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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Baldwin Insurance Group, Inc. (BWIN). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $347.3M, roughly 1.2× Baldwin Insurance Group, Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -7.5%, a 6.9% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 5.3%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-68.9M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs -4.4%).
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.
The Baldwin Piano Company is an American piano brand. It was once the largest US-based manufacturer of keyboard instruments and was known by the slogan, "America's Favorite Piano". Since 2001, it has been a subsidiary of Gibson Brands, Inc. Baldwin ceased domestic production in December 2008, moving its piano manufacturing to China.
BILL vs BWIN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $347.3M |
| Net Profit | $-2.6M | $-25.9M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | -3.8% |
| Net Margin | -0.6% | -7.5% |
| Revenue YoY | 14.4% | 5.3% |
| Net Profit YoY | -107.7% | -28.3% |
| EPS (diluted) | $-0.03 | $-0.38 |
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 | $347.3M | ||
| Q3 25 | $395.7M | $365.4M | ||
| Q2 25 | $383.3M | $378.8M | ||
| Q1 25 | $358.2M | $413.4M | ||
| Q4 24 | $362.6M | $329.9M | ||
| Q3 24 | $358.4M | $338.9M | ||
| Q2 24 | $343.7M | $339.8M | ||
| Q1 24 | $323.0M | $380.4M |
| Q4 25 | $-2.6M | $-25.9M | ||
| Q3 25 | $-3.0M | $-18.7M | ||
| Q2 25 | $-7.1M | $-3.2M | ||
| Q1 25 | $-11.6M | $13.9M | ||
| Q4 24 | $33.5M | $-20.2M | ||
| Q3 24 | $8.9M | $-8.4M | ||
| Q2 24 | $7.6M | $-17.6M | ||
| Q1 24 | $31.8M | $21.6M |
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | — | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | — | ||
| Q1 24 | 83.0% | — |
| Q4 25 | -4.4% | -3.8% | ||
| Q3 25 | -5.2% | 0.9% | ||
| Q2 25 | -5.8% | 7.4% | ||
| Q1 25 | -8.1% | 13.6% | ||
| Q4 24 | -6.0% | -1.7% | ||
| Q3 24 | -2.1% | 4.5% | ||
| Q2 24 | -6.5% | 4.8% | ||
| Q1 24 | -8.6% | 9.0% |
| Q4 25 | -0.6% | -7.5% | ||
| Q3 25 | -0.7% | -5.1% | ||
| Q2 25 | -1.8% | -0.8% | ||
| Q1 25 | -3.2% | 3.4% | ||
| Q4 24 | 9.3% | -6.2% | ||
| Q3 24 | 2.5% | -2.5% | ||
| Q2 24 | 2.2% | -5.2% | ||
| Q1 24 | 9.8% | 5.7% |
| Q4 25 | $-0.03 | $-0.38 | ||
| Q3 25 | $-0.03 | $-0.27 | ||
| Q2 25 | $0.02 | $-0.05 | ||
| Q1 25 | $-0.11 | $0.20 | ||
| Q4 24 | $-0.06 | $-0.31 | ||
| Q3 24 | $0.08 | $-0.13 | ||
| Q2 24 | $0.37 | $-0.28 | ||
| Q1 24 | $0.00 | $0.33 |
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 | $123.7M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $600.2M |
| Total Assets | $10.1B | $3.9B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $123.7M | ||
| Q3 25 | $1.1B | $89.7M | ||
| Q2 25 | $1.0B | $105.7M | ||
| Q1 25 | $1.0B | $81.8M | ||
| Q4 24 | $1.6B | $90.0M | ||
| Q3 24 | $853.5M | $181.8M | ||
| Q2 24 | $985.9M | $208.3M | ||
| Q1 24 | $952.5M | $112.1M |
| 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 | $600.2M | ||
| Q3 25 | $3.9B | $619.7M | ||
| Q2 25 | $3.9B | $630.8M | ||
| Q1 25 | $3.9B | $619.6M | ||
| Q4 24 | $3.8B | $583.2M | ||
| Q3 24 | $4.0B | $595.4M | ||
| Q2 24 | $4.1B | $590.9M | ||
| Q1 24 | $4.1B | $597.9M |
| Q4 25 | $10.1B | $3.9B | ||
| Q3 25 | $10.2B | $3.8B | ||
| Q2 25 | $10.1B | $3.7B | ||
| Q1 25 | $9.6B | $3.5B | ||
| Q4 24 | $9.7B | $3.5B | ||
| Q3 24 | $9.0B | $3.5B | ||
| Q2 24 | $9.2B | $3.7B | ||
| Q1 24 | $9.1B | $3.5B |
| 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 | $-29.4M |
| Free Cash FlowOCF − Capex | $103.8M | $-68.9M |
| FCF MarginFCF / Revenue | 25.0% | -19.9% |
| Capex IntensityCapex / Revenue | 0.4% | 11.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $-137.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $-29.4M | ||
| Q3 25 | $96.9M | $41.0M | ||
| Q2 25 | $83.8M | $-16.7M | ||
| Q1 25 | $99.5M | $-64.0M | ||
| Q4 24 | $78.7M | $51.5M | ||
| Q3 24 | $88.6M | $32.4M | ||
| Q2 24 | $78.6M | $18.3M | ||
| Q1 24 | $66.8M | $3.0M |
| Q4 25 | $103.8M | $-68.9M | ||
| Q3 25 | $95.6M | $32.2M | ||
| Q2 25 | $81.0M | $-28.1M | ||
| Q1 25 | $98.4M | $-72.9M | ||
| Q4 24 | $78.3M | $10.4M | ||
| Q3 24 | $88.6M | $22.2M | ||
| Q2 24 | $78.4M | $7.8M | ||
| Q1 24 | $66.8M | $-5.1M |
| Q4 25 | 25.0% | -19.9% | ||
| Q3 25 | 24.1% | 8.8% | ||
| Q2 25 | 21.1% | -7.4% | ||
| Q1 25 | 27.5% | -17.6% | ||
| Q4 24 | 21.6% | 3.2% | ||
| Q3 24 | 24.7% | 6.6% | ||
| Q2 24 | 22.8% | 2.3% | ||
| Q1 24 | 20.7% | -1.4% |
| Q4 25 | 0.4% | 11.4% | ||
| Q3 25 | 0.3% | 2.4% | ||
| Q2 25 | 0.7% | 3.0% | ||
| Q1 25 | 0.3% | 2.2% | ||
| Q4 24 | 0.1% | 12.4% | ||
| Q3 24 | 0.0% | 3.0% | ||
| Q2 24 | 0.1% | 3.1% | ||
| Q1 24 | 0.0% | 2.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -4.59× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | — | ||
| Q1 24 | 2.10× | 0.14× |
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% |
BWIN
| Insurance Advisory Solutions | $157.9M | 45% |
| Underwriting Capacity Technology Solutions | $129.5M | 37% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Other | $7.3M | 2% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
