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Side-by-side financial comparison of AeroVironment Inc (AVAV) and BILL Holdings, Inc. (BILL). Click either name above to swap in a different company.
AeroVironment Inc is the larger business by last-quarter revenue ($472.5M vs $414.7M, roughly 1.1× BILL Holdings, Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -3.6%, a 3.0% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-55.9M). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs 13.3%).
AeroVironment, Inc., also known as AV, is an American defense technology company headquartered in Arlington, Virginia that designs and manufactures autonomous systems, counter-UAS systems, and space systems. The company was founded in 1971 by Paul B. MacCready Jr., a designer of human-powered aircraft. The company provides the US Department of Defense and foreign militaries with small and medium-sized drones—notably the Raven, Switchblade, Wasp, and Puma. Through its acquisition of BlueHalo i...
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
AVAV vs BILL — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $472.5M | $414.7M |
| Net Profit | $-17.1M | $-2.6M |
| Gross Margin | 22.0% | 79.8% |
| Operating Margin | -6.4% | -4.4% |
| Net Margin | -3.6% | -0.6% |
| Revenue YoY | 181.9% | 14.4% |
| Net Profit YoY | -875.1% | -107.7% |
| EPS (diluted) | $-0.34 | $-0.03 |
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.
| Q4 25 | $472.5M | $414.7M | ||
| Q3 25 | $454.7M | $395.7M | ||
| Q2 25 | $275.1M | $383.3M | ||
| Q1 25 | $167.6M | $358.2M | ||
| Q4 24 | $188.5M | $362.6M | ||
| Q3 24 | $189.5M | $358.4M | ||
| Q2 24 | $197.0M | $343.7M | ||
| Q1 24 | $186.6M | $323.0M |
| Q4 25 | $-17.1M | $-2.6M | ||
| Q3 25 | $-67.4M | $-3.0M | ||
| Q2 25 | $16.7M | $-7.1M | ||
| Q1 25 | $-1.8M | $-11.6M | ||
| Q4 24 | $7.5M | $33.5M | ||
| Q3 24 | $21.2M | $8.9M | ||
| Q2 24 | $6.0M | $7.6M | ||
| Q1 24 | $13.9M | $31.8M |
| Q4 25 | 22.0% | 79.8% | ||
| Q3 25 | 20.9% | 80.5% | ||
| Q2 25 | 36.5% | 80.8% | ||
| Q1 25 | 37.7% | 81.2% | ||
| Q4 24 | 39.1% | 81.6% | ||
| Q3 24 | 43.0% | 82.0% | ||
| Q2 24 | 38.4% | 81.0% | ||
| Q1 24 | 36.1% | 83.0% |
| Q4 25 | -6.4% | -4.4% | ||
| Q3 25 | -15.2% | -5.2% | ||
| Q2 25 | 5.0% | -5.8% | ||
| Q1 25 | -1.8% | -8.1% | ||
| Q4 24 | 3.7% | -6.0% | ||
| Q3 24 | 12.2% | -2.1% | ||
| Q2 24 | 3.0% | -6.5% | ||
| Q1 24 | 7.7% | -8.6% |
| Q4 25 | -3.6% | -0.6% | ||
| Q3 25 | -14.8% | -0.7% | ||
| Q2 25 | 6.1% | -1.8% | ||
| Q1 25 | -1.0% | -3.2% | ||
| Q4 24 | 4.0% | 9.3% | ||
| Q3 24 | 11.2% | 2.5% | ||
| Q2 24 | 3.1% | 2.2% | ||
| Q1 24 | 7.4% | 9.8% |
| Q4 25 | $-0.34 | $-0.03 | ||
| Q3 25 | $-1.44 | $-0.03 | ||
| Q2 25 | $0.59 | $0.02 | ||
| Q1 25 | $-0.06 | $-0.11 | ||
| Q4 24 | $0.27 | $-0.06 | ||
| Q3 24 | $0.75 | $0.08 | ||
| Q2 24 | $0.18 | $0.37 | ||
| Q1 24 | $0.50 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $588.5M | $1.1B |
| Total DebtLower is stronger | $747.5M | $1.8B |
| Stockholders' EquityBook value | $4.4B | $3.8B |
| Total Assets | $5.6B | $10.1B |
| Debt / EquityLower = less leverage | 0.17× | 0.48× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $588.5M | $1.1B | ||
| Q3 25 | $685.8M | $1.1B | ||
| Q2 25 | $40.9M | $1.0B | ||
| Q1 25 | $47.0M | $1.0B | ||
| Q4 24 | $69.0M | $1.6B | ||
| Q3 24 | $81.2M | $853.5M | ||
| Q2 24 | $73.3M | $985.9M | ||
| Q1 24 | $107.7M | $952.5M |
| Q4 25 | $747.5M | $1.8B | ||
| Q3 25 | $747.5M | $1.9B | ||
| Q2 25 | $30.0M | $1.7B | ||
| Q1 25 | $25.0M | $1.7B | ||
| Q4 24 | $15.0M | $1.7B | ||
| Q3 24 | $17.5M | $914.8M | ||
| Q2 24 | $28.0M | $914.0M | ||
| Q1 24 | $40.0M | $1.1B |
| Q4 25 | $4.4B | $3.8B | ||
| Q3 25 | $4.4B | $3.9B | ||
| Q2 25 | $886.5M | $3.9B | ||
| Q1 25 | $861.1M | $3.9B | ||
| Q4 24 | $858.4M | $3.8B | ||
| Q3 24 | $845.5M | $4.0B | ||
| Q2 24 | $822.7M | $4.1B | ||
| Q1 24 | $813.0M | $4.1B |
| Q4 25 | $5.6B | $10.1B | ||
| Q3 25 | $5.6B | $10.2B | ||
| Q2 25 | $1.1B | $10.1B | ||
| Q1 25 | $1.0B | $9.6B | ||
| Q4 24 | $1.0B | $9.7B | ||
| Q3 24 | $999.2M | $9.0B | ||
| Q2 24 | $1.0B | $9.2B | ||
| Q1 24 | $980.3M | $9.1B |
| Q4 25 | 0.17× | 0.48× | ||
| Q3 25 | 0.17× | 0.48× | ||
| Q2 25 | 0.03× | 0.44× | ||
| Q1 25 | 0.03× | 0.43× | ||
| Q4 24 | 0.02× | 0.44× | ||
| Q3 24 | 0.02× | 0.23× | ||
| Q2 24 | 0.03× | 0.22× | ||
| Q1 24 | 0.05× | 0.28× |
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 | $-45.1M | $105.3M |
| Free Cash FlowOCF − Capex | $-55.9M | $103.8M |
| FCF MarginFCF / Revenue | -11.8% | 25.0% |
| Capex IntensityCapex / Revenue | 2.3% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-240.7M | $378.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-45.1M | $105.3M | ||
| Q3 25 | $-123.7M | $96.9M | ||
| Q2 25 | $-264.0K | $83.8M | ||
| Q1 25 | $-25.8M | $99.5M | ||
| Q4 24 | $-3.6M | $78.7M | ||
| Q3 24 | $28.4M | $88.6M | ||
| Q2 24 | $-11.7M | $78.6M | ||
| Q1 24 | $52.6M | $66.8M |
| Q4 25 | $-55.9M | $103.8M | ||
| Q3 25 | $-146.5M | $95.6M | ||
| Q2 25 | $-8.8M | $81.0M | ||
| Q1 25 | $-29.6M | $98.4M | ||
| Q4 24 | $-8.7M | $78.3M | ||
| Q3 24 | $22.9M | $88.6M | ||
| Q2 24 | $-20.8M | $78.4M | ||
| Q1 24 | $48.8M | $66.8M |
| Q4 25 | -11.8% | 25.0% | ||
| Q3 25 | -32.2% | 24.1% | ||
| Q2 25 | -3.2% | 21.1% | ||
| Q1 25 | -17.7% | 27.5% | ||
| Q4 24 | -4.6% | 21.6% | ||
| Q3 24 | 12.1% | 24.7% | ||
| Q2 24 | -10.5% | 22.8% | ||
| Q1 24 | 26.1% | 20.7% |
| Q4 25 | 2.3% | 0.4% | ||
| Q3 25 | 5.0% | 0.3% | ||
| Q2 25 | 3.1% | 0.7% | ||
| Q1 25 | 2.3% | 0.3% | ||
| Q4 24 | 2.7% | 0.1% | ||
| Q3 24 | 2.9% | 0.0% | ||
| Q2 24 | 4.6% | 0.1% | ||
| Q1 24 | 2.0% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.02× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.48× | 2.35× | ||
| Q3 24 | 1.34× | 9.94× | ||
| Q2 24 | -1.93× | 10.35× | ||
| Q1 24 | 3.79× | 2.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVAV
| Services | $130.2M | 28% |
| Cost Plus | $95.8M | 20% |
| Uncrewed Aircraft Systems | $89.8M | 19% |
| Space And Directed Energy | $53.2M | 11% |
| Non U.s.Government | $42.2M | 9% |
| TM | $31.9M | 7% |
| Other | $30.7M | 7% |
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
