vs
Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Natera, Inc. is the larger business by last-quarter revenue ($665.5M vs $414.7M, roughly 1.6× BILL Holdings, Inc.). Natera, Inc. runs the higher net margin — 7.1% vs -0.6%, a 7.7% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $37.8M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% 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.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
BILL vs NTRA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $665.5M |
| Net Profit | $-2.6M | $47.3M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | -3.4% |
| Net Margin | -0.6% | 7.1% |
| Revenue YoY | 14.4% | 39.8% |
| Net Profit YoY | -107.7% | 187.9% |
| EPS (diluted) | $-0.03 | $0.36 |
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 | $665.5M | ||
| Q3 25 | $395.7M | $592.2M | ||
| Q2 25 | $383.3M | $546.6M | ||
| Q1 25 | $358.2M | $501.8M | ||
| Q4 24 | $362.6M | $476.1M | ||
| Q3 24 | $358.4M | $439.8M | ||
| Q2 24 | $343.7M | $413.4M | ||
| Q1 24 | $323.0M | $367.7M |
| Q4 25 | $-2.6M | $47.3M | ||
| Q3 25 | $-3.0M | $-87.5M | ||
| Q2 25 | $-7.1M | $-100.9M | ||
| Q1 25 | $-11.6M | $-66.9M | ||
| Q4 24 | $33.5M | $-53.8M | ||
| Q3 24 | $8.9M | $-31.6M | ||
| Q2 24 | $7.6M | $-37.5M | ||
| Q1 24 | $31.8M | $-67.6M |
| 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% | -3.4% | ||
| Q3 25 | -5.2% | -16.5% | ||
| Q2 25 | -5.8% | -20.2% | ||
| Q1 25 | -8.1% | -15.8% | ||
| Q4 24 | -6.0% | -13.6% | ||
| Q3 24 | -2.1% | -8.9% | ||
| Q2 24 | -6.5% | -10.6% | ||
| Q1 24 | -8.6% | -20.2% |
| Q4 25 | -0.6% | 7.1% | ||
| Q3 25 | -0.7% | -14.8% | ||
| Q2 25 | -1.8% | -18.5% | ||
| Q1 25 | -3.2% | -13.3% | ||
| Q4 24 | 9.3% | -11.3% | ||
| Q3 24 | 2.5% | -7.2% | ||
| Q2 24 | 2.2% | -9.1% | ||
| Q1 24 | 9.8% | -18.4% |
| Q4 25 | $-0.03 | $0.36 | ||
| Q3 25 | $-0.03 | $-0.64 | ||
| Q2 25 | $0.02 | $-0.74 | ||
| Q1 25 | $-0.11 | $-0.50 | ||
| Q4 24 | $-0.06 | $-0.41 | ||
| Q3 24 | $0.08 | $-0.26 | ||
| Q2 24 | $0.37 | $-0.30 | ||
| Q1 24 | $0.00 | $-0.56 |
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 | — |
| Stockholders' EquityBook value | $3.8B | $1.7B |
| Total Assets | $10.1B | $2.4B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $1.0M | ||
| Q2 25 | $1.0B | $16.0M | ||
| Q1 25 | $1.0B | $17.8M | ||
| Q4 24 | $1.6B | $22.7M | ||
| Q3 24 | $853.5M | $29.5M | ||
| Q2 24 | $985.9M | $90.3M | ||
| Q1 24 | $952.5M | $69.1M |
| 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 | $1.7B | ||
| Q3 25 | $3.9B | $1.3B | ||
| Q2 25 | $3.9B | $1.2B | ||
| Q1 25 | $3.9B | $1.2B | ||
| Q4 24 | $3.8B | $1.2B | ||
| Q3 24 | $4.0B | $878.5M | ||
| Q2 24 | $4.1B | $836.5M | ||
| Q1 24 | $4.1B | $794.1M |
| Q4 25 | $10.1B | $2.4B | ||
| Q3 25 | $10.2B | $1.8B | ||
| Q2 25 | $10.1B | $1.8B | ||
| Q1 25 | $9.6B | $1.7B | ||
| Q4 24 | $9.7B | $1.7B | ||
| Q3 24 | $9.0B | $1.6B | ||
| Q2 24 | $9.2B | $1.5B | ||
| Q1 24 | $9.1B | $1.5B |
| 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 | $73.9M |
| Free Cash FlowOCF − Capex | $103.8M | $37.8M |
| FCF MarginFCF / Revenue | 25.0% | 5.7% |
| Capex IntensityCapex / Revenue | 0.4% | 5.4% |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $73.9M | ||
| Q3 25 | $96.9M | $59.4M | ||
| Q2 25 | $83.8M | $37.6M | ||
| Q1 25 | $99.5M | $44.5M | ||
| Q4 24 | $78.7M | $52.9M | ||
| Q3 24 | $88.6M | $51.8M | ||
| Q2 24 | $78.6M | $4.0M | ||
| Q1 24 | $66.8M | $27.0M |
| Q4 25 | $103.8M | $37.8M | ||
| Q3 25 | $95.6M | $37.0M | ||
| Q2 25 | $81.0M | $11.7M | ||
| Q1 25 | $98.4M | $22.6M | ||
| Q4 24 | $78.3M | $34.8M | ||
| Q3 24 | $88.6M | $35.5M | ||
| Q2 24 | $78.4M | $-7.7M | ||
| Q1 24 | $66.8M | $6.7M |
| Q4 25 | 25.0% | 5.7% | ||
| Q3 25 | 24.1% | 6.2% | ||
| Q2 25 | 21.1% | 2.1% | ||
| Q1 25 | 27.5% | 4.5% | ||
| Q4 24 | 21.6% | 7.3% | ||
| Q3 24 | 24.7% | 8.1% | ||
| Q2 24 | 22.8% | -1.9% | ||
| Q1 24 | 20.7% | 1.8% |
| Q4 25 | 0.4% | 5.4% | ||
| Q3 25 | 0.3% | 3.8% | ||
| Q2 25 | 0.7% | 4.7% | ||
| Q1 25 | 0.3% | 4.3% | ||
| Q4 24 | 0.1% | 3.8% | ||
| Q3 24 | 0.0% | 3.7% | ||
| Q2 24 | 0.1% | 2.8% | ||
| Q1 24 | 0.0% | 5.5% |
| Q4 25 | — | 1.56× | ||
| 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% |
NTRA
Segment breakdown not available.
