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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Innovex International, Inc. (INVX). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $273.6M, roughly 1.5× Innovex International, Inc.). Innovex International, Inc. runs the higher net margin — 5.1% vs -0.6%, a 5.7% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 9.1%). Over the past eight quarters, Innovex International, Inc.'s revenue compounded faster (46.2% CAGR vs 13.3%).
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.
BILL vs INVX — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $273.6M |
| Net Profit | $-2.6M | $14.0M |
| Gross Margin | 79.8% | 28.9% |
| Operating Margin | -4.4% | 9.4% |
| Net Margin | -0.6% | 5.1% |
| Revenue YoY | 14.4% | 9.1% |
| Net Profit YoY | -107.7% | -56.1% |
| EPS (diluted) | $-0.03 | $0.20 |
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 | $273.6M | ||
| Q3 25 | $395.7M | $240.0M | ||
| Q2 25 | $383.3M | $224.2M | ||
| Q1 25 | $358.2M | $240.4M | ||
| Q4 24 | $362.6M | $250.7M | ||
| Q3 24 | $358.4M | $151.8M | ||
| Q2 24 | $343.7M | $130.3M | ||
| Q1 24 | $323.0M | $128.0M |
| Q4 25 | $-2.6M | $14.0M | ||
| Q3 25 | $-3.0M | $39.2M | ||
| Q2 25 | $-7.1M | $15.3M | ||
| Q1 25 | $-11.6M | $14.8M | ||
| Q4 24 | $33.5M | $31.8M | ||
| Q3 24 | $8.9M | $82.6M | ||
| Q2 24 | $7.6M | $9.5M | ||
| Q1 24 | $31.8M | $16.4M |
| Q4 25 | 79.8% | 28.9% | ||
| Q3 25 | 80.5% | 31.6% | ||
| Q2 25 | 80.8% | 32.0% | ||
| Q1 25 | 81.2% | 31.8% | ||
| Q4 24 | 81.6% | 33.9% | ||
| Q3 24 | 82.0% | 34.7% | ||
| Q2 24 | 81.0% | 35.3% | ||
| Q1 24 | 83.0% | 38.4% |
| Q4 25 | -4.4% | 9.4% | ||
| Q3 25 | -5.2% | 26.0% | ||
| Q2 25 | -5.8% | 10.1% | ||
| Q1 25 | -8.1% | 9.1% | ||
| Q4 24 | -6.0% | 10.7% | ||
| Q3 24 | -2.1% | -8.7% | ||
| Q2 24 | -6.5% | 10.0% | ||
| Q1 24 | -8.6% | 17.4% |
| Q4 25 | -0.6% | 5.1% | ||
| Q3 25 | -0.7% | 16.3% | ||
| Q2 25 | -1.8% | 6.8% | ||
| Q1 25 | -3.2% | 6.1% | ||
| Q4 24 | 9.3% | 12.7% | ||
| Q3 24 | 2.5% | 54.4% | ||
| Q2 24 | 2.2% | 7.3% | ||
| Q1 24 | 9.8% | 12.8% |
| Q4 25 | $-0.03 | $0.20 | ||
| Q3 25 | $-0.03 | $0.57 | ||
| Q2 25 | $0.02 | $0.22 | ||
| Q1 25 | $-0.11 | $0.21 | ||
| Q4 24 | $-0.06 | $-0.03 | ||
| Q3 24 | $0.08 | $1.99 | ||
| Q2 24 | $0.37 | $0.30 | ||
| Q1 24 | $0.00 | $0.51 |
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 | $18.9M |
| Stockholders' EquityBook value | $3.8B | $1.1B |
| Total Assets | $10.1B | $1.3B |
| Debt / EquityLower = less leverage | 0.48× | 0.02× |
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 | $185.6M | ||
| Q1 24 | $952.5M | $202.2M |
| Q4 25 | $1.8B | $18.9M | ||
| Q3 25 | $1.9B | $20.1M | ||
| Q2 25 | $1.7B | $34.8M | ||
| Q1 25 | $1.7B | $19.7M | ||
| Q4 24 | $1.7B | $24.9M | ||
| Q3 24 | $914.8M | $12.4M | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $3.8B | $1.1B | ||
| Q3 25 | $3.9B | $1.0B | ||
| Q2 25 | $3.9B | $995.6M | ||
| Q1 25 | $3.9B | $978.4M | ||
| Q4 24 | $3.8B | $958.2M | ||
| Q3 24 | $4.0B | $904.4M | ||
| Q2 24 | $4.1B | $352.5M | ||
| Q1 24 | $4.1B | $344.3M |
| Q4 25 | $10.1B | $1.3B | ||
| Q3 25 | $10.2B | $1.3B | ||
| Q2 25 | $10.1B | $1.2B | ||
| Q1 25 | $9.6B | $1.2B | ||
| Q4 24 | $9.7B | $1.2B | ||
| Q3 24 | $9.0B | $1.1B | ||
| Q2 24 | $9.2B | $1.0B | ||
| Q1 24 | $9.1B | $1.0B |
| Q4 25 | 0.48× | 0.02× | ||
| Q3 25 | 0.48× | 0.02× | ||
| Q2 25 | 0.44× | 0.03× | ||
| Q1 25 | 0.43× | 0.02× | ||
| Q4 24 | 0.44× | 0.03× | ||
| Q3 24 | 0.23× | 0.01× | ||
| 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 | $52.2M |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | 3.74× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $52.2M | ||
| Q3 25 | $96.9M | $48.4M | ||
| Q2 25 | $83.8M | $59.2M | ||
| Q1 25 | $99.5M | $31.1M | ||
| Q4 24 | $78.7M | $36.3M | ||
| Q3 24 | $88.6M | $21.7M | ||
| Q2 24 | $78.6M | $22.8M | ||
| Q1 24 | $66.8M | $12.6M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | — | ||
| Q2 25 | $81.0M | — | ||
| Q1 25 | $98.4M | — | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | — | ||
| Q2 24 | $78.4M | $16.6M | ||
| Q1 24 | $66.8M | $7.8M |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 27.5% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | — | ||
| Q2 24 | 22.8% | 12.7% | ||
| Q1 24 | 20.7% | 6.1% |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.1% | 4.7% | ||
| Q1 24 | 0.0% | 3.7% |
| Q4 25 | — | 3.74× | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | — | 3.86× | ||
| Q1 25 | — | 2.11× | ||
| Q4 24 | 2.35× | 1.14× | ||
| Q3 24 | 9.94× | 0.26× | ||
| Q2 24 | 10.35× | 2.39× | ||
| Q1 24 | 2.10× | 0.77× |
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% |
INVX
| Products | $202.7M | 74% |
| Leasing | $42.3M | 15% |
| Services | $28.6M | 10% |
