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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $242.1M, roughly 1.7× ONESPAWORLD HOLDINGS Ltd). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -0.6%, a 5.6% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 11.5%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $14.9M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 7.1%).
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.
BILL vs OSW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $242.1M |
| Net Profit | $-2.6M | $12.1M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 6.8% |
| Net Margin | -0.6% | 5.0% |
| Revenue YoY | 14.4% | 11.5% |
| Net Profit YoY | -107.7% | -16.2% |
| EPS (diluted) | $-0.03 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $395.7M | $258.5M | ||
| Q2 25 | $383.3M | $240.7M | ||
| Q1 25 | $358.2M | $219.6M | ||
| Q4 24 | $362.6M | $217.2M | ||
| Q3 24 | $358.4M | $241.7M | ||
| Q2 24 | $343.7M | $224.9M | ||
| Q1 24 | $323.0M | $211.2M |
| Q4 25 | $-2.6M | $12.1M | ||
| Q3 25 | $-3.0M | $24.3M | ||
| Q2 25 | $-7.1M | $19.9M | ||
| Q1 25 | $-11.6M | $15.3M | ||
| Q4 24 | $33.5M | $14.4M | ||
| Q3 24 | $8.9M | $21.6M | ||
| Q2 24 | $7.6M | $15.8M | ||
| Q1 24 | $31.8M | $21.2M |
| 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% | 6.8% | ||
| Q3 25 | -5.2% | 10.2% | ||
| Q2 25 | -5.8% | 9.2% | ||
| Q1 25 | -8.1% | 7.7% | ||
| Q4 24 | -6.0% | 7.9% | ||
| Q3 24 | -2.1% | 10.3% | ||
| Q2 24 | -6.5% | 8.4% | ||
| Q1 24 | -8.6% | 8.0% |
| Q4 25 | -0.6% | 5.0% | ||
| Q3 25 | -0.7% | 9.4% | ||
| Q2 25 | -1.8% | 8.3% | ||
| Q1 25 | -3.2% | 7.0% | ||
| Q4 24 | 9.3% | 6.6% | ||
| Q3 24 | 2.5% | 8.9% | ||
| Q2 24 | 2.2% | 7.0% | ||
| Q1 24 | 9.8% | 10.0% |
| Q4 25 | $-0.03 | $0.12 | ||
| Q3 25 | $-0.03 | $0.23 | ||
| Q2 25 | $0.02 | $0.19 | ||
| Q1 25 | $-0.11 | $0.15 | ||
| Q4 24 | $-0.06 | $0.13 | ||
| Q3 24 | $0.08 | $0.20 | ||
| Q2 24 | $0.37 | $0.15 | ||
| Q1 24 | $0.00 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | $1.8B | $84.0M |
| Stockholders' EquityBook value | $3.8B | $542.6M |
| Total Assets | $10.1B | $707.1M |
| Debt / EquityLower = less leverage | 0.48× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $16.3M | ||
| Q3 25 | $1.1B | $29.6M | ||
| Q2 25 | $1.0B | $35.0M | ||
| Q1 25 | $1.0B | $22.6M | ||
| Q4 24 | $1.6B | $57.4M | ||
| Q3 24 | $853.5M | $48.8M | ||
| Q2 24 | $985.9M | $62.5M | ||
| Q1 24 | $952.5M | $65.4M |
| Q4 25 | $1.8B | $84.0M | ||
| Q3 25 | $1.9B | $85.2M | ||
| Q2 25 | $1.7B | $96.2M | ||
| Q1 25 | $1.7B | $97.4M | ||
| Q4 24 | $1.7B | $98.6M | ||
| Q3 24 | $914.8M | $98.7M | ||
| Q2 24 | $914.0M | $123.8M | ||
| Q1 24 | $1.1B | $138.6M |
| Q4 25 | $3.8B | $542.6M | ||
| Q3 25 | $3.9B | $552.8M | ||
| Q2 25 | $3.9B | $548.3M | ||
| Q1 25 | $3.9B | $530.6M | ||
| Q4 24 | $3.8B | $554.5M | ||
| Q3 24 | $4.0B | $540.1M | ||
| Q2 24 | $4.1B | $532.7M | ||
| Q1 24 | $4.1B | $515.5M |
| Q4 25 | $10.1B | $707.1M | ||
| Q3 25 | $10.2B | $732.6M | ||
| Q2 25 | $10.1B | $731.8M | ||
| Q1 25 | $9.6B | $708.7M | ||
| Q4 24 | $9.7B | $746.4M | ||
| Q3 24 | $9.0B | $734.0M | ||
| Q2 24 | $9.2B | $756.8M | ||
| Q1 24 | $9.1B | $763.6M |
| Q4 25 | 0.48× | 0.15× | ||
| Q3 25 | 0.48× | 0.15× | ||
| Q2 25 | 0.44× | 0.18× | ||
| Q1 25 | 0.43× | 0.18× | ||
| Q4 24 | 0.44× | 0.18× | ||
| Q3 24 | 0.23× | 0.18× | ||
| Q2 24 | 0.22× | 0.23× | ||
| Q1 24 | 0.28× | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $103.8M | $14.9M |
| FCF MarginFCF / Revenue | 25.0% | 6.2% |
| Capex IntensityCapex / Revenue | 0.4% | 2.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $20.0M | ||
| Q3 25 | $96.9M | $33.2M | ||
| Q2 25 | $83.8M | $20.3M | ||
| Q1 25 | $99.5M | $10.1M | ||
| Q4 24 | $78.7M | $16.6M | ||
| Q3 24 | $88.6M | $28.6M | ||
| Q2 24 | $78.6M | $18.7M | ||
| Q1 24 | $66.8M | $15.0M |
| Q4 25 | $103.8M | $14.9M | ||
| Q3 25 | $95.6M | $27.6M | ||
| Q2 25 | $81.0M | $17.6M | ||
| Q1 25 | $98.4M | $8.4M | ||
| Q4 24 | $78.3M | $13.2M | ||
| Q3 24 | $88.6M | $27.5M | ||
| Q2 24 | $78.4M | $17.6M | ||
| Q1 24 | $66.8M | $13.7M |
| Q4 25 | 25.0% | 6.2% | ||
| Q3 25 | 24.1% | 10.7% | ||
| Q2 25 | 21.1% | 7.3% | ||
| Q1 25 | 27.5% | 3.8% | ||
| Q4 24 | 21.6% | 6.1% | ||
| Q3 24 | 24.7% | 11.4% | ||
| Q2 24 | 22.8% | 7.8% | ||
| Q1 24 | 20.7% | 6.5% |
| Q4 25 | 0.4% | 2.1% | ||
| Q3 25 | 0.3% | 2.2% | ||
| Q2 25 | 0.7% | 1.1% | ||
| Q1 25 | 0.3% | 0.8% | ||
| Q4 24 | 0.1% | 1.5% | ||
| Q3 24 | 0.0% | 0.5% | ||
| Q2 24 | 0.1% | 0.5% | ||
| Q1 24 | 0.0% | 0.6% |
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | 2.35× | 1.15× | ||
| Q3 24 | 9.94× | 1.33× | ||
| Q2 24 | 10.35× | 1.19× | ||
| Q1 24 | 2.10× | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
