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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and OLYMPIC STEEL INC (ZEUS). Click either name above to swap in a different company.
OLYMPIC STEEL INC is the larger business by last-quarter revenue ($490.7M vs $414.7M, roughly 1.2× BILL Holdings, Inc.). OLYMPIC STEEL INC runs the higher net margin — 0.4% vs -0.6%, a 1.1% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 4.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-12.9M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 0.1%).
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.
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machi...
BILL vs ZEUS — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $490.7M |
| Net Profit | $-2.6M | $2.2M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 1.5% |
| Net Margin | -0.6% | 0.4% |
| Revenue YoY | 14.4% | 4.4% |
| Net Profit YoY | -107.7% | -21.2% |
| EPS (diluted) | $-0.03 | $0.18 |
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 | — | ||
| Q3 25 | $395.7M | $490.7M | ||
| Q2 25 | $383.3M | $496.5M | ||
| Q1 25 | $358.2M | $492.9M | ||
| Q4 24 | $362.6M | $418.8M | ||
| Q3 24 | $358.4M | $470.0M | ||
| Q2 24 | $343.7M | $526.3M | ||
| Q1 24 | $323.0M | $526.6M |
| Q4 25 | $-2.6M | — | ||
| Q3 25 | $-3.0M | $2.2M | ||
| Q2 25 | $-7.1M | $5.2M | ||
| Q1 25 | $-11.6M | $2.5M | ||
| Q4 24 | $33.5M | $3.9M | ||
| Q3 24 | $8.9M | $2.7M | ||
| Q2 24 | $7.6M | $7.7M | ||
| Q1 24 | $31.8M | $8.7M |
| 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% | — | ||
| Q3 25 | -5.2% | 1.5% | ||
| Q2 25 | -5.8% | 2.3% | ||
| Q1 25 | -8.1% | 1.6% | ||
| Q4 24 | -6.0% | 2.1% | ||
| Q3 24 | -2.1% | 1.7% | ||
| Q2 24 | -6.5% | 2.9% | ||
| Q1 24 | -8.6% | 3.0% |
| Q4 25 | -0.6% | — | ||
| Q3 25 | -0.7% | 0.4% | ||
| Q2 25 | -1.8% | 1.1% | ||
| Q1 25 | -3.2% | 0.5% | ||
| Q4 24 | 9.3% | 0.9% | ||
| Q3 24 | 2.5% | 0.6% | ||
| Q2 24 | 2.2% | 1.5% | ||
| Q1 24 | 9.8% | 1.7% |
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $-0.03 | $0.18 | ||
| Q2 25 | $0.02 | $0.45 | ||
| Q1 25 | $-0.11 | $0.21 | ||
| Q4 24 | $-0.06 | $0.33 | ||
| Q3 24 | $0.08 | $0.23 | ||
| Q2 24 | $0.37 | $0.66 | ||
| Q1 24 | $0.00 | $0.75 |
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 | $7.5M |
| Total DebtLower is stronger | $1.8B | $240.9M |
| Stockholders' EquityBook value | $3.8B | $579.1M |
| Total Assets | $10.1B | $1.1B |
| Debt / EquityLower = less leverage | 0.48× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $7.5M | ||
| Q2 25 | $1.0B | $14.8M | ||
| Q1 25 | $1.0B | $13.3M | ||
| Q4 24 | $1.6B | $11.9M | ||
| Q3 24 | $853.5M | $11.1M | ||
| Q2 24 | $985.9M | $9.4M | ||
| Q1 24 | $952.5M | $10.3M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | $240.9M | ||
| Q2 25 | $1.7B | $233.2M | ||
| Q1 25 | $1.7B | $235.4M | ||
| Q4 24 | $1.7B | $272.5M | ||
| Q3 24 | $914.8M | $197.3M | ||
| Q2 24 | $914.0M | $209.2M | ||
| Q1 24 | $1.1B | $196.8M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.9B | $579.1M | ||
| Q2 25 | $3.9B | $578.2M | ||
| Q1 25 | $3.9B | $574.2M | ||
| Q4 24 | $3.8B | $573.9M | ||
| Q3 24 | $4.0B | $570.6M | ||
| Q2 24 | $4.1B | $569.5M | ||
| Q1 24 | $4.1B | $563.0M |
| Q4 25 | $10.1B | — | ||
| Q3 25 | $10.2B | $1.1B | ||
| Q2 25 | $10.1B | $1.1B | ||
| Q1 25 | $9.6B | $1.1B | ||
| Q4 24 | $9.7B | $1.0B | ||
| Q3 24 | $9.0B | $1.0B | ||
| Q2 24 | $9.2B | $1.0B | ||
| Q1 24 | $9.1B | $1.0B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | 0.42× | ||
| Q2 25 | 0.44× | 0.40× | ||
| Q1 25 | 0.43× | 0.41× | ||
| Q4 24 | 0.44× | 0.47× | ||
| Q3 24 | 0.23× | 0.35× | ||
| Q2 24 | 0.22× | 0.37× | ||
| Q1 24 | 0.28× | 0.35× |
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 | $-5.4M |
| Free Cash FlowOCF − Capex | $103.8M | $-12.9M |
| FCF MarginFCF / Revenue | 25.0% | -2.6% |
| Capex IntensityCapex / Revenue | 0.4% | 1.5% |
| Cash ConversionOCF / Net Profit | — | -2.50× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | — | ||
| Q3 25 | $96.9M | $-5.4M | ||
| Q2 25 | $83.8M | $15.5M | ||
| Q1 25 | $99.5M | $49.4M | ||
| Q4 24 | $78.7M | $14.6M | ||
| Q3 24 | $88.6M | $24.6M | ||
| Q2 24 | $78.6M | $-2.9M | ||
| Q1 24 | $66.8M | $-2.6M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | $-12.9M | ||
| Q2 25 | $81.0M | $6.8M | ||
| Q1 25 | $98.4M | $40.6M | ||
| Q4 24 | $78.3M | $7.4M | ||
| Q3 24 | $88.6M | $15.6M | ||
| Q2 24 | $78.4M | $-11.3M | ||
| Q1 24 | $66.8M | $-7.4M |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | -2.6% | ||
| Q2 25 | 21.1% | 1.4% | ||
| Q1 25 | 27.5% | 8.2% | ||
| Q4 24 | 21.6% | 1.8% | ||
| Q3 24 | 24.7% | 3.3% | ||
| Q2 24 | 22.8% | -2.2% | ||
| Q1 24 | 20.7% | -1.4% |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | 1.5% | ||
| Q2 25 | 0.7% | 1.7% | ||
| Q1 25 | 0.3% | 1.8% | ||
| Q4 24 | 0.1% | 1.7% | ||
| Q3 24 | 0.0% | 1.9% | ||
| Q2 24 | 0.1% | 1.6% | ||
| Q1 24 | 0.0% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | -2.50× | ||
| Q2 25 | — | 2.96× | ||
| Q1 25 | — | 19.70× | ||
| Q4 24 | 2.35× | 3.75× | ||
| Q3 24 | 9.94× | 9.01× | ||
| Q2 24 | 10.35× | -0.38× | ||
| Q1 24 | 2.10× | -0.30× |
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% |
ZEUS
| Carbon Flat Products | $268.2M | 55% |
| Specialty Metals Flat Products | $140.9M | 29% |
| Tubular And Pipe Products | $81.6M | 17% |
