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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
WATTS WATER TECHNOLOGIES INC is the larger business by last-quarter revenue ($625.1M vs $414.7M, roughly 1.5× BILL Holdings, Inc.). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 13.4% vs -0.6%, a 14.0% gap on every dollar of revenue. On growth, WATTS WATER TECHNOLOGIES INC posted the faster year-over-year revenue change (15.7% vs 14.4%). WATTS WATER TECHNOLOGIES INC produced more free cash flow last quarter ($140.3M vs $103.8M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 4.6%).
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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
BILL vs WTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $625.1M |
| Net Profit | $-2.6M | $83.7M |
| Gross Margin | 79.8% | 49.5% |
| Operating Margin | -4.4% | 18.2% |
| Net Margin | -0.6% | 13.4% |
| Revenue YoY | 14.4% | 15.7% |
| Net Profit YoY | -107.7% | 24.0% |
| EPS (diluted) | $-0.03 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $395.7M | $611.7M | ||
| Q2 25 | $383.3M | $643.7M | ||
| Q1 25 | $358.2M | $558.0M | ||
| Q4 24 | $362.6M | $540.4M | ||
| Q3 24 | $358.4M | $543.6M | ||
| Q2 24 | $343.7M | $597.3M | ||
| Q1 24 | $323.0M | $570.9M |
| Q4 25 | $-2.6M | $83.7M | ||
| Q3 25 | $-3.0M | $82.2M | ||
| Q2 25 | $-7.1M | $100.9M | ||
| Q1 25 | $-11.6M | $74.0M | ||
| Q4 24 | $33.5M | $67.5M | ||
| Q3 24 | $8.9M | $69.1M | ||
| Q2 24 | $7.6M | $82.0M | ||
| Q1 24 | $31.8M | $72.6M |
| Q4 25 | 79.8% | 49.5% | ||
| Q3 25 | 80.5% | 48.8% | ||
| Q2 25 | 80.8% | 50.6% | ||
| Q1 25 | 81.2% | 48.8% | ||
| Q4 24 | 81.6% | 46.7% | ||
| Q3 24 | 82.0% | 47.3% | ||
| Q2 24 | 81.0% | 47.7% | ||
| Q1 24 | 83.0% | 46.9% |
| Q4 25 | -4.4% | 18.2% | ||
| Q3 25 | -5.2% | 18.2% | ||
| Q2 25 | -5.8% | 21.0% | ||
| Q1 25 | -8.1% | 15.7% | ||
| Q4 24 | -6.0% | 16.5% | ||
| Q3 24 | -2.1% | 17.1% | ||
| Q2 24 | -6.5% | 18.7% | ||
| Q1 24 | -8.6% | 16.9% |
| Q4 25 | -0.6% | 13.4% | ||
| Q3 25 | -0.7% | 13.4% | ||
| Q2 25 | -1.8% | 15.7% | ||
| Q1 25 | -3.2% | 13.3% | ||
| Q4 24 | 9.3% | 12.5% | ||
| Q3 24 | 2.5% | 12.7% | ||
| Q2 24 | 2.2% | 13.7% | ||
| Q1 24 | 9.8% | 12.7% |
| Q4 25 | $-0.03 | $2.50 | ||
| Q3 25 | $-0.03 | $2.45 | ||
| Q2 25 | $0.02 | $3.01 | ||
| Q1 25 | $-0.11 | $2.21 | ||
| Q4 24 | $-0.06 | $2.02 | ||
| Q3 24 | $0.08 | $2.06 | ||
| Q2 24 | $0.37 | $2.44 | ||
| Q1 24 | $0.00 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $2.0B |
| Total Assets | $10.1B | $2.9B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $405.5M | ||
| Q3 25 | $1.1B | $457.7M | ||
| Q2 25 | $1.0B | $369.3M | ||
| Q1 25 | $1.0B | $336.8M | ||
| Q4 24 | $1.6B | $386.9M | ||
| Q3 24 | $853.5M | $303.9M | ||
| Q2 24 | $985.9M | $279.4M | ||
| Q1 24 | $952.5M | $237.1M |
| 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 | $2.0B | ||
| Q3 25 | $3.9B | $2.0B | ||
| Q2 25 | $3.9B | $1.9B | ||
| Q1 25 | $3.9B | $1.8B | ||
| Q4 24 | $3.8B | $1.7B | ||
| Q3 24 | $4.0B | $1.7B | ||
| Q2 24 | $4.1B | $1.6B | ||
| Q1 24 | $4.1B | $1.6B |
| Q4 25 | $10.1B | $2.9B | ||
| Q3 25 | $10.2B | $2.7B | ||
| Q2 25 | $10.1B | $2.6B | ||
| Q1 25 | $9.6B | $2.5B | ||
| Q4 24 | $9.7B | $2.4B | ||
| Q3 24 | $9.0B | $2.4B | ||
| Q2 24 | $9.2B | $2.4B | ||
| Q1 24 | $9.1B | $2.3B |
| 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 | $154.7M |
| Free Cash FlowOCF − Capex | $103.8M | $140.3M |
| FCF MarginFCF / Revenue | 25.0% | 22.4% |
| Capex IntensityCapex / Revenue | 0.4% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $154.7M | ||
| Q3 25 | $96.9M | $122.4M | ||
| Q2 25 | $83.8M | $69.7M | ||
| Q1 25 | $99.5M | $55.2M | ||
| Q4 24 | $78.7M | $139.5M | ||
| Q3 24 | $88.6M | $90.7M | ||
| Q2 24 | $78.6M | $85.3M | ||
| Q1 24 | $66.8M | $45.6M |
| Q4 25 | $103.8M | $140.3M | ||
| Q3 25 | $95.6M | $110.9M | ||
| Q2 25 | $81.0M | $59.5M | ||
| Q1 25 | $98.4M | $45.6M | ||
| Q4 24 | $78.3M | $127.5M | ||
| Q3 24 | $88.6M | $84.3M | ||
| Q2 24 | $78.4M | $78.5M | ||
| Q1 24 | $66.8M | $35.5M |
| Q4 25 | 25.0% | 22.4% | ||
| Q3 25 | 24.1% | 18.1% | ||
| Q2 25 | 21.1% | 9.2% | ||
| Q1 25 | 27.5% | 8.2% | ||
| Q4 24 | 21.6% | 23.6% | ||
| Q3 24 | 24.7% | 15.5% | ||
| Q2 24 | 22.8% | 13.1% | ||
| Q1 24 | 20.7% | 6.2% |
| Q4 25 | 0.4% | 2.3% | ||
| Q3 25 | 0.3% | 1.9% | ||
| Q2 25 | 0.7% | 1.6% | ||
| Q1 25 | 0.3% | 1.7% | ||
| Q4 24 | 0.1% | 2.2% | ||
| Q3 24 | 0.0% | 1.2% | ||
| Q2 24 | 0.1% | 1.1% | ||
| Q1 24 | 0.0% | 1.8% |
| Q4 25 | — | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | 2.35× | 2.07× | ||
| Q3 24 | 9.94× | 1.31× | ||
| Q2 24 | 10.35× | 1.04× | ||
| Q1 24 | 2.10× | 0.63× |
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% |
WTS
Segment breakdown not available.
