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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and ESAB Corp (ESAB). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $414.7M, roughly 1.8× BILL Holdings, Inc.). ESAB Corp runs the higher net margin — 7.5% 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 8.5%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $70.3M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 2.8%).
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.
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
BILL vs ESAB — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $727.8M |
| Net Profit | $-2.6M | $54.8M |
| Gross Margin | 79.8% | 37.0% |
| Operating Margin | -4.4% | 14.6% |
| Net Margin | -0.6% | 7.5% |
| Revenue YoY | 14.4% | 8.5% |
| Net Profit YoY | -107.7% | 2.1% |
| EPS (diluted) | $-0.03 | $0.90 |
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 | $727.8M | ||
| Q3 25 | $395.7M | $715.6M | ||
| Q2 25 | $383.3M | $678.1M | ||
| Q1 25 | $358.2M | — | ||
| Q4 24 | $362.6M | $670.8M | ||
| Q3 24 | $358.4M | $673.3M | ||
| Q2 24 | $343.7M | $707.1M | ||
| Q1 24 | $323.0M | $689.7M |
| Q4 25 | $-2.6M | $54.8M | ||
| Q3 25 | $-3.0M | $66.9M | ||
| Q2 25 | $-7.1M | $67.4M | ||
| Q1 25 | $-11.6M | — | ||
| Q4 24 | $33.5M | $53.7M | ||
| Q3 24 | $8.9M | $68.2M | ||
| Q2 24 | $7.6M | $82.9M | ||
| Q1 24 | $31.8M | $60.0M |
| Q4 25 | 79.8% | 37.0% | ||
| Q3 25 | 80.5% | 37.2% | ||
| Q2 25 | 80.8% | 37.6% | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | 38.5% | ||
| Q3 24 | 82.0% | 37.7% | ||
| Q2 24 | 81.0% | 38.2% | ||
| Q1 24 | 83.0% | 37.0% |
| Q4 25 | -4.4% | 14.6% | ||
| Q3 25 | -5.2% | 15.2% | ||
| Q2 25 | -5.8% | 16.2% | ||
| Q1 25 | -8.1% | — | ||
| Q4 24 | -6.0% | 16.6% | ||
| Q3 24 | -2.1% | 15.7% | ||
| Q2 24 | -6.5% | 16.9% | ||
| Q1 24 | -8.6% | 16.0% |
| Q4 25 | -0.6% | 7.5% | ||
| Q3 25 | -0.7% | 9.3% | ||
| Q2 25 | -1.8% | 9.9% | ||
| Q1 25 | -3.2% | — | ||
| Q4 24 | 9.3% | 8.0% | ||
| Q3 24 | 2.5% | 10.1% | ||
| Q2 24 | 2.2% | 11.7% | ||
| Q1 24 | 9.8% | 8.7% |
| Q4 25 | $-0.03 | $0.90 | ||
| Q3 25 | $-0.03 | $1.09 | ||
| Q2 25 | $0.02 | $1.10 | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.06 | $0.87 | ||
| Q3 24 | $0.08 | $1.11 | ||
| Q2 24 | $0.37 | $1.35 | ||
| Q1 24 | $0.00 | $0.98 |
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 | $218.2M |
| Total DebtLower is stronger | $1.8B | $1.3B |
| Stockholders' EquityBook value | $3.8B | $2.1B |
| Total Assets | $10.1B | $4.9B |
| Debt / EquityLower = less leverage | 0.48× | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $218.2M | ||
| Q3 25 | $1.1B | $258.2M | ||
| Q2 25 | $1.0B | $291.3M | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.6B | $249.4M | ||
| Q3 24 | $853.5M | $253.7M | ||
| Q2 24 | $985.9M | $228.5M | ||
| Q1 24 | $952.5M | $76.5M |
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.9B | $1.1B | ||
| Q2 25 | $1.7B | $1.1B | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | $1.1B | ||
| Q3 24 | $914.8M | $1.1B | ||
| Q2 24 | $914.0M | $1.1B | ||
| Q1 24 | $1.1B | $992.8M |
| Q4 25 | $3.8B | $2.1B | ||
| Q3 25 | $3.9B | $2.1B | ||
| Q2 25 | $3.9B | $1.9B | ||
| Q1 25 | $3.9B | — | ||
| Q4 24 | $3.8B | $1.8B | ||
| Q3 24 | $4.0B | $1.8B | ||
| Q2 24 | $4.1B | $1.7B | ||
| Q1 24 | $4.1B | $1.6B |
| Q4 25 | $10.1B | $4.9B | ||
| Q3 25 | $10.2B | $4.4B | ||
| Q2 25 | $10.1B | $4.2B | ||
| Q1 25 | $9.6B | — | ||
| Q4 24 | $9.7B | $4.0B | ||
| Q3 24 | $9.0B | $4.1B | ||
| Q2 24 | $9.2B | $4.0B | ||
| Q1 24 | $9.1B | $3.8B |
| Q4 25 | 0.48× | 0.63× | ||
| Q3 25 | 0.48× | 0.51× | ||
| Q2 25 | 0.44× | 0.55× | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | 0.60× | ||
| Q3 24 | 0.23× | 0.59× | ||
| Q2 24 | 0.22× | 0.63× | ||
| Q1 24 | 0.28× | 0.61× |
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 | $81.5M |
| Free Cash FlowOCF − Capex | $103.8M | $70.3M |
| FCF MarginFCF / Revenue | 25.0% | 9.7% |
| Capex IntensityCapex / Revenue | 0.4% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 1.49× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $238.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $81.5M | ||
| Q3 25 | $96.9M | $46.6M | ||
| Q2 25 | $83.8M | $35.4M | ||
| Q1 25 | $99.5M | — | ||
| Q4 24 | $78.7M | $126.9M | ||
| Q3 24 | $88.6M | $101.0M | ||
| Q2 24 | $78.6M | $83.0M | ||
| Q1 24 | $66.8M | $44.5M |
| Q4 25 | $103.8M | $70.3M | ||
| Q3 25 | $95.6M | $37.4M | ||
| Q2 25 | $81.0M | $28.1M | ||
| Q1 25 | $98.4M | — | ||
| Q4 24 | $78.3M | $102.2M | ||
| Q3 24 | $88.6M | $90.4M | ||
| Q2 24 | $78.4M | $74.0M | ||
| Q1 24 | $66.8M | $37.1M |
| Q4 25 | 25.0% | 9.7% | ||
| Q3 25 | 24.1% | 5.2% | ||
| Q2 25 | 21.1% | 4.1% | ||
| Q1 25 | 27.5% | — | ||
| Q4 24 | 21.6% | 15.2% | ||
| Q3 24 | 24.7% | 13.4% | ||
| Q2 24 | 22.8% | 10.5% | ||
| Q1 24 | 20.7% | 5.4% |
| Q4 25 | 0.4% | 1.5% | ||
| Q3 25 | 0.3% | 1.3% | ||
| Q2 25 | 0.7% | 1.1% | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.1% | 3.7% | ||
| Q3 24 | 0.0% | 1.6% | ||
| Q2 24 | 0.1% | 1.3% | ||
| Q1 24 | 0.0% | 1.1% |
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | 2.36× | ||
| Q3 24 | 9.94× | 1.48× | ||
| Q2 24 | 10.35× | 1.00× | ||
| Q1 24 | 2.10× | 0.74× |
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% |
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
