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Side-by-side financial comparison of CPI Card Group Inc. (PMTS) 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 $153.1M, roughly 1.1× CPI Card Group Inc.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 22.3%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $35.2M). Over the past eight quarters, CPI Card Group Inc.'s revenue compounded faster (16.9% CAGR vs 15.2%).
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
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.
PMTS vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $153.1M | $173.1M |
| Net Profit | $7.3M | — |
| Gross Margin | 31.5% | 76.0% |
| Operating Margin | 12.0% | -1.7% |
| Net Margin | 4.8% | — |
| Revenue YoY | 22.3% | 26.9% |
| Net Profit YoY | 8.5% | — |
| EPS (diluted) | $0.62 | — |
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 | $153.1M | $173.4M | ||
| Q3 25 | $138.0M | $161.6M | ||
| Q2 25 | $129.8M | $152.2M | ||
| Q1 25 | $122.8M | $136.4M | ||
| Q4 24 | $125.1M | $158.5M | ||
| Q3 24 | $124.8M | $148.1M | ||
| Q2 24 | $118.8M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $7.3M | $-27.8M | ||
| Q3 25 | $2.3M | $-29.9M | ||
| Q2 25 | $518.0K | $-35.8M | ||
| Q1 25 | $4.8M | $-35.8M | ||
| Q4 24 | $6.8M | $-13.0M | ||
| Q3 24 | $1.3M | $-18.3M | ||
| Q2 24 | $6.0M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 31.5% | 78.9% | ||
| Q3 25 | 29.7% | 78.2% | ||
| Q2 25 | 30.9% | 79.5% | ||
| Q1 25 | 33.2% | 78.7% | ||
| Q4 24 | 34.1% | 83.6% | ||
| Q3 24 | 35.8% | 83.8% | ||
| Q2 24 | 35.7% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 12.0% | -17.5% | ||
| Q3 25 | 9.4% | -22.2% | ||
| Q2 25 | 7.3% | -24.0% | ||
| Q1 25 | 11.5% | -32.1% | ||
| Q4 24 | 12.7% | -11.1% | ||
| Q3 24 | 14.3% | -16.0% | ||
| Q2 24 | 12.5% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 4.8% | -16.0% | ||
| Q3 25 | 1.7% | -18.5% | ||
| Q2 25 | 0.4% | -23.5% | ||
| Q1 25 | 3.9% | -26.2% | ||
| Q4 24 | 5.4% | -8.2% | ||
| Q3 24 | 1.0% | -12.4% | ||
| Q2 24 | 5.1% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.62 | $-0.23 | ||
| Q3 25 | $0.19 | $-0.26 | ||
| Q2 25 | $0.04 | $-0.32 | ||
| Q1 25 | $0.40 | $-0.32 | ||
| Q4 24 | $0.56 | $-0.12 | ||
| Q3 24 | $0.11 | $-0.16 | ||
| Q2 24 | $0.51 | $-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 | $21.7M | $179.3M |
| Total DebtLower is stronger | $286.7M | — |
| Stockholders' EquityBook value | $-17.3M | $453.5M |
| Total Assets | $403.2M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $21.7M | $883.7M | ||
| Q3 25 | $16.0M | $671.3M | ||
| Q2 25 | $17.1M | $770.9M | ||
| Q1 25 | $31.5M | $567.6M | ||
| Q4 24 | $33.5M | $529.0M | ||
| Q3 24 | $14.7M | $844.8M | ||
| Q2 24 | $7.5M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $286.7M | — | ||
| Q3 25 | $308.4M | — | ||
| Q2 25 | $310.9M | — | ||
| Q1 25 | $280.7M | — | ||
| Q4 24 | $280.4M | — | ||
| Q3 24 | $280.2M | — | ||
| Q2 24 | $269.7M | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $-17.3M | $598.7M | ||
| Q3 25 | $-25.7M | $604.8M | ||
| Q2 25 | $-29.0M | $341.5M | ||
| Q1 25 | $-29.7M | $367.7M | ||
| Q4 24 | $-35.6M | $455.7M | ||
| Q3 24 | $-42.8M | $428.6M | ||
| Q2 24 | $-44.6M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $403.2M | $1.8B | ||
| Q3 25 | $407.1M | $1.7B | ||
| Q2 25 | $399.8M | $1.6B | ||
| Q1 25 | $351.9M | $1.6B | ||
| Q4 24 | $349.7M | $1.7B | ||
| Q3 24 | $342.3M | $1.5B | ||
| Q2 24 | $321.4M | $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 | $39.6M | $55.0M |
| Free Cash FlowOCF − Capex | $35.2M | $49.0M |
| FCF MarginFCF / Revenue | 23.0% | 28.3% |
| Capex IntensityCapex / Revenue | 2.9% | — |
| Cash ConversionOCF / Net Profit | 5.39× | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.3M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $39.6M | $24.7M | ||
| Q3 25 | $10.0M | $33.4M | ||
| Q2 25 | $4.3M | $21.3M | ||
| Q1 25 | $5.6M | $68.0M | ||
| Q4 24 | $26.7M | $24.3M | ||
| Q3 24 | $12.5M | $22.5M | ||
| Q2 24 | $-4.8M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $35.2M | $20.7M | ||
| Q3 25 | $5.3M | $30.4M | ||
| Q2 25 | $533.0K | $18.0M | ||
| Q1 25 | $292.0K | $65.7M | ||
| Q4 24 | $21.6M | $19.9M | ||
| Q3 24 | $11.1M | $21.3M | ||
| Q2 24 | $-6.0M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 23.0% | 12.0% | ||
| Q3 25 | 3.8% | 18.8% | ||
| Q2 25 | 0.4% | 11.8% | ||
| Q1 25 | 0.2% | 48.1% | ||
| Q4 24 | 17.3% | 12.6% | ||
| Q3 24 | 8.9% | 14.4% | ||
| Q2 24 | -5.0% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.9% | 2.3% | ||
| Q3 25 | 3.4% | 1.8% | ||
| Q2 25 | 2.9% | 2.2% | ||
| Q1 25 | 4.3% | 1.7% | ||
| Q4 24 | 4.0% | 2.7% | ||
| Q3 24 | 1.2% | 0.8% | ||
| Q2 24 | 1.0% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 5.39× | — | ||
| Q3 25 | 4.32× | — | ||
| Q2 25 | 8.39× | — | ||
| Q1 25 | 1.17× | — | ||
| Q4 24 | 3.94× | — | ||
| Q3 24 | 9.70× | — | ||
| Q2 24 | -0.79× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
