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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and MATRIX SERVICE CO (MTRX). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $210.5M, roughly 2.0× MATRIX SERVICE CO). MATRIX SERVICE CO runs the higher net margin — -0.4% vs -0.6%, a 0.2% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 12.5%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $6.3M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 12.6%).
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.
Matrix Telecom, Inc., operating as Matrix Business Technologies, Trinsic, Powered by Matrix, Excel Telecommunications and various other niche brands is a United States telecommunications firm that provides voice and data services to consumers and small and medium businesses as well as multi-location distributed enterprise markets. The firm also provides wholesale voice services to the telecommunications, wireless and cable industries.
BILL vs MTRX — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $210.5M |
| Net Profit | $-2.6M | $-894.0K |
| Gross Margin | 79.8% | 6.2% |
| Operating Margin | -4.4% | -1.0% |
| Net Margin | -0.6% | -0.4% |
| Revenue YoY | 14.4% | 12.5% |
| Net Profit YoY | -107.7% | 83.8% |
| EPS (diluted) | $-0.03 | $-0.03 |
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 | $210.5M | ||
| Q3 25 | $395.7M | $211.9M | ||
| Q2 25 | $383.3M | $216.4M | ||
| Q1 25 | $358.2M | $200.2M | ||
| Q4 24 | $362.6M | $187.2M | ||
| Q3 24 | $358.4M | $165.6M | ||
| Q2 24 | $343.7M | $189.5M | ||
| Q1 24 | $323.0M | $166.0M |
| Q4 25 | $-2.6M | $-894.0K | ||
| Q3 25 | $-3.0M | $-3.7M | ||
| Q2 25 | $-7.1M | $-11.3M | ||
| Q1 25 | $-11.6M | $-3.4M | ||
| Q4 24 | $33.5M | $-5.5M | ||
| Q3 24 | $8.9M | $-9.2M | ||
| Q2 24 | $7.6M | $-4.4M | ||
| Q1 24 | $31.8M | $-14.6M |
| Q4 25 | 79.8% | 6.2% | ||
| Q3 25 | 80.5% | 6.7% | ||
| Q2 25 | 80.8% | 3.8% | ||
| Q1 25 | 81.2% | 6.4% | ||
| Q4 24 | 81.6% | 5.8% | ||
| Q3 24 | 82.0% | 4.7% | ||
| Q2 24 | 81.0% | 6.6% | ||
| Q1 24 | 83.0% | 3.4% |
| Q4 25 | -4.4% | -1.0% | ||
| Q3 25 | -5.2% | -2.6% | ||
| Q2 25 | -5.8% | -6.0% | ||
| Q1 25 | -8.1% | -2.5% | ||
| Q4 24 | -6.0% | -3.4% | ||
| Q3 24 | -2.1% | -6.5% | ||
| Q2 24 | -6.5% | -2.8% | ||
| Q1 24 | -8.6% | -8.7% |
| Q4 25 | -0.6% | -0.4% | ||
| Q3 25 | -0.7% | -1.7% | ||
| Q2 25 | -1.8% | -5.2% | ||
| Q1 25 | -3.2% | -1.7% | ||
| Q4 24 | 9.3% | -3.0% | ||
| Q3 24 | 2.5% | -5.6% | ||
| Q2 24 | 2.2% | -2.3% | ||
| Q1 24 | 9.8% | -8.8% |
| Q4 25 | $-0.03 | $-0.03 | ||
| Q3 25 | $-0.03 | $-0.13 | ||
| Q2 25 | $0.02 | $-0.41 | ||
| Q1 25 | $-0.11 | $-0.12 | ||
| Q4 24 | $-0.06 | $-0.20 | ||
| Q3 24 | $0.08 | $-0.33 | ||
| Q2 24 | $0.37 | $-0.16 | ||
| Q1 24 | $0.00 | $-0.53 |
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 | $199.0M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $137.6M |
| Total Assets | $10.1B | $650.2M |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $199.0M | ||
| Q3 25 | $1.1B | $192.3M | ||
| Q2 25 | $1.0B | $224.6M | ||
| Q1 25 | $1.0B | $185.5M | ||
| Q4 24 | $1.6B | $156.8M | ||
| Q3 24 | $853.5M | $124.6M | ||
| Q2 24 | $985.9M | $115.6M | ||
| Q1 24 | $952.5M | $69.7M |
| 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 | $137.6M | ||
| Q3 25 | $3.9B | $136.3M | ||
| Q2 25 | $3.9B | $142.7M | ||
| Q1 25 | $3.9B | $150.7M | ||
| Q4 24 | $3.8B | $151.9M | ||
| Q3 24 | $4.0B | $156.5M | ||
| Q2 24 | $4.1B | $164.2M | ||
| Q1 24 | $4.1B | $165.8M |
| Q4 25 | $10.1B | $650.2M | ||
| Q3 25 | $10.2B | $598.2M | ||
| Q2 25 | $10.1B | $600.3M | ||
| Q1 25 | $9.6B | $613.7M | ||
| Q4 24 | $9.7B | $513.8M | ||
| Q3 24 | $9.0B | $470.2M | ||
| Q2 24 | $9.2B | $451.4M | ||
| Q1 24 | $9.1B | $440.0M |
| 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 | $7.5M |
| Free Cash FlowOCF − Capex | $103.8M | $6.3M |
| FCF MarginFCF / Revenue | 25.0% | 3.0% |
| Capex IntensityCapex / Revenue | 0.4% | 0.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $45.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $7.5M | ||
| Q3 25 | $96.9M | $-25.9M | ||
| Q2 25 | $83.8M | $40.7M | ||
| Q1 25 | $99.5M | $31.2M | ||
| Q4 24 | $78.7M | $33.6M | ||
| Q3 24 | $88.6M | $11.9M | ||
| Q2 24 | $78.6M | $47.0M | ||
| Q1 24 | $66.8M | $24.8M |
| Q4 25 | $103.8M | $6.3M | ||
| Q3 25 | $95.6M | $-27.9M | ||
| Q2 25 | $81.0M | $38.4M | ||
| Q1 25 | $98.4M | $28.7M | ||
| Q4 24 | $78.3M | $32.7M | ||
| Q3 24 | $88.6M | $10.0M | ||
| Q2 24 | $78.4M | $45.7M | ||
| Q1 24 | $66.8M | $20.0M |
| Q4 25 | 25.0% | 3.0% | ||
| Q3 25 | 24.1% | -13.2% | ||
| Q2 25 | 21.1% | 17.8% | ||
| Q1 25 | 27.5% | 14.3% | ||
| Q4 24 | 21.6% | 17.5% | ||
| Q3 24 | 24.7% | 6.0% | ||
| Q2 24 | 22.8% | 24.1% | ||
| Q1 24 | 20.7% | 12.1% |
| Q4 25 | 0.4% | 0.6% | ||
| Q3 25 | 0.3% | 0.9% | ||
| Q2 25 | 0.7% | 1.0% | ||
| Q1 25 | 0.3% | 1.3% | ||
| Q4 24 | 0.1% | 0.5% | ||
| Q3 24 | 0.0% | 1.2% | ||
| Q2 24 | 0.1% | 0.7% | ||
| Q1 24 | 0.0% | 2.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | — | ||
| Q1 24 | 2.10× | — |
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% |
MTRX
| Storage And Terminal Solutions | $99.9M | 47% |
| Utility And Power Infrastructure | $75.4M | 36% |
| Process And Industrial Facilities | $35.3M | 17% |
