vs
Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Palomar Holdings, Inc. (PLMR). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $253.4M, roughly 1.6× Palomar Holdings, Inc.). On growth, Palomar Holdings, Inc. posted the faster year-over-year revenue change (62.7% vs 14.4%). Palomar Holdings, Inc. produced more free cash flow last quarter ($409.0M vs $103.8M). Over the past eight quarters, Palomar Holdings, Inc.'s revenue compounded faster (46.2% 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.
Palomar Holdings, Inc. is a specialty insurance holding company that primarily provides property insurance products for catastrophe-exposed residential and commercial assets. It mainly operates across the United States, focusing on core segments including earthquake, flood, and windstorm coverage to meet high-risk property protection demands of customers.
BILL vs PLMR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $253.4M |
| Net Profit | $-2.6M | — |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 28.7% |
| Net Margin | -0.6% | — |
| Revenue YoY | 14.4% | 62.7% |
| Net Profit YoY | -107.7% | — |
| EPS (diluted) | $-0.03 | $2.05 |
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 | $253.4M | ||
| Q3 25 | $395.7M | $244.7M | ||
| Q2 25 | $383.3M | $203.3M | ||
| Q1 25 | $358.2M | $174.6M | ||
| Q4 24 | $362.6M | $155.8M | ||
| Q3 24 | $358.4M | $148.5M | ||
| Q2 24 | $343.7M | $131.1M | ||
| Q1 24 | $323.0M | $118.5M |
| Q4 25 | $-2.6M | — | ||
| Q3 25 | $-3.0M | $51.5M | ||
| Q2 25 | $-7.1M | $46.5M | ||
| Q1 25 | $-11.6M | $42.9M | ||
| Q4 24 | $33.5M | — | ||
| Q3 24 | $8.9M | $30.5M | ||
| Q2 24 | $7.6M | $25.7M | ||
| Q1 24 | $31.8M | $26.4M |
| 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% | 28.7% | ||
| Q3 25 | -5.2% | 27.4% | ||
| Q2 25 | -5.8% | 29.5% | ||
| Q1 25 | -8.1% | 30.8% | ||
| Q4 24 | -6.0% | 28.9% | ||
| Q3 24 | -2.1% | 25.9% | ||
| Q2 24 | -6.5% | 25.5% | ||
| Q1 24 | -8.6% | 29.0% |
| Q4 25 | -0.6% | — | ||
| Q3 25 | -0.7% | 21.0% | ||
| Q2 25 | -1.8% | 22.9% | ||
| Q1 25 | -3.2% | 24.6% | ||
| Q4 24 | 9.3% | — | ||
| Q3 24 | 2.5% | 20.5% | ||
| Q2 24 | 2.2% | 19.6% | ||
| Q1 24 | 9.8% | 22.3% |
| Q4 25 | $-0.03 | $2.05 | ||
| Q3 25 | $-0.03 | $1.87 | ||
| Q2 25 | $0.02 | $1.68 | ||
| Q1 25 | $-0.11 | $1.57 | ||
| Q4 24 | $-0.06 | $1.29 | ||
| Q3 24 | $0.08 | $1.15 | ||
| Q2 24 | $0.37 | $1.00 | ||
| Q1 24 | $0.00 | $1.04 |
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 | $106.9M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $942.7M |
| Total Assets | $10.1B | $3.1B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $106.9M | ||
| Q3 25 | $1.1B | $111.7M | ||
| Q2 25 | $1.0B | $81.3M | ||
| Q1 25 | $1.0B | $119.3M | ||
| Q4 24 | $1.6B | $80.4M | ||
| Q3 24 | $853.5M | $86.5M | ||
| Q2 24 | $985.9M | $47.8M | ||
| Q1 24 | $952.5M | $61.4M |
| 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 | $942.7M | ||
| Q3 25 | $3.9B | $878.1M | ||
| Q2 25 | $3.9B | $847.2M | ||
| Q1 25 | $3.9B | $790.4M | ||
| Q4 24 | $3.8B | $729.0M | ||
| Q3 24 | $4.0B | $703.3M | ||
| Q2 24 | $4.1B | $532.6M | ||
| Q1 24 | $4.1B | $501.7M |
| Q4 25 | $10.1B | $3.1B | ||
| Q3 25 | $10.2B | $2.9B | ||
| Q2 25 | $10.1B | $2.8B | ||
| Q1 25 | $9.6B | $2.4B | ||
| Q4 24 | $9.7B | $2.3B | ||
| Q3 24 | $9.0B | $2.3B | ||
| Q2 24 | $9.2B | $2.0B | ||
| Q1 24 | $9.1B | $1.9B |
| 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 | $409.1M |
| Free Cash FlowOCF − Capex | $103.8M | $409.0M |
| FCF MarginFCF / Revenue | 25.0% | 161.4% |
| Capex IntensityCapex / Revenue | 0.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $700.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $409.1M | ||
| Q3 25 | $96.9M | $83.6M | ||
| Q2 25 | $83.8M | $120.9M | ||
| Q1 25 | $99.5M | $87.2M | ||
| Q4 24 | $78.7M | $261.2M | ||
| Q3 24 | $88.6M | $100.3M | ||
| Q2 24 | $78.6M | $55.1M | ||
| Q1 24 | $66.8M | $33.1M |
| Q4 25 | $103.8M | $409.0M | ||
| Q3 25 | $95.6M | $83.6M | ||
| Q2 25 | $81.0M | $120.8M | ||
| Q1 25 | $98.4M | $87.1M | ||
| Q4 24 | $78.3M | $260.9M | ||
| Q3 24 | $88.6M | $100.1M | ||
| Q2 24 | $78.4M | — | ||
| Q1 24 | $66.8M | — |
| Q4 25 | 25.0% | 161.4% | ||
| Q3 25 | 24.1% | 34.2% | ||
| Q2 25 | 21.1% | 59.4% | ||
| Q1 25 | 27.5% | 49.9% | ||
| Q4 24 | 21.6% | 167.5% | ||
| Q3 24 | 24.7% | 67.4% | ||
| Q2 24 | 22.8% | — | ||
| Q1 24 | 20.7% | — |
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | 0.3% | 0.0% | ||
| Q2 25 | 0.7% | 0.0% | ||
| Q1 25 | 0.3% | 0.0% | ||
| Q4 24 | 0.1% | 0.2% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.1% | 0.0% | ||
| Q1 24 | 0.0% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | 2.60× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | 3.29× | ||
| Q2 24 | 10.35× | 2.14× | ||
| Q1 24 | 2.10× | 1.26× |
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% |
PLMR
Segment breakdown not available.
