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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and MODINE MANUFACTURING CO (MOD). Click either name above to swap in a different company.
MODINE MANUFACTURING CO is the larger business by last-quarter revenue ($805.0M vs $414.7M, roughly 1.9× BILL Holdings, Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -5.9%, a 5.3% gap on every dollar of revenue. On growth, MODINE MANUFACTURING CO posted the faster year-over-year revenue change (30.5% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-17.1M). Over the past eight quarters, MODINE MANUFACTURING CO's revenue compounded faster (15.5% 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.
Modine Manufacturing is a thermal management company established in 1916 in the United States. The company started as Modine Manufacturing Company by Arthur B Modine who patented the Spirex radiator for tractors. The Modine company manufactured the Turbotube radiator for Ford Model T cars. The company built the world's first vehicular wind tunnel in Racine, Wisconsin in 1941. During WWII, Modine manufactured aftercoolers for the P-51 Mustang fighter plane. After WWII, Modine introduced the Ai...
BILL vs MOD — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $805.0M |
| Net Profit | $-2.6M | $-47.4M |
| Gross Margin | 79.8% | 23.1% |
| Operating Margin | -4.4% | 11.1% |
| Net Margin | -0.6% | -5.9% |
| Revenue YoY | 14.4% | 30.5% |
| Net Profit YoY | -107.7% | -215.6% |
| EPS (diluted) | $-0.03 | $-0.90 |
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 | $805.0M | ||
| Q3 25 | $395.7M | $738.9M | ||
| Q2 25 | $383.3M | $682.8M | ||
| Q1 25 | $358.2M | $647.2M | ||
| Q4 24 | $362.6M | $616.8M | ||
| Q3 24 | $358.4M | $658.0M | ||
| Q2 24 | $343.7M | $661.5M | ||
| Q1 24 | $323.0M | $603.5M |
| Q4 25 | $-2.6M | $-47.4M | ||
| Q3 25 | $-3.0M | $44.4M | ||
| Q2 25 | $-7.1M | $51.2M | ||
| Q1 25 | $-11.6M | $49.6M | ||
| Q4 24 | $33.5M | $41.0M | ||
| Q3 24 | $8.9M | $46.1M | ||
| Q2 24 | $7.6M | $47.3M | ||
| Q1 24 | $31.8M | $25.8M |
| Q4 25 | 79.8% | 23.1% | ||
| Q3 25 | 80.5% | 22.3% | ||
| Q2 25 | 80.8% | 24.2% | ||
| Q1 25 | 81.2% | 25.6% | ||
| Q4 24 | 81.6% | 24.3% | ||
| Q3 24 | 82.0% | 25.2% | ||
| Q2 24 | 81.0% | 24.6% | ||
| Q1 24 | 83.0% | 22.4% |
| Q4 25 | -4.4% | 11.1% | ||
| Q3 25 | -5.2% | 9.9% | ||
| Q2 25 | -5.8% | 11.1% | ||
| Q1 25 | -8.1% | 11.5% | ||
| Q4 24 | -6.0% | 9.6% | ||
| Q3 24 | -2.1% | 11.4% | ||
| Q2 24 | -6.5% | 11.2% | ||
| Q1 24 | -8.6% | 7.8% |
| Q4 25 | -0.6% | -5.9% | ||
| Q3 25 | -0.7% | 6.0% | ||
| Q2 25 | -1.8% | 7.5% | ||
| Q1 25 | -3.2% | 7.7% | ||
| Q4 24 | 9.3% | 6.6% | ||
| Q3 24 | 2.5% | 7.0% | ||
| Q2 24 | 2.2% | 7.2% | ||
| Q1 24 | 9.8% | 4.3% |
| Q4 25 | $-0.03 | $-0.90 | ||
| Q3 25 | $-0.03 | $0.83 | ||
| Q2 25 | $0.02 | $0.95 | ||
| Q1 25 | $-0.11 | $0.92 | ||
| Q4 24 | $-0.06 | $0.76 | ||
| Q3 24 | $0.08 | $0.86 | ||
| Q2 24 | $0.37 | $0.88 | ||
| Q1 24 | $0.00 | $0.48 |
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 | $98.7M |
| Total DebtLower is stronger | $1.8B | $570.7M |
| Stockholders' EquityBook value | $3.8B | $1.1B |
| Total Assets | $10.1B | $2.5B |
| Debt / EquityLower = less leverage | 0.48× | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $98.7M | ||
| Q3 25 | $1.1B | $83.8M | ||
| Q2 25 | $1.0B | $124.5M | ||
| Q1 25 | $1.0B | $71.6M | ||
| Q4 24 | $1.6B | $83.8M | ||
| Q3 24 | $853.5M | $78.6M | ||
| Q2 24 | $985.9M | $72.9M | ||
| Q1 24 | $952.5M | $60.1M |
| Q4 25 | $1.8B | $570.7M | ||
| Q3 25 | $1.9B | $525.8M | ||
| Q2 25 | $1.7B | $482.1M | ||
| Q1 25 | $1.7B | $296.7M | ||
| Q4 24 | $1.7B | $330.0M | ||
| Q3 24 | $914.8M | $359.1M | ||
| Q2 24 | $914.0M | $405.7M | ||
| Q1 24 | $1.1B | $399.9M |
| Q4 25 | $3.8B | $1.1B | ||
| Q3 25 | $3.9B | $1.1B | ||
| Q2 25 | $3.9B | $1.0B | ||
| Q1 25 | $3.9B | $910.2M | ||
| Q4 24 | $3.8B | $855.1M | ||
| Q3 24 | $4.0B | $858.8M | ||
| Q2 24 | $4.1B | $788.4M | ||
| Q1 24 | $4.1B | $747.6M |
| Q4 25 | $10.1B | $2.5B | ||
| Q3 25 | $10.2B | $2.4B | ||
| Q2 25 | $10.1B | $2.2B | ||
| Q1 25 | $9.6B | $1.9B | ||
| Q4 24 | $9.7B | $1.8B | ||
| Q3 24 | $9.0B | $1.9B | ||
| Q2 24 | $9.2B | $1.9B | ||
| Q1 24 | $9.1B | $1.9B |
| Q4 25 | 0.48× | 0.51× | ||
| Q3 25 | 0.48× | 0.50× | ||
| Q2 25 | 0.44× | 0.48× | ||
| Q1 25 | 0.43× | 0.33× | ||
| Q4 24 | 0.44× | 0.39× | ||
| Q3 24 | 0.23× | 0.42× | ||
| Q2 24 | 0.22× | 0.51× | ||
| Q1 24 | 0.28× | 0.53× |
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 | $24.7M |
| Free Cash FlowOCF − Capex | $103.8M | $-17.1M |
| FCF MarginFCF / Revenue | 25.0% | -2.1% |
| Capex IntensityCapex / Revenue | 0.4% | 5.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $-20.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $24.7M | ||
| Q3 25 | $96.9M | $1.4M | ||
| Q2 25 | $83.8M | $27.7M | ||
| Q1 25 | $99.5M | $54.8M | ||
| Q4 24 | $78.7M | $60.7M | ||
| Q3 24 | $88.6M | $57.3M | ||
| Q2 24 | $78.6M | $40.5M | ||
| Q1 24 | $66.8M | $39.6M |
| Q4 25 | $103.8M | $-17.1M | ||
| Q3 25 | $95.6M | $-30.5M | ||
| Q2 25 | $81.0M | $200.0K | ||
| Q1 25 | $98.4M | $27.1M | ||
| Q4 24 | $78.3M | $44.7M | ||
| Q3 24 | $88.6M | $43.8M | ||
| Q2 24 | $78.4M | $13.7M | ||
| Q1 24 | $66.8M | $-4.3M |
| Q4 25 | 25.0% | -2.1% | ||
| Q3 25 | 24.1% | -4.1% | ||
| Q2 25 | 21.1% | 0.0% | ||
| Q1 25 | 27.5% | 4.2% | ||
| Q4 24 | 21.6% | 7.2% | ||
| Q3 24 | 24.7% | 6.7% | ||
| Q2 24 | 22.8% | 2.1% | ||
| Q1 24 | 20.7% | -0.7% |
| Q4 25 | 0.4% | 5.2% | ||
| Q3 25 | 0.3% | 4.3% | ||
| Q2 25 | 0.7% | 4.0% | ||
| Q1 25 | 0.3% | 4.3% | ||
| Q4 24 | 0.1% | 2.6% | ||
| Q3 24 | 0.0% | 2.1% | ||
| Q2 24 | 0.1% | 4.1% | ||
| Q1 24 | 0.0% | 7.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.03× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | 2.35× | 1.48× | ||
| Q3 24 | 9.94× | 1.24× | ||
| Q2 24 | 10.35× | 0.86× | ||
| Q1 24 | 2.10× | 1.53× |
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% |
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
