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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and MASIMO CORP (MASI). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $371.5M, roughly 1.1× MASIMO CORP). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -27.0%, a 26.4% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -26.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $50.9M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs -17.7%).
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.
Masimo Corporation is an American health technology and consumer electronics company headquartered in Irvine, California. The company develops patient monitoring devices, non-invasive sensors, and related software platforms used in hospital and home settings. Masimo has also operated in the consumer audio and wearable device markets.
BILL vs MASI — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $371.5M |
| Net Profit | $-2.6M | $-100.4M |
| Gross Margin | 79.8% | 62.1% |
| Operating Margin | -4.4% | 22.5% |
| Net Margin | -0.6% | -27.0% |
| Revenue YoY | 14.4% | -26.4% |
| Net Profit YoY | -107.7% | -1124.5% |
| EPS (diluted) | $-0.03 | $-1.84 |
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 | — | ||
| Q3 25 | $395.7M | $371.5M | ||
| Q2 25 | $383.3M | $370.9M | ||
| Q1 25 | $358.2M | $372.0M | ||
| Q4 24 | $362.6M | $600.7M | ||
| Q3 24 | $358.4M | $504.6M | ||
| Q2 24 | $343.7M | $496.3M | ||
| Q1 24 | $323.0M | $492.8M |
| Q4 25 | $-2.6M | — | ||
| Q3 25 | $-3.0M | $-100.4M | ||
| Q2 25 | $-7.1M | $51.3M | ||
| Q1 25 | $-11.6M | $-170.7M | ||
| Q4 24 | $33.5M | $-349.6M | ||
| Q3 24 | $8.9M | $9.8M | ||
| Q2 24 | $7.6M | $16.0M | ||
| Q1 24 | $31.8M | $18.9M |
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | 62.1% | ||
| Q2 25 | 80.8% | 62.9% | ||
| Q1 25 | 81.2% | 62.9% | ||
| Q4 24 | 81.6% | 40.7% | ||
| Q3 24 | 82.0% | 52.2% | ||
| Q2 24 | 81.0% | 51.3% | ||
| Q1 24 | 83.0% | 49.0% |
| Q4 25 | -4.4% | — | ||
| Q3 25 | -5.2% | 22.5% | ||
| Q2 25 | -5.8% | 17.4% | ||
| Q1 25 | -8.1% | 21.0% | ||
| Q4 24 | -6.0% | -59.8% | ||
| Q3 24 | -2.1% | 6.0% | ||
| Q2 24 | -6.5% | 5.7% | ||
| Q1 24 | -8.6% | 6.9% |
| Q4 25 | -0.6% | — | ||
| Q3 25 | -0.7% | -27.0% | ||
| Q2 25 | -1.8% | 13.8% | ||
| Q1 25 | -3.2% | -45.9% | ||
| Q4 24 | 9.3% | -58.2% | ||
| Q3 24 | 2.5% | 1.9% | ||
| Q2 24 | 2.2% | 3.2% | ||
| Q1 24 | 9.8% | 3.8% |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $-0.03 | $-1.84 | ||
| Q2 25 | $0.02 | $0.94 | ||
| Q1 25 | $-0.11 | $-3.12 | ||
| Q4 24 | $-0.06 | $-6.54 | ||
| Q3 24 | $0.08 | $0.18 | ||
| Q2 24 | $0.37 | $0.29 | ||
| Q1 24 | $0.00 | $0.35 |
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 | $312.3M |
| Total DebtLower is stronger | $1.8B | $559.1M |
| Stockholders' EquityBook value | $3.8B | $810.0M |
| Total Assets | $10.1B | $1.8B |
| Debt / EquityLower = less leverage | 0.48× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $312.3M | ||
| Q2 25 | $1.0B | $149.6M | ||
| Q1 25 | $1.0B | $130.8M | ||
| Q4 24 | $1.6B | $177.6M | ||
| Q3 24 | $853.5M | $158.5M | ||
| Q2 24 | $985.9M | $129.6M | ||
| Q1 24 | $952.5M | $157.6M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | $559.1M | ||
| Q2 25 | $1.7B | $613.7M | ||
| Q1 25 | $1.7B | $651.0M | ||
| Q4 24 | $1.7B | $765.2M | ||
| Q3 24 | $914.8M | $772.6M | ||
| Q2 24 | $914.0M | $781.6M | ||
| Q1 24 | $1.1B | $876.0M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.9B | $810.0M | ||
| Q2 25 | $3.9B | $1.0B | ||
| Q1 25 | $3.9B | $946.4M | ||
| Q4 24 | $3.8B | $1.1B | ||
| Q3 24 | $4.0B | $1.5B | ||
| Q2 24 | $4.1B | $1.4B | ||
| Q1 24 | $4.1B | $1.4B |
| Q4 25 | $10.1B | — | ||
| Q3 25 | $10.2B | $1.8B | ||
| Q2 25 | $10.1B | $2.4B | ||
| Q1 25 | $9.6B | $2.3B | ||
| Q4 24 | $9.7B | $2.6B | ||
| Q3 24 | $9.0B | $3.1B | ||
| Q2 24 | $9.2B | $2.9B | ||
| Q1 24 | $9.1B | $3.0B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | 0.69× | ||
| Q2 25 | 0.44× | 0.59× | ||
| Q1 25 | 0.43× | 0.69× | ||
| Q4 24 | 0.44× | 0.73× | ||
| Q3 24 | 0.23× | 0.53× | ||
| Q2 24 | 0.22× | 0.57× | ||
| Q1 24 | 0.28× | 0.64× |
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 | $56.8M |
| Free Cash FlowOCF − Capex | $103.8M | $50.9M |
| FCF MarginFCF / Revenue | 25.0% | 13.7% |
| Capex IntensityCapex / Revenue | 0.4% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $191.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | — | ||
| Q3 25 | $96.9M | $56.8M | ||
| Q2 25 | $83.8M | $69.4M | ||
| Q1 25 | $99.5M | $31.1M | ||
| Q4 24 | $78.7M | $50.5M | ||
| Q3 24 | $88.6M | $25.6M | ||
| Q2 24 | $78.6M | $74.5M | ||
| Q1 24 | $66.8M | $45.8M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | $50.9M | ||
| Q2 25 | $81.0M | $65.6M | ||
| Q1 25 | $98.4M | $28.5M | ||
| Q4 24 | $78.3M | $46.0M | ||
| Q3 24 | $88.6M | $16.9M | ||
| Q2 24 | $78.4M | $66.9M | ||
| Q1 24 | $66.8M | $37.6M |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | 13.7% | ||
| Q2 25 | 21.1% | 17.7% | ||
| Q1 25 | 27.5% | 7.7% | ||
| Q4 24 | 21.6% | 7.7% | ||
| Q3 24 | 24.7% | 3.3% | ||
| Q2 24 | 22.8% | 13.5% | ||
| Q1 24 | 20.7% | 7.6% |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | 1.6% | ||
| Q2 25 | 0.7% | 1.0% | ||
| Q1 25 | 0.3% | 0.7% | ||
| Q4 24 | 0.1% | 0.7% | ||
| Q3 24 | 0.0% | 1.7% | ||
| Q2 24 | 0.1% | 1.5% | ||
| Q1 24 | 0.0% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.35× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | 2.61× | ||
| Q2 24 | 10.35× | 4.66× | ||
| Q1 24 | 2.10× | 2.42× |
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% |
MASI
Segment breakdown not available.
