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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $208.0M, roughly 2.0× VIRTUS INVESTMENT PARTNERS, INC.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 16.3% vs -0.6%, a 16.9% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -10.9%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-74.1M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs -3.2%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
BILL vs VRTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $208.0M |
| Net Profit | $-2.6M | $33.9M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 19.1% |
| Net Margin | -0.6% | 16.3% |
| Revenue YoY | 14.4% | -10.9% |
| Net Profit YoY | -107.7% | -14.2% |
| EPS (diluted) | $-0.03 | $5.15 |
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 | $208.0M | ||
| Q3 25 | $395.7M | $216.4M | ||
| Q2 25 | $383.3M | $210.5M | ||
| Q1 25 | $358.2M | $217.9M | ||
| Q4 24 | $362.6M | $233.5M | ||
| Q3 24 | $358.4M | $227.0M | ||
| Q2 24 | $343.7M | $224.4M | ||
| Q1 24 | $323.0M | $222.0M |
| Q4 25 | $-2.6M | $33.9M | ||
| Q3 25 | $-3.0M | $31.3M | ||
| Q2 25 | $-7.1M | $42.7M | ||
| Q1 25 | $-11.6M | $28.1M | ||
| Q4 24 | $33.5M | $39.5M | ||
| Q3 24 | $8.9M | $49.1M | ||
| Q2 24 | $7.6M | $26.0M | ||
| Q1 24 | $31.8M | $37.9M |
| 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% | 19.1% | ||
| Q3 25 | -5.2% | 21.7% | ||
| Q2 25 | -5.8% | 21.5% | ||
| Q1 25 | -8.1% | 16.8% | ||
| Q4 24 | -6.0% | 21.7% | ||
| Q3 24 | -2.1% | 24.3% | ||
| Q2 24 | -6.5% | 19.7% | ||
| Q1 24 | -8.6% | 14.5% |
| Q4 25 | -0.6% | 16.3% | ||
| Q3 25 | -0.7% | 14.5% | ||
| Q2 25 | -1.8% | 20.3% | ||
| Q1 25 | -3.2% | 12.9% | ||
| Q4 24 | 9.3% | 16.9% | ||
| Q3 24 | 2.5% | 21.6% | ||
| Q2 24 | 2.2% | 11.6% | ||
| Q1 24 | 9.8% | 17.1% |
| Q4 25 | $-0.03 | $5.15 | ||
| Q3 25 | $-0.03 | $4.65 | ||
| Q2 25 | $0.02 | $6.12 | ||
| Q1 25 | $-0.11 | $4.05 | ||
| Q4 24 | $-0.06 | $4.65 | ||
| Q3 24 | $0.08 | $5.71 | ||
| Q2 24 | $0.37 | $2.43 | ||
| Q1 24 | $0.00 | $4.10 |
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 | — |
| Total DebtLower is stronger | $1.8B | $390.0M |
| Stockholders' EquityBook value | $3.8B | $934.0M |
| Total Assets | $10.1B | $4.3B |
| Debt / EquityLower = less leverage | 0.48× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $853.5M | — | ||
| Q2 24 | $985.9M | — | ||
| Q1 24 | $952.5M | — |
| Q4 25 | $1.8B | $390.0M | ||
| Q3 25 | $1.9B | $390.6M | ||
| Q2 25 | $1.7B | $231.3M | ||
| Q1 25 | $1.7B | $231.7M | ||
| Q4 24 | $1.7B | $232.1M | ||
| Q3 24 | $914.8M | $237.5M | ||
| Q2 24 | $914.0M | $247.6M | ||
| Q1 24 | $1.1B | $253.0M |
| Q4 25 | $3.8B | $934.0M | ||
| Q3 25 | $3.9B | $918.7M | ||
| Q2 25 | $3.9B | $896.4M | ||
| Q1 25 | $3.9B | $893.7M | ||
| Q4 24 | $3.8B | $897.5M | ||
| Q3 24 | $4.0B | $889.0M | ||
| Q2 24 | $4.1B | $868.7M | ||
| Q1 24 | $4.1B | $871.7M |
| Q4 25 | $10.1B | $4.3B | ||
| Q3 25 | $10.2B | $3.9B | ||
| Q2 25 | $10.1B | $3.7B | ||
| Q1 25 | $9.6B | $3.7B | ||
| Q4 24 | $9.7B | $4.0B | ||
| Q3 24 | $9.0B | $3.6B | ||
| Q2 24 | $9.2B | $3.6B | ||
| Q1 24 | $9.1B | $3.5B |
| Q4 25 | 0.48× | 0.42× | ||
| Q3 25 | 0.48× | 0.43× | ||
| Q2 25 | 0.44× | 0.26× | ||
| Q1 25 | 0.43× | 0.26× | ||
| Q4 24 | 0.44× | 0.26× | ||
| Q3 24 | 0.23× | 0.27× | ||
| Q2 24 | 0.22× | 0.29× | ||
| Q1 24 | 0.28× | 0.29× |
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 | $-67.2M |
| Free Cash FlowOCF − Capex | $103.8M | $-74.1M |
| FCF MarginFCF / Revenue | 25.0% | -35.6% |
| Capex IntensityCapex / Revenue | 0.4% | 3.3% |
| Cash ConversionOCF / Net Profit | — | -1.99× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $100.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $-67.2M | ||
| Q3 25 | $96.9M | $108.3M | ||
| Q2 25 | $83.8M | $75.8M | ||
| Q1 25 | $99.5M | $-3.8M | ||
| Q4 24 | $78.7M | $1.8M | ||
| Q3 24 | $88.6M | $69.1M | ||
| Q2 24 | $78.6M | $70.0M | ||
| Q1 24 | $66.8M | $-34.5M |
| Q4 25 | $103.8M | $-74.1M | ||
| Q3 25 | $95.6M | $106.9M | ||
| Q2 25 | $81.0M | $74.2M | ||
| Q1 25 | $98.4M | $-6.8M | ||
| Q4 24 | $78.3M | $-3.8M | ||
| Q3 24 | $88.6M | $68.7M | ||
| Q2 24 | $78.4M | $68.6M | ||
| Q1 24 | $66.8M | $-36.5M |
| Q4 25 | 25.0% | -35.6% | ||
| Q3 25 | 24.1% | 49.4% | ||
| Q2 25 | 21.1% | 35.2% | ||
| Q1 25 | 27.5% | -3.1% | ||
| Q4 24 | 21.6% | -1.6% | ||
| Q3 24 | 24.7% | 30.3% | ||
| Q2 24 | 22.8% | 30.6% | ||
| Q1 24 | 20.7% | -16.4% |
| Q4 25 | 0.4% | 3.3% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 0.7% | 0.7% | ||
| Q1 25 | 0.3% | 1.4% | ||
| Q4 24 | 0.1% | 2.4% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.1% | 0.6% | ||
| Q1 24 | 0.0% | 0.9% |
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | 2.35× | 0.04× | ||
| Q3 24 | 9.94× | 1.41× | ||
| Q2 24 | 10.35× | 2.69× | ||
| Q1 24 | 2.10× | -0.91× |
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% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
