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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $384.8M, roughly 1.1× P3 Health Partners Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -19.6%, a 19.0% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 3.8%). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs -0.5%).
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.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
BILL vs PIII — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $384.8M |
| Net Profit | $-2.6M | $-75.5M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | -40.0% |
| Net Margin | -0.6% | -19.6% |
| Revenue YoY | 14.4% | 3.8% |
| Net Profit YoY | -107.7% | -28.8% |
| EPS (diluted) | $-0.03 | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $395.7M | $345.3M | ||
| Q2 25 | $383.3M | $355.8M | ||
| Q1 25 | $358.2M | $373.2M | ||
| Q4 24 | $362.6M | $370.7M | ||
| Q3 24 | $358.4M | $362.1M | ||
| Q2 24 | $343.7M | $379.2M | ||
| Q1 24 | $323.0M | $388.5M |
| Q4 25 | $-2.6M | $-75.5M | ||
| Q3 25 | $-3.0M | $-31.6M | ||
| Q2 25 | $-7.1M | $-20.4M | ||
| Q1 25 | $-11.6M | $-20.5M | ||
| Q4 24 | $33.5M | $-58.6M | ||
| Q3 24 | $8.9M | $-46.5M | ||
| Q2 24 | $7.6M | $-12.0M | ||
| Q1 24 | $31.8M | $-18.7M |
| 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% | -40.0% | ||
| Q3 25 | -5.2% | -12.8% | ||
| Q2 25 | -5.8% | -9.6% | ||
| Q1 25 | -8.1% | -10.2% | ||
| Q4 24 | -6.0% | -37.4% | ||
| Q3 24 | -2.1% | -29.5% | ||
| Q2 24 | -6.5% | -8.3% | ||
| Q1 24 | -8.6% | -11.3% |
| Q4 25 | -0.6% | -19.6% | ||
| Q3 25 | -0.7% | -9.1% | ||
| Q2 25 | -1.8% | -5.7% | ||
| Q1 25 | -3.2% | -5.5% | ||
| Q4 24 | 9.3% | -15.8% | ||
| Q3 24 | 2.5% | -12.8% | ||
| Q2 24 | 2.2% | -3.2% | ||
| Q1 24 | 9.8% | -4.8% |
| Q4 25 | $-0.03 | $-23.08 | ||
| Q3 25 | $-0.03 | $-9.67 | ||
| Q2 25 | $0.02 | $-6.23 | ||
| Q1 25 | $-0.11 | $-6.28 | ||
| Q4 24 | $-0.06 | $-23.13 | ||
| Q3 24 | $0.08 | $-15.70 | ||
| Q2 24 | $0.37 | $-7.37 | ||
| Q1 24 | $0.00 | $-7.86 |
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 | $25.0M |
| Total DebtLower is stronger | $1.8B | $228.4M |
| Stockholders' EquityBook value | $3.8B | $-155.2M |
| Total Assets | $10.1B | $656.6M |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $25.0M | ||
| Q3 25 | $1.1B | $37.7M | ||
| Q2 25 | $1.0B | $38.6M | ||
| Q1 25 | $1.0B | $40.1M | ||
| Q4 24 | $1.6B | $38.8M | ||
| Q3 24 | $853.5M | $63.0M | ||
| Q2 24 | $985.9M | $73.1M | ||
| Q1 24 | $952.5M | $27.3M |
| Q4 25 | $1.8B | $228.4M | ||
| Q3 25 | $1.9B | $252.8M | ||
| Q2 25 | $1.7B | $182.0M | ||
| Q1 25 | $1.7B | $171.1M | ||
| Q4 24 | $1.7B | $108.9M | ||
| Q3 24 | $914.8M | $133.2M | ||
| Q2 24 | $914.0M | $133.1M | ||
| Q1 24 | $1.1B | $118.1M |
| Q4 25 | $3.8B | $-155.2M | ||
| Q3 25 | $3.9B | $-18.7M | ||
| Q2 25 | $3.9B | $44.5M | ||
| Q1 25 | $3.9B | $63.3M | ||
| Q4 24 | $3.8B | $75.9M | ||
| Q3 24 | $4.0B | $120.5M | ||
| Q2 24 | $4.1B | $166.8M | ||
| Q1 24 | $4.1B | $146.6M |
| Q4 25 | $10.1B | $656.6M | ||
| Q3 25 | $10.2B | $683.6M | ||
| Q2 25 | $10.1B | $731.6M | ||
| Q1 25 | $9.6B | $783.9M | ||
| Q4 24 | $9.7B | $783.4M | ||
| Q3 24 | $9.0B | $833.3M | ||
| Q2 24 | $9.2B | $892.8M | ||
| Q1 24 | $9.1B | $855.9M |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | 4.09× | ||
| Q1 25 | 0.43× | 2.71× | ||
| Q4 24 | 0.44× | 1.43× | ||
| Q3 24 | 0.23× | 1.11× | ||
| Q2 24 | 0.22× | 0.80× | ||
| Q1 24 | 0.28× | 0.81× |
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 | $-25.7M |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $-25.7M | ||
| Q3 25 | $96.9M | $-15.4M | ||
| Q2 25 | $83.8M | $-16.6M | ||
| Q1 25 | $99.5M | $-33.5M | ||
| Q4 24 | $78.7M | $-57.2M | ||
| Q3 24 | $88.6M | $-22.6M | ||
| Q2 24 | $78.6M | $-10.2M | ||
| Q1 24 | $66.8M | $-20.0M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | — | ||
| Q2 25 | $81.0M | — | ||
| Q1 25 | $98.4M | — | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | — | ||
| Q2 24 | $78.4M | — | ||
| Q1 24 | $66.8M | — |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 27.5% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | — | ||
| Q2 24 | 22.8% | — | ||
| Q1 24 | 20.7% | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.1% | 0.0% | ||
| Q3 24 | 0.0% | 0.0% | ||
| Q2 24 | 0.1% | 0.0% | ||
| Q1 24 | 0.0% | 0.0% |
| Q4 25 | — | — | ||
| 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% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
