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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and FEDERATED HERMES, INC. (FHI). Click either name above to swap in a different company.
FEDERATED HERMES, INC. is the larger business by last-quarter revenue ($479.0M vs $414.7M, roughly 1.2× BILL Holdings, Inc.). FEDERATED HERMES, INC. runs the higher net margin — 20.1% vs -0.6%, a 20.7% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -0.8%). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 9.1%).
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.
Federated Hermes is an investment manager headquartered in Pittsburgh, Pennsylvania, United States. Founded in 1955 and incorporated on October 18, 1957, the company manages $902.6 billion of customer assets, as of December 2025. The company offers investments spanning equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies, including mutual funds, exchange-traded funds (ETFs), separate accounts, closed-end funds and collective investment funds. Clie...
BILL vs FHI — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $479.0M |
| Net Profit | $-2.6M | $96.4M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 26.4% |
| Net Margin | -0.6% | 20.1% |
| Revenue YoY | 14.4% | -0.8% |
| Net Profit YoY | -107.7% | — |
| EPS (diluted) | $-0.03 | — |
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 | — | $479.0M | ||
| Q4 25 | $414.7M | $482.8M | ||
| Q3 25 | $395.7M | $469.4M | ||
| Q2 25 | $383.3M | $424.8M | ||
| Q1 25 | $358.2M | $423.5M | ||
| Q4 24 | $362.6M | $424.7M | ||
| Q3 24 | $358.4M | $408.5M | ||
| Q2 24 | $343.7M | $402.6M |
| Q1 26 | — | $96.4M | ||
| Q4 25 | $-2.6M | $107.0M | ||
| Q3 25 | $-3.0M | $104.1M | ||
| Q2 25 | $-7.1M | $91.0M | ||
| Q1 25 | $-11.6M | $101.1M | ||
| Q4 24 | $33.5M | $84.7M | ||
| Q3 24 | $8.9M | $87.5M | ||
| Q2 24 | $7.6M | $21.0M |
| Q1 26 | — | — | ||
| 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 26 | — | 26.4% | ||
| Q4 25 | -4.4% | 28.1% | ||
| Q3 25 | -5.2% | 27.6% | ||
| Q2 25 | -5.8% | 27.6% | ||
| Q1 25 | -8.1% | 31.1% | ||
| Q4 24 | -6.0% | 26.0% | ||
| Q3 24 | -2.1% | 27.4% | ||
| Q2 24 | -6.5% | 10.1% |
| Q1 26 | — | 20.1% | ||
| Q4 25 | -0.6% | 22.2% | ||
| Q3 25 | -0.7% | 22.2% | ||
| Q2 25 | -1.8% | 21.4% | ||
| Q1 25 | -3.2% | 23.9% | ||
| Q4 24 | 9.3% | 19.9% | ||
| Q3 24 | 2.5% | 21.4% | ||
| Q2 24 | 2.2% | 5.2% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.03 | $1.38 | ||
| Q3 25 | $-0.03 | $1.34 | ||
| Q2 25 | $0.02 | $1.16 | ||
| Q1 25 | $-0.11 | $1.25 | ||
| Q4 24 | $-0.06 | $1.08 | ||
| Q3 24 | $0.08 | $1.06 | ||
| Q2 24 | $0.37 | $0.20 |
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 | $348.4M |
| Stockholders' EquityBook value | $3.8B | $100.8B |
| Total Assets | $10.1B | $2.1B |
| Debt / EquityLower = less leverage | 0.48× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $582.5M | ||
| Q3 25 | $1.1B | $506.3M | ||
| Q2 25 | $1.0B | $371.0M | ||
| Q1 25 | $1.0B | $387.6M | ||
| Q4 24 | $1.6B | $504.4M | ||
| Q3 24 | $853.5M | $375.0M | ||
| Q2 24 | $985.9M | $307.4M |
| Q1 26 | — | $348.4M | ||
| Q4 25 | $1.8B | $348.4M | ||
| Q3 25 | $1.9B | $348.3M | ||
| Q2 25 | $1.7B | $348.2M | ||
| Q1 25 | $1.7B | $348.2M | ||
| Q4 24 | $1.7B | $348.1M | ||
| Q3 24 | $914.8M | $348.0M | ||
| Q2 24 | $914.0M | $348.0M |
| Q1 26 | — | $100.8B | ||
| Q4 25 | $3.8B | $1.2B | ||
| Q3 25 | $3.9B | $1.2B | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $3.9B | $1.1B | ||
| Q4 24 | $3.8B | $1.1B | ||
| Q3 24 | $4.0B | $1.1B | ||
| Q2 24 | $4.1B | $1.0B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $10.1B | $2.2B | ||
| Q3 25 | $10.2B | $2.2B | ||
| Q2 25 | $10.1B | $2.2B | ||
| Q1 25 | $9.6B | $2.0B | ||
| Q4 24 | $9.7B | $2.1B | ||
| Q3 24 | $9.0B | $2.0B | ||
| Q2 24 | $9.2B | $1.9B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | 0.48× | 0.29× | ||
| Q3 25 | 0.48× | 0.29× | ||
| Q2 25 | 0.44× | 0.31× | ||
| Q1 25 | 0.43× | 0.32× | ||
| Q4 24 | 0.44× | 0.32× | ||
| Q3 24 | 0.23× | 0.32× | ||
| Q2 24 | 0.22× | 0.34× |
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 | — |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $105.3M | $297.3M | ||
| Q3 25 | $96.9M | $103.1M | ||
| Q2 25 | $83.8M | $18.8M | ||
| Q1 25 | $99.5M | $14.3M | ||
| Q4 24 | $78.7M | $346.6M | ||
| Q3 24 | $88.6M | $117.1M | ||
| Q2 24 | $78.6M | $88.7M |
| Q1 26 | — | — | ||
| Q4 25 | $103.8M | $294.6M | ||
| Q3 25 | $95.6M | $101.6M | ||
| Q2 25 | $81.0M | $18.0M | ||
| Q1 25 | $98.4M | $13.3M | ||
| Q4 24 | $78.3M | $342.5M | ||
| Q3 24 | $88.6M | $114.1M | ||
| Q2 24 | $78.4M | $82.7M |
| Q1 26 | — | — | ||
| Q4 25 | 25.0% | 61.0% | ||
| Q3 25 | 24.1% | 21.6% | ||
| Q2 25 | 21.1% | 4.2% | ||
| Q1 25 | 27.5% | 3.1% | ||
| Q4 24 | 21.6% | 80.7% | ||
| Q3 24 | 24.7% | 27.9% | ||
| Q2 24 | 22.8% | 20.5% |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 0.6% | ||
| Q3 25 | 0.3% | 0.3% | ||
| Q2 25 | 0.7% | 0.2% | ||
| Q1 25 | 0.3% | 0.2% | ||
| Q4 24 | 0.1% | 0.9% | ||
| Q3 24 | 0.0% | 0.7% | ||
| Q2 24 | 0.1% | 1.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.78× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | 2.35× | 4.09× | ||
| Q3 24 | 9.94× | 1.34× | ||
| Q2 24 | 10.35× | 4.22× |
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% |
FHI
| Investment advisory fees, net | $319.4M | 67% |
| Administrative service fees, net-affiliates | $110.3M | 23% |
| Other | $49.3M | 10% |
