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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and BADGER METER INC (BMI). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $234.1M, roughly 1.8× BADGER METER INC). BADGER METER INC runs the higher net margin — 14.3% vs -0.6%, a 15.0% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 14.1%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $50.8M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 9.2%).
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.
Badger Meter Inc. is a leading global provider of flow measurement and control solutions, serving water utilities, industrial, commercial, and residential customer segments. Its core offerings include smart water meters, IoT-enabled usage monitoring systems, and supporting software that help clients track resource consumption, cut waste, and boost operational efficiency, with key markets spanning North America, Europe, and the Asia-Pacific region.
BILL vs BMI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $234.1M |
| Net Profit | $-2.6M | $33.6M |
| Gross Margin | 79.8% | 39.7% |
| Operating Margin | -4.4% | 18.4% |
| Net Margin | -0.6% | 14.3% |
| Revenue YoY | 14.4% | 14.1% |
| Net Profit YoY | -107.7% | 9.3% |
| EPS (diluted) | $-0.03 | $1.13 |
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 | $414.7M | $234.1M | ||
| Q3 25 | $395.7M | $222.2M | ||
| Q2 25 | $383.3M | $238.1M | ||
| Q1 25 | $358.2M | $222.2M | ||
| Q4 24 | $362.6M | $205.2M | ||
| Q3 24 | $358.4M | $208.4M | ||
| Q2 24 | $343.7M | $216.7M | ||
| Q1 24 | $323.0M | $196.3M |
| Q4 25 | $-2.6M | $33.6M | ||
| Q3 25 | $-3.0M | $35.1M | ||
| Q2 25 | $-7.1M | $34.6M | ||
| Q1 25 | $-11.6M | $38.4M | ||
| Q4 24 | $33.5M | $30.7M | ||
| Q3 24 | $8.9M | $32.0M | ||
| Q2 24 | $7.6M | $33.1M | ||
| Q1 24 | $31.8M | $29.1M |
| Q4 25 | 79.8% | 39.7% | ||
| Q3 25 | 80.5% | 43.1% | ||
| Q2 25 | 80.8% | 41.1% | ||
| Q1 25 | 81.2% | 42.9% | ||
| Q4 24 | 81.6% | 40.3% | ||
| Q3 24 | 82.0% | 40.2% | ||
| Q2 24 | 81.0% | 39.4% | ||
| Q1 24 | 83.0% | 39.3% |
| Q4 25 | -4.4% | 18.4% | ||
| Q3 25 | -5.2% | 20.7% | ||
| Q2 25 | -5.8% | 18.8% | ||
| Q1 25 | -8.1% | 22.2% | ||
| Q4 24 | -6.0% | 19.1% | ||
| Q3 24 | -2.1% | 19.5% | ||
| Q2 24 | -6.5% | 19.2% | ||
| Q1 24 | -8.6% | 18.6% |
| Q4 25 | -0.6% | 14.3% | ||
| Q3 25 | -0.7% | 15.8% | ||
| Q2 25 | -1.8% | 14.5% | ||
| Q1 25 | -3.2% | 17.3% | ||
| Q4 24 | 9.3% | 15.0% | ||
| Q3 24 | 2.5% | 15.4% | ||
| Q2 24 | 2.2% | 15.3% | ||
| Q1 24 | 9.8% | 14.8% |
| Q4 25 | $-0.03 | $1.13 | ||
| Q3 25 | $-0.03 | $1.19 | ||
| Q2 25 | $0.02 | $1.17 | ||
| Q1 25 | $-0.11 | $1.30 | ||
| Q4 24 | $-0.06 | $1.04 | ||
| Q3 24 | $0.08 | $1.08 | ||
| Q2 24 | $0.37 | $1.12 | ||
| Q1 24 | $0.00 | $0.99 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | — |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $713.3M |
| Total Assets | $10.1B | $973.6M |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $853.5M | — | ||
| Q2 24 | $985.9M | — | ||
| Q1 24 | $952.5M | — |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $3.8B | $713.3M | ||
| Q3 25 | $3.9B | $702.5M | ||
| Q2 25 | $3.9B | $677.6M | ||
| Q1 25 | $3.9B | $641.7M | ||
| Q4 24 | $3.8B | $606.2M | ||
| Q3 24 | $4.0B | $591.2M | ||
| Q2 24 | $4.1B | $563.1M | ||
| Q1 24 | $4.1B | $535.6M |
| Q4 25 | $10.1B | $973.6M | ||
| Q3 25 | $10.2B | $978.3M | ||
| Q2 25 | $10.1B | $936.4M | ||
| Q1 25 | $9.6B | $899.6M | ||
| Q4 24 | $9.7B | $816.4M | ||
| Q3 24 | $9.0B | $802.9M | ||
| Q2 24 | $9.2B | $781.3M | ||
| Q1 24 | $9.1B | $743.5M |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 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 | $105.3M | $54.8M |
| Free Cash FlowOCF − Capex | $103.8M | $50.8M |
| FCF MarginFCF / Revenue | 25.0% | 21.7% |
| Capex IntensityCapex / Revenue | 0.4% | 1.7% |
| Cash ConversionOCF / Net Profit | — | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $169.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $54.8M | ||
| Q3 25 | $96.9M | $51.3M | ||
| Q2 25 | $83.8M | $44.6M | ||
| Q1 25 | $99.5M | $33.0M | ||
| Q4 24 | $78.7M | $52.1M | ||
| Q3 24 | $88.6M | $45.1M | ||
| Q2 24 | $78.6M | $36.4M | ||
| Q1 24 | $66.8M | $21.5M |
| Q4 25 | $103.8M | $50.8M | ||
| Q3 25 | $95.6M | $48.2M | ||
| Q2 25 | $81.0M | $40.6M | ||
| Q1 25 | $98.4M | $30.1M | ||
| Q4 24 | $78.3M | $47.4M | ||
| Q3 24 | $88.6M | $42.0M | ||
| Q2 24 | $78.4M | $34.1M | ||
| Q1 24 | $66.8M | $18.8M |
| Q4 25 | 25.0% | 21.7% | ||
| Q3 25 | 24.1% | 21.7% | ||
| Q2 25 | 21.1% | 17.1% | ||
| Q1 25 | 27.5% | 13.5% | ||
| Q4 24 | 21.6% | 23.1% | ||
| Q3 24 | 24.7% | 20.1% | ||
| Q2 24 | 22.8% | 15.7% | ||
| Q1 24 | 20.7% | 9.6% |
| Q4 25 | 0.4% | 1.7% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.7% | 1.7% | ||
| Q1 25 | 0.3% | 1.3% | ||
| Q4 24 | 0.1% | 2.3% | ||
| Q3 24 | 0.0% | 1.5% | ||
| Q2 24 | 0.1% | 1.1% | ||
| Q1 24 | 0.0% | 1.4% |
| Q4 25 | — | 1.63× | ||
| Q3 25 | — | 1.46× | ||
| Q2 25 | — | 1.29× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | 2.35× | 1.70× | ||
| Q3 24 | 9.94× | 1.41× | ||
| Q2 24 | 10.35× | 1.10× | ||
| Q1 24 | 2.10× | 0.74× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
BMI
| Transferred At Point In Time | $198.6M | 85% |
| Transferred Over Time | $22.1M | 9% |
| Other | $13.4M | 6% |
