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Side-by-side financial comparison of VARONIS SYSTEMS INC (VRNS) and Xometry, Inc. (XMTR). Click either name above to swap in a different company.
Xometry, Inc. is the larger business by last-quarter revenue ($192.4M vs $173.1M, roughly 1.1× VARONIS SYSTEMS INC). On growth, Xometry, Inc. posted the faster year-over-year revenue change (29.5% vs 26.9%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-5.9M). Over the past eight quarters, Xometry, Inc.'s revenue compounded faster (25.2% CAGR vs 15.2%).
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.
Xometry is an online marketplace for sourcing on-demand manufactured parts for prototyping and large-scale production.
VRNS vs XMTR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $192.4M |
| Net Profit | — | $-8.6M |
| Gross Margin | 76.0% | 39.1% |
| Operating Margin | -1.7% | -4.6% |
| Net Margin | — | -4.5% |
| Revenue YoY | 26.9% | 29.5% |
| Net Profit YoY | — | 12.7% |
| EPS (diluted) | — | — |
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 | $173.4M | $192.4M | ||
| Q3 25 | $161.6M | $180.7M | ||
| Q2 25 | $152.2M | $162.5M | ||
| Q1 25 | $136.4M | $151.0M | ||
| Q4 24 | $158.5M | $148.5M | ||
| Q3 24 | $148.1M | $141.7M | ||
| Q2 24 | $130.3M | $132.6M |
| Q1 26 | — | — | ||
| Q4 25 | $-27.8M | $-8.6M | ||
| Q3 25 | $-29.9M | $-11.6M | ||
| Q2 25 | $-35.8M | $-26.4M | ||
| Q1 25 | $-35.8M | $-15.1M | ||
| Q4 24 | $-13.0M | $-9.9M | ||
| Q3 24 | $-18.3M | $-10.2M | ||
| Q2 24 | $-23.9M | $-13.7M |
| Q1 26 | 76.0% | — | ||
| Q4 25 | 78.9% | 39.1% | ||
| Q3 25 | 78.2% | 39.9% | ||
| Q2 25 | 79.5% | 40.1% | ||
| Q1 25 | 78.7% | 37.3% | ||
| Q4 24 | 83.6% | 39.7% | ||
| Q3 24 | 83.8% | 39.4% | ||
| Q2 24 | 82.8% | 39.9% |
| Q1 26 | -1.7% | — | ||
| Q4 25 | -17.5% | -4.6% | ||
| Q3 25 | -22.2% | -6.1% | ||
| Q2 25 | -24.0% | -6.3% | ||
| Q1 25 | -32.1% | -10.2% | ||
| Q4 24 | -11.1% | -7.8% | ||
| Q3 24 | -16.0% | -8.1% | ||
| Q2 24 | -22.1% | -11.5% |
| Q1 26 | — | — | ||
| Q4 25 | -16.0% | -4.5% | ||
| Q3 25 | -18.5% | -6.4% | ||
| Q2 25 | -23.5% | -16.3% | ||
| Q1 25 | -26.2% | -10.0% | ||
| Q4 24 | -8.2% | -6.7% | ||
| Q3 24 | -12.4% | -7.2% | ||
| Q2 24 | -18.4% | -10.3% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.23 | — | ||
| Q3 25 | $-0.26 | — | ||
| Q2 25 | $-0.32 | — | ||
| Q1 25 | $-0.32 | — | ||
| Q4 24 | $-0.12 | — | ||
| Q3 24 | $-0.16 | — | ||
| Q2 24 | $-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 | $179.3M | $219.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $453.5M | $275.6M |
| Total Assets | $1.6B | $703.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $179.3M | — | ||
| Q4 25 | $883.7M | $219.1M | ||
| Q3 25 | $671.3M | $224.5M | ||
| Q2 25 | $770.9M | $225.8M | ||
| Q1 25 | $567.6M | $231.4M | ||
| Q4 24 | $529.0M | $239.8M | ||
| Q3 24 | $844.8M | $234.0M | ||
| Q2 24 | $582.5M | $240.9M |
| Q1 26 | $453.5M | — | ||
| Q4 25 | $598.7M | $275.6M | ||
| Q3 25 | $604.8M | $272.0M | ||
| Q2 25 | $341.5M | $270.4M | ||
| Q1 25 | $367.7M | $309.9M | ||
| Q4 24 | $455.7M | $314.5M | ||
| Q3 24 | $428.6M | $315.2M | ||
| Q2 24 | $458.6M | $315.8M |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.8B | $703.7M | ||
| Q3 25 | $1.7B | $698.9M | ||
| Q2 25 | $1.6B | $687.0M | ||
| Q1 25 | $1.6B | $690.1M | ||
| Q4 24 | $1.7B | $680.1M | ||
| Q3 24 | $1.5B | $678.2M | ||
| Q2 24 | $1.1B | $678.6M |
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 | $4.4M |
| Free Cash FlowOCF − Capex | $49.0M | $-5.9M |
| FCF MarginFCF / Revenue | 28.3% | -3.0% |
| Capex IntensityCapex / Revenue | — | 5.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $118.2M | $-24.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $55.0M | — | ||
| Q4 25 | $24.7M | $4.4M | ||
| Q3 25 | $33.4M | $5.8M | ||
| Q2 25 | $21.3M | $-427.0K | ||
| Q1 25 | $68.0M | $-3.7M | ||
| Q4 24 | $24.3M | $9.1M | ||
| Q3 24 | $22.5M | $-3.6M | ||
| Q2 24 | $11.7M | $-9.1M |
| Q1 26 | $49.0M | — | ||
| Q4 25 | $20.7M | $-5.9M | ||
| Q3 25 | $30.4M | $-1.7M | ||
| Q2 25 | $18.0M | $-7.4M | ||
| Q1 25 | $65.7M | $-9.2M | ||
| Q4 24 | $19.9M | $4.5M | ||
| Q3 24 | $21.3M | $-8.4M | ||
| Q2 24 | $10.9M | $-13.5M |
| Q1 26 | 28.3% | — | ||
| Q4 25 | 12.0% | -3.0% | ||
| Q3 25 | 18.8% | -0.9% | ||
| Q2 25 | 11.8% | -4.5% | ||
| Q1 25 | 48.1% | -6.1% | ||
| Q4 24 | 12.6% | 3.1% | ||
| Q3 24 | 14.4% | -6.0% | ||
| Q2 24 | 8.4% | -10.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.3% | 5.3% | ||
| Q3 25 | 1.8% | 4.1% | ||
| Q2 25 | 2.2% | 4.3% | ||
| Q1 25 | 1.7% | 3.6% | ||
| Q4 24 | 2.7% | 3.1% | ||
| Q3 24 | 0.8% | 3.4% | ||
| Q2 24 | 0.6% | 3.3% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
XMTR
| US | $159.1M | 83% |
| Non Us | $33.3M | 17% |
