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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $382.7M, roughly 1.1× INNOVATE Corp.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -1.9%, a 1.3% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 14.4%). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
BILL vs VATE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $382.7M |
| Net Profit | $-2.6M | $-7.4M |
| Gross Margin | 79.8% | 15.4% |
| Operating Margin | -4.4% | 3.7% |
| Net Margin | -0.6% | -1.9% |
| Revenue YoY | 14.4% | 61.7% |
| Net Profit YoY | -107.7% | 55.4% |
| EPS (diluted) | $-0.03 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $395.7M | $347.1M | ||
| Q2 25 | $383.3M | $242.0M | ||
| Q1 25 | $358.2M | $274.2M | ||
| Q4 24 | $362.6M | $236.6M | ||
| Q3 24 | $358.4M | $242.2M | ||
| Q2 24 | $343.7M | $313.1M | ||
| Q1 24 | $323.0M | $315.2M |
| Q4 25 | $-2.6M | $-7.4M | ||
| Q3 25 | $-3.0M | $-8.9M | ||
| Q2 25 | $-7.1M | $-19.8M | ||
| Q1 25 | $-11.6M | $-24.5M | ||
| Q4 24 | $33.5M | $-16.6M | ||
| Q3 24 | $8.9M | $-15.0M | ||
| Q2 24 | $7.6M | $14.4M | ||
| Q1 24 | $31.8M | $-17.4M |
| Q4 25 | 79.8% | 15.4% | ||
| Q3 25 | 80.5% | 14.3% | ||
| Q2 25 | 80.8% | 18.8% | ||
| Q1 25 | 81.2% | 16.6% | ||
| Q4 24 | 81.6% | 19.6% | ||
| Q3 24 | 82.0% | 19.9% | ||
| Q2 24 | 81.0% | 21.0% | ||
| Q1 24 | 83.0% | 15.4% |
| Q4 25 | -4.4% | 3.7% | ||
| Q3 25 | -5.2% | 1.8% | ||
| Q2 25 | -5.8% | 2.0% | ||
| Q1 25 | -8.1% | 1.2% | ||
| Q4 24 | -6.0% | 1.1% | ||
| Q3 24 | -2.1% | 2.4% | ||
| Q2 24 | -6.5% | 9.2% | ||
| Q1 24 | -8.6% | 0.9% |
| Q4 25 | -0.6% | -1.9% | ||
| Q3 25 | -0.7% | -2.6% | ||
| Q2 25 | -1.8% | -8.2% | ||
| Q1 25 | -3.2% | -8.9% | ||
| Q4 24 | 9.3% | -7.0% | ||
| Q3 24 | 2.5% | -6.2% | ||
| Q2 24 | 2.2% | 4.6% | ||
| Q1 24 | 9.8% | -5.5% |
| Q4 25 | $-0.03 | $-0.57 | ||
| Q3 25 | $-0.03 | $-0.71 | ||
| Q2 25 | $0.02 | $-1.67 | ||
| Q1 25 | $-0.11 | $-1.89 | ||
| Q4 24 | $-0.06 | $-0.72 | ||
| Q3 24 | $0.08 | $-1.18 | ||
| Q2 24 | $0.37 | $1.03 | ||
| Q1 24 | $0.00 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | $1.8B | $80.3M |
| Stockholders' EquityBook value | $3.8B | $-240.1M |
| Total Assets | $10.1B | $950.1M |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $112.1M | ||
| Q3 25 | $1.1B | $35.5M | ||
| Q2 25 | $1.0B | $33.4M | ||
| Q1 25 | $1.0B | $33.3M | ||
| Q4 24 | $1.6B | $48.8M | ||
| Q3 24 | $853.5M | $51.0M | ||
| Q2 24 | $985.9M | $80.2M | ||
| Q1 24 | $952.5M | $38.4M |
| Q4 25 | $1.8B | $80.3M | ||
| Q3 25 | $1.9B | $97.3M | ||
| Q2 25 | $1.7B | $160.1M | ||
| Q1 25 | $1.7B | $139.9M | ||
| Q4 24 | $1.7B | $500.6M | ||
| Q3 24 | $914.8M | $502.4M | ||
| Q2 24 | $914.0M | $638.3M | ||
| Q1 24 | $1.1B | $641.5M |
| Q4 25 | $3.8B | $-240.1M | ||
| Q3 25 | $3.9B | $-233.3M | ||
| Q2 25 | $3.9B | $-224.8M | ||
| Q1 25 | $3.9B | $-204.2M | ||
| Q4 24 | $3.8B | $-180.4M | ||
| Q3 24 | $4.0B | $-163.1M | ||
| Q2 24 | $4.1B | $-149.0M | ||
| Q1 24 | $4.1B | $-184.4M |
| Q4 25 | $10.1B | $950.1M | ||
| Q3 25 | $10.2B | $913.2M | ||
| Q2 25 | $10.1B | $890.9M | ||
| Q1 25 | $9.6B | $868.0M | ||
| Q4 24 | $9.7B | $891.1M | ||
| Q3 24 | $9.0B | $897.2M | ||
| Q2 24 | $9.2B | $898.9M | ||
| Q1 24 | $9.1B | $943.5M |
| 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 | $101.1M |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $101.1M | ||
| Q3 25 | $96.9M | $19.2M | ||
| Q2 25 | $83.8M | $40.4M | ||
| Q1 25 | $99.5M | $-14.1M | ||
| Q4 24 | $78.7M | $41.4M | ||
| Q3 24 | $88.6M | $-28.4M | ||
| Q2 24 | $78.6M | $21.5M | ||
| Q1 24 | $66.8M | $-25.4M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | $19.0M | ||
| Q2 25 | $81.0M | — | ||
| Q1 25 | $98.4M | $-18.8M | ||
| Q4 24 | $78.3M | $34.2M | ||
| Q3 24 | $88.6M | $-31.5M | ||
| Q2 24 | $78.4M | $18.4M | ||
| Q1 24 | $66.8M | $-31.0M |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | 5.5% | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 27.5% | -6.9% | ||
| Q4 24 | 21.6% | 14.5% | ||
| Q3 24 | 24.7% | -13.0% | ||
| Q2 24 | 22.8% | 5.9% | ||
| Q1 24 | 20.7% | -9.8% |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.3% | 1.7% | ||
| Q4 24 | 0.1% | 3.0% | ||
| Q3 24 | 0.0% | 1.3% | ||
| Q2 24 | 0.1% | 1.0% | ||
| Q1 24 | 0.0% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | 1.49× | ||
| 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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
