vs
Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and FORUM ENERGY TECHNOLOGIES, INC. (FET). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $208.7M, roughly 2.0× FORUM ENERGY TECHNOLOGIES, INC.). FORUM ENERGY TECHNOLOGIES, INC. runs the higher net margin — 2.2% vs -0.6%, a 2.8% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 3.2%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $1.4M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 0.8%).
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.
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
BILL vs FET — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $208.7M |
| Net Profit | $-2.6M | $4.5M |
| Gross Margin | 79.8% | 29.2% |
| Operating Margin | -4.4% | 5.3% |
| Net Margin | -0.6% | 2.2% |
| Revenue YoY | 14.4% | 3.2% |
| Net Profit YoY | -107.7% | 300.4% |
| EPS (diluted) | $-0.03 | $0.39 |
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.
| Q1 26 | — | $208.7M | ||
| Q4 25 | $414.7M | $202.2M | ||
| Q3 25 | $395.7M | $196.2M | ||
| Q2 25 | $383.3M | $199.8M | ||
| Q1 25 | $358.2M | $193.3M | ||
| Q4 24 | $362.6M | $201.0M | ||
| Q3 24 | $358.4M | $207.8M | ||
| Q2 24 | $343.7M | $205.2M |
| Q1 26 | — | $4.5M | ||
| Q4 25 | $-2.6M | $2.1M | ||
| Q3 25 | $-3.0M | $-20.6M | ||
| Q2 25 | $-7.1M | $7.7M | ||
| Q1 25 | $-11.6M | $1.1M | ||
| Q4 24 | $33.5M | $-103.5M | ||
| Q3 24 | $8.9M | $-14.8M | ||
| Q2 24 | $7.6M | $-6.7M |
| Q1 26 | — | 29.2% | ||
| Q4 25 | 79.8% | 30.2% | ||
| Q3 25 | 80.5% | 20.5% | ||
| Q2 25 | 80.8% | 29.7% | ||
| Q1 25 | 81.2% | 30.2% | ||
| Q4 24 | 81.6% | 31.1% | ||
| Q3 24 | 82.0% | 31.6% | ||
| Q2 24 | 81.0% | 30.7% |
| Q1 26 | — | 5.3% | ||
| Q4 25 | -4.4% | 6.3% | ||
| Q3 25 | -5.2% | -3.1% | ||
| Q2 25 | -5.8% | 7.4% | ||
| Q1 25 | -8.1% | 4.6% | ||
| Q4 24 | -6.0% | -53.1% | ||
| Q3 24 | -2.1% | 4.3% | ||
| Q2 24 | -6.5% | 3.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | -0.6% | 1.0% | ||
| Q3 25 | -0.7% | -10.5% | ||
| Q2 25 | -1.8% | 3.9% | ||
| Q1 25 | -3.2% | 0.6% | ||
| Q4 24 | 9.3% | -51.5% | ||
| Q3 24 | 2.5% | -7.1% | ||
| Q2 24 | 2.2% | -3.3% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | $-0.03 | $0.25 | ||
| Q3 25 | $-0.03 | $-1.76 | ||
| Q2 25 | $0.02 | $0.61 | ||
| Q1 25 | $-0.11 | $0.09 | ||
| Q4 24 | $-0.06 | $-8.41 | ||
| Q3 24 | $0.08 | $-1.20 | ||
| Q2 24 | $0.37 | $-0.54 |
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 | $37.5M |
| Total DebtLower is stronger | $1.8B | $153.7M |
| Stockholders' EquityBook value | $3.8B | $280.7M |
| Total Assets | $10.1B | $763.1M |
| Debt / EquityLower = less leverage | 0.48× | 0.55× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $37.5M | ||
| Q4 25 | $1.1B | $34.7M | ||
| Q3 25 | $1.1B | $31.7M | ||
| Q2 25 | $1.0B | $39.0M | ||
| Q1 25 | $1.0B | $31.1M | ||
| Q4 24 | $1.6B | $44.7M | ||
| Q3 24 | $853.5M | $33.3M | ||
| Q2 24 | $985.9M | $31.8M |
| Q1 26 | — | $153.7M | ||
| Q4 25 | $1.8B | $135.9M | ||
| Q3 25 | $1.9B | $140.0M | ||
| Q2 25 | $1.7B | $159.3M | ||
| Q1 25 | $1.7B | $171.4M | ||
| Q4 24 | $1.7B | $188.4M | ||
| Q3 24 | $914.8M | $231.5M | ||
| Q2 24 | $914.0M | $252.9M |
| Q1 26 | — | $280.7M | ||
| Q4 25 | $3.8B | $291.1M | ||
| Q3 25 | $3.9B | $297.3M | ||
| Q2 25 | $3.9B | $334.2M | ||
| Q1 25 | $3.9B | $320.0M | ||
| Q4 24 | $3.8B | $319.9M | ||
| Q3 24 | $4.0B | $443.5M | ||
| Q2 24 | $4.1B | $442.0M |
| Q1 26 | — | $763.1M | ||
| Q4 25 | $10.1B | $752.5M | ||
| Q3 25 | $10.2B | $770.1M | ||
| Q2 25 | $10.1B | $810.1M | ||
| Q1 25 | $9.6B | $790.1M | ||
| Q4 24 | $9.7B | $816.0M | ||
| Q3 24 | $9.0B | $973.7M | ||
| Q2 24 | $9.2B | $976.8M |
| Q1 26 | — | 0.55× | ||
| Q4 25 | 0.48× | 0.47× | ||
| Q3 25 | 0.48× | 0.47× | ||
| Q2 25 | 0.44× | 0.48× | ||
| Q1 25 | 0.43× | 0.54× | ||
| Q4 24 | 0.44× | 0.59× | ||
| Q3 24 | 0.23× | 0.52× | ||
| Q2 24 | 0.22× | 0.57× |
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 | $1.6M |
| Free Cash FlowOCF − Capex | $103.8M | $1.4M |
| FCF MarginFCF / Revenue | 25.0% | 0.7% |
| Capex IntensityCapex / Revenue | 0.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 0.36× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $58.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.6M | ||
| Q4 25 | $105.3M | $22.4M | ||
| Q3 25 | $96.9M | $22.9M | ||
| Q2 25 | $83.8M | $15.8M | ||
| Q1 25 | $99.5M | $9.3M | ||
| Q4 24 | $78.7M | $38.5M | ||
| Q3 24 | $88.6M | $25.6M | ||
| Q2 24 | $78.6M | $23.1M |
| Q1 26 | — | $1.4M | ||
| Q4 25 | $103.8M | $20.9M | ||
| Q3 25 | $95.6M | $21.5M | ||
| Q2 25 | $81.0M | $14.8M | ||
| Q1 25 | $98.4M | $7.2M | ||
| Q4 24 | $78.3M | $36.1M | ||
| Q3 24 | $88.6M | $24.3M | ||
| Q2 24 | $78.4M | $21.6M |
| Q1 26 | — | 0.7% | ||
| Q4 25 | 25.0% | 10.3% | ||
| Q3 25 | 24.1% | 10.9% | ||
| Q2 25 | 21.1% | 7.4% | ||
| Q1 25 | 27.5% | 3.7% | ||
| Q4 24 | 21.6% | 18.0% | ||
| Q3 24 | 24.7% | 11.7% | ||
| Q2 24 | 22.8% | 10.5% |
| Q1 26 | — | 0.1% | ||
| Q4 25 | 0.4% | 0.8% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 0.7% | 0.5% | ||
| Q1 25 | 0.3% | 1.1% | ||
| Q4 24 | 0.1% | 1.2% | ||
| Q3 24 | 0.0% | 0.6% | ||
| Q2 24 | 0.1% | 0.7% |
| Q1 26 | — | 0.36× | ||
| Q4 25 | — | 10.83× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.05× | ||
| Q1 25 | — | 8.31× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | — |
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% |
FET
| Drilling and Completions | $126.7M | 61% |
| Downhole | $50.6M | 24% |
| Production Equipment | $18.8M | 9% |
| Valve Solutions | $12.8M | 6% |
