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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and nCino, Inc. (NCNO). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $152.2M, roughly 2.7× nCino, Inc.). nCino, Inc. runs the higher net margin — 4.3% vs -0.6%, a 4.9% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 9.6%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $4.9M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 10.9%).
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.
nCino, Inc. is a global financial technology company headquartered in Wilmington, North Carolina. The company offers its cloud-based banking software and core banking platform. The nCino Platform is used by banks and credit unions, and enterprise financial institutions.
BILL vs NCNO — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $152.2M |
| Net Profit | $-2.6M | $6.5M |
| Gross Margin | 79.8% | 61.6% |
| Operating Margin | -4.4% | 7.7% |
| Net Margin | -0.6% | 4.3% |
| Revenue YoY | 14.4% | 9.6% |
| Net Profit YoY | -107.7% | 224.5% |
| EPS (diluted) | $-0.03 | $0.06 |
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 | $152.2M | ||
| Q3 25 | $395.7M | $148.8M | ||
| Q2 25 | $383.3M | $144.1M | ||
| Q1 25 | $358.2M | $141.4M | ||
| Q4 24 | $362.6M | $138.8M | ||
| Q3 24 | $358.4M | $132.4M | ||
| Q2 24 | $343.7M | $128.1M | ||
| Q1 24 | $323.0M | $123.7M |
| Q4 25 | $-2.6M | $6.5M | ||
| Q3 25 | $-3.0M | $-15.3M | ||
| Q2 25 | $-7.1M | $5.6M | ||
| Q1 25 | $-11.6M | $-18.6M | ||
| Q4 24 | $33.5M | $-5.3M | ||
| Q3 24 | $8.9M | $-11.0M | ||
| Q2 24 | $7.6M | $-3.0M | ||
| Q1 24 | $31.8M | $1.2M |
| Q4 25 | 79.8% | 61.6% | ||
| Q3 25 | 80.5% | 59.2% | ||
| Q2 25 | 80.8% | 60.0% | ||
| Q1 25 | 81.2% | 59.7% | ||
| Q4 24 | 81.6% | 61.3% | ||
| Q3 24 | 82.0% | 59.3% | ||
| Q2 24 | 81.0% | 60.0% | ||
| Q1 24 | 83.0% | 60.2% |
| Q4 25 | -4.4% | 7.7% | ||
| Q3 25 | -5.2% | -6.2% | ||
| Q2 25 | -5.8% | -1.0% | ||
| Q1 25 | -8.1% | -4.1% | ||
| Q4 24 | -6.0% | -0.6% | ||
| Q3 24 | -2.1% | -6.0% | ||
| Q2 24 | -6.5% | -2.9% | ||
| Q1 24 | -8.6% | -2.6% |
| Q4 25 | -0.6% | 4.3% | ||
| Q3 25 | -0.7% | -10.3% | ||
| Q2 25 | -1.8% | 3.9% | ||
| Q1 25 | -3.2% | -13.2% | ||
| Q4 24 | 9.3% | -3.8% | ||
| Q3 24 | 2.5% | -8.3% | ||
| Q2 24 | 2.2% | -2.3% | ||
| Q1 24 | 9.8% | 0.9% |
| Q4 25 | $-0.03 | $0.06 | ||
| Q3 25 | $-0.03 | $-0.13 | ||
| Q2 25 | $0.02 | $0.05 | ||
| Q1 25 | $-0.11 | $-0.15 | ||
| Q4 24 | $-0.06 | $-0.05 | ||
| Q3 24 | $0.08 | $-0.10 | ||
| Q2 24 | $0.37 | $-0.03 | ||
| Q1 24 | $0.00 | $0.01 |
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 | $87.6M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $1.0B |
| Total Assets | $10.1B | $1.6B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $87.6M | ||
| Q3 25 | $1.1B | $122.9M | ||
| Q2 25 | $1.0B | $133.2M | ||
| Q1 25 | $1.0B | $120.9M | ||
| Q4 24 | $1.6B | $257.9M | ||
| Q3 24 | $853.5M | $121.4M | ||
| Q2 24 | $985.9M | $129.5M | ||
| Q1 24 | $952.5M | $112.1M |
| 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 | $1.0B | ||
| Q3 25 | $3.9B | $1.1B | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $3.9B | $1.1B | ||
| Q4 24 | $3.8B | $1.1B | ||
| Q3 24 | $4.0B | $1.1B | ||
| Q2 24 | $4.1B | $1.1B | ||
| Q1 24 | $4.1B | $1.0B |
| Q4 25 | $10.1B | $1.6B | ||
| Q3 25 | $10.2B | $1.6B | ||
| Q2 25 | $10.1B | $1.7B | ||
| Q1 25 | $9.6B | $1.6B | ||
| Q4 24 | $9.7B | $1.5B | ||
| Q3 24 | $9.0B | $1.4B | ||
| Q2 24 | $9.2B | $1.4B | ||
| Q1 24 | $9.1B | $1.3B |
| 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 | $5.1M |
| Free Cash FlowOCF − Capex | $103.8M | $4.9M |
| FCF MarginFCF / Revenue | 25.0% | 3.2% |
| Capex IntensityCapex / Revenue | 0.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 0.78× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $59.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $5.1M | ||
| Q3 25 | $96.9M | $17.7M | ||
| Q2 25 | $83.8M | $54.3M | ||
| Q1 25 | $99.5M | $-10.0M | ||
| Q4 24 | $78.7M | $5.8M | ||
| Q3 24 | $88.6M | $5.0M | ||
| Q2 24 | $78.6M | $54.4M | ||
| Q1 24 | $66.8M | $8.1M |
| Q4 25 | $103.8M | $4.9M | ||
| Q3 25 | $95.6M | $12.6M | ||
| Q2 25 | $81.0M | $52.6M | ||
| Q1 25 | $98.4M | $-10.4M | ||
| Q4 24 | $78.3M | $5.1M | ||
| Q3 24 | $88.6M | $4.6M | ||
| Q2 24 | $78.4M | $54.1M | ||
| Q1 24 | $66.8M | $7.7M |
| Q4 25 | 25.0% | 3.2% | ||
| Q3 25 | 24.1% | 8.5% | ||
| Q2 25 | 21.1% | 36.5% | ||
| Q1 25 | 27.5% | -7.3% | ||
| Q4 24 | 21.6% | 3.7% | ||
| Q3 24 | 24.7% | 3.4% | ||
| Q2 24 | 22.8% | 42.2% | ||
| Q1 24 | 20.7% | 6.2% |
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | 0.3% | 3.5% | ||
| Q2 25 | 0.7% | 1.2% | ||
| Q1 25 | 0.3% | 0.2% | ||
| Q4 24 | 0.1% | 0.5% | ||
| Q3 24 | 0.0% | 0.3% | ||
| Q2 24 | 0.1% | 0.3% | ||
| Q1 24 | 0.0% | 0.3% |
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 9.77× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | — | ||
| Q1 24 | 2.10× | 7.02× |
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% |
NCNO
| License And Service | $133.4M | 88% |
| Professional Services | $18.8M | 12% |
