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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Skyward Specialty Insurance Group, Inc. (SKWD). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $385.6M, roughly 1.1× Skyward Specialty Insurance Group, Inc.). Skyward Specialty Insurance Group, Inc. runs the higher net margin — 11.2% vs -0.6%, a 11.8% gap on every dollar of revenue. On growth, Skyward Specialty Insurance Group, Inc. posted the faster year-over-year revenue change (26.7% vs 14.4%). Skyward Specialty Insurance Group, Inc. produced more free cash flow last quarter ($402.6M vs $103.8M). Over the past eight quarters, Skyward Specialty Insurance Group, Inc.'s revenue compounded faster (20.6% 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.
Skyward Specialty Insurance Group, Inc. is a specialty property and casualty insurance provider offering tailored coverage solutions including commercial auto, general liability, professional indemnity, and specialty property policies. It primarily serves small-to-medium enterprises and niche industry segments across the United States, focusing on underwriting complex, hard-to-place risks for underserved client groups.
BILL vs SKWD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $385.6M |
| Net Profit | $-2.6M | $43.2M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 14.2% |
| Net Margin | -0.6% | 11.2% |
| Revenue YoY | 14.4% | 26.7% |
| Net Profit YoY | -107.7% | 200.1% |
| EPS (diluted) | $-0.03 | $1.03 |
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 | $385.6M | ||
| Q3 25 | $395.7M | $382.5M | ||
| Q2 25 | $383.3M | $319.9M | ||
| Q1 25 | $358.2M | $328.5M | ||
| Q4 24 | $362.6M | $304.4M | ||
| Q3 24 | $358.4M | $300.9M | ||
| Q2 24 | $343.7M | $279.9M | ||
| Q1 24 | $323.0M | $265.0M |
| Q4 25 | $-2.6M | $43.2M | ||
| Q3 25 | $-3.0M | $45.9M | ||
| Q2 25 | $-7.1M | $38.8M | ||
| Q1 25 | $-11.6M | $42.1M | ||
| Q4 24 | $33.5M | $14.4M | ||
| Q3 24 | $8.9M | $36.7M | ||
| Q2 24 | $7.6M | $31.0M | ||
| Q1 24 | $31.8M | $36.8M |
| 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% | 14.2% | ||
| Q3 25 | -5.2% | 15.8% | ||
| Q2 25 | -5.8% | 15.6% | ||
| Q1 25 | -8.1% | 15.7% | ||
| Q4 24 | -6.0% | 6.1% | ||
| Q3 24 | -2.1% | 15.6% | ||
| Q2 24 | -6.5% | 14.4% | ||
| Q1 24 | -8.6% | 17.7% |
| Q4 25 | -0.6% | 11.2% | ||
| Q3 25 | -0.7% | 12.0% | ||
| Q2 25 | -1.8% | 12.1% | ||
| Q1 25 | -3.2% | 12.8% | ||
| Q4 24 | 9.3% | 4.7% | ||
| Q3 24 | 2.5% | 12.2% | ||
| Q2 24 | 2.2% | 11.1% | ||
| Q1 24 | 9.8% | 13.9% |
| Q4 25 | $-0.03 | $1.03 | ||
| Q3 25 | $-0.03 | $1.10 | ||
| Q2 25 | $0.02 | $0.93 | ||
| Q1 25 | $-0.11 | $1.01 | ||
| Q4 24 | $-0.06 | $0.33 | ||
| Q3 24 | $0.08 | $0.89 | ||
| Q2 24 | $0.37 | $0.75 | ||
| Q1 24 | $0.00 | $0.90 |
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 | $168.5M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $1.0B |
| Total Assets | $10.1B | $4.8B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $168.5M | ||
| Q3 25 | $1.1B | $160.1M | ||
| Q2 25 | $1.0B | $136.6M | ||
| Q1 25 | $1.0B | $112.9M | ||
| Q4 24 | $1.6B | $121.6M | ||
| Q3 24 | $853.5M | $105.6M | ||
| Q2 24 | $985.9M | $73.0M | ||
| Q1 24 | $952.5M | $85.1M |
| 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 | $1.0B | ||
| Q3 25 | $3.9B | $961.4M | ||
| Q2 25 | $3.9B | $899.9M | ||
| Q1 25 | $3.9B | $850.7M | ||
| Q4 24 | $3.8B | $794.0M | ||
| Q3 24 | $4.0B | $797.5M | ||
| Q2 24 | $4.1B | $723.6M | ||
| Q1 24 | $4.1B | $692.3M |
| Q4 25 | $10.1B | $4.8B | ||
| Q3 25 | $10.2B | $4.6B | ||
| Q2 25 | $10.1B | $4.3B | ||
| Q1 25 | $9.6B | $4.0B | ||
| Q4 24 | $9.7B | $3.7B | ||
| Q3 24 | $9.0B | $3.6B | ||
| Q2 24 | $9.2B | $3.4B | ||
| Q1 24 | $9.1B | $3.2B |
| 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 | $408.1M |
| Free Cash FlowOCF − Capex | $103.8M | $402.6M |
| FCF MarginFCF / Revenue | 25.0% | 104.4% |
| Capex IntensityCapex / Revenue | 0.4% | 1.4% |
| Cash ConversionOCF / Net Profit | — | 9.44× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $755.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $408.1M | ||
| Q3 25 | $96.9M | $171.4M | ||
| Q2 25 | $83.8M | $88.2M | ||
| Q1 25 | $99.5M | $96.8M | ||
| Q4 24 | $78.7M | $305.1M | ||
| Q3 24 | $88.6M | $168.0M | ||
| Q2 24 | $78.6M | $21.0M | ||
| Q1 24 | $66.8M | $94.3M |
| Q4 25 | $103.8M | $402.6M | ||
| Q3 25 | $95.6M | $168.9M | ||
| Q2 25 | $81.0M | $87.1M | ||
| Q1 25 | $98.4M | $96.6M | ||
| Q4 24 | $78.3M | $300.9M | ||
| Q3 24 | $88.6M | $167.6M | ||
| Q2 24 | $78.4M | $18.4M | ||
| Q1 24 | $66.8M | $94.0M |
| Q4 25 | 25.0% | 104.4% | ||
| Q3 25 | 24.1% | 44.2% | ||
| Q2 25 | 21.1% | 27.2% | ||
| Q1 25 | 27.5% | 29.4% | ||
| Q4 24 | 21.6% | 98.8% | ||
| Q3 24 | 24.7% | 55.7% | ||
| Q2 24 | 22.8% | 6.6% | ||
| Q1 24 | 20.7% | 35.5% |
| Q4 25 | 0.4% | 1.4% | ||
| Q3 25 | 0.3% | 0.6% | ||
| Q2 25 | 0.7% | 0.3% | ||
| Q1 25 | 0.3% | 0.1% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.1% | 0.9% | ||
| Q1 24 | 0.0% | 0.1% |
| Q4 25 | — | 9.44× | ||
| Q3 25 | — | 3.73× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | 2.35× | 21.18× | ||
| Q3 24 | 9.94× | 4.58× | ||
| Q2 24 | 10.35× | 0.68× | ||
| Q1 24 | 2.10× | 2.56× |
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% |
SKWD
Segment breakdown not available.
