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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Smith Douglas Homes Corp. (SDHC). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $260.4M, roughly 1.6× Smith Douglas Homes Corp.). Smith Douglas Homes Corp. runs the higher net margin — 1.4% vs -0.6%, a 2.0% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -9.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $8.7M). Over the past eight quarters, Smith Douglas Homes Corp.'s revenue compounded faster (17.3% 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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
BILL vs SDHC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $260.4M |
| Net Profit | $-2.6M | $3.5M |
| Gross Margin | 79.8% | 19.9% |
| Operating Margin | -4.4% | 6.5% |
| Net Margin | -0.6% | 1.4% |
| Revenue YoY | 14.4% | -9.4% |
| Net Profit YoY | -107.7% | -14.3% |
| EPS (diluted) | $-0.03 | $0.39 |
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 | $260.4M | ||
| Q3 25 | $395.7M | $262.0M | ||
| Q2 25 | $383.3M | $223.9M | ||
| Q1 25 | $358.2M | $224.7M | ||
| Q4 24 | $362.6M | $287.5M | ||
| Q3 24 | $358.4M | $277.8M | ||
| Q2 24 | $343.7M | $220.9M | ||
| Q1 24 | $323.0M | $189.2M |
| Q4 25 | $-2.6M | $3.5M | ||
| Q3 25 | $-3.0M | $2.1M | ||
| Q2 25 | $-7.1M | $2.4M | ||
| Q1 25 | $-11.6M | $2.7M | ||
| Q4 24 | $33.5M | $4.1M | ||
| Q3 24 | $8.9M | $5.3M | ||
| Q2 24 | $7.6M | $3.6M | ||
| Q1 24 | $31.8M | $3.0M |
| Q4 25 | 79.8% | 19.9% | ||
| Q3 25 | 80.5% | 21.0% | ||
| Q2 25 | 80.8% | 23.2% | ||
| Q1 25 | 81.2% | 23.8% | ||
| Q4 24 | 81.6% | 25.5% | ||
| Q3 24 | 82.0% | 26.5% | ||
| Q2 24 | 81.0% | 26.7% | ||
| Q1 24 | 83.0% | 26.1% |
| Q4 25 | -4.4% | 6.5% | ||
| Q3 25 | -5.2% | 6.6% | ||
| Q2 25 | -5.8% | 7.7% | ||
| Q1 25 | -8.1% | 8.7% | ||
| Q4 24 | -6.0% | 10.4% | ||
| Q3 24 | -2.1% | 14.2% | ||
| Q2 24 | -6.5% | 11.7% | ||
| Q1 24 | -8.6% | 11.3% |
| Q4 25 | -0.6% | 1.4% | ||
| Q3 25 | -0.7% | 0.8% | ||
| Q2 25 | -1.8% | 1.1% | ||
| Q1 25 | -3.2% | 1.2% | ||
| Q4 24 | 9.3% | 1.4% | ||
| Q3 24 | 2.5% | 1.9% | ||
| Q2 24 | 2.2% | 1.7% | ||
| Q1 24 | 9.8% | 1.6% |
| Q4 25 | $-0.03 | $0.39 | ||
| Q3 25 | $-0.03 | $0.24 | ||
| Q2 25 | $0.02 | $0.26 | ||
| Q1 25 | $-0.11 | $0.30 | ||
| Q4 24 | $-0.06 | $0.50 | ||
| Q3 24 | $0.08 | $0.58 | ||
| Q2 24 | $0.37 | $0.40 | ||
| Q1 24 | $0.00 | $0.33 |
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 | $12.7M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $86.7M |
| Total Assets | $10.1B | $557.6M |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $12.7M | ||
| Q3 25 | $1.1B | $14.8M | ||
| Q2 25 | $1.0B | $16.8M | ||
| Q1 25 | $1.0B | $12.7M | ||
| Q4 24 | $1.6B | $22.4M | ||
| Q3 24 | $853.5M | $23.7M | ||
| Q2 24 | $985.9M | $17.3M | ||
| Q1 24 | $952.5M | $32.8M |
| 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 | $86.7M | ||
| Q3 25 | $3.9B | $82.2M | ||
| Q2 25 | $3.9B | $80.0M | ||
| Q1 25 | $3.9B | $76.9M | ||
| Q4 24 | $3.8B | $73.6M | ||
| Q3 24 | $4.0B | $68.4M | ||
| Q2 24 | $4.1B | $62.1M | ||
| Q1 24 | $4.1B | $59.7M |
| Q4 25 | $10.1B | $557.6M | ||
| Q3 25 | $10.2B | $571.6M | ||
| Q2 25 | $10.1B | $570.2M | ||
| Q1 25 | $9.6B | $513.9M | ||
| Q4 24 | $9.7B | $475.9M | ||
| Q3 24 | $9.0B | $460.1M | ||
| Q2 24 | $9.2B | $429.3M | ||
| Q1 24 | $9.1B | $401.3M |
| 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 | $9.8M |
| Free Cash FlowOCF − Capex | $103.8M | $8.7M |
| FCF MarginFCF / Revenue | 25.0% | 3.4% |
| Capex IntensityCapex / Revenue | 0.4% | 0.4% |
| Cash ConversionOCF / Net Profit | — | 2.77× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $-36.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $9.8M | ||
| Q3 25 | $96.9M | $22.8M | ||
| Q2 25 | $83.8M | $-28.9M | ||
| Q1 25 | $99.5M | $-34.9M | ||
| Q4 24 | $78.7M | $5.5M | ||
| Q3 24 | $88.6M | $22.9M | ||
| Q2 24 | $78.6M | $39.0K | ||
| Q1 24 | $66.8M | $-9.3M |
| Q4 25 | $103.8M | $8.7M | ||
| Q3 25 | $95.6M | $21.4M | ||
| Q2 25 | $81.0M | $-31.1M | ||
| Q1 25 | $98.4M | $-35.9M | ||
| Q4 24 | $78.3M | $4.8M | ||
| Q3 24 | $88.6M | $22.3M | ||
| Q2 24 | $78.4M | $-2.1M | ||
| Q1 24 | $66.8M | $-9.7M |
| Q4 25 | 25.0% | 3.4% | ||
| Q3 25 | 24.1% | 8.2% | ||
| Q2 25 | 21.1% | -13.9% | ||
| Q1 25 | 27.5% | -16.0% | ||
| Q4 24 | 21.6% | 1.7% | ||
| Q3 24 | 24.7% | 8.0% | ||
| Q2 24 | 22.8% | -1.0% | ||
| Q1 24 | 20.7% | -5.1% |
| Q4 25 | 0.4% | 0.4% | ||
| Q3 25 | 0.3% | 0.5% | ||
| Q2 25 | 0.7% | 0.9% | ||
| Q1 25 | 0.3% | 0.5% | ||
| Q4 24 | 0.1% | 0.2% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.1% | 1.0% | ||
| Q1 24 | 0.0% | 0.2% |
| Q4 25 | — | 2.77× | ||
| Q3 25 | — | 10.70× | ||
| Q2 25 | — | -12.24× | ||
| Q1 25 | — | -13.01× | ||
| Q4 24 | 2.35× | 1.33× | ||
| Q3 24 | 9.94× | 4.28× | ||
| Q2 24 | 10.35× | 0.01× | ||
| Q1 24 | 2.10× | -3.12× |
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% |
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
