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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Essent Group Ltd. (ESNT). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $312.4M, roughly 1.3× Essent Group Ltd.). Essent Group Ltd. runs the higher net margin — 49.6% vs -0.6%, a 50.2% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -0.8%). Essent Group Ltd. produced more free cash flow last quarter ($848.7M vs $103.8M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 2.3%).
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.
Essentra PLC is a supplier of plastic and fibre products. The company operates internationally from headquarters in Kidlington, Oxfordshire. It is listed on the London Stock Exchange.
BILL vs ESNT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $312.4M |
| Net Profit | $-2.6M | $155.0M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 59.1% |
| Net Margin | -0.6% | 49.6% |
| Revenue YoY | 14.4% | -0.8% |
| Net Profit YoY | -107.7% | -7.7% |
| EPS (diluted) | $-0.03 | $1.61 |
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 | $312.4M | ||
| Q3 25 | $395.7M | $311.8M | ||
| Q2 25 | $383.3M | $319.1M | ||
| Q1 25 | $358.2M | $317.6M | ||
| Q4 24 | $362.6M | $315.0M | ||
| Q3 24 | $358.4M | $316.6M | ||
| Q2 24 | $343.7M | $312.9M | ||
| Q1 24 | $323.0M | $298.4M |
| Q4 25 | $-2.6M | $155.0M | ||
| Q3 25 | $-3.0M | $164.2M | ||
| Q2 25 | $-7.1M | $195.3M | ||
| Q1 25 | $-11.6M | $175.4M | ||
| Q4 24 | $33.5M | $167.9M | ||
| Q3 24 | $8.9M | $176.2M | ||
| Q2 24 | $7.6M | $203.6M | ||
| Q1 24 | $31.8M | $181.7M |
| 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% | 59.1% | ||
| Q3 25 | -5.2% | 63.9% | ||
| Q2 25 | -5.8% | 72.4% | ||
| Q1 25 | -8.1% | 65.2% | ||
| Q4 24 | -6.0% | 61.9% | ||
| Q3 24 | -2.1% | 65.6% | ||
| Q2 24 | -6.5% | 76.4% | ||
| Q1 24 | -8.6% | 71.6% |
| Q4 25 | -0.6% | 49.6% | ||
| Q3 25 | -0.7% | 52.7% | ||
| Q2 25 | -1.8% | 61.2% | ||
| Q1 25 | -3.2% | 55.2% | ||
| Q4 24 | 9.3% | 53.3% | ||
| Q3 24 | 2.5% | 55.6% | ||
| Q2 24 | 2.2% | 65.1% | ||
| Q1 24 | 9.8% | 60.9% |
| Q4 25 | $-0.03 | $1.61 | ||
| Q3 25 | $-0.03 | $1.67 | ||
| Q2 25 | $0.02 | $1.93 | ||
| Q1 25 | $-0.11 | $1.69 | ||
| Q4 24 | $-0.06 | $1.59 | ||
| Q3 24 | $0.08 | $1.65 | ||
| Q2 24 | $0.37 | $1.91 | ||
| Q1 24 | $0.00 | $1.70 |
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 | $5.8B |
| Total Assets | $10.1B | $7.4B |
| 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 | $5.8B | ||
| Q3 25 | $3.9B | $5.7B | ||
| Q2 25 | $3.9B | $5.7B | ||
| Q1 25 | $3.9B | $5.7B | ||
| Q4 24 | $3.8B | $5.6B | ||
| Q3 24 | $4.0B | $5.6B | ||
| Q2 24 | $4.1B | $5.4B | ||
| Q1 24 | $4.1B | $5.2B |
| Q4 25 | $10.1B | $7.4B | ||
| Q3 25 | $10.2B | $7.4B | ||
| Q2 25 | $10.1B | $7.2B | ||
| Q1 25 | $9.6B | $7.2B | ||
| Q4 24 | $9.7B | $7.1B | ||
| Q3 24 | $9.0B | $7.1B | ||
| Q2 24 | $9.2B | $6.7B | ||
| Q1 24 | $9.1B | $6.6B |
| 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 | $856.1M |
| Free Cash FlowOCF − Capex | $103.8M | $848.7M |
| FCF MarginFCF / Revenue | 25.0% | 271.7% |
| Capex IntensityCapex / Revenue | 0.4% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 5.52× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $856.1M | ||
| Q3 25 | $96.9M | $215.9M | ||
| Q2 25 | $83.8M | $189.5M | ||
| Q1 25 | $99.5M | $221.6M | ||
| Q4 24 | $78.7M | $861.5M | ||
| Q3 24 | $88.6M | $229.2M | ||
| Q2 24 | $78.6M | $188.7M | ||
| Q1 24 | $66.8M | $216.9M |
| Q4 25 | $103.8M | $848.7M | ||
| Q3 25 | $95.6M | $210.6M | ||
| Q2 25 | $81.0M | $188.8M | ||
| Q1 25 | $98.4M | $221.3M | ||
| Q4 24 | $78.3M | $854.8M | ||
| Q3 24 | $88.6M | $228.7M | ||
| Q2 24 | $78.4M | $187.6M | ||
| Q1 24 | $66.8M | $212.5M |
| Q4 25 | 25.0% | 271.7% | ||
| Q3 25 | 24.1% | 67.5% | ||
| Q2 25 | 21.1% | 59.2% | ||
| Q1 25 | 27.5% | 69.7% | ||
| Q4 24 | 21.6% | 271.3% | ||
| Q3 24 | 24.7% | 72.2% | ||
| Q2 24 | 22.8% | 60.0% | ||
| Q1 24 | 20.7% | 71.2% |
| Q4 25 | 0.4% | 2.4% | ||
| Q3 25 | 0.3% | 1.7% | ||
| Q2 25 | 0.7% | 0.2% | ||
| Q1 25 | 0.3% | 0.1% | ||
| Q4 24 | 0.1% | 2.1% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.1% | 0.3% | ||
| Q1 24 | 0.0% | 1.5% |
| Q4 25 | — | 5.52× | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 1.26× | ||
| Q4 24 | 2.35× | 5.13× | ||
| Q3 24 | 9.94× | 1.30× | ||
| Q2 24 | 10.35× | 0.93× | ||
| Q1 24 | 2.10× | 1.19× |
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% |
ESNT
| Mortgage Insurance Segment | $192.4M | 62% |
| Other | $120.0M | 38% |
