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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and CALERES INC (CAL). Click either name above to swap in a different company.
CALERES INC is the larger business by last-quarter revenue ($790.1M vs $414.7M, roughly 1.9× BILL Holdings, Inc.). CALERES INC runs the higher net margin — 0.3% vs -0.6%, a 0.9% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 6.6%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-12.4M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 6.5%).
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.
Caleres Inc. is an American footwear company that owns and operates a variety of footwear brands. Its headquarters is located in Clayton, Missouri, a suburb of St. Louis. The company was founded in 1878 as Bryan, Brown & Company in St. Louis, though it underwent several name changes. The Hamilton-Brown Shoe Company was the largest manufacturer of shoes in America in the early 20th century, but it went bankrupt in June 1939.
BILL vs CAL — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $790.1M |
| Net Profit | $-2.6M | $2.4M |
| Gross Margin | 79.8% | 41.8% |
| Operating Margin | -4.4% | 1.5% |
| Net Margin | -0.6% | 0.3% |
| Revenue YoY | 14.4% | 6.6% |
| Net Profit YoY | -107.7% | -94.2% |
| EPS (diluted) | $-0.03 | $0.07 |
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 | $790.1M | ||
| Q3 25 | $395.7M | $658.5M | ||
| Q2 25 | $383.3M | $614.2M | ||
| Q1 25 | $358.2M | $639.2M | ||
| Q4 24 | $362.6M | $740.9M | ||
| Q3 24 | $358.4M | $683.3M | ||
| Q2 24 | $343.7M | $659.2M | ||
| Q1 24 | $323.0M | $697.1M |
| Q4 25 | $-2.6M | $2.4M | ||
| Q3 25 | $-3.0M | $6.7M | ||
| Q2 25 | $-7.1M | $6.9M | ||
| Q1 25 | $-11.6M | $4.9M | ||
| Q4 24 | $33.5M | $41.4M | ||
| Q3 24 | $8.9M | $30.0M | ||
| Q2 24 | $7.6M | $30.9M | ||
| Q1 24 | $31.8M | $55.7M |
| Q4 25 | 79.8% | 41.8% | ||
| Q3 25 | 80.5% | 43.4% | ||
| Q2 25 | 80.8% | 45.4% | ||
| Q1 25 | 81.2% | 43.0% | ||
| Q4 24 | 81.6% | 44.1% | ||
| Q3 24 | 82.0% | 45.5% | ||
| Q2 24 | 81.0% | 46.9% | ||
| Q1 24 | 83.0% | 43.9% |
| Q4 25 | -4.4% | 1.5% | ||
| Q3 25 | -5.2% | 1.4% | ||
| Q2 25 | -5.8% | 1.9% | ||
| Q1 25 | -8.1% | 1.2% | ||
| Q4 24 | -6.0% | 7.7% | ||
| Q3 24 | -2.1% | 6.2% | ||
| Q2 24 | -6.5% | 6.5% | ||
| Q1 24 | -8.6% | 4.4% |
| Q4 25 | -0.6% | 0.3% | ||
| Q3 25 | -0.7% | 1.0% | ||
| Q2 25 | -1.8% | 1.1% | ||
| Q1 25 | -3.2% | 0.8% | ||
| Q4 24 | 9.3% | 5.6% | ||
| Q3 24 | 2.5% | 4.4% | ||
| Q2 24 | 2.2% | 4.7% | ||
| Q1 24 | 9.8% | 8.0% |
| Q4 25 | $-0.03 | $0.07 | ||
| Q3 25 | $-0.03 | $0.20 | ||
| Q2 25 | $0.02 | $0.21 | ||
| Q1 25 | $-0.11 | $0.17 | ||
| Q4 24 | $-0.06 | $1.19 | ||
| Q3 24 | $0.08 | $0.85 | ||
| Q2 24 | $0.37 | $0.88 | ||
| Q1 24 | $0.00 | $1.56 |
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 | $34.0M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $616.8M |
| Total Assets | $10.1B | $2.1B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $34.0M | ||
| Q3 25 | $1.1B | $191.5M | ||
| Q2 25 | $1.0B | $33.1M | ||
| Q1 25 | $1.0B | $29.6M | ||
| Q4 24 | $1.6B | $33.7M | ||
| Q3 24 | $853.5M | $51.8M | ||
| Q2 24 | $985.9M | $30.7M | ||
| Q1 24 | $952.5M | $21.4M |
| 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 | $616.8M | ||
| Q3 25 | $3.9B | $613.3M | ||
| Q2 25 | $3.9B | $605.2M | ||
| Q1 25 | $3.9B | $599.0M | ||
| Q4 24 | $3.8B | $598.3M | ||
| Q3 24 | $4.0B | $606.1M | ||
| Q2 24 | $4.1B | $570.3M | ||
| Q1 24 | $4.1B | $560.6M |
| Q4 25 | $10.1B | $2.1B | ||
| Q3 25 | $10.2B | $2.2B | ||
| Q2 25 | $10.1B | $1.9B | ||
| Q1 25 | $9.6B | $1.9B | ||
| Q4 24 | $9.7B | $2.0B | ||
| Q3 24 | $9.0B | $2.0B | ||
| Q2 24 | $9.2B | $1.9B | ||
| Q1 24 | $9.1B | $1.8B |
| 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 | $-1.2M |
| Free Cash FlowOCF − Capex | $103.8M | $-12.4M |
| FCF MarginFCF / Revenue | 25.0% | -1.6% |
| Capex IntensityCapex / Revenue | 0.4% | 1.4% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $14.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $-1.2M | ||
| Q3 25 | $96.9M | $47.3M | ||
| Q2 25 | $83.8M | $-5.7M | ||
| Q1 25 | $99.5M | $28.7M | ||
| Q4 24 | $78.7M | $-39.8M | ||
| Q3 24 | $88.6M | $79.6M | ||
| Q2 24 | $78.6M | $36.1M | ||
| Q1 24 | $66.8M | $43.0M |
| Q4 25 | $103.8M | $-12.4M | ||
| Q3 25 | $95.6M | $35.0M | ||
| Q2 25 | $81.0M | $-26.2M | ||
| Q1 25 | $98.4M | $18.0M | ||
| Q4 24 | $78.3M | $-57.4M | ||
| Q3 24 | $88.6M | $68.5M | ||
| Q2 24 | $78.4M | $26.3M | ||
| Q1 24 | $66.8M | $32.4M |
| Q4 25 | 25.0% | -1.6% | ||
| Q3 25 | 24.1% | 5.3% | ||
| Q2 25 | 21.1% | -4.3% | ||
| Q1 25 | 27.5% | 2.8% | ||
| Q4 24 | 21.6% | -7.7% | ||
| Q3 24 | 24.7% | 10.0% | ||
| Q2 24 | 22.8% | 4.0% | ||
| Q1 24 | 20.7% | 4.6% |
| Q4 25 | 0.4% | 1.4% | ||
| Q3 25 | 0.3% | 1.9% | ||
| Q2 25 | 0.7% | 3.3% | ||
| Q1 25 | 0.3% | 1.7% | ||
| Q4 24 | 0.1% | 2.4% | ||
| Q3 24 | 0.0% | 1.6% | ||
| Q2 24 | 0.1% | 1.5% | ||
| Q1 24 | 0.0% | 1.5% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 7.05× | ||
| Q2 25 | — | -0.81× | ||
| Q1 25 | — | 5.82× | ||
| Q4 24 | 2.35× | -0.96× | ||
| Q3 24 | 9.94× | 2.66× | ||
| Q2 24 | 10.35× | 1.17× | ||
| Q1 24 | 2.10× | 0.77× |
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% |
CAL
| Brand Portfolio | $383.7M | 49% |
| Landed Wholesale | $148.1M | 19% |
| Wholesale E Commerce | $75.0M | 9% |
| Ecommerce | $68.8M | 9% |
| Stuart Weitzman Brand | $45.8M | 6% |
| Landed Wholesale Ecommerce Drop Ship | $30.6M | 4% |
| First Cost Wholesale | $14.9M | 2% |
| Clt Brand Solutions | $10.2M | 1% |
| License And Royalty | $2.1M | 0% |
