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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and CSW INDUSTRIALS, INC. (CSW). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $233.0M, roughly 1.8× CSW INDUSTRIALS, INC.). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -0.6%, a 5.0% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $22.7M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 5.1%).
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.
BILL vs CSW — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $233.0M |
| Net Profit | $-2.6M | $10.3M |
| Gross Margin | 79.8% | 39.7% |
| Operating Margin | -4.4% | 7.4% |
| Net Margin | -0.6% | 4.4% |
| Revenue YoY | 14.4% | 20.3% |
| Net Profit YoY | -107.7% | -61.9% |
| EPS (diluted) | $-0.03 | $0.62 |
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 | $233.0M | ||
| Q3 25 | $395.7M | $277.0M | ||
| Q2 25 | $383.3M | $263.6M | ||
| Q1 25 | $358.2M | $230.5M | ||
| Q4 24 | $362.6M | $193.6M | ||
| Q3 24 | $358.4M | $227.9M | ||
| Q2 24 | $343.7M | $226.2M | ||
| Q1 24 | $323.0M | $210.9M |
| Q4 25 | $-2.6M | $10.3M | ||
| Q3 25 | $-3.0M | $40.7M | ||
| Q2 25 | $-7.1M | $40.9M | ||
| Q1 25 | $-11.6M | $35.1M | ||
| Q4 24 | $33.5M | $26.9M | ||
| Q3 24 | $8.9M | $36.1M | ||
| Q2 24 | $7.6M | $38.6M | ||
| Q1 24 | $31.8M | $31.8M |
| Q4 25 | 79.8% | 39.7% | ||
| Q3 25 | 80.5% | 43.0% | ||
| Q2 25 | 80.8% | 43.8% | ||
| Q1 25 | 81.2% | 44.2% | ||
| Q4 24 | 81.6% | 41.4% | ||
| Q3 24 | 82.0% | 45.6% | ||
| Q2 24 | 81.0% | 47.5% | ||
| Q1 24 | 83.0% | 44.4% |
| Q4 25 | -4.4% | 7.4% | ||
| Q3 25 | -5.2% | 20.5% | ||
| Q2 25 | -5.8% | 20.8% | ||
| Q1 25 | -8.1% | 19.5% | ||
| Q4 24 | -6.0% | 15.3% | ||
| Q3 24 | -2.1% | 22.6% | ||
| Q2 24 | -6.5% | 24.3% | ||
| Q1 24 | -8.6% | 21.0% |
| Q4 25 | -0.6% | 4.4% | ||
| Q3 25 | -0.7% | 14.7% | ||
| Q2 25 | -1.8% | 15.5% | ||
| Q1 25 | -3.2% | 15.2% | ||
| Q4 24 | 9.3% | 13.9% | ||
| Q3 24 | 2.5% | 15.8% | ||
| Q2 24 | 2.2% | 17.1% | ||
| Q1 24 | 9.8% | 15.1% |
| Q4 25 | $-0.03 | $0.62 | ||
| Q3 25 | $-0.03 | $2.41 | ||
| Q2 25 | $0.02 | $2.43 | ||
| Q1 25 | $-0.11 | $2.05 | ||
| Q4 24 | $-0.06 | $1.60 | ||
| Q3 24 | $0.08 | $2.26 | ||
| Q2 24 | $0.37 | $2.47 | ||
| Q1 24 | $0.00 | $2.03 |
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 | $40.2M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $1.1B |
| Total Assets | $10.1B | $2.3B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $40.2M | ||
| Q3 25 | $1.1B | $31.5M | ||
| Q2 25 | $1.0B | $38.0M | ||
| Q1 25 | $1.0B | $225.8M | ||
| Q4 24 | $1.6B | $213.8M | ||
| Q3 24 | $853.5M | $273.2M | ||
| Q2 24 | $985.9M | $18.9M | ||
| Q1 24 | $952.5M | $22.2M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | $800.1M | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | $166.0M |
| Q4 25 | $3.8B | $1.1B | ||
| Q3 25 | $3.9B | $1.1B | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $3.9B | $1.1B | ||
| Q4 24 | $3.8B | $1.0B | ||
| Q3 24 | $4.0B | $1.0B | ||
| Q2 24 | $4.1B | $650.2M | ||
| Q1 24 | $4.1B | $615.7M |
| Q4 25 | $10.1B | $2.3B | ||
| Q3 25 | $10.2B | $1.5B | ||
| Q2 25 | $10.1B | $1.5B | ||
| Q1 25 | $9.6B | $1.4B | ||
| Q4 24 | $9.7B | $1.4B | ||
| Q3 24 | $9.0B | $1.4B | ||
| Q2 24 | $9.2B | $1.1B | ||
| Q1 24 | $9.1B | $1.0B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | 0.75× | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.28× | 0.27× |
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 | $28.9M |
| Free Cash FlowOCF − Capex | $103.8M | $22.7M |
| FCF MarginFCF / Revenue | 25.0% | 9.8% |
| Capex IntensityCapex / Revenue | 0.4% | 2.6% |
| Cash ConversionOCF / Net Profit | — | 2.81× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $162.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $28.9M | ||
| Q3 25 | $96.9M | $61.8M | ||
| Q2 25 | $83.8M | $60.6M | ||
| Q1 25 | $99.5M | $27.3M | ||
| Q4 24 | $78.7M | $11.6M | ||
| Q3 24 | $88.6M | $66.8M | ||
| Q2 24 | $78.6M | $62.7M | ||
| Q1 24 | $66.8M | $22.4M |
| Q4 25 | $103.8M | $22.7M | ||
| Q3 25 | $95.6M | $58.7M | ||
| Q2 25 | $81.0M | $57.7M | ||
| Q1 25 | $98.4M | $22.8M | ||
| Q4 24 | $78.3M | $8.5M | ||
| Q3 24 | $88.6M | $61.3M | ||
| Q2 24 | $78.4M | $59.6M | ||
| Q1 24 | $66.8M | $17.5M |
| Q4 25 | 25.0% | 9.8% | ||
| Q3 25 | 24.1% | 21.2% | ||
| Q2 25 | 21.1% | 21.9% | ||
| Q1 25 | 27.5% | 9.9% | ||
| Q4 24 | 21.6% | 4.4% | ||
| Q3 24 | 24.7% | 26.9% | ||
| Q2 24 | 22.8% | 26.3% | ||
| Q1 24 | 20.7% | 8.3% |
| Q4 25 | 0.4% | 2.6% | ||
| Q3 25 | 0.3% | 1.1% | ||
| Q2 25 | 0.7% | 1.1% | ||
| Q1 25 | 0.3% | 2.0% | ||
| Q4 24 | 0.1% | 1.6% | ||
| Q3 24 | 0.0% | 2.4% | ||
| Q2 24 | 0.1% | 1.4% | ||
| Q1 24 | 0.0% | 2.3% |
| Q4 25 | — | 2.81× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | 2.35× | 0.43× | ||
| Q3 24 | 9.94× | 1.85× | ||
| Q2 24 | 10.35× | 1.62× | ||
| Q1 24 | 2.10× | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
