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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and TREX CO INC (TREX). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $343.4M, roughly 1.2× TREX CO INC). TREX CO INC runs the higher net margin — 17.9% vs -0.6%, a 18.5% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 1.0%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-143.4M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs -4.5%).
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.
Trex Company, Inc. is a manufacturer of wood-alternative composite decking, residential railing, and other outdoor items made from recycled materials. Its headquarters is in Winchester, Virginia.
BILL vs TREX — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $343.4M |
| Net Profit | $-2.6M | $61.4M |
| Gross Margin | 79.8% | 40.5% |
| Operating Margin | -4.4% | 24.3% |
| Net Margin | -0.6% | 17.9% |
| Revenue YoY | 14.4% | 1.0% |
| Net Profit YoY | -107.7% | 1.6% |
| EPS (diluted) | $-0.03 | $0.58 |
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.
| Q1 26 | — | $343.4M | ||
| Q4 25 | $414.7M | $161.1M | ||
| Q3 25 | $395.7M | $285.3M | ||
| Q2 25 | $383.3M | $387.8M | ||
| Q1 25 | $358.2M | $340.0M | ||
| Q4 24 | $362.6M | $167.6M | ||
| Q3 24 | $358.4M | $233.7M | ||
| Q2 24 | $343.7M | $376.5M |
| Q1 26 | — | $61.4M | ||
| Q4 25 | $-2.6M | $2.3M | ||
| Q3 25 | $-3.0M | $51.8M | ||
| Q2 25 | $-7.1M | $75.9M | ||
| Q1 25 | $-11.6M | $60.4M | ||
| Q4 24 | $33.5M | $9.8M | ||
| Q3 24 | $8.9M | $40.6M | ||
| Q2 24 | $7.6M | $87.0M |
| Q1 26 | — | 40.5% | ||
| Q4 25 | 79.8% | 30.2% | ||
| Q3 25 | 80.5% | 40.5% | ||
| Q2 25 | 80.8% | 40.8% | ||
| Q1 25 | 81.2% | 40.5% | ||
| Q4 24 | 81.6% | 32.7% | ||
| Q3 24 | 82.0% | 39.9% | ||
| Q2 24 | 81.0% | 44.7% |
| Q1 26 | — | 24.3% | ||
| Q4 25 | -4.4% | 2.2% | ||
| Q3 25 | -5.2% | 24.7% | ||
| Q2 25 | -5.8% | 26.4% | ||
| Q1 25 | -8.1% | 24.0% | ||
| Q4 24 | -6.0% | 9.2% | ||
| Q3 24 | -2.1% | 23.2% | ||
| Q2 24 | -6.5% | 31.1% |
| Q1 26 | — | 17.9% | ||
| Q4 25 | -0.6% | 1.4% | ||
| Q3 25 | -0.7% | 18.1% | ||
| Q2 25 | -1.8% | 19.6% | ||
| Q1 25 | -3.2% | 17.8% | ||
| Q4 24 | 9.3% | 5.8% | ||
| Q3 24 | 2.5% | 17.4% | ||
| Q2 24 | 2.2% | 23.1% |
| Q1 26 | — | $0.58 | ||
| Q4 25 | $-0.03 | $0.03 | ||
| Q3 25 | $-0.03 | $0.48 | ||
| Q2 25 | $0.02 | $0.71 | ||
| Q1 25 | $-0.11 | $0.56 | ||
| Q4 24 | $-0.06 | $0.10 | ||
| Q3 24 | $0.08 | $0.37 | ||
| Q2 24 | $0.37 | $0.80 |
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 | $4.5M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $995.8M |
| Total Assets | $10.1B | $1.7B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.5M | ||
| Q4 25 | $1.1B | $3.8M | ||
| Q3 25 | $1.1B | $11.4M | ||
| Q2 25 | $1.0B | $5.5M | ||
| Q1 25 | $1.0B | $5.0M | ||
| Q4 24 | $1.6B | $1.3M | ||
| Q3 24 | $853.5M | $12.8M | ||
| Q2 24 | $985.9M | $1.2M |
| Q1 26 | — | — | ||
| 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 26 | — | $995.8M | ||
| Q4 25 | $3.8B | $1.0B | ||
| Q3 25 | $3.9B | $1.0B | ||
| Q2 25 | $3.9B | $989.3M | ||
| Q1 25 | $3.9B | $910.1M | ||
| Q4 24 | $3.8B | $850.1M | ||
| Q3 24 | $4.0B | $887.9M | ||
| Q2 24 | $4.1B | $894.9M |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $10.1B | $1.5B | ||
| Q3 25 | $10.2B | $1.5B | ||
| Q2 25 | $10.1B | $1.5B | ||
| Q1 25 | $9.6B | $1.6B | ||
| Q4 24 | $9.7B | $1.3B | ||
| Q3 24 | $9.0B | $1.3B | ||
| Q2 24 | $9.2B | $1.3B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $-118.4M |
| Free Cash FlowOCF − Capex | $103.8M | $-143.4M |
| FCF MarginFCF / Revenue | 25.0% | -41.8% |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | -1.93× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $224.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-118.4M | ||
| Q4 25 | $105.3M | $65.5M | ||
| Q3 25 | $96.9M | $196.9M | ||
| Q2 25 | $83.8M | $249.8M | ||
| Q1 25 | $99.5M | $-154.0M | ||
| Q4 24 | $78.7M | $-8.5M | ||
| Q3 24 | $88.6M | $132.8M | ||
| Q2 24 | $78.6M | $193.7M |
| Q1 26 | — | $-143.4M | ||
| Q4 25 | $103.8M | $22.1M | ||
| Q3 25 | $95.6M | $142.9M | ||
| Q2 25 | $81.0M | $203.0M | ||
| Q1 25 | $98.4M | $-233.5M | ||
| Q4 24 | $78.3M | $-89.3M | ||
| Q3 24 | $88.6M | $54.5M | ||
| Q2 24 | $78.4M | $158.2M |
| Q1 26 | — | -41.8% | ||
| Q4 25 | 25.0% | 13.7% | ||
| Q3 25 | 24.1% | 50.1% | ||
| Q2 25 | 21.1% | 52.3% | ||
| Q1 25 | 27.5% | -68.7% | ||
| Q4 24 | 21.6% | -53.3% | ||
| Q3 24 | 24.7% | 23.3% | ||
| Q2 24 | 22.8% | 42.0% |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 26.9% | ||
| Q3 25 | 0.3% | 18.9% | ||
| Q2 25 | 0.7% | 12.1% | ||
| Q1 25 | 0.3% | 23.4% | ||
| Q4 24 | 0.1% | 48.2% | ||
| Q3 24 | 0.0% | 33.5% | ||
| Q2 24 | 0.1% | 9.4% |
| Q1 26 | — | -1.93× | ||
| Q4 25 | — | 28.45× | ||
| Q3 25 | — | 3.80× | ||
| Q2 25 | — | 3.29× | ||
| Q1 25 | — | -2.55× | ||
| Q4 24 | 2.35× | -0.87× | ||
| Q3 24 | 9.94× | 3.27× | ||
| Q2 24 | 10.35× | 2.23× |
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% |
TREX
Segment breakdown not available.
