vs
Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and MSCI Inc. (MSCI). Click either name above to swap in a different company.
MSCI Inc. is the larger business by last-quarter revenue ($822.5M vs $414.7M, roughly 2.0× BILL Holdings, Inc.). MSCI Inc. runs the higher net margin — 34.6% vs -0.6%, a 35.2% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 10.6%). MSCI Inc. produced more free cash flow last quarter ($488.7M vs $103.8M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 10.0%).
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.
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
BILL vs MSCI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $822.5M |
| Net Profit | $-2.6M | $284.7M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 56.4% |
| Net Margin | -0.6% | 34.6% |
| Revenue YoY | 14.4% | 10.6% |
| Net Profit YoY | -107.7% | -6.8% |
| EPS (diluted) | $-0.03 | $3.81 |
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 | $822.5M | ||
| Q3 25 | $395.7M | $793.4M | ||
| Q2 25 | $383.3M | $772.7M | ||
| Q1 25 | $358.2M | $745.8M | ||
| Q4 24 | $362.6M | $743.5M | ||
| Q3 24 | $358.4M | $724.7M | ||
| Q2 24 | $343.7M | $707.9M | ||
| Q1 24 | $323.0M | $680.0M |
| Q4 25 | $-2.6M | $284.7M | ||
| Q3 25 | $-3.0M | $325.4M | ||
| Q2 25 | $-7.1M | $303.6M | ||
| Q1 25 | $-11.6M | $288.6M | ||
| Q4 24 | $33.5M | $305.5M | ||
| Q3 24 | $8.9M | $280.9M | ||
| Q2 24 | $7.6M | $266.8M | ||
| Q1 24 | $31.8M | $256.0M |
| 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% | 56.4% | ||
| Q3 25 | -5.2% | 56.4% | ||
| Q2 25 | -5.8% | 55.0% | ||
| Q1 25 | -8.1% | 50.6% | ||
| Q4 24 | -6.0% | 54.5% | ||
| Q3 24 | -2.1% | 55.4% | ||
| Q2 24 | -6.5% | 54.0% | ||
| Q1 24 | -8.6% | 49.9% |
| Q4 25 | -0.6% | 34.6% | ||
| Q3 25 | -0.7% | 41.0% | ||
| Q2 25 | -1.8% | 39.3% | ||
| Q1 25 | -3.2% | 38.7% | ||
| Q4 24 | 9.3% | 41.1% | ||
| Q3 24 | 2.5% | 38.8% | ||
| Q2 24 | 2.2% | 37.7% | ||
| Q1 24 | 9.8% | 37.6% |
| Q4 25 | $-0.03 | $3.81 | ||
| Q3 25 | $-0.03 | $4.25 | ||
| Q2 25 | $0.02 | $3.92 | ||
| Q1 25 | $-0.11 | $3.71 | ||
| Q4 24 | $-0.06 | $3.89 | ||
| Q3 24 | $0.08 | $3.57 | ||
| Q2 24 | $0.37 | $3.37 | ||
| Q1 24 | $0.00 | $3.22 |
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 | $515.3M |
| Total DebtLower is stronger | $1.8B | $6.2B |
| Stockholders' EquityBook value | $3.8B | $-2.7B |
| Total Assets | $10.1B | $5.7B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $515.3M | ||
| Q3 25 | $1.1B | $400.1M | ||
| Q2 25 | $1.0B | $347.3M | ||
| Q1 25 | $1.0B | $360.7M | ||
| Q4 24 | $1.6B | $409.4M | ||
| Q3 24 | $853.5M | $501.0M | ||
| Q2 24 | $985.9M | $451.4M | ||
| Q1 24 | $952.5M | $519.3M |
| Q4 25 | $1.8B | $6.2B | ||
| Q3 25 | $1.9B | $5.5B | ||
| Q2 25 | $1.7B | $4.5B | ||
| Q1 25 | $1.7B | $4.5B | ||
| Q4 24 | $1.7B | $4.5B | ||
| Q3 24 | $914.8M | $4.5B | ||
| Q2 24 | $914.0M | $4.5B | ||
| Q1 24 | $1.1B | $4.5B |
| Q4 25 | $3.8B | $-2.7B | ||
| Q3 25 | $3.9B | $-1.9B | ||
| Q2 25 | $3.9B | $-886.2M | ||
| Q1 25 | $3.9B | $-958.6M | ||
| Q4 24 | $3.8B | $-940.0M | ||
| Q3 24 | $4.0B | $-751.0M | ||
| Q2 24 | $4.1B | $-734.5M | ||
| Q1 24 | $4.1B | $-650.5M |
| Q4 25 | $10.1B | $5.7B | ||
| Q3 25 | $10.2B | $5.4B | ||
| Q2 25 | $10.1B | $5.4B | ||
| Q1 25 | $9.6B | $5.3B | ||
| Q4 24 | $9.7B | $5.4B | ||
| Q3 24 | $9.0B | $5.4B | ||
| Q2 24 | $9.2B | $5.5B | ||
| Q1 24 | $9.1B | $5.5B |
| 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 | $501.1M |
| Free Cash FlowOCF − Capex | $103.8M | $488.7M |
| FCF MarginFCF / Revenue | 25.0% | 59.4% |
| Capex IntensityCapex / Revenue | 0.4% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $501.1M | ||
| Q3 25 | $96.9M | $449.4M | ||
| Q2 25 | $83.8M | $336.1M | ||
| Q1 25 | $99.5M | $301.7M | ||
| Q4 24 | $78.7M | $430.6M | ||
| Q3 24 | $88.6M | $421.6M | ||
| Q2 24 | $78.6M | $349.2M | ||
| Q1 24 | $66.8M | $300.1M |
| Q4 25 | $103.8M | $488.7M | ||
| Q3 25 | $95.6M | $445.5M | ||
| Q2 25 | $81.0M | $324.7M | ||
| Q1 25 | $98.4M | $290.2M | ||
| Q4 24 | $78.3M | $416.4M | ||
| Q3 24 | $88.6M | $415.0M | ||
| Q2 24 | $78.4M | $340.6M | ||
| Q1 24 | $66.8M | $295.9M |
| Q4 25 | 25.0% | 59.4% | ||
| Q3 25 | 24.1% | 56.2% | ||
| Q2 25 | 21.1% | 42.0% | ||
| Q1 25 | 27.5% | 38.9% | ||
| Q4 24 | 21.6% | 56.0% | ||
| Q3 24 | 24.7% | 57.3% | ||
| Q2 24 | 22.8% | 48.1% | ||
| Q1 24 | 20.7% | 43.5% |
| Q4 25 | 0.4% | 1.5% | ||
| Q3 25 | 0.3% | 0.5% | ||
| Q2 25 | 0.7% | 1.5% | ||
| Q1 25 | 0.3% | 1.5% | ||
| Q4 24 | 0.1% | 1.9% | ||
| Q3 24 | 0.0% | 0.9% | ||
| Q2 24 | 0.1% | 1.2% | ||
| Q1 24 | 0.0% | 0.6% |
| Q4 25 | — | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 2.35× | 1.41× | ||
| Q3 24 | 9.94× | 1.50× | ||
| Q2 24 | 10.35× | 1.31× | ||
| Q1 24 | 2.10× | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
