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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and National Vision Holdings, Inc. (EYE). Click either name above to swap in a different company.
National Vision Holdings, Inc. is the larger business by last-quarter revenue ($487.3M vs $414.7M, roughly 1.2× BILL Holdings, Inc.). National Vision Holdings, Inc. runs the higher net margin — 0.7% vs -0.6%, a 1.3% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 7.9%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $30.3M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 7.6%).
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.
Vision Research is an international company that manufactures high-speed digital cameras based in Wayne, New Jersey. Their cameras are marketed under the Phantom brand, and are used in a broad variety of industries including: defense, industrial product development, manufacturing, automotive, scientific research, and entertainment. Vision Research is a business unit of the Materials Analysis Division of Ametek Inc., a global manufacturer of electronic instruments and electromechanical devices.
BILL vs EYE — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $487.3M |
| Net Profit | $-2.6M | $3.4M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 2.0% |
| Net Margin | -0.6% | 0.7% |
| Revenue YoY | 14.4% | 7.9% |
| Net Profit YoY | -107.7% | 139.8% |
| EPS (diluted) | $-0.03 | $0.04 |
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 | $487.3M | ||
| Q2 25 | $383.3M | $486.4M | ||
| Q1 25 | $358.2M | $510.3M | ||
| Q4 24 | $362.6M | $437.3M | ||
| Q3 24 | $358.4M | $451.5M | ||
| Q2 24 | $343.7M | $451.7M | ||
| Q1 24 | $323.0M | $482.8M |
| Q4 25 | $-2.6M | — | ||
| Q3 25 | $-3.0M | $3.4M | ||
| Q2 25 | $-7.1M | $8.7M | ||
| Q1 25 | $-11.6M | $14.2M | ||
| Q4 24 | $33.5M | $-28.6M | ||
| Q3 24 | $8.9M | $-8.5M | ||
| Q2 24 | $7.6M | $-3.1M | ||
| Q1 24 | $31.8M | $11.7M |
| 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% | — | ||
| Q3 25 | -5.2% | 2.0% | ||
| Q2 25 | -5.8% | 3.4% | ||
| Q1 25 | -8.1% | 5.1% | ||
| Q4 24 | -6.0% | -5.8% | ||
| Q3 24 | -2.1% | -2.0% | ||
| Q2 24 | -6.5% | 0.1% | ||
| Q1 24 | -8.6% | 4.9% |
| Q4 25 | -0.6% | — | ||
| Q3 25 | -0.7% | 0.7% | ||
| Q2 25 | -1.8% | 1.8% | ||
| Q1 25 | -3.2% | 2.8% | ||
| Q4 24 | 9.3% | -6.5% | ||
| Q3 24 | 2.5% | -1.9% | ||
| Q2 24 | 2.2% | -0.7% | ||
| Q1 24 | 9.8% | 2.4% |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $-0.03 | $0.04 | ||
| Q2 25 | $0.02 | $0.11 | ||
| Q1 25 | $-0.11 | $0.18 | ||
| Q4 24 | $-0.06 | $-0.36 | ||
| Q3 24 | $0.08 | $-0.11 | ||
| Q2 24 | $0.37 | $-0.04 | ||
| Q1 24 | $0.00 | $0.15 |
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 | $56.0M |
| Total DebtLower is stronger | $1.8B | $236.5M |
| Stockholders' EquityBook value | $3.8B | $858.8M |
| Total Assets | $10.1B | $2.0B |
| Debt / EquityLower = less leverage | 0.48× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $56.0M | ||
| Q2 25 | $1.0B | $48.5M | ||
| Q1 25 | $1.0B | $80.0M | ||
| Q4 24 | $1.6B | $73.9M | ||
| Q3 24 | $853.5M | $81.2M | ||
| Q2 24 | $985.9M | $179.5M | ||
| Q1 24 | $952.5M | $150.1M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | $236.5M | ||
| Q2 25 | $1.7B | $255.6M | ||
| Q1 25 | $1.7B | $244.7M | ||
| Q4 24 | $1.7B | $248.6M | ||
| Q3 24 | $914.8M | $252.8M | ||
| Q2 24 | $914.0M | $143.9M | ||
| Q1 24 | $1.1B | $448.6M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.9B | $858.8M | ||
| Q2 25 | $3.9B | $850.6M | ||
| Q1 25 | $3.9B | $836.2M | ||
| Q4 24 | $3.8B | $816.3M | ||
| Q3 24 | $4.0B | $840.0M | ||
| Q2 24 | $4.1B | $843.4M | ||
| Q1 24 | $4.1B | $841.3M |
| Q4 25 | $10.1B | — | ||
| Q3 25 | $10.2B | $2.0B | ||
| Q2 25 | $10.1B | $2.0B | ||
| Q1 25 | $9.6B | $2.0B | ||
| Q4 24 | $9.7B | $2.0B | ||
| Q3 24 | $9.0B | $2.0B | ||
| Q2 24 | $9.2B | $2.1B | ||
| Q1 24 | $9.1B | $2.2B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | 0.28× | ||
| Q2 25 | 0.44× | 0.30× | ||
| Q1 25 | 0.43× | 0.29× | ||
| Q4 24 | 0.44× | 0.30× | ||
| Q3 24 | 0.23× | 0.30× | ||
| Q2 24 | 0.22× | 0.17× | ||
| Q1 24 | 0.28× | 0.53× |
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 | $46.6M |
| Free Cash FlowOCF − Capex | $103.8M | $30.3M |
| FCF MarginFCF / Revenue | 25.0% | 6.2% |
| Capex IntensityCapex / Revenue | 0.4% | 3.4% |
| Cash ConversionOCF / Net Profit | — | 13.83× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $83.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | — | ||
| Q3 25 | $96.9M | $46.6M | ||
| Q2 25 | $83.8M | $54.3M | ||
| Q1 25 | $99.5M | $32.2M | ||
| Q4 24 | $78.7M | $30.3M | ||
| Q3 24 | $88.6M | $27.9M | ||
| Q2 24 | $78.6M | $51.5M | ||
| Q1 24 | $66.8M | $24.0M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | $30.3M | ||
| Q2 25 | $81.0M | $42.4M | ||
| Q1 25 | $98.4M | $12.0M | ||
| Q4 24 | $78.3M | $-1.7M | ||
| Q3 24 | $88.6M | $4.1M | ||
| Q2 24 | $78.4M | $31.9M | ||
| Q1 24 | $66.8M | $4.0M |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | 6.2% | ||
| Q2 25 | 21.1% | 8.7% | ||
| Q1 25 | 27.5% | 2.4% | ||
| Q4 24 | 21.6% | -0.4% | ||
| Q3 24 | 24.7% | 0.9% | ||
| Q2 24 | 22.8% | 7.1% | ||
| Q1 24 | 20.7% | 0.8% |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | 3.4% | ||
| Q2 25 | 0.7% | 2.4% | ||
| Q1 25 | 0.3% | 4.0% | ||
| Q4 24 | 0.1% | 7.3% | ||
| Q3 24 | 0.0% | 5.3% | ||
| Q2 24 | 0.1% | 4.3% | ||
| Q1 24 | 0.0% | 4.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 13.83× | ||
| Q2 25 | — | 6.22× | ||
| Q1 25 | — | 2.27× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | — | ||
| Q1 24 | 2.10× | 2.05× |
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% |
EYE
Segment breakdown not available.
