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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Enhabit, Inc. (EHAB). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $270.4M, roughly 1.5× Enhabit, Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -14.3%, a 13.7% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 4.7%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $3.3M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 1.5%).
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.
Enhabit, Inc., is a Dallas, Texas-based provider of home health and hospice services. The company operates 255 home health and 110 hospice locations in 34 states with a concentration in Texas, Alabama, Florida, Georgia, Oklahoma and Mississippi. Enhabit is the fourth-largest provider of home health services in the United States and is a leading provider of hospice services. The company was formed in 2022 when Encompass Health spun off its home health and hospice business.
BILL vs EHAB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $270.4M |
| Net Profit | $-2.6M | $-38.7M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | -12.3% |
| Net Margin | -0.6% | -14.3% |
| Revenue YoY | 14.4% | 4.7% |
| Net Profit YoY | -107.7% | 15.9% |
| EPS (diluted) | $-0.03 | $-0.76 |
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 | $270.4M | ||
| Q3 25 | $395.7M | $263.6M | ||
| Q2 25 | $383.3M | $266.1M | ||
| Q1 25 | $358.2M | $259.9M | ||
| Q4 24 | $362.6M | $258.2M | ||
| Q3 24 | $358.4M | $253.6M | ||
| Q2 24 | $343.7M | $260.6M | ||
| Q1 24 | $323.0M | $262.4M |
| Q4 25 | $-2.6M | $-38.7M | ||
| Q3 25 | $-3.0M | $11.1M | ||
| Q2 25 | $-7.1M | $5.2M | ||
| Q1 25 | $-11.6M | $17.8M | ||
| Q4 24 | $33.5M | $-46.0M | ||
| Q3 24 | $8.9M | $-110.2M | ||
| Q2 24 | $7.6M | $-200.0K | ||
| Q1 24 | $31.8M | $200.0K |
| 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% | -12.3% | ||
| Q3 25 | -5.2% | 6.4% | ||
| Q2 25 | -5.8% | 6.3% | ||
| Q1 25 | -8.1% | 6.1% | ||
| Q4 24 | -6.0% | -16.0% | ||
| Q3 24 | -2.1% | -38.6% | ||
| Q2 24 | -6.5% | 4.3% | ||
| Q1 24 | -8.6% | 4.9% |
| Q4 25 | -0.6% | -14.3% | ||
| Q3 25 | -0.7% | 4.2% | ||
| Q2 25 | -1.8% | 2.0% | ||
| Q1 25 | -3.2% | 6.8% | ||
| Q4 24 | 9.3% | -17.8% | ||
| Q3 24 | 2.5% | -43.5% | ||
| Q2 24 | 2.2% | -0.1% | ||
| Q1 24 | 9.8% | 0.1% |
| Q4 25 | $-0.03 | $-0.76 | ||
| Q3 25 | $-0.03 | $0.22 | ||
| Q2 25 | $0.02 | $0.10 | ||
| Q1 25 | $-0.11 | $0.35 | ||
| Q4 24 | $-0.06 | $-0.92 | ||
| Q3 24 | $0.08 | $-2.20 | ||
| Q2 24 | $0.37 | $0.00 | ||
| Q1 24 | $0.00 | $0.01 |
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 | $43.6M |
| Total DebtLower is stronger | $1.8B | $426.0M |
| Stockholders' EquityBook value | $3.8B | $534.0M |
| Total Assets | $10.1B | $1.2B |
| Debt / EquityLower = less leverage | 0.48× | 0.80× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $43.6M | ||
| Q3 25 | $1.1B | $56.9M | ||
| Q2 25 | $1.0B | $37.1M | ||
| Q1 25 | $1.0B | $39.5M | ||
| Q4 24 | $1.6B | $28.4M | ||
| Q3 24 | $853.5M | $45.7M | ||
| Q2 24 | $985.9M | $28.5M | ||
| Q1 24 | $952.5M | $36.5M |
| Q4 25 | $1.8B | $426.0M | ||
| Q3 25 | $1.9B | $441.5M | ||
| Q2 25 | $1.7B | $456.9M | ||
| Q1 25 | $1.7B | $467.3M | ||
| Q4 24 | $1.7B | $492.6M | ||
| Q3 24 | $914.8M | $502.9M | ||
| Q2 24 | $914.0M | $512.7M | ||
| Q1 24 | $1.1B | $526.7M |
| Q4 25 | $3.8B | $534.0M | ||
| Q3 25 | $3.9B | $566.8M | ||
| Q2 25 | $3.9B | $552.4M | ||
| Q1 25 | $3.9B | $543.2M | ||
| Q4 24 | $3.8B | $523.5M | ||
| Q3 24 | $4.0B | $566.1M | ||
| Q2 24 | $4.1B | $674.3M | ||
| Q1 24 | $4.1B | $672.3M |
| Q4 25 | $10.1B | $1.2B | ||
| Q3 25 | $10.2B | $1.2B | ||
| Q2 25 | $10.1B | $1.2B | ||
| Q1 25 | $9.6B | $1.2B | ||
| Q4 24 | $9.7B | $1.2B | ||
| Q3 24 | $9.0B | $1.3B | ||
| Q2 24 | $9.2B | $1.4B | ||
| Q1 24 | $9.1B | $1.4B |
| Q4 25 | 0.48× | 0.80× | ||
| Q3 25 | 0.48× | 0.78× | ||
| Q2 25 | 0.44× | 0.83× | ||
| Q1 25 | 0.43× | 0.86× | ||
| Q4 24 | 0.44× | 0.94× | ||
| Q3 24 | 0.23× | 0.89× | ||
| Q2 24 | 0.22× | 0.76× | ||
| Q1 24 | 0.28× | 0.78× |
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 | $4.4M |
| Free Cash FlowOCF − Capex | $103.8M | $3.3M |
| FCF MarginFCF / Revenue | 25.0% | 1.2% |
| Capex IntensityCapex / Revenue | 0.4% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $65.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $4.4M | ||
| Q3 25 | $96.9M | $37.8M | ||
| Q2 25 | $83.8M | $10.6M | ||
| Q1 25 | $99.5M | $17.9M | ||
| Q4 24 | $78.7M | $-4.1M | ||
| Q3 24 | $88.6M | $28.4M | ||
| Q2 24 | $78.6M | $9.6M | ||
| Q1 24 | $66.8M | $17.3M |
| Q4 25 | $103.8M | $3.3M | ||
| Q3 25 | $95.6M | $36.2M | ||
| Q2 25 | $81.0M | $8.7M | ||
| Q1 25 | $98.4M | $17.6M | ||
| Q4 24 | $78.3M | $-4.7M | ||
| Q3 24 | $88.6M | $27.7M | ||
| Q2 24 | $78.4M | $8.9M | ||
| Q1 24 | $66.8M | $15.5M |
| Q4 25 | 25.0% | 1.2% | ||
| Q3 25 | 24.1% | 13.7% | ||
| Q2 25 | 21.1% | 3.3% | ||
| Q1 25 | 27.5% | 6.8% | ||
| Q4 24 | 21.6% | -1.8% | ||
| Q3 24 | 24.7% | 10.9% | ||
| Q2 24 | 22.8% | 3.4% | ||
| Q1 24 | 20.7% | 5.9% |
| Q4 25 | 0.4% | 0.4% | ||
| Q3 25 | 0.3% | 0.6% | ||
| Q2 25 | 0.7% | 0.7% | ||
| Q1 25 | 0.3% | 0.1% | ||
| Q4 24 | 0.1% | 0.2% | ||
| Q3 24 | 0.0% | 0.3% | ||
| Q2 24 | 0.1% | 0.3% | ||
| Q1 24 | 0.0% | 0.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | 3.41× | ||
| Q2 25 | — | 2.04× | ||
| Q1 25 | — | 1.01× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | — | ||
| Q1 24 | 2.10× | 86.50× |
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% |
EHAB
| Third Party Payor Medicare | $111.6M | 41% |
| Third Party Payor Medicare Advantage | $67.5M | 25% |
| Hospice Segment | $63.6M | 24% |
| Third Party Payor Managed Care | $24.9M | 9% |
| Third Party Payor Medicaid | $1.7M | 1% |
