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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
NATIONAL FUEL GAS CO is the larger business by last-quarter revenue ($425.9M vs $414.7M, roughly 1.0× BILL Holdings, Inc.). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -0.6%, a 36.3% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 1.7%). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 12.1%).
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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
BILL vs NFG — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $425.9M |
| Net Profit | $-2.6M | $152.0M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 81.5% |
| Net Margin | -0.6% | 35.7% |
| Revenue YoY | 14.4% | 1.7% |
| Net Profit YoY | -107.7% | — |
| EPS (diluted) | $-0.03 | $1.59 |
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.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $414.7M | $637.9M | ||
| Q3 25 | $395.7M | $443.1M | ||
| Q2 25 | $383.3M | $527.4M | ||
| Q1 25 | $358.2M | $734.8M | ||
| Q4 24 | $362.6M | $513.8M | ||
| Q3 24 | $358.4M | $310.0M | ||
| Q2 24 | $343.7M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $-2.6M | $181.6M | ||
| Q3 25 | $-3.0M | $107.3M | ||
| Q2 25 | $-7.1M | $149.8M | ||
| Q1 25 | $-11.6M | $216.4M | ||
| Q4 24 | $33.5M | $45.0M | ||
| Q3 24 | $8.9M | $-167.6M | ||
| Q2 24 | $7.6M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 79.8% | 86.6% | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | 94.7% | ||
| Q1 25 | 81.2% | 81.6% | ||
| Q4 24 | 81.6% | 87.3% | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | -4.4% | 43.3% | ||
| Q3 25 | -5.2% | 40.6% | ||
| Q2 25 | -5.8% | 43.7% | ||
| Q1 25 | -8.1% | 43.2% | ||
| Q4 24 | -6.0% | 16.8% | ||
| Q3 24 | -2.1% | -63.4% | ||
| Q2 24 | -6.5% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | -0.6% | 28.5% | ||
| Q3 25 | -0.7% | 24.2% | ||
| Q2 25 | -1.8% | 28.4% | ||
| Q1 25 | -3.2% | 29.4% | ||
| Q4 24 | 9.3% | 8.8% | ||
| Q3 24 | 2.5% | -54.1% | ||
| Q2 24 | 2.2% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $-0.03 | $1.98 | ||
| Q3 25 | $-0.03 | $1.18 | ||
| Q2 25 | $0.02 | $1.64 | ||
| Q1 25 | $-0.11 | $2.37 | ||
| Q4 24 | $-0.06 | $0.49 | ||
| Q3 24 | $0.08 | $-1.81 | ||
| Q2 24 | $0.37 | $-0.59 |
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 | — |
| Total DebtLower is stronger | $1.8B | $300.0M |
| Stockholders' EquityBook value | $3.8B | — |
| Total Assets | $10.1B | $9.1B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $271.4M | ||
| Q3 25 | $1.1B | $43.2M | ||
| Q2 25 | $1.0B | $39.3M | ||
| Q1 25 | $1.0B | $40.0M | ||
| Q4 24 | $1.6B | $48.7M | ||
| Q3 24 | $853.5M | $38.2M | ||
| Q2 24 | $985.9M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $1.8B | $2.7B | ||
| Q3 25 | $1.9B | $2.7B | ||
| Q2 25 | $1.7B | $2.7B | ||
| Q1 25 | $1.7B | $2.7B | ||
| Q4 24 | $1.7B | $2.7B | ||
| Q3 24 | $914.8M | $2.7B | ||
| Q2 24 | $914.0M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $3.6B | ||
| Q3 25 | $3.9B | $3.1B | ||
| Q2 25 | $3.9B | $3.0B | ||
| Q1 25 | $3.9B | $2.8B | ||
| Q4 24 | $3.8B | $-76.2M | ||
| Q3 24 | $4.0B | $-15.5M | ||
| Q2 24 | $4.1B | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $10.1B | $9.2B | ||
| Q3 25 | $10.2B | $8.7B | ||
| Q2 25 | $10.1B | $8.4B | ||
| Q1 25 | $9.6B | $8.5B | ||
| Q4 24 | $9.7B | $8.3B | ||
| Q3 24 | $9.0B | $8.3B | ||
| Q2 24 | $9.2B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.48× | 0.75× | ||
| Q3 25 | 0.48× | 0.87× | ||
| Q2 25 | 0.44× | 0.90× | ||
| Q1 25 | 0.43× | 0.99× | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $105.3M | $274.9M | ||
| Q3 25 | $96.9M | $237.8M | ||
| Q2 25 | $83.8M | $388.4M | ||
| Q1 25 | $99.5M | $253.8M | ||
| Q4 24 | $78.7M | $220.1M | ||
| Q3 24 | $88.6M | $197.9M | ||
| Q2 24 | $78.6M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $103.8M | $-2.7M | ||
| Q3 25 | $95.6M | $-47.8M | ||
| Q2 25 | $81.0M | $195.3M | ||
| Q1 25 | $98.4M | $59.9M | ||
| Q4 24 | $78.3M | $-20.3M | ||
| Q3 24 | $88.6M | $-49.1M | ||
| Q2 24 | $78.4M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 25.0% | -0.4% | ||
| Q3 25 | 24.1% | -10.8% | ||
| Q2 25 | 21.1% | 37.0% | ||
| Q1 25 | 27.5% | 8.2% | ||
| Q4 24 | 21.6% | -4.0% | ||
| Q3 24 | 24.7% | -15.8% | ||
| Q2 24 | 22.8% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 0.4% | 43.5% | ||
| Q3 25 | 0.3% | 64.4% | ||
| Q2 25 | 0.7% | 36.6% | ||
| Q1 25 | 0.3% | 26.4% | ||
| Q4 24 | 0.1% | 46.8% | ||
| Q3 24 | 0.0% | 79.7% | ||
| Q2 24 | 0.1% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | 2.35× | 4.89× | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
