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Side-by-side financial comparison of Palomar Holdings, Inc. (PLMR) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
Palomar Holdings, Inc. is the larger business by last-quarter revenue ($253.4M vs $173.1M, roughly 1.5× VARONIS SYSTEMS INC). On growth, Palomar Holdings, Inc. posted the faster year-over-year revenue change (62.7% vs 26.9%). Palomar Holdings, Inc. produced more free cash flow last quarter ($409.0M vs $49.0M). Over the past eight quarters, Palomar Holdings, Inc.'s revenue compounded faster (46.2% CAGR vs 15.2%).
Palomar Holdings, Inc. is a specialty insurance holding company that primarily provides property insurance products for catastrophe-exposed residential and commercial assets. It mainly operates across the United States, focusing on core segments including earthquake, flood, and windstorm coverage to meet high-risk property protection demands of customers.
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.
PLMR vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $253.4M | $173.1M |
| Net Profit | — | — |
| Gross Margin | — | 76.0% |
| Operating Margin | 28.7% | — |
| Net Margin | — | — |
| Revenue YoY | 62.7% | 26.9% |
| Net Profit YoY | — | — |
| EPS (diluted) | $2.05 | $115788061.00 |
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 | $253.4M | $173.4M | ||
| Q3 25 | $244.7M | $161.6M | ||
| Q2 25 | $203.3M | $152.2M | ||
| Q1 25 | $174.6M | $136.4M | ||
| Q4 24 | $155.8M | $158.5M | ||
| Q3 24 | $148.5M | $148.1M | ||
| Q2 24 | $131.1M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $51.5M | $-29.9M | ||
| Q2 25 | $46.5M | $-35.8M | ||
| Q1 25 | $42.9M | $-35.8M | ||
| Q4 24 | — | $-13.0M | ||
| Q3 24 | $30.5M | $-18.3M | ||
| Q2 24 | $25.7M | $-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 | — | — | ||
| Q4 25 | 28.7% | -17.5% | ||
| Q3 25 | 27.4% | -22.2% | ||
| Q2 25 | 29.5% | -24.0% | ||
| Q1 25 | 30.8% | -32.1% | ||
| Q4 24 | 28.9% | -11.1% | ||
| Q3 24 | 25.9% | -16.0% | ||
| Q2 24 | 25.5% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | -16.0% | ||
| Q3 25 | 21.0% | -18.5% | ||
| Q2 25 | 22.9% | -23.5% | ||
| Q1 25 | 24.6% | -26.2% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | 20.5% | -12.4% | ||
| Q2 24 | 19.6% | -18.4% |
| Q1 26 | — | $115788061.00 | ||
| Q4 25 | $2.05 | $-0.23 | ||
| Q3 25 | $1.87 | $-0.26 | ||
| Q2 25 | $1.68 | $-0.32 | ||
| Q1 25 | $1.57 | $-0.32 | ||
| Q4 24 | $1.29 | $-0.12 | ||
| Q3 24 | $1.15 | $-0.16 | ||
| Q2 24 | $1.00 | $-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 | $106.9M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $942.7M | $453.5M |
| Total Assets | $3.1B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $106.9M | $883.7M | ||
| Q3 25 | $111.7M | $671.3M | ||
| Q2 25 | $81.3M | $770.9M | ||
| Q1 25 | $119.3M | $567.6M | ||
| Q4 24 | $80.4M | $529.0M | ||
| Q3 24 | $86.5M | $844.8M | ||
| Q2 24 | $47.8M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $942.7M | $598.7M | ||
| Q3 25 | $878.1M | $604.8M | ||
| Q2 25 | $847.2M | $341.5M | ||
| Q1 25 | $790.4M | $367.7M | ||
| Q4 24 | $729.0M | $455.7M | ||
| Q3 24 | $703.3M | $428.6M | ||
| Q2 24 | $532.6M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $3.1B | $1.8B | ||
| Q3 25 | $2.9B | $1.7B | ||
| Q2 25 | $2.8B | $1.6B | ||
| Q1 25 | $2.4B | $1.6B | ||
| Q4 24 | $2.3B | $1.7B | ||
| Q3 24 | $2.3B | $1.5B | ||
| Q2 24 | $2.0B | $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 | $409.1M | $55.0M |
| Free Cash FlowOCF − Capex | $409.0M | $49.0M |
| FCF MarginFCF / Revenue | 161.4% | 28.3% |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $700.6M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $409.1M | $24.7M | ||
| Q3 25 | $83.6M | $33.4M | ||
| Q2 25 | $120.9M | $21.3M | ||
| Q1 25 | $87.2M | $68.0M | ||
| Q4 24 | $261.2M | $24.3M | ||
| Q3 24 | $100.3M | $22.5M | ||
| Q2 24 | $55.1M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $409.0M | $20.7M | ||
| Q3 25 | $83.6M | $30.4M | ||
| Q2 25 | $120.8M | $18.0M | ||
| Q1 25 | $87.1M | $65.7M | ||
| Q4 24 | $260.9M | $19.9M | ||
| Q3 24 | $100.1M | $21.3M | ||
| Q2 24 | — | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 161.4% | 12.0% | ||
| Q3 25 | 34.2% | 18.8% | ||
| Q2 25 | 59.4% | 11.8% | ||
| Q1 25 | 49.9% | 48.1% | ||
| Q4 24 | 167.5% | 12.6% | ||
| Q3 24 | 67.4% | 14.4% | ||
| Q2 24 | — | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 2.3% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.0% | 2.2% | ||
| Q1 25 | 0.0% | 1.7% | ||
| Q4 24 | 0.2% | 2.7% | ||
| Q3 24 | 0.1% | 0.8% | ||
| Q2 24 | 0.0% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 2.60× | — | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.29× | — | ||
| Q2 24 | 2.14× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PLMR
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
