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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and QuidelOrtho Corp (QDEL). Click either name above to swap in a different company.
QuidelOrtho Corp is the larger business by last-quarter revenue ($699.9M vs $414.7M, roughly 1.7× BILL Holdings, Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -104.7%, a 104.1% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -3.7%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-94.7M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs -2.9%).
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.
QuidelOrtho Corporation is an American manufacturer of diagnostic healthcare products that are sold worldwide.
BILL vs QDEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $699.9M |
| Net Profit | $-2.6M | $-733.0M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | -100.7% |
| Net Margin | -0.6% | -104.7% |
| Revenue YoY | 14.4% | -3.7% |
| Net Profit YoY | -107.7% | -3583.4% |
| EPS (diluted) | $-0.03 | $-10.78 |
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 | — | ||
| Q3 25 | $395.7M | $699.9M | ||
| Q2 25 | $383.3M | $613.9M | ||
| Q1 25 | $358.2M | $692.8M | ||
| Q4 24 | $362.6M | $707.8M | ||
| Q3 24 | $358.4M | $727.1M | ||
| Q2 24 | $343.7M | $637.0M | ||
| Q1 24 | $323.0M | $711.0M |
| Q4 25 | $-2.6M | — | ||
| Q3 25 | $-3.0M | $-733.0M | ||
| Q2 25 | $-7.1M | $-255.4M | ||
| Q1 25 | $-11.6M | $-12.7M | ||
| Q4 24 | $33.5M | $-178.4M | ||
| Q3 24 | $8.9M | $-19.9M | ||
| Q2 24 | $7.6M | $-147.7M | ||
| Q1 24 | $31.8M | $-1.7B |
| 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% | — | ||
| Q3 25 | -5.2% | -100.7% | ||
| Q2 25 | -5.8% | -29.4% | ||
| Q1 25 | -8.1% | 4.7% | ||
| Q4 24 | -6.0% | -14.2% | ||
| Q3 24 | -2.1% | 2.1% | ||
| Q2 24 | -6.5% | -18.4% | ||
| Q1 24 | -8.6% | -247.3% |
| Q4 25 | -0.6% | — | ||
| Q3 25 | -0.7% | -104.7% | ||
| Q2 25 | -1.8% | -41.6% | ||
| Q1 25 | -3.2% | -1.8% | ||
| Q4 24 | 9.3% | -25.2% | ||
| Q3 24 | 2.5% | -2.7% | ||
| Q2 24 | 2.2% | -23.2% | ||
| Q1 24 | 9.8% | -239.9% |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $-0.03 | $-10.78 | ||
| Q2 25 | $0.02 | $-3.77 | ||
| Q1 25 | $-0.11 | $-0.19 | ||
| Q4 24 | $-0.06 | $-2.54 | ||
| Q3 24 | $0.08 | $-0.30 | ||
| Q2 24 | $0.37 | $-2.20 | ||
| Q1 24 | $0.00 | $-25.50 |
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 | $98.1M |
| Total DebtLower is stronger | $1.8B | $2.5B |
| Stockholders' EquityBook value | $3.8B | $2.0B |
| Total Assets | $10.1B | $5.7B |
| Debt / EquityLower = less leverage | 0.48× | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $98.1M | ||
| Q2 25 | $1.0B | $151.7M | ||
| Q1 25 | $1.0B | $127.1M | ||
| Q4 24 | $1.6B | $98.3M | ||
| Q3 24 | $853.5M | $143.7M | ||
| Q2 24 | $985.9M | $107.0M | ||
| Q1 24 | $952.5M | $78.5M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | $2.5B | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $1.7B | $2.1B | ||
| Q4 24 | $1.7B | $2.1B | ||
| Q3 24 | $914.8M | $2.2B | ||
| Q2 24 | $914.0M | $2.2B | ||
| Q1 24 | $1.1B | $2.2B |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.9B | $2.0B | ||
| Q2 25 | $3.9B | $2.8B | ||
| Q1 25 | $3.9B | $3.0B | ||
| Q4 24 | $3.8B | $3.0B | ||
| Q3 24 | $4.0B | $3.2B | ||
| Q2 24 | $4.1B | $3.2B | ||
| Q1 24 | $4.1B | $3.3B |
| Q4 25 | $10.1B | — | ||
| Q3 25 | $10.2B | $5.7B | ||
| Q2 25 | $10.1B | $6.4B | ||
| Q1 25 | $9.6B | $6.5B | ||
| Q4 24 | $9.7B | $6.4B | ||
| Q3 24 | $9.0B | $6.8B | ||
| Q2 24 | $9.2B | $6.7B | ||
| Q1 24 | $9.1B | $6.7B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | 1.23× | ||
| Q2 25 | 0.44× | 0.74× | ||
| Q1 25 | 0.43× | 0.70× | ||
| Q4 24 | 0.44× | 0.72× | ||
| Q3 24 | 0.23× | 0.68× | ||
| Q2 24 | 0.22× | 0.70× | ||
| Q1 24 | 0.28× | 0.68× |
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 | $-45.5M |
| Free Cash FlowOCF − Capex | $103.8M | $-94.7M |
| FCF MarginFCF / Revenue | 25.0% | -13.5% |
| Capex IntensityCapex / Revenue | 0.4% | 7.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $-153.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | — | ||
| Q3 25 | $96.9M | $-45.5M | ||
| Q2 25 | $83.8M | $-46.8M | ||
| Q1 25 | $99.5M | $65.6M | ||
| Q4 24 | $78.7M | $63.7M | ||
| Q3 24 | $88.6M | $117.9M | ||
| Q2 24 | $78.6M | $-97.9M | ||
| Q1 24 | $66.8M | $-700.0K |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | $-94.7M | ||
| Q2 25 | $81.0M | $-84.3M | ||
| Q1 25 | $98.4M | $9.4M | ||
| Q4 24 | $78.3M | $16.5M | ||
| Q3 24 | $88.6M | $71.4M | ||
| Q2 24 | $78.4M | $-133.2M | ||
| Q1 24 | $66.8M | $-66.8M |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | -13.5% | ||
| Q2 25 | 21.1% | -13.7% | ||
| Q1 25 | 27.5% | 1.4% | ||
| Q4 24 | 21.6% | 2.3% | ||
| Q3 24 | 24.7% | 9.8% | ||
| Q2 24 | 22.8% | -20.9% | ||
| Q1 24 | 20.7% | -9.4% |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | 7.0% | ||
| Q2 25 | 0.7% | 6.1% | ||
| Q1 25 | 0.3% | 8.1% | ||
| Q4 24 | 0.1% | 6.7% | ||
| Q3 24 | 0.0% | 6.4% | ||
| Q2 24 | 0.1% | 5.5% | ||
| Q1 24 | 0.0% | 9.3% |
| 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% |
QDEL
| Labs | $373.8M | 53% |
| Point Of Care | $164.6M | 24% |
| Immunohematology | $142.0M | 20% |
| Donor Screening | $14.7M | 2% |
| Molecular Diagnostics | $4.8M | 1% |
| Collaborative Arrangement Transaction With Party To Collaborative Arrangement | $2.1M | 0% |
