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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Magnera Corp (MAGN). Click either name above to swap in a different company.
Magnera Corp is the larger business by last-quarter revenue ($792.0M vs $414.7M, roughly 1.9× BILL Holdings, Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -4.3%, a 3.7% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 12.8%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-13.0M). Over the past eight quarters, Magnera Corp's revenue compounded faster (54.9% 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 MAGN — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $792.0M |
| Net Profit | $-2.6M | $-34.0M |
| Gross Margin | 79.8% | 12.2% |
| Operating Margin | -4.4% | 1.8% |
| Net Margin | -0.6% | -4.3% |
| Revenue YoY | 14.4% | 12.8% |
| Net Profit YoY | -107.7% | 43.3% |
| EPS (diluted) | $-0.03 | $-0.95 |
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 | $792.0M | ||
| Q3 25 | $395.7M | — | ||
| Q2 25 | $383.3M | $839.0M | ||
| Q1 25 | $358.2M | $824.0M | ||
| Q4 24 | $362.6M | $702.0M | ||
| Q3 24 | $358.4M | $332.1M | ||
| Q2 24 | $343.7M | $556.0M | ||
| Q1 24 | $323.0M | $558.0M |
| Q4 25 | $-2.6M | $-34.0M | ||
| Q3 25 | $-3.0M | — | ||
| Q2 25 | $-7.1M | $-18.0M | ||
| Q1 25 | $-11.6M | $-41.0M | ||
| Q4 24 | $33.5M | $-60.0M | ||
| Q3 24 | $8.9M | $-15.2M | ||
| Q2 24 | $7.6M | $19.0M | ||
| Q1 24 | $31.8M | $14.0M |
| Q4 25 | 79.8% | 12.2% | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | 10.7% | ||
| Q1 25 | 81.2% | 10.7% | ||
| Q4 24 | 81.6% | 10.1% | ||
| Q3 24 | 82.0% | 10.7% | ||
| Q2 24 | 81.0% | 6.6% | ||
| Q1 24 | 83.0% | 6.2% |
| Q4 25 | -4.4% | 1.8% | ||
| Q3 25 | -5.2% | — | ||
| Q2 25 | -5.8% | 1.5% | ||
| Q1 25 | -8.1% | 0.5% | ||
| Q4 24 | -6.0% | -3.1% | ||
| Q3 24 | -2.1% | 0.9% | ||
| Q2 24 | -6.5% | 3.1% | ||
| Q1 24 | -8.6% | 3.8% |
| Q4 25 | -0.6% | -4.3% | ||
| Q3 25 | -0.7% | — | ||
| Q2 25 | -1.8% | -2.1% | ||
| Q1 25 | -3.2% | -5.0% | ||
| Q4 24 | 9.3% | -8.5% | ||
| Q3 24 | 2.5% | -4.6% | ||
| Q2 24 | 2.2% | 3.4% | ||
| Q1 24 | 9.8% | 2.5% |
| Q4 25 | $-0.03 | $-0.95 | ||
| Q3 25 | $-0.03 | — | ||
| Q2 25 | $0.02 | $-0.51 | ||
| Q1 25 | $-0.11 | $-1.15 | ||
| Q4 24 | $-0.06 | $-1.69 | ||
| Q3 24 | $0.08 | $-0.33 | ||
| Q2 24 | $0.37 | $0.60 | ||
| Q1 24 | $0.00 | $0.44 |
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 | $264.0M |
| Total DebtLower is stronger | $1.8B | $1.9B |
| Stockholders' EquityBook value | $3.8B | $1.0B |
| Total Assets | $10.1B | $3.9B |
| Debt / EquityLower = less leverage | 0.48× | 1.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $264.0M | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.0B | $276.0M | ||
| Q1 25 | $1.0B | $282.0M | ||
| Q4 24 | $1.6B | $215.0M | ||
| Q3 24 | $853.5M | $230.0M | ||
| Q2 24 | $985.9M | $33.9M | ||
| Q1 24 | $952.5M | $30.2M |
| Q4 25 | $1.8B | $1.9B | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | $2.0B | ||
| Q1 25 | $1.7B | $2.0B | ||
| Q4 24 | $1.7B | $2.0B | ||
| Q3 24 | $914.8M | $2.0B | ||
| Q2 24 | $914.0M | $877.4M | ||
| Q1 24 | $1.1B | $884.7M |
| Q4 25 | $3.8B | $1.0B | ||
| Q3 25 | $3.9B | — | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $3.9B | $1.1B | ||
| Q4 24 | $3.8B | $1.1B | ||
| Q3 24 | $4.0B | $2.1B | ||
| Q2 24 | $4.1B | $2.4B | ||
| Q1 24 | $4.1B | $2.4B |
| Q4 25 | $10.1B | $3.9B | ||
| Q3 25 | $10.2B | — | ||
| Q2 25 | $10.1B | $4.1B | ||
| Q1 25 | $9.6B | $4.1B | ||
| Q4 24 | $9.7B | $4.0B | ||
| Q3 24 | $9.0B | $2.8B | ||
| Q2 24 | $9.2B | $1.5B | ||
| Q1 24 | $9.1B | $1.5B |
| Q4 25 | 0.48× | 1.86× | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | 1.77× | ||
| Q1 25 | 0.43× | 1.83× | ||
| Q4 24 | 0.44× | 1.80× | ||
| Q3 24 | 0.23× | 0.91× | ||
| Q2 24 | 0.22× | 0.37× | ||
| Q1 24 | 0.28× | 0.36× |
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 | $2.0M |
| Free Cash FlowOCF − Capex | $103.8M | $-13.0M |
| FCF MarginFCF / Revenue | 25.0% | -1.6% |
| Capex IntensityCapex / Revenue | 0.4% | 1.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $2.0M | ||
| Q3 25 | $96.9M | — | ||
| Q2 25 | $83.8M | $0 | ||
| Q1 25 | $99.5M | $65.0M | ||
| Q4 24 | $78.7M | $-58.0M | ||
| Q3 24 | $88.6M | $12.2M | ||
| Q2 24 | $78.6M | $38.0M | ||
| Q1 24 | $66.8M | $20.0M |
| Q4 25 | $103.8M | $-13.0M | ||
| Q3 25 | $95.6M | — | ||
| Q2 25 | $81.0M | — | ||
| Q1 25 | $98.4M | $42.0M | ||
| Q4 24 | $78.3M | $-74.0M | ||
| Q3 24 | $88.6M | $3.6M | ||
| Q2 24 | $78.4M | $23.0M | ||
| Q1 24 | $66.8M | $12.5M |
| Q4 25 | 25.0% | -1.6% | ||
| Q3 25 | 24.1% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 27.5% | 5.1% | ||
| Q4 24 | 21.6% | -10.5% | ||
| Q3 24 | 24.7% | 1.1% | ||
| Q2 24 | 22.8% | 4.1% | ||
| Q1 24 | 20.7% | 2.2% |
| Q4 25 | 0.4% | 1.9% | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.7% | 1.5% | ||
| Q1 25 | 0.3% | 2.8% | ||
| Q4 24 | 0.1% | 2.3% | ||
| Q3 24 | 0.0% | 2.6% | ||
| Q2 24 | 0.1% | 2.7% | ||
| Q1 24 | 0.0% | 1.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | 2.00× | ||
| Q1 24 | 2.10× | 1.43× |
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% |
MAGN
| Other | $451.0M | 57% |
| United States And Canada | $341.0M | 43% |
