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Side-by-side financial comparison of MARA Holdings, Inc. (MARA) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
MARA Holdings, Inc. is the larger business by last-quarter revenue ($202.3M vs $173.1M, roughly 1.2× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -5.6%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-1.2B). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 10.7%).
MARA Holdings, Inc. is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
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.
MARA vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.3M | $173.1M |
| Net Profit | $-1.7B | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -11795.9% | -1.7% |
| Net Margin | -14298.3% | — |
| Revenue YoY | -5.6% | 26.9% |
| Net Profit YoY | -423.5% | — |
| EPS (diluted) | $-4.25 | — |
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 | — | $173.1M | ||
| Q4 25 | $202.3M | $173.4M | ||
| Q3 25 | $252.4M | $161.6M | ||
| Q2 25 | $238.5M | $152.2M | ||
| Q1 25 | $213.9M | $136.4M | ||
| Q4 24 | $214.4M | $158.5M | ||
| Q3 24 | $131.6M | $148.1M | ||
| Q2 24 | $145.1M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-1.7B | $-27.8M | ||
| Q3 25 | $123.1M | $-29.9M | ||
| Q2 25 | $808.2M | $-35.8M | ||
| Q1 25 | $-533.4M | $-35.8M | ||
| Q4 24 | $528.5M | $-13.0M | ||
| Q3 24 | $-124.8M | $-18.3M | ||
| Q2 24 | $-199.7M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | -2613.4% | 83.6% | ||
| Q3 24 | -1065.0% | 83.8% | ||
| Q2 24 | -587.6% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -11795.9% | -17.5% | ||
| Q3 25 | 18.9% | -22.2% | ||
| Q2 25 | — | -24.0% | ||
| Q1 25 | -253.0% | -32.1% | ||
| Q4 24 | — | -11.1% | ||
| Q3 24 | -130.8% | -16.0% | ||
| Q2 24 | -160.1% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -14298.3% | -16.0% | ||
| Q3 25 | 48.8% | -18.5% | ||
| Q2 25 | 338.9% | -23.5% | ||
| Q1 25 | -249.4% | -26.2% | ||
| Q4 24 | 5367.4% | -8.2% | ||
| Q3 24 | -94.8% | -12.4% | ||
| Q2 24 | -137.6% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-4.25 | $-0.23 | ||
| Q3 25 | $0.27 | $-0.26 | ||
| Q2 25 | $1.84 | $-0.32 | ||
| Q1 25 | $-1.55 | $-0.32 | ||
| Q4 24 | $1.60 | $-0.12 | ||
| Q3 24 | $-0.42 | $-0.16 | ||
| Q2 24 | $-0.72 | $-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 | $547.1M | $179.3M |
| Total DebtLower is stronger | $3.6B | — |
| Stockholders' EquityBook value | $3.5B | $453.5M |
| Total Assets | $7.3B | $1.6B |
| Debt / EquityLower = less leverage | 1.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $547.1M | $883.7M | ||
| Q3 25 | $826.4M | $671.3M | ||
| Q2 25 | $109.5M | $770.9M | ||
| Q1 25 | $196.2M | $567.6M | ||
| Q4 24 | $391.8M | $529.0M | ||
| Q3 24 | $164.3M | $844.8M | ||
| Q2 24 | $256.0M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $618.7M | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $3.5B | $598.7M | ||
| Q3 25 | $5.2B | $604.8M | ||
| Q2 25 | $4.8B | $341.5M | ||
| Q1 25 | $3.7B | $367.7M | ||
| Q4 24 | $4.1B | $455.7M | ||
| Q3 24 | $2.9B | $428.6M | ||
| Q2 24 | $2.6B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $7.3B | $1.8B | ||
| Q3 25 | $9.2B | $1.7B | ||
| Q2 25 | $7.7B | $1.6B | ||
| Q1 25 | $6.4B | $1.6B | ||
| Q4 24 | $6.8B | $1.7B | ||
| Q3 24 | $3.6B | $1.5B | ||
| Q2 24 | $3.1B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 1.04× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.22× | — | ||
| 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 | $-802.7M | $55.0M |
| Free Cash FlowOCF − Capex | $-1.2B | $49.0M |
| FCF MarginFCF / Revenue | -598.0% | 28.3% |
| Capex IntensityCapex / Revenue | 201.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.0B | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-802.7M | $24.7M | ||
| Q3 25 | $-199.0M | $33.4M | ||
| Q2 25 | $-163.4M | $21.3M | ||
| Q1 25 | $-215.5M | $68.0M | ||
| Q4 24 | $-677.0M | $24.3M | ||
| Q3 24 | $-160.1M | $22.5M | ||
| Q2 24 | $-115.2M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-1.2B | $20.7M | ||
| Q3 25 | $-283.9M | $30.4M | ||
| Q2 25 | $-282.4M | $18.0M | ||
| Q1 25 | $-254.3M | $65.7M | ||
| Q4 24 | $-927.8M | $19.9M | ||
| Q3 24 | $-198.1M | $21.3M | ||
| Q2 24 | $-132.4M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -598.0% | 12.0% | ||
| Q3 25 | -112.5% | 18.8% | ||
| Q2 25 | -118.4% | 11.8% | ||
| Q1 25 | -118.9% | 48.1% | ||
| Q4 24 | -432.8% | 12.6% | ||
| Q3 24 | -150.5% | 14.4% | ||
| Q2 24 | -91.2% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 201.2% | 2.3% | ||
| Q3 25 | 33.6% | 1.8% | ||
| Q2 25 | 49.9% | 2.2% | ||
| Q1 25 | 18.2% | 1.7% | ||
| Q4 24 | 117.0% | 2.7% | ||
| Q3 24 | 28.9% | 0.8% | ||
| Q2 24 | 11.9% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -1.62× | — | ||
| Q2 25 | -0.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.28× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MARA
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
