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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and HCI Group, Inc. (HCI). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $246.2M, roughly 1.7× HCI Group, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs -0.6%, a 40.3% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 14.4%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $103.8M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 9.2%).
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.
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
BILL vs HCI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $246.2M |
| Net Profit | $-2.6M | $97.7M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 58.5% |
| Net Margin | -0.6% | 39.7% |
| Revenue YoY | 14.4% | 52.1% |
| Net Profit YoY | -107.7% | 3679.2% |
| EPS (diluted) | $-0.03 | $7.29 |
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 | $246.2M | ||
| Q3 25 | $395.7M | $216.3M | ||
| Q2 25 | $383.3M | $221.9M | ||
| Q1 25 | $358.2M | $216.4M | ||
| Q4 24 | $362.6M | $161.9M | ||
| Q3 24 | $358.4M | $175.3M | ||
| Q2 24 | $343.7M | $206.2M | ||
| Q1 24 | $323.0M | $206.6M |
| Q4 25 | $-2.6M | $97.7M | ||
| Q3 25 | $-3.0M | $65.5M | ||
| Q2 25 | $-7.1M | $66.2M | ||
| Q1 25 | $-11.6M | $69.7M | ||
| Q4 24 | $33.5M | $2.6M | ||
| Q3 24 | $8.9M | $5.7M | ||
| Q2 24 | $7.6M | $54.1M | ||
| Q1 24 | $31.8M | $47.6M |
| 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% | 58.5% | ||
| Q3 25 | -5.2% | 41.9% | ||
| Q2 25 | -5.8% | 42.5% | ||
| Q1 25 | -8.1% | 46.4% | ||
| Q4 24 | -6.0% | 3.6% | ||
| Q3 24 | -2.1% | 8.0% | ||
| Q2 24 | -6.5% | 36.9% | ||
| Q1 24 | -8.6% | 37.5% |
| Q4 25 | -0.6% | 39.7% | ||
| Q3 25 | -0.7% | 30.3% | ||
| Q2 25 | -1.8% | 29.8% | ||
| Q1 25 | -3.2% | 32.2% | ||
| Q4 24 | 9.3% | 1.6% | ||
| Q3 24 | 2.5% | 3.2% | ||
| Q2 24 | 2.2% | 26.2% | ||
| Q1 24 | 9.8% | 23.0% |
| Q4 25 | $-0.03 | $7.29 | ||
| Q3 25 | $-0.03 | $4.90 | ||
| Q2 25 | $0.02 | $5.18 | ||
| Q1 25 | $-0.11 | $5.35 | ||
| Q4 24 | $-0.06 | $0.32 | ||
| Q3 24 | $0.08 | $0.52 | ||
| Q2 24 | $0.37 | $4.24 | ||
| Q1 24 | $0.00 | $3.81 |
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 | $1.2B |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $1.0B |
| Total Assets | $10.1B | $2.5B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $987.9M | ||
| Q2 25 | $1.0B | $947.2M | ||
| Q1 25 | $1.0B | $754.5M | ||
| Q4 24 | $1.6B | $532.5M | ||
| Q3 24 | $853.5M | $518.8M | ||
| Q2 24 | $985.9M | $445.8M | ||
| Q1 24 | $952.5M | $655.4M |
| 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 | $1.0B | ||
| Q3 25 | $3.9B | $821.8M | ||
| Q2 25 | $3.9B | $758.6M | ||
| Q1 25 | $3.9B | $522.7M | ||
| Q4 24 | $3.8B | $453.3M | ||
| Q3 24 | $4.0B | $455.3M | ||
| Q2 24 | $4.1B | $447.3M | ||
| Q1 24 | $4.1B | $395.7M |
| Q4 25 | $10.1B | $2.5B | ||
| Q3 25 | $10.2B | $2.3B | ||
| Q2 25 | $10.1B | $2.4B | ||
| Q1 25 | $9.6B | $2.3B | ||
| Q4 24 | $9.7B | $2.2B | ||
| Q3 24 | $9.0B | $2.0B | ||
| Q2 24 | $9.2B | $1.9B | ||
| Q1 24 | $9.1B | $1.8B |
| 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 | $444.4M |
| Free Cash FlowOCF − Capex | $103.8M | $440.8M |
| FCF MarginFCF / Revenue | 25.0% | 179.0% |
| Capex IntensityCapex / Revenue | 0.4% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $771.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $444.4M | ||
| Q3 25 | $96.9M | $26.7M | ||
| Q2 25 | $83.8M | $145.0M | ||
| Q1 25 | $99.5M | $162.0M | ||
| Q4 24 | $78.7M | $331.8M | ||
| Q3 24 | $88.6M | $104.1M | ||
| Q2 24 | $78.6M | $-29.0M | ||
| Q1 24 | $66.8M | $182.0M |
| Q4 25 | $103.8M | $440.8M | ||
| Q3 25 | $95.6M | $25.9M | ||
| Q2 25 | $81.0M | $144.5M | ||
| Q1 25 | $98.4M | $160.3M | ||
| Q4 24 | $78.3M | $327.8M | ||
| Q3 24 | $88.6M | $103.2M | ||
| Q2 24 | $78.4M | $-30.1M | ||
| Q1 24 | $66.8M | $181.0M |
| Q4 25 | 25.0% | 179.0% | ||
| Q3 25 | 24.1% | 12.0% | ||
| Q2 25 | 21.1% | 65.1% | ||
| Q1 25 | 27.5% | 74.1% | ||
| Q4 24 | 21.6% | 202.5% | ||
| Q3 24 | 24.7% | 58.9% | ||
| Q2 24 | 22.8% | -14.6% | ||
| Q1 24 | 20.7% | 87.6% |
| Q4 25 | 0.4% | 1.5% | ||
| Q3 25 | 0.3% | 0.4% | ||
| Q2 25 | 0.7% | 0.2% | ||
| Q1 25 | 0.3% | 0.8% | ||
| Q4 24 | 0.1% | 2.5% | ||
| Q3 24 | 0.0% | 0.5% | ||
| Q2 24 | 0.1% | 0.5% | ||
| Q1 24 | 0.0% | 0.5% |
| Q4 25 | — | 4.55× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 2.19× | ||
| Q1 25 | — | 2.32× | ||
| Q4 24 | 2.35× | 128.41× | ||
| Q3 24 | 9.94× | 18.33× | ||
| Q2 24 | 10.35× | -0.54× | ||
| Q1 24 | 2.10× | 3.82× |
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% |
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
