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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Distribution Solutions Group, Inc. (DSGR). Click either name above to swap in a different company.
Distribution Solutions Group, Inc. is the larger business by last-quarter revenue ($518.0M vs $414.7M, roughly 1.2× BILL Holdings, Inc.). Distribution Solutions Group, Inc. runs the higher net margin — 1.2% vs -0.6%, a 1.9% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 10.7%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $32.9M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 13.1%).
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.
Univar Solutions Inc. is a global chemical and ingredients distributor and provider of value-added services.
BILL vs DSGR — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $518.0M |
| Net Profit | $-2.6M | $6.5M |
| Gross Margin | 79.8% | 32.9% |
| Operating Margin | -4.4% | 4.6% |
| Net Margin | -0.6% | 1.2% |
| Revenue YoY | 14.4% | 10.7% |
| Net Profit YoY | -107.7% | -70.6% |
| EPS (diluted) | $-0.03 | $0.14 |
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 | — | ||
| Q3 25 | $395.7M | $518.0M | ||
| Q2 25 | $383.3M | $502.4M | ||
| Q1 25 | $358.2M | $478.0M | ||
| Q4 24 | $362.6M | $480.5M | ||
| Q3 24 | $358.4M | $468.0M | ||
| Q2 24 | $343.7M | $439.5M | ||
| Q1 24 | $323.0M | $416.1M |
| Q4 25 | $-2.6M | — | ||
| Q3 25 | $-3.0M | $6.5M | ||
| Q2 25 | $-7.1M | $5.0M | ||
| Q1 25 | $-11.6M | $3.3M | ||
| Q4 24 | $33.5M | $-25.9M | ||
| Q3 24 | $8.9M | $21.9M | ||
| Q2 24 | $7.6M | $1.9M | ||
| Q1 24 | $31.8M | $-5.2M |
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | 32.9% | ||
| Q2 25 | 80.8% | 33.9% | ||
| Q1 25 | 81.2% | 34.3% | ||
| Q4 24 | 81.6% | 33.3% | ||
| Q3 24 | 82.0% | 33.9% | ||
| Q2 24 | 81.0% | 34.5% | ||
| Q1 24 | 83.0% | 34.5% |
| Q4 25 | -4.4% | — | ||
| Q3 25 | -5.2% | 4.6% | ||
| Q2 25 | -5.8% | 5.3% | ||
| Q1 25 | -8.1% | 4.2% | ||
| Q4 24 | -6.0% | 4.2% | ||
| Q3 24 | -2.1% | 4.0% | ||
| Q2 24 | -6.5% | 3.2% | ||
| Q1 24 | -8.6% | 0.7% |
| Q4 25 | -0.6% | — | ||
| Q3 25 | -0.7% | 1.2% | ||
| Q2 25 | -1.8% | 1.0% | ||
| Q1 25 | -3.2% | 0.7% | ||
| Q4 24 | 9.3% | -5.4% | ||
| Q3 24 | 2.5% | 4.7% | ||
| Q2 24 | 2.2% | 0.4% | ||
| Q1 24 | 9.8% | -1.3% |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $-0.03 | $0.14 | ||
| Q2 25 | $0.02 | $0.11 | ||
| Q1 25 | $-0.11 | $0.07 | ||
| Q4 24 | $-0.06 | $-0.55 | ||
| Q3 24 | $0.08 | $0.46 | ||
| Q2 24 | $0.37 | $0.04 | ||
| Q1 24 | $0.00 | $-0.11 |
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 | $69.2M |
| Total DebtLower is stronger | $1.8B | $665.5M |
| Stockholders' EquityBook value | $3.8B | $653.9M |
| Total Assets | $10.1B | $1.8B |
| Debt / EquityLower = less leverage | 0.48× | 1.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $69.2M | ||
| Q2 25 | $1.0B | $47.4M | ||
| Q1 25 | $1.0B | $65.4M | ||
| Q4 24 | $1.6B | $66.5M | ||
| Q3 24 | $853.5M | $61.3M | ||
| Q2 24 | $985.9M | $46.8M | ||
| Q1 24 | $952.5M | $73.1M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | $665.5M | ||
| Q2 25 | $1.7B | $675.0M | ||
| Q1 25 | $1.7B | $712.4M | ||
| Q4 24 | $1.7B | $693.9M | ||
| Q3 24 | $914.8M | $704.1M | ||
| Q2 24 | $914.0M | $573.7M | ||
| Q1 24 | $1.1B | $535.7M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.9B | $653.9M | ||
| Q2 25 | $3.9B | $649.4M | ||
| Q1 25 | $3.9B | $636.7M | ||
| Q4 24 | $3.8B | $640.5M | ||
| Q3 24 | $4.0B | $680.8M | ||
| Q2 24 | $4.1B | $653.3M | ||
| Q1 24 | $4.1B | $654.7M |
| Q4 25 | $10.1B | — | ||
| Q3 25 | $10.2B | $1.8B | ||
| Q2 25 | $10.1B | $1.8B | ||
| Q1 25 | $9.6B | $1.8B | ||
| Q4 24 | $9.7B | $1.7B | ||
| Q3 24 | $9.0B | $1.8B | ||
| Q2 24 | $9.2B | $1.6B | ||
| Q1 24 | $9.1B | $1.5B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | 1.02× | ||
| Q2 25 | 0.44× | 1.04× | ||
| Q1 25 | 0.43× | 1.12× | ||
| Q4 24 | 0.44× | 1.08× | ||
| Q3 24 | 0.23× | 1.03× | ||
| Q2 24 | 0.22× | 0.88× | ||
| Q1 24 | 0.28× | 0.82× |
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 | $38.4M |
| Free Cash FlowOCF − Capex | $103.8M | $32.9M |
| FCF MarginFCF / Revenue | 25.0% | 6.3% |
| Capex IntensityCapex / Revenue | 0.4% | 1.1% |
| Cash ConversionOCF / Net Profit | — | 5.95× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | — | ||
| Q3 25 | $96.9M | $38.4M | ||
| Q2 25 | $83.8M | $33.3M | ||
| Q1 25 | $99.5M | $-4.8M | ||
| Q4 24 | $78.7M | $45.7M | ||
| Q3 24 | $88.6M | $-17.3M | ||
| Q2 24 | $78.6M | $21.4M | ||
| Q1 24 | $66.8M | $6.6M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | $32.9M | ||
| Q2 25 | $81.0M | $28.7M | ||
| Q1 25 | $98.4M | $-10.4M | ||
| Q4 24 | $78.3M | $41.1M | ||
| Q3 24 | $88.6M | $-20.5M | ||
| Q2 24 | $78.4M | $18.0M | ||
| Q1 24 | $66.8M | $4.2M |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | 6.3% | ||
| Q2 25 | 21.1% | 5.7% | ||
| Q1 25 | 27.5% | -2.2% | ||
| Q4 24 | 21.6% | 8.6% | ||
| Q3 24 | 24.7% | -4.4% | ||
| Q2 24 | 22.8% | 4.1% | ||
| Q1 24 | 20.7% | 1.0% |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | 1.1% | ||
| Q2 25 | 0.7% | 0.9% | ||
| Q1 25 | 0.3% | 1.2% | ||
| Q4 24 | 0.1% | 1.0% | ||
| Q3 24 | 0.0% | 0.7% | ||
| Q2 24 | 0.1% | 0.8% | ||
| Q1 24 | 0.0% | 0.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.95× | ||
| Q2 25 | — | 6.66× | ||
| Q1 25 | — | -1.46× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | -0.79× | ||
| Q2 24 | 10.35× | 11.28× | ||
| 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% |
DSGR
| Test Equity Segment | $206.5M | 40% |
| Gexpro Services Segment | $130.5M | 25% |
| Lawson Segment | $121.5M | 23% |
| Canada Branch Division Segment | $60.0M | 12% |
