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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Medpace Holdings, Inc. (MEDP). Click either name above to swap in a different company.
Medpace Holdings, Inc. is the larger business by last-quarter revenue ($708.5M vs $414.7M, roughly 1.7× BILL Holdings, Inc.). Medpace Holdings, Inc. runs the higher net margin — 19.1% vs -0.6%, a 19.7% gap on every dollar of revenue. On growth, Medpace Holdings, Inc. posted the faster year-over-year revenue change (32.0% vs 14.4%). Medpace Holdings, Inc. produced more free cash flow last quarter ($188.1M vs $103.8M). Over the past eight quarters, Medpace Holdings, Inc.'s revenue compounded faster (17.7% 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.
Medpace Holdings, Inc. is a global clinical research organization (CRO) based in Cincinnati, Ohio, employing approximately 6,000 people. Operating under a full-service model, the company also offers global central laboratory, imaging core laboratory, and bioanalytical laboratory services, as well as a Phase I unit located on its headquarters and clinical research campus in Cincinnati, Ohio.
BILL vs MEDP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $708.5M |
| Net Profit | $-2.6M | $135.1M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 21.6% |
| Net Margin | -0.6% | 19.1% |
| Revenue YoY | 14.4% | 32.0% |
| Net Profit YoY | -107.7% | 15.5% |
| EPS (diluted) | $-0.03 | $4.65 |
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 | $708.5M | ||
| Q3 25 | $395.7M | $659.9M | ||
| Q2 25 | $383.3M | $603.3M | ||
| Q1 25 | $358.2M | $558.6M | ||
| Q4 24 | $362.6M | $536.6M | ||
| Q3 24 | $358.4M | $533.3M | ||
| Q2 24 | $343.7M | $528.1M | ||
| Q1 24 | $323.0M | $511.0M |
| Q4 25 | $-2.6M | $135.1M | ||
| Q3 25 | $-3.0M | $111.1M | ||
| Q2 25 | $-7.1M | $90.3M | ||
| Q1 25 | $-11.6M | $114.6M | ||
| Q4 24 | $33.5M | $117.0M | ||
| Q3 24 | $8.9M | $96.4M | ||
| Q2 24 | $7.6M | $88.4M | ||
| Q1 24 | $31.8M | $102.6M |
| 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% | 21.6% | ||
| Q3 25 | -5.2% | 21.5% | ||
| Q2 25 | -5.8% | 20.9% | ||
| Q1 25 | -8.1% | 20.3% | ||
| Q4 24 | -6.0% | 23.4% | ||
| Q3 24 | -2.1% | 21.1% | ||
| Q2 24 | -6.5% | 19.9% | ||
| Q1 24 | -8.6% | 20.4% |
| Q4 25 | -0.6% | 19.1% | ||
| Q3 25 | -0.7% | 16.8% | ||
| Q2 25 | -1.8% | 15.0% | ||
| Q1 25 | -3.2% | 20.5% | ||
| Q4 24 | 9.3% | 21.8% | ||
| Q3 24 | 2.5% | 18.1% | ||
| Q2 24 | 2.2% | 16.7% | ||
| Q1 24 | 9.8% | 20.1% |
| Q4 25 | $-0.03 | $4.65 | ||
| Q3 25 | $-0.03 | $3.86 | ||
| Q2 25 | $0.02 | $3.10 | ||
| Q1 25 | $-0.11 | $3.67 | ||
| Q4 24 | $-0.06 | $3.67 | ||
| Q3 24 | $0.08 | $3.01 | ||
| Q2 24 | $0.37 | $2.75 | ||
| Q1 24 | $0.00 | $3.20 |
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 | $497.0M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $459.1M |
| Total Assets | $10.1B | $2.0B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $497.0M | ||
| Q3 25 | $1.1B | $285.4M | ||
| Q2 25 | $1.0B | $46.3M | ||
| Q1 25 | $1.0B | $441.4M | ||
| Q4 24 | $1.6B | $669.4M | ||
| Q3 24 | $853.5M | $656.9M | ||
| Q2 24 | $985.9M | $510.9M | ||
| Q1 24 | $952.5M | $407.0M |
| 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 | $459.1M | ||
| Q3 25 | $3.9B | $293.6M | ||
| Q2 25 | $3.9B | $172.4M | ||
| Q1 25 | $3.9B | $593.6M | ||
| Q4 24 | $3.8B | $825.5M | ||
| Q3 24 | $4.0B | $881.4M | ||
| Q2 24 | $4.1B | $763.6M | ||
| Q1 24 | $4.1B | $671.5M |
| Q4 25 | $10.1B | $2.0B | ||
| Q3 25 | $10.2B | $1.8B | ||
| Q2 25 | $10.1B | $1.6B | ||
| Q1 25 | $9.6B | $1.9B | ||
| Q4 24 | $9.7B | $2.1B | ||
| Q3 24 | $9.0B | $2.1B | ||
| 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 | $192.7M |
| Free Cash FlowOCF − Capex | $103.8M | $188.1M |
| FCF MarginFCF / Revenue | 25.0% | 26.6% |
| Capex IntensityCapex / Revenue | 0.4% | 0.6% |
| Cash ConversionOCF / Net Profit | — | 1.43× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $681.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $192.7M | ||
| Q3 25 | $96.9M | $246.2M | ||
| Q2 25 | $83.8M | $148.5M | ||
| Q1 25 | $99.5M | $125.8M | ||
| Q4 24 | $78.7M | $190.7M | ||
| Q3 24 | $88.6M | $149.1M | ||
| Q2 24 | $78.6M | $116.4M | ||
| Q1 24 | $66.8M | $152.7M |
| Q4 25 | $103.8M | $188.1M | ||
| Q3 25 | $95.6M | $235.5M | ||
| Q2 25 | $81.0M | $142.4M | ||
| Q1 25 | $98.4M | $115.8M | ||
| Q4 24 | $78.3M | $183.0M | ||
| Q3 24 | $88.6M | $138.5M | ||
| Q2 24 | $78.4M | $103.5M | ||
| Q1 24 | $66.8M | $147.2M |
| Q4 25 | 25.0% | 26.6% | ||
| Q3 25 | 24.1% | 35.7% | ||
| Q2 25 | 21.1% | 23.6% | ||
| Q1 25 | 27.5% | 20.7% | ||
| Q4 24 | 21.6% | 34.1% | ||
| Q3 24 | 24.7% | 26.0% | ||
| Q2 24 | 22.8% | 19.6% | ||
| Q1 24 | 20.7% | 28.8% |
| Q4 25 | 0.4% | 0.6% | ||
| Q3 25 | 0.3% | 1.6% | ||
| Q2 25 | 0.7% | 1.0% | ||
| Q1 25 | 0.3% | 1.8% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.0% | 2.0% | ||
| Q2 24 | 0.1% | 2.4% | ||
| Q1 24 | 0.0% | 1.1% |
| Q4 25 | — | 1.43× | ||
| Q3 25 | — | 2.22× | ||
| Q2 25 | — | 1.65× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | 2.35× | 1.63× | ||
| Q3 24 | 9.94× | 1.55× | ||
| Q2 24 | 10.35× | 1.32× | ||
| Q1 24 | 2.10× | 1.49× |
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% |
MEDP
| Metabolic | $249.8M | 35% |
| Oncology | $195.9M | 28% |
| Other | $88.3M | 12% |
| Central Nervous System | $73.2M | 10% |
| Cardiology | $63.0M | 9% |
| Antiviral And Anti Infective | $38.3M | 5% |
| Related Party | $10.3M | 1% |
