vs
Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($789.0M vs $414.7M, roughly 1.9× BILL Holdings, Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs -0.6%, a 9.1% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 6.8%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $86.0M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 8.5%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
BILL vs ULS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $789.0M |
| Net Profit | $-2.6M | $67.0M |
| Gross Margin | 79.8% | 49.7% |
| Operating Margin | -4.4% | 15.0% |
| Net Margin | -0.6% | 8.5% |
| Revenue YoY | 14.4% | 6.8% |
| Net Profit YoY | -107.7% | -17.3% |
| EPS (diluted) | $-0.03 | $0.33 |
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 | $789.0M | ||
| Q3 25 | $395.7M | $783.0M | ||
| Q2 25 | $383.3M | $776.0M | ||
| Q1 25 | $358.2M | $705.0M | ||
| Q4 24 | $362.6M | $739.0M | ||
| Q3 24 | $358.4M | $731.0M | ||
| Q2 24 | $343.7M | $730.0M | ||
| Q1 24 | $323.0M | $670.0M |
| Q4 25 | $-2.6M | $67.0M | ||
| Q3 25 | $-3.0M | $100.0M | ||
| Q2 25 | $-7.1M | $91.0M | ||
| Q1 25 | $-11.6M | $67.0M | ||
| Q4 24 | $33.5M | $81.0M | ||
| Q3 24 | $8.9M | $88.0M | ||
| Q2 24 | $7.6M | $101.0M | ||
| Q1 24 | $31.8M | $56.0M |
| Q4 25 | 79.8% | 49.7% | ||
| Q3 25 | 80.5% | 50.3% | ||
| Q2 25 | 80.8% | 49.4% | ||
| Q1 25 | 81.2% | 48.4% | ||
| Q4 24 | 81.6% | 47.4% | ||
| Q3 24 | 82.0% | 49.0% | ||
| Q2 24 | 81.0% | 50.1% | ||
| Q1 24 | 83.0% | 47.6% |
| Q4 25 | -4.4% | 15.0% | ||
| Q3 25 | -5.2% | 19.9% | ||
| Q2 25 | -5.8% | 17.9% | ||
| Q1 25 | -8.1% | 15.5% | ||
| Q4 24 | -6.0% | 15.6% | ||
| Q3 24 | -2.1% | 17.8% | ||
| Q2 24 | -6.5% | 17.3% | ||
| Q1 24 | -8.6% | 13.6% |
| Q4 25 | -0.6% | 8.5% | ||
| Q3 25 | -0.7% | 12.8% | ||
| Q2 25 | -1.8% | 11.7% | ||
| Q1 25 | -3.2% | 9.5% | ||
| Q4 24 | 9.3% | 11.0% | ||
| Q3 24 | 2.5% | 12.0% | ||
| Q2 24 | 2.2% | 13.8% | ||
| Q1 24 | 9.8% | 8.4% |
| Q4 25 | $-0.03 | $0.33 | ||
| Q3 25 | $-0.03 | $0.49 | ||
| Q2 25 | $0.02 | $0.45 | ||
| Q1 25 | $-0.11 | $0.33 | ||
| Q4 24 | $-0.06 | $0.40 | ||
| Q3 24 | $0.08 | $0.44 | ||
| Q2 24 | $0.37 | $0.50 | ||
| Q1 24 | $0.00 | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | $1.8B | $491.0M |
| Stockholders' EquityBook value | $3.8B | $1.3B |
| Total Assets | $10.1B | $2.9B |
| Debt / EquityLower = less leverage | 0.48× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $295.0M | ||
| Q3 25 | $1.1B | $255.0M | ||
| Q2 25 | $1.0B | $272.0M | ||
| Q1 25 | $1.0B | $267.0M | ||
| Q4 24 | $1.6B | $298.0M | ||
| Q3 24 | $853.5M | $327.0M | ||
| Q2 24 | $985.9M | $295.0M | ||
| Q1 24 | $952.5M | $344.0M |
| Q4 25 | $1.8B | $491.0M | ||
| Q3 25 | $1.9B | $544.0M | ||
| Q2 25 | $1.7B | $608.0M | ||
| Q1 25 | $1.7B | $653.0M | ||
| Q4 24 | $1.7B | $742.0M | ||
| Q3 24 | $914.8M | $797.0M | ||
| Q2 24 | $914.0M | $810.0M | ||
| Q1 24 | $1.1B | $879.0M |
| Q4 25 | $3.8B | $1.3B | ||
| Q3 25 | $3.9B | $1.2B | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $3.9B | $970.0M | ||
| Q4 24 | $3.8B | $904.0M | ||
| Q3 24 | $4.0B | $872.0M | ||
| Q2 24 | $4.1B | $769.0M | ||
| Q1 24 | $4.1B | $671.0M |
| Q4 25 | $10.1B | $2.9B | ||
| Q3 25 | $10.2B | $2.9B | ||
| Q2 25 | $10.1B | $2.9B | ||
| Q1 25 | $9.6B | $2.9B | ||
| Q4 24 | $9.7B | $2.8B | ||
| Q3 24 | $9.0B | $2.9B | ||
| Q2 24 | $9.2B | $2.7B | ||
| Q1 24 | $9.1B | $2.8B |
| Q4 25 | 0.48× | 0.39× | ||
| Q3 25 | 0.48× | 0.46× | ||
| Q2 25 | 0.44× | 0.56× | ||
| Q1 25 | 0.43× | 0.67× | ||
| Q4 24 | 0.44× | 0.82× | ||
| Q3 24 | 0.23× | 0.91× | ||
| Q2 24 | 0.22× | 1.05× | ||
| Q1 24 | 0.28× | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | $103.8M | $86.0M |
| FCF MarginFCF / Revenue | 25.0% | 10.9% |
| Capex IntensityCapex / Revenue | 0.4% | 7.4% |
| Cash ConversionOCF / Net Profit | — | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $144.0M | ||
| Q3 25 | $96.9M | $155.0M | ||
| Q2 25 | $83.8M | $147.0M | ||
| Q1 25 | $99.5M | $154.0M | ||
| Q4 24 | $78.7M | $130.0M | ||
| Q3 24 | $88.6M | $150.0M | ||
| Q2 24 | $78.6M | $103.0M | ||
| Q1 24 | $66.8M | $141.0M |
| Q4 25 | $103.8M | $86.0M | ||
| Q3 25 | $95.6M | $109.0M | ||
| Q2 25 | $81.0M | $105.0M | ||
| Q1 25 | $98.4M | $103.0M | ||
| Q4 24 | $78.3M | $72.0M | ||
| Q3 24 | $88.6M | $84.0M | ||
| Q2 24 | $78.4M | $47.0M | ||
| Q1 24 | $66.8M | $84.0M |
| Q4 25 | 25.0% | 10.9% | ||
| Q3 25 | 24.1% | 13.9% | ||
| Q2 25 | 21.1% | 13.5% | ||
| Q1 25 | 27.5% | 14.6% | ||
| Q4 24 | 21.6% | 9.7% | ||
| Q3 24 | 24.7% | 11.5% | ||
| Q2 24 | 22.8% | 6.4% | ||
| Q1 24 | 20.7% | 12.5% |
| Q4 25 | 0.4% | 7.4% | ||
| Q3 25 | 0.3% | 5.9% | ||
| Q2 25 | 0.7% | 5.4% | ||
| Q1 25 | 0.3% | 7.2% | ||
| Q4 24 | 0.1% | 7.8% | ||
| Q3 24 | 0.0% | 9.0% | ||
| Q2 24 | 0.1% | 7.7% | ||
| Q1 24 | 0.0% | 8.5% |
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | 2.35× | 1.60× | ||
| Q3 24 | 9.94× | 1.70× | ||
| Q2 24 | 10.35× | 1.02× | ||
| Q1 24 | 2.10× | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
