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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Vital Farms, Inc. (VITL). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $213.6M, roughly 1.9× Vital Farms, Inc.). Vital Farms, Inc. runs the higher net margin — 7.6% vs -0.6%, a 8.3% gap on every dollar of revenue. On growth, Vital Farms, Inc. posted the faster year-over-year revenue change (28.7% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-32.1M). Over the past eight quarters, Vital Farms, Inc.'s revenue compounded faster (20.2% 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.
Vital Tomosi Dairy Limited is a dairy processing company in Uganda. The company is a joint venture between Vital Capital Fund, "an impact investing fund primarily focused on Sub-Saharan Africa", and "Tomosi Dairy Farms, a Ugandan producer of dairy products".
BILL vs VITL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $213.6M |
| Net Profit | $-2.6M | $16.3M |
| Gross Margin | 79.8% | 35.8% |
| Operating Margin | -4.4% | 10.0% |
| Net Margin | -0.6% | 7.6% |
| Revenue YoY | 14.4% | 28.7% |
| Net Profit YoY | -107.7% | 54.3% |
| EPS (diluted) | $-0.03 | $0.35 |
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 | $213.6M | ||
| Q3 25 | $395.7M | $198.9M | ||
| Q2 25 | $383.3M | $184.8M | ||
| Q1 25 | $358.2M | $162.2M | ||
| Q4 24 | $362.6M | $166.0M | ||
| Q3 24 | $358.4M | $145.0M | ||
| Q2 24 | $343.7M | $147.4M | ||
| Q1 24 | $323.0M | $147.9M |
| Q4 25 | $-2.6M | $16.3M | ||
| Q3 25 | $-3.0M | $16.4M | ||
| Q2 25 | $-7.1M | $16.6M | ||
| Q1 25 | $-11.6M | $16.9M | ||
| Q4 24 | $33.5M | $10.6M | ||
| Q3 24 | $8.9M | $7.4M | ||
| Q2 24 | $7.6M | $16.3M | ||
| Q1 24 | $31.8M | $19.0M |
| Q4 25 | 79.8% | 35.8% | ||
| Q3 25 | 80.5% | 37.7% | ||
| Q2 25 | 80.8% | 38.9% | ||
| Q1 25 | 81.2% | 38.5% | ||
| Q4 24 | 81.6% | 36.1% | ||
| Q3 24 | 82.0% | 36.9% | ||
| Q2 24 | 81.0% | 39.1% | ||
| Q1 24 | 83.0% | 39.8% |
| Q4 25 | -4.4% | 10.0% | ||
| Q3 25 | -5.2% | 10.8% | ||
| Q2 25 | -5.8% | 12.9% | ||
| Q1 25 | -8.1% | 13.4% | ||
| Q4 24 | -6.0% | 7.8% | ||
| Q3 24 | -2.1% | 6.4% | ||
| Q2 24 | -6.5% | 11.6% | ||
| Q1 24 | -8.6% | 16.3% |
| Q4 25 | -0.6% | 7.6% | ||
| Q3 25 | -0.7% | 8.3% | ||
| Q2 25 | -1.8% | 9.0% | ||
| Q1 25 | -3.2% | 10.4% | ||
| Q4 24 | 9.3% | 6.4% | ||
| Q3 24 | 2.5% | 5.1% | ||
| Q2 24 | 2.2% | 11.1% | ||
| Q1 24 | 9.8% | 12.9% |
| Q4 25 | $-0.03 | $0.35 | ||
| Q3 25 | $-0.03 | $0.36 | ||
| Q2 25 | $0.02 | $0.36 | ||
| Q1 25 | $-0.11 | $0.37 | ||
| Q4 24 | $-0.06 | $0.23 | ||
| Q3 24 | $0.08 | $0.16 | ||
| Q2 24 | $0.37 | $0.36 | ||
| Q1 24 | $0.00 | $0.43 |
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 | $48.8M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $351.3M |
| Total Assets | $10.1B | $518.7M |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $48.8M | ||
| Q3 25 | $1.1B | $93.8M | ||
| Q2 25 | $1.0B | $108.2M | ||
| Q1 25 | $1.0B | $156.3M | ||
| Q4 24 | $1.6B | $150.6M | ||
| Q3 24 | $853.5M | $149.5M | ||
| Q2 24 | $985.9M | $133.2M | ||
| Q1 24 | $952.5M | $113.8M |
| 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 | $351.3M | ||
| Q3 25 | $3.9B | $331.2M | ||
| Q2 25 | $3.9B | $309.8M | ||
| Q1 25 | $3.9B | $288.9M | ||
| Q4 24 | $3.8B | $269.3M | ||
| Q3 24 | $4.0B | $253.4M | ||
| Q2 24 | $4.1B | $238.4M | ||
| Q1 24 | $4.1B | $213.3M |
| Q4 25 | $10.1B | $518.7M | ||
| Q3 25 | $10.2B | $481.5M | ||
| Q2 25 | $10.1B | $430.8M | ||
| Q1 25 | $9.6B | $376.9M | ||
| Q4 24 | $9.7B | $359.3M | ||
| Q3 24 | $9.0B | $344.7M | ||
| Q2 24 | $9.2B | $320.5M | ||
| Q1 24 | $9.1B | $300.2M |
| 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 | $5.8M |
| Free Cash FlowOCF − Capex | $103.8M | $-32.1M |
| FCF MarginFCF / Revenue | 25.0% | -15.1% |
| Capex IntensityCapex / Revenue | 0.4% | 17.8% |
| Cash ConversionOCF / Net Profit | — | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $-48.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $5.8M | ||
| Q3 25 | $96.9M | $23.4M | ||
| Q2 25 | $83.8M | $-761.0K | ||
| Q1 25 | $99.5M | $5.3M | ||
| Q4 24 | $78.7M | $14.8M | ||
| Q3 24 | $88.6M | $10.0M | ||
| Q2 24 | $78.6M | $16.1M | ||
| Q1 24 | $66.8M | $23.9M |
| Q4 25 | $103.8M | $-32.1M | ||
| Q3 25 | $95.6M | $-10.6M | ||
| Q2 25 | $81.0M | $-7.6M | ||
| Q1 25 | $98.4M | $2.1M | ||
| Q4 24 | $78.3M | $-3.4M | ||
| Q3 24 | $88.6M | $6.4M | ||
| Q2 24 | $78.4M | $10.5M | ||
| Q1 24 | $66.8M | $22.6M |
| Q4 25 | 25.0% | -15.1% | ||
| Q3 25 | 24.1% | -5.3% | ||
| Q2 25 | 21.1% | -4.1% | ||
| Q1 25 | 27.5% | 1.3% | ||
| Q4 24 | 21.6% | -2.0% | ||
| Q3 24 | 24.7% | 4.4% | ||
| Q2 24 | 22.8% | 7.2% | ||
| Q1 24 | 20.7% | 15.3% |
| Q4 25 | 0.4% | 17.8% | ||
| Q3 25 | 0.3% | 17.1% | ||
| Q2 25 | 0.7% | 3.7% | ||
| Q1 25 | 0.3% | 1.9% | ||
| Q4 24 | 0.1% | 10.9% | ||
| Q3 24 | 0.0% | 2.5% | ||
| Q2 24 | 0.1% | 3.8% | ||
| Q1 24 | 0.0% | 0.9% |
| Q4 25 | — | 0.35× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | 2.35× | 1.40× | ||
| Q3 24 | 9.94× | 1.34× | ||
| Q2 24 | 10.35× | 0.99× | ||
| Q1 24 | 2.10× | 1.26× |
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% |
VITL
| Eggs And Egg Related Products | $205.8M | 96% |
| Butter And Butter Related Products | $7.7M | 4% |
