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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Paymentus Holdings, Inc. (PAY). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $330.5M, roughly 1.3× Paymentus Holdings, Inc.). Paymentus Holdings, Inc. runs the higher net margin — 6.3% vs -0.6%, a 6.9% gap on every dollar of revenue. On growth, Paymentus Holdings, Inc. posted the faster year-over-year revenue change (28.1% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $45.0M). Over the past eight quarters, Paymentus Holdings, Inc.'s revenue compounded faster (33.7% 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.
Paymentus Holdings, Inc. is a leading cloud-based bill payment and customer engagement technology provider. It offers integrated digital payment solutions, billing automation tools, and self-service portals for enterprises across utilities, financial services, government, healthcare, and telecommunications segments, primarily operating in the North American market.
BILL vs PAY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $330.5M |
| Net Profit | $-2.6M | $20.7M |
| Gross Margin | 79.8% | 25.4% |
| Operating Margin | -4.4% | 7.3% |
| Net Margin | -0.6% | 6.3% |
| Revenue YoY | 14.4% | 28.1% |
| Net Profit YoY | -107.7% | 57.2% |
| EPS (diluted) | $-0.03 | $0.16 |
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 | $330.5M | ||
| Q3 25 | $395.7M | $310.7M | ||
| Q2 25 | $383.3M | $280.1M | ||
| Q1 25 | $358.2M | $275.2M | ||
| Q4 24 | $362.6M | $257.9M | ||
| Q3 24 | $358.4M | $231.6M | ||
| Q2 24 | $343.7M | $197.4M | ||
| Q1 24 | $323.0M | $184.9M |
| Q4 25 | $-2.6M | $20.7M | ||
| Q3 25 | $-3.0M | $17.7M | ||
| Q2 25 | $-7.1M | $14.7M | ||
| Q1 25 | $-11.6M | $13.8M | ||
| Q4 24 | $33.5M | $13.1M | ||
| Q3 24 | $8.9M | $14.4M | ||
| Q2 24 | $7.6M | $9.4M | ||
| Q1 24 | $31.8M | $7.2M |
| Q4 25 | 79.8% | 25.4% | ||
| Q3 25 | 80.5% | 24.1% | ||
| Q2 25 | 80.8% | 25.5% | ||
| Q1 25 | 81.2% | 24.0% | ||
| Q4 24 | 81.6% | 25.6% | ||
| Q3 24 | 82.0% | 26.2% | ||
| Q2 24 | 81.0% | 29.8% | ||
| Q1 24 | 83.0% | 28.5% |
| Q4 25 | -4.4% | 7.3% | ||
| Q3 25 | -5.2% | 6.4% | ||
| Q2 25 | -5.8% | 5.7% | ||
| Q1 25 | -8.1% | 5.7% | ||
| Q4 24 | -6.0% | 5.5% | ||
| Q3 24 | -2.1% | 5.2% | ||
| Q2 24 | -6.5% | 5.2% | ||
| Q1 24 | -8.6% | 4.5% |
| Q4 25 | -0.6% | 6.3% | ||
| Q3 25 | -0.7% | 5.7% | ||
| Q2 25 | -1.8% | 5.3% | ||
| Q1 25 | -3.2% | 5.0% | ||
| Q4 24 | 9.3% | 5.1% | ||
| Q3 24 | 2.5% | 6.2% | ||
| Q2 24 | 2.2% | 4.7% | ||
| Q1 24 | 9.8% | 3.9% |
| Q4 25 | $-0.03 | $0.16 | ||
| Q3 25 | $-0.03 | $0.14 | ||
| Q2 25 | $0.02 | $0.11 | ||
| Q1 25 | $-0.11 | $0.11 | ||
| Q4 24 | $-0.06 | $0.11 | ||
| Q3 24 | $0.08 | $0.11 | ||
| Q2 24 | $0.37 | $0.07 | ||
| Q1 24 | $0.00 | $0.06 |
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 | $320.9M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $560.4M |
| Total Assets | $10.1B | $667.9M |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $320.9M | ||
| Q3 25 | $1.1B | $287.9M | ||
| Q2 25 | $1.0B | $266.4M | ||
| Q1 25 | $1.0B | $245.8M | ||
| Q4 24 | $1.6B | $205.9M | ||
| Q3 24 | $853.5M | $187.5M | ||
| Q2 24 | $985.9M | $188.8M | ||
| Q1 24 | $952.5M | $180.1M |
| 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 | $560.4M | ||
| Q3 25 | $3.9B | $537.4M | ||
| Q2 25 | $3.9B | $516.7M | ||
| Q1 25 | $3.9B | $500.4M | ||
| Q4 24 | $3.8B | $485.6M | ||
| Q3 24 | $4.0B | $468.8M | ||
| Q2 24 | $4.1B | $451.6M | ||
| Q1 24 | $4.1B | $439.4M |
| Q4 25 | $10.1B | $667.9M | ||
| Q3 25 | $10.2B | $644.4M | ||
| Q2 25 | $10.1B | $609.5M | ||
| Q1 25 | $9.6B | $590.9M | ||
| Q4 24 | $9.7B | $576.2M | ||
| Q3 24 | $9.0B | $552.9M | ||
| Q2 24 | $9.2B | $527.7M | ||
| Q1 24 | $9.1B | $514.0M |
| 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 | $45.1M |
| Free Cash FlowOCF − Capex | $103.8M | $45.0M |
| FCF MarginFCF / Revenue | 25.0% | 13.6% |
| Capex IntensityCapex / Revenue | 0.4% | 0.0% |
| Cash ConversionOCF / Net Profit | — | 2.18× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $161.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $45.1M | ||
| Q3 25 | $96.9M | $35.1M | ||
| Q2 25 | $83.8M | $31.5M | ||
| Q1 25 | $99.5M | $50.4M | ||
| Q4 24 | $78.7M | $27.9M | ||
| Q3 24 | $88.6M | $6.7M | ||
| Q2 24 | $78.6M | $18.0M | ||
| Q1 24 | $66.8M | $11.0M |
| Q4 25 | $103.8M | $45.0M | ||
| Q3 25 | $95.6M | $35.0M | ||
| Q2 25 | $81.0M | $31.4M | ||
| Q1 25 | $98.4M | $50.4M | ||
| Q4 24 | $78.3M | $27.8M | ||
| Q3 24 | $88.6M | $6.7M | ||
| Q2 24 | $78.4M | $17.8M | ||
| Q1 24 | $66.8M | $10.8M |
| Q4 25 | 25.0% | 13.6% | ||
| Q3 25 | 24.1% | 11.3% | ||
| Q2 25 | 21.1% | 11.2% | ||
| Q1 25 | 27.5% | 18.3% | ||
| Q4 24 | 21.6% | 10.8% | ||
| Q3 24 | 24.7% | 2.9% | ||
| Q2 24 | 22.8% | 9.0% | ||
| Q1 24 | 20.7% | 5.9% |
| Q4 25 | 0.4% | 0.0% | ||
| Q3 25 | 0.3% | 0.0% | ||
| Q2 25 | 0.7% | 0.0% | ||
| Q1 25 | 0.3% | 0.0% | ||
| Q4 24 | 0.1% | 0.0% | ||
| Q3 24 | 0.0% | 0.0% | ||
| Q2 24 | 0.1% | 0.1% | ||
| Q1 24 | 0.0% | 0.1% |
| Q4 25 | — | 2.18× | ||
| Q3 25 | — | 1.98× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | 2.35× | 2.12× | ||
| Q3 24 | 9.94× | 0.47× | ||
| Q2 24 | 10.35× | 1.93× | ||
| Q1 24 | 2.10× | 1.52× |
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% |
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
