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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and DONEGAL GROUP INC (DGICA). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $239.8M, roughly 1.7× DONEGAL GROUP INC). DONEGAL GROUP INC runs the higher net margin — 7.2% vs -0.6%, a 7.8% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -4.1%). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs -0.3%).
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.
Donegal Group Inc. is a regional US insurance holding company offering personal and commercial property and casualty insurance products. It serves Mid-Atlantic, Midwest, and Southern US customers, delivering tailored coverage for individuals, families, and small to medium businesses.
BILL vs DGICA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $239.8M |
| Net Profit | $-2.6M | $17.2M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 8.7% |
| Net Margin | -0.6% | 7.2% |
| Revenue YoY | 14.4% | -4.1% |
| Net Profit YoY | -107.7% | -28.4% |
| EPS (diluted) | $-0.03 | — |
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 | $239.8M | ||
| Q3 25 | $395.7M | $245.9M | ||
| Q2 25 | $383.3M | $247.1M | ||
| Q1 25 | $358.2M | $245.2M | ||
| Q4 24 | $362.6M | $250.0M | ||
| Q3 24 | $358.4M | $251.7M | ||
| Q2 24 | $343.7M | $246.8M | ||
| Q1 24 | $323.0M | $241.1M |
| Q4 25 | $-2.6M | $17.2M | ||
| Q3 25 | $-3.0M | $20.1M | ||
| Q2 25 | $-7.1M | $16.9M | ||
| Q1 25 | $-11.6M | $25.2M | ||
| Q4 24 | $33.5M | $24.0M | ||
| Q3 24 | $8.9M | $16.8M | ||
| Q2 24 | $7.6M | $4.2M | ||
| Q1 24 | $31.8M | $6.0M |
| 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% | 8.7% | ||
| Q3 25 | -5.2% | 10.2% | ||
| Q2 25 | -5.8% | 8.3% | ||
| Q1 25 | -8.1% | 12.7% | ||
| Q4 24 | -6.0% | 11.9% | ||
| Q3 24 | -2.1% | 8.1% | ||
| Q2 24 | -6.5% | 2.0% | ||
| Q1 24 | -8.6% | 3.0% |
| Q4 25 | -0.6% | 7.2% | ||
| Q3 25 | -0.7% | 8.2% | ||
| Q2 25 | -1.8% | 6.8% | ||
| Q1 25 | -3.2% | 10.3% | ||
| Q4 24 | 9.3% | 9.6% | ||
| Q3 24 | 2.5% | 6.7% | ||
| Q2 24 | 2.2% | 1.7% | ||
| Q1 24 | 9.8% | 2.5% |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $-0.03 | — | ||
| Q2 25 | $0.02 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.06 | — | ||
| Q3 24 | $0.08 | — | ||
| Q2 24 | $0.37 | — | ||
| Q1 24 | $0.00 | — |
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 | $640.4M |
| Total Assets | $10.1B | $2.4B |
| 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 | $640.4M | ||
| Q3 25 | $3.9B | $627.4M | ||
| Q2 25 | $3.9B | $605.7M | ||
| Q1 25 | $3.9B | $584.7M | ||
| Q4 24 | $3.8B | $545.8M | ||
| Q3 24 | $4.0B | $513.4M | ||
| Q2 24 | $4.1B | $484.1M | ||
| Q1 24 | $4.1B | $485.1M |
| Q4 25 | $10.1B | $2.4B | ||
| Q3 25 | $10.2B | $2.4B | ||
| Q2 25 | $10.1B | $2.4B | ||
| Q1 25 | $9.6B | $2.4B | ||
| Q4 24 | $9.7B | $2.3B | ||
| Q3 24 | $9.0B | $2.3B | ||
| Q2 24 | $9.2B | $2.3B | ||
| Q1 24 | $9.1B | $2.3B |
| 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 | $70.2M |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | 4.08× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $70.2M | ||
| Q3 25 | $96.9M | $22.4M | ||
| Q2 25 | $83.8M | $12.1M | ||
| Q1 25 | $99.5M | $25.7M | ||
| Q4 24 | $78.7M | $67.4M | ||
| Q3 24 | $88.6M | $12.7M | ||
| Q2 24 | $78.6M | $21.7M | ||
| Q1 24 | $66.8M | $4.8M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | — | ||
| Q2 25 | $81.0M | — | ||
| Q1 25 | $98.4M | — | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | — | ||
| Q2 24 | $78.4M | — | ||
| Q1 24 | $66.8M | — |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 27.5% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | — | ||
| Q2 24 | 22.8% | — | ||
| Q1 24 | 20.7% | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | 4.08× | ||
| Q3 25 | — | 1.11× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | 2.35× | 2.81× | ||
| Q3 24 | 9.94× | 0.76× | ||
| Q2 24 | 10.35× | 5.22× | ||
| Q1 24 | 2.10× | 0.81× |
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% |
DGICA
| Commercial Lines Segment | $140.8M | 59% |
| Personal Lines Segment | $86.0M | 36% |
| Investments Function Segment | $12.4M | 5% |
