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Side-by-side financial comparison of Bio-Techne (TECH) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
Bio-Techne is the larger business by last-quarter revenue ($311.4M vs $173.1M, roughly 1.8× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -1.5%). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% CAGR vs 1.3%).
Bio-Techne Corporation is an American life sciences company that develops, manufactures and sells life science reagents, instruments and services for the research, diagnostic, and bioprocessing markets.
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.
TECH vs VRNS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $311.4M | $173.1M |
| Net Profit | $51.0M | — |
| Gross Margin | 66.9% | 76.0% |
| Operating Margin | 24.2% | -1.7% |
| Net Margin | 16.4% | — |
| Revenue YoY | -1.5% | 26.9% |
| Net Profit YoY | 126.0% | — |
| EPS (diluted) | $0.32 | — |
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 | $311.4M | $173.1M | ||
| Q4 25 | $295.9M | $173.4M | ||
| Q3 25 | — | $161.6M | ||
| Q2 25 | $317.0M | $152.2M | ||
| Q1 25 | $316.2M | $136.4M | ||
| Q4 24 | $297.0M | $158.5M | ||
| Q3 24 | $289.5M | $148.1M | ||
| Q2 24 | $306.1M | $130.3M |
| Q1 26 | $51.0M | — | ||
| Q4 25 | $38.0M | $-27.8M | ||
| Q3 25 | — | $-29.9M | ||
| Q2 25 | $-17.7M | $-35.8M | ||
| Q1 25 | $22.6M | $-35.8M | ||
| Q4 24 | $34.9M | $-13.0M | ||
| Q3 24 | $33.6M | $-18.3M | ||
| Q2 24 | $40.6M | $-23.9M |
| Q1 26 | 66.9% | 76.0% | ||
| Q4 25 | 64.6% | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | 62.7% | 79.5% | ||
| Q1 25 | 67.9% | 78.7% | ||
| Q4 24 | 65.3% | 83.6% | ||
| Q3 24 | 63.2% | 83.8% | ||
| Q2 24 | 66.4% | 82.8% |
| Q1 26 | 24.2% | -1.7% | ||
| Q4 25 | 18.4% | -17.5% | ||
| Q3 25 | — | -22.2% | ||
| Q2 25 | -7.5% | -24.0% | ||
| Q1 25 | 12.2% | -32.1% | ||
| Q4 24 | 16.0% | -11.1% | ||
| Q3 24 | 13.8% | -16.0% | ||
| Q2 24 | 15.0% | -22.1% |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 12.8% | -16.0% | ||
| Q3 25 | — | -18.5% | ||
| Q2 25 | -5.6% | -23.5% | ||
| Q1 25 | 7.1% | -26.2% | ||
| Q4 24 | 11.7% | -8.2% | ||
| Q3 24 | 11.6% | -12.4% | ||
| Q2 24 | 13.3% | -18.4% |
| Q1 26 | $0.32 | — | ||
| Q4 25 | $0.24 | $-0.23 | ||
| Q3 25 | — | $-0.26 | ||
| Q2 25 | $-0.11 | $-0.32 | ||
| Q1 25 | $0.14 | $-0.32 | ||
| Q4 24 | $0.22 | $-0.12 | ||
| Q3 24 | $0.21 | $-0.16 | ||
| Q2 24 | $0.26 | $-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 | $209.8M | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $453.5M |
| Total Assets | $2.6B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $209.8M | $179.3M | ||
| Q4 25 | $172.9M | $883.7M | ||
| Q3 25 | — | $671.3M | ||
| Q2 25 | $162.2M | $770.9M | ||
| Q1 25 | $140.7M | $567.6M | ||
| Q4 24 | $177.5M | $529.0M | ||
| Q3 24 | $187.5M | $844.8M | ||
| Q2 24 | $152.9M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $260.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $346.0M | — | ||
| Q1 25 | $330.0M | — | ||
| Q4 24 | $300.0M | — | ||
| Q3 24 | $300.0M | — | ||
| Q2 24 | $319.0M | — |
| Q1 26 | $2.1B | $453.5M | ||
| Q4 25 | $2.0B | $598.7M | ||
| Q3 25 | — | $604.8M | ||
| Q2 25 | $1.9B | $341.5M | ||
| Q1 25 | $2.0B | $367.7M | ||
| Q4 24 | $2.1B | $455.7M | ||
| Q3 24 | $2.1B | $428.6M | ||
| Q2 24 | $2.1B | $458.6M |
| Q1 26 | $2.6B | $1.6B | ||
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $2.6B | $1.6B | ||
| Q1 25 | $2.6B | $1.6B | ||
| Q4 24 | $2.7B | $1.7B | ||
| Q3 24 | $2.7B | $1.5B | ||
| Q2 24 | $2.7B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.13× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | 0.16× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.15× | — |
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 | — | $55.0M |
| Free Cash FlowOCF − Capex | — | $49.0M |
| FCF MarginFCF / Revenue | — | 28.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | — | $24.7M | ||
| Q3 25 | — | $33.4M | ||
| Q2 25 | $98.2M | $21.3M | ||
| Q1 25 | $41.1M | $68.0M | ||
| Q4 24 | $84.3M | $24.3M | ||
| Q3 24 | $63.9M | $22.5M | ||
| Q2 24 | $75.5M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | — | $20.7M | ||
| Q3 25 | — | $30.4M | ||
| Q2 25 | $93.3M | $18.0M | ||
| Q1 25 | $31.0M | $65.7M | ||
| Q4 24 | $77.5M | $19.9M | ||
| Q3 24 | $54.7M | $21.3M | ||
| Q2 24 | $57.5M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | 29.4% | 11.8% | ||
| Q1 25 | 9.8% | 48.1% | ||
| Q4 24 | 26.1% | 12.6% | ||
| Q3 24 | 18.9% | 14.4% | ||
| Q2 24 | 18.8% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | 1.5% | 2.2% | ||
| Q1 25 | 3.2% | 1.7% | ||
| Q4 24 | 2.3% | 2.7% | ||
| Q3 24 | 3.2% | 0.8% | ||
| Q2 24 | 5.9% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.82× | — | ||
| Q4 24 | 2.42× | — | ||
| Q3 24 | 1.90× | — | ||
| Q2 24 | 1.86× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TECH
| Protein Sciences segment revenue | $226.2M | 73% |
| Diagnostics and Spatial Biology segment revenue | $85.6M | 27% |
| Other revenue (1) | $5.4M | 2% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
