1.10 | $-0.16 | ||
| Q2 24 | $0.13 | $-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 | $260.9M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $538.2M | $453.5M |
| Total Assets | $4.9B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $260.9M | $883.7M | ||
| Q3 25 | $238.8M | $671.3M | ||
| Q2 25 | $220.0M | $770.9M | ||
| Q1 25 | $279.4M | $567.6M | ||
| Q4 24 | $362.3M | $529.0M | ||
| Q3 24 | $359.8M | $844.8M | ||
| Q2 24 | $672.5M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $538.2M | $598.7M | ||
| Q3 25 | $503.6M | $604.8M | ||
| Q2 25 | $492.6M | $341.5M | ||
| Q1 25 | $484.5M | $367.7M | ||
| Q4 24 | $460.9M | $455.7M | ||
| Q3 24 | $530.3M | $428.6M | ||
| Q2 24 | $541.8M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $4.9B | $1.8B | ||
| Q3 25 | $5.0B | $1.7B | ||
| Q2 25 | $5.0B | $1.6B | ||
| Q1 25 | $4.9B | $1.6B | ||
| Q4 24 | $5.0B | $1.7B | ||
| Q3 24 | $5.0B | $1.5B | ||
| Q2 24 | $4.7B | $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 | $-18.8M | $55.0M |
| Free Cash FlowOCF − Capex | $-23.6M | $49.0M |
| FCF MarginFCF / Revenue | -14.1% | 28.3% |
| Capex IntensityCapex / Revenue | 2.9% | — |
| Cash ConversionOCF / Net Profit | -0.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-17.9M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-18.8M | $24.7M | ||
| Q3 25 | $34.3M | $33.4M | ||
| Q2 25 | $25.2M | $21.3M | ||
| Q1 25 | $-51.5M | $68.0M | ||
| Q4 24 | $-247.1M | $24.3M | ||
| Q3 24 | $-269.9M | $22.5M | ||
| Q2 24 | $-8.7M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-23.6M | $20.7M | ||
| Q3 25 | $33.7M | $30.4M | ||
| Q2 25 | $24.7M | $18.0M | ||
| Q1 25 | $-52.7M | $65.7M | ||
| Q4 24 | $-252.0M | $19.9M | ||
| Q3 24 | $-270.8M | $21.3M | ||
| Q2 24 | $-9.3M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -14.1% | 12.0% | ||
| Q3 25 | 19.5% | 18.8% | ||
| Q2 25 | 14.1% | 11.8% | ||
| Q1 25 | -30.6% | 48.1% | ||
| Q4 24 | -198.9% | 12.6% | ||
| Q3 24 | -141.4% | 14.4% | ||
| Q2 24 | -4.9% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | 2.3% | ||
| Q3 25 | 0.4% | 1.8% | ||
| Q2 25 | 0.3% | 2.2% | ||
| Q1 25 | 0.7% | 1.7% | ||
| Q4 24 | 3.9% | 2.7% | ||
| Q3 24 | 0.4% | 0.8% | ||
| Q2 24 | 0.3% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | -0.59× | — | ||
| Q3 25 | 33.61× | — | ||
| Q2 25 | 5.29× | — | ||
| Q1 25 | -5.38× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.14× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JRVR
| Excess And Surplus Lines | $156.7M | 93% |
| Specialty Admitted Insurance | $10.9M | 7% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
