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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and CAVCO INDUSTRIES, INC. (CVCO). Click either name above to swap in a different company.
CAVCO INDUSTRIES, INC. is the larger business by last-quarter revenue ($581.0M vs $414.7M, roughly 1.4× BILL Holdings, Inc.). CAVCO INDUSTRIES, INC. runs the higher net margin — 7.6% vs -0.6%, a 8.2% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 11.3%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $57.6M). Over the past eight quarters, CAVCO INDUSTRIES, INC.'s revenue compounded faster (17.6% CAGR vs 13.3%).
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.
Cavco Industries, Inc. is an American company that manufactures modular homes, Recreational vehicle (RVs), vacation cabins, and manufactured homes. The company operates through a network of manufacturing facilities and retail locations across the United States. Cavco is Headquartered in Phoenix, Arizona.
BILL vs CVCO — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $581.0M |
| Net Profit | $-2.6M | $44.1M |
| Gross Margin | 79.8% | 23.4% |
| Operating Margin | -4.4% | 9.4% |
| Net Margin | -0.6% | 7.6% |
| Revenue YoY | 14.4% | 11.3% |
| Net Profit YoY | -107.7% | -22.0% |
| EPS (diluted) | $-0.03 | $5.58 |
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 | $581.0M | ||
| Q3 25 | $395.7M | $556.5M | ||
| Q2 25 | $383.3M | $556.9M | ||
| Q1 25 | $358.2M | $508.4M | ||
| Q4 24 | $362.6M | $522.0M | ||
| Q3 24 | $358.4M | $507.5M | ||
| Q2 24 | $343.7M | $477.6M | ||
| Q1 24 | $323.0M | $420.1M |
| Q4 25 | $-2.6M | $44.1M | ||
| Q3 25 | $-3.0M | $52.4M | ||
| Q2 25 | $-7.1M | $51.6M | ||
| Q1 25 | $-11.6M | $36.3M | ||
| Q4 24 | $33.5M | $56.5M | ||
| Q3 24 | $8.9M | $43.8M | ||
| Q2 24 | $7.6M | $34.4M | ||
| Q1 24 | $31.8M | $33.9M |
| Q4 25 | 79.8% | 23.4% | ||
| Q3 25 | 80.5% | 24.2% | ||
| Q2 25 | 80.8% | 23.3% | ||
| Q1 25 | 81.2% | 22.8% | ||
| Q4 24 | 81.6% | 24.9% | ||
| Q3 24 | 82.0% | 22.9% | ||
| Q2 24 | 81.0% | 21.7% | ||
| Q1 24 | 83.0% | 23.6% |
| Q4 25 | -4.4% | 9.4% | ||
| Q3 25 | -5.2% | 11.2% | ||
| Q2 25 | -5.8% | 10.8% | ||
| Q1 25 | -8.1% | 7.6% | ||
| Q4 24 | -6.0% | 12.3% | ||
| Q3 24 | -2.1% | 9.7% | ||
| Q2 24 | -6.5% | 8.1% | ||
| Q1 24 | -8.6% | 8.9% |
| Q4 25 | -0.6% | 7.6% | ||
| Q3 25 | -0.7% | 9.4% | ||
| Q2 25 | -1.8% | 9.3% | ||
| Q1 25 | -3.2% | 7.1% | ||
| Q4 24 | 9.3% | 10.8% | ||
| Q3 24 | 2.5% | 8.6% | ||
| Q2 24 | 2.2% | 7.2% | ||
| Q1 24 | 9.8% | 8.1% |
| Q4 25 | $-0.03 | $5.58 | ||
| Q3 25 | $-0.03 | $6.55 | ||
| Q2 25 | $0.02 | $6.42 | ||
| Q1 25 | $-0.11 | $4.42 | ||
| Q4 24 | $-0.06 | $6.90 | ||
| Q3 24 | $0.08 | $5.28 | ||
| Q2 24 | $0.37 | $4.11 | ||
| Q1 24 | $0.00 | $4.05 |
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 | $241.9M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $1.1B |
| Total Assets | $10.1B | $1.5B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $241.9M | ||
| Q3 25 | $1.1B | $391.8M | ||
| Q2 25 | $1.0B | $362.4M | ||
| Q1 25 | $1.0B | $376.1M | ||
| Q4 24 | $1.6B | $378.9M | ||
| Q3 24 | $853.5M | $388.7M | ||
| Q2 24 | $985.9M | $380.0M | ||
| Q1 24 | $952.5M | $371.0M |
| 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 | $1.1B | ||
| Q3 25 | $3.9B | $1.1B | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $3.9B | $1.1B | ||
| Q4 24 | $3.8B | $1.1B | ||
| Q3 24 | $4.0B | $1.0B | ||
| Q2 24 | $4.1B | $1.0B | ||
| Q1 24 | $4.1B | $1.0B |
| Q4 25 | $10.1B | $1.5B | ||
| Q3 25 | $10.2B | $1.4B | ||
| Q2 25 | $10.1B | $1.4B | ||
| Q1 25 | $9.6B | $1.4B | ||
| Q4 24 | $9.7B | $1.4B | ||
| Q3 24 | $9.0B | $1.4B | ||
| Q2 24 | $9.2B | $1.4B | ||
| Q1 24 | $9.1B | $1.4B |
| 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 | $66.1M |
| Free Cash FlowOCF − Capex | $103.8M | $57.6M |
| FCF MarginFCF / Revenue | 25.0% | 9.9% |
| Capex IntensityCapex / Revenue | 0.4% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 1.50× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $205.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $66.1M | ||
| Q3 25 | $96.9M | $78.5M | ||
| Q2 25 | $83.8M | $55.5M | ||
| Q1 25 | $99.5M | $38.6M | ||
| Q4 24 | $78.7M | $37.8M | ||
| Q3 24 | $88.6M | $54.7M | ||
| Q2 24 | $78.6M | $47.4M | ||
| Q1 24 | $66.8M | — |
| Q4 25 | $103.8M | $57.6M | ||
| Q3 25 | $95.6M | $68.7M | ||
| Q2 25 | $81.0M | $46.4M | ||
| Q1 25 | $98.4M | $32.5M | ||
| Q4 24 | $78.3M | $32.3M | ||
| Q3 24 | $88.6M | $49.8M | ||
| Q2 24 | $78.4M | $42.4M | ||
| Q1 24 | $66.8M | — |
| Q4 25 | 25.0% | 9.9% | ||
| Q3 25 | 24.1% | 12.4% | ||
| Q2 25 | 21.1% | 8.3% | ||
| Q1 25 | 27.5% | 6.4% | ||
| Q4 24 | 21.6% | 6.2% | ||
| Q3 24 | 24.7% | 9.8% | ||
| Q2 24 | 22.8% | 8.9% | ||
| Q1 24 | 20.7% | — |
| Q4 25 | 0.4% | 1.5% | ||
| Q3 25 | 0.3% | 1.7% | ||
| Q2 25 | 0.7% | 1.6% | ||
| Q1 25 | 0.3% | 1.2% | ||
| Q4 24 | 0.1% | 1.0% | ||
| Q3 24 | 0.0% | 1.0% | ||
| Q2 24 | 0.1% | 1.0% | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | 1.50× | ||
| Q3 25 | — | 1.50× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.06× | ||
| Q4 24 | 2.35× | 0.67× | ||
| Q3 24 | 9.94× | 1.25× | ||
| Q2 24 | 10.35× | 1.38× | ||
| Q1 24 | 2.10× | — |
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% |
CVCO
| Manufactured Product Other | $532.5M | 92% |
| Other | $26.0M | 4% |
| Financial Service Other | $20.5M | 4% |
| Insurance Agency Commissions | $2.0M | 0% |
