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BILL Holdings, Inc.（BILL）与PATHWARD FINANCIAL, INC.（CASH）财务数据对比。点击上方公司名可切换其他公司
BILL Holdings, Inc.的季度营收约是PATHWARD FINANCIAL, INC.的1.5倍（$414.7M vs $276.3M），PATHWARD FINANCIAL, INC.净利率更高（26.4% vs -0.6%，领先27.0%），过去两年PATHWARD FINANCIAL, INC.的营收复合增速更高（21.0% vs 13.3%）
BILL Holdings, Inc. 是总部位于美国加利福尼亚州圣何塞的企业，专注为美国小型企业提供自动化云原生财务运营软件。旗下Bill.com Connect是白标端到端支付自动化平台，可供金融机构接入其单点登录的线上企业银行生态中使用。
Pathward Financial, Inc.是一家总部位于美国的银行及金融服务企业，其前身为Meta金融集团旗下相关业务主体，2022年母公司将“Meta”商标出售给Meta Platforms后，正式启用现有名称。
BILL vs CASH — 直观对比
营收规模更大
BILL
是对方的1.5倍
$276.3M
净利率更高
CASH
高出27.0%
-0.6%
两年增速更快
CASH
近两年复合增速
13.3%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $414.7M | $276.3M |
| 净利润 | $-2.6M | $72.9M |
| 毛利率 | 79.8% | — |
| 营业利润率 | -4.4% | — |
| 净利率 | -0.6% | 26.4% |
| 营收同比 | 14.4% | — |
| 净利润同比 | -107.7% | — |
| 每股收益（稀释后） | $-0.03 | $3.35 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BILLCASH
| Q1 26 | — | $276.3M | ||
| Q4 25 | $414.7M | $173.1M | ||
| Q3 25 | $395.7M | $186.7M | ||
| Q2 25 | $383.3M | $195.8M | ||
| Q1 25 | $358.2M | $274.8M | ||
| Q4 24 | $362.6M | $182.6M | ||
| Q3 24 | $358.4M | $179.5M | ||
| Q2 24 | $343.7M | $188.6M |
净利润BILLCASH
| Q1 26 | — | $72.9M | ||
| Q4 25 | $-2.6M | $35.2M | ||
| Q3 25 | $-3.0M | $38.8M | ||
| Q2 25 | $-7.1M | $42.1M | ||
| Q1 25 | $-11.6M | $75.0M | ||
| Q4 24 | $33.5M | $30.0M | ||
| Q3 24 | $8.9M | $33.5M | ||
| Q2 24 | $7.6M | $44.9M |
毛利率BILLCASH
| Q1 26 | — | — | ||
| 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% | — |
营业利润率BILLCASH
| Q1 26 | — | — | ||
| Q4 25 | -4.4% | 24.6% | ||
| Q3 25 | -5.2% | 25.9% | ||
| Q2 25 | -5.8% | 24.1% | ||
| Q1 25 | -8.1% | 33.2% | ||
| Q4 24 | -6.0% | 19.8% | ||
| Q3 24 | -2.1% | 20.9% | ||
| Q2 24 | -6.5% | 27.1% |
净利率BILLCASH
| Q1 26 | — | 26.4% | ||
| Q4 25 | -0.6% | 20.3% | ||
| Q3 25 | -0.7% | 20.8% | ||
| Q2 25 | -1.8% | 21.5% | ||
| Q1 25 | -3.2% | 27.3% | ||
| Q4 24 | 9.3% | 16.4% | ||
| Q3 24 | 2.5% | 18.7% | ||
| Q2 24 | 2.2% | 23.8% |
每股收益（稀释后）BILLCASH
| Q1 26 | — | $3.35 | ||
| Q4 25 | $-0.03 | $1.57 | ||
| Q3 25 | $-0.03 | $1.69 | ||
| Q2 25 | $0.02 | $1.81 | ||
| Q1 25 | $-0.11 | $3.14 | ||
| Q4 24 | $-0.06 | $1.23 | ||
| Q3 24 | $0.08 | $1.34 | ||
| Q2 24 | $0.37 | $1.78 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.1B | $157.6M |
| 总债务越低越好 | $1.8B | $59.5M |
| 股东权益账面价值 | $3.8B | $850.7M |
| 总资产 | $10.1B | $7.1B |
| 负债/权益比越低杠杆越低 | 0.48× | 0.07× |
8季度趋势，按日历期对齐
现金及短期投资BILLCASH
| Q1 26 | — | $157.6M | ||
| Q4 25 | $1.1B | $331.2M | ||
| Q3 25 | $1.1B | $120.6M | ||
| Q2 25 | $1.0B | $258.3M | ||
| Q1 25 | $1.0B | $254.2M | ||
| Q4 24 | $1.6B | $597.4M | ||
| Q3 24 | $853.5M | $158.3M | ||
| Q2 24 | $985.9M | $298.9M |
总债务BILLCASH
| Q1 26 | — | $59.5M | ||
| Q4 25 | $1.8B | $33.5M | ||
| Q3 25 | $1.9B | $33.5M | ||
| Q2 25 | $1.7B | $33.4M | ||
| Q1 25 | $1.7B | $33.4M | ||
| Q4 24 | $1.7B | $33.4M | ||
| Q3 24 | $914.8M | $33.4M | ||
| Q2 24 | $914.0M | $33.3M |
股东权益BILLCASH
| Q1 26 | — | $850.7M | ||
| Q4 25 | $3.8B | $854.5M | ||
| Q3 25 | $3.9B | $858.0M | ||
| Q2 25 | $3.9B | $819.0M | ||
| Q1 25 | $3.9B | $814.7M | ||
| Q4 24 | $3.8B | $758.3M | ||
| Q3 24 | $4.0B | $822.5M | ||
| Q2 24 | $4.1B | $748.4M |
总资产BILLCASH
| Q1 26 | — | $7.1B | ||
| Q4 25 | $10.1B | $7.6B | ||
| Q3 25 | $10.2B | $7.2B | ||
| Q2 25 | $10.1B | $7.2B | ||
| Q1 25 | $9.6B | $7.0B | ||
| Q4 24 | $9.7B | $7.6B | ||
| Q3 24 | $9.0B | $7.5B | ||
| Q2 24 | $9.2B | $7.5B |
负债/权益比BILLCASH
| Q1 26 | — | 0.07× | ||
| Q4 25 | 0.48× | 0.04× | ||
| Q3 25 | 0.48× | 0.04× | ||
| Q2 25 | 0.44× | 0.04× | ||
| Q1 25 | 0.43× | 0.04× | ||
| Q4 24 | 0.44× | 0.04× | ||
| Q3 24 | 0.23× | 0.04× | ||
| Q2 24 | 0.22× | 0.04× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $105.3M | — |
| 自由现金流经营现金流 - 资本支出 | $103.8M | — |
| 自由现金流率自由现金流/营收 | 25.0% | — |
| 资本支出强度资本支出/营收 | 0.4% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $378.8M | — |
8季度趋势，按日历期对齐
经营现金流BILLCASH
| Q1 26 | — | — | ||
| Q4 25 | $105.3M | $108.3M | ||
| Q3 25 | $96.9M | $303.7M | ||
| Q2 25 | $83.8M | $30.4M | ||
| Q1 25 | $99.5M | $188.3M | ||
| Q4 24 | $78.7M | $-71.7M | ||
| Q3 24 | $88.6M | $143.1M | ||
| Q2 24 | $78.6M | $113.2M |
自由现金流BILLCASH
| Q1 26 | — | — | ||
| Q4 25 | $103.8M | $104.1M | ||
| Q3 25 | $95.6M | $300.3M | ||
| Q2 25 | $81.0M | $27.7M | ||
| Q1 25 | $98.4M | $184.7M | ||
| Q4 24 | $78.3M | $-73.8M | ||
| Q3 24 | $88.6M | $138.8M | ||
| Q2 24 | $78.4M | $111.0M |
自由现金流率BILLCASH
| Q1 26 | — | — | ||
| Q4 25 | 25.0% | 60.1% | ||
| Q3 25 | 24.1% | 160.9% | ||
| Q2 25 | 21.1% | 14.1% | ||
| Q1 25 | 27.5% | 67.2% | ||
| Q4 24 | 21.6% | -40.4% | ||
| Q3 24 | 24.7% | 77.3% | ||
| Q2 24 | 22.8% | 58.8% |
资本支出强度BILLCASH
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 2.4% | ||
| Q3 25 | 0.3% | 1.8% | ||
| Q2 25 | 0.7% | 1.4% | ||
| Q1 25 | 0.3% | 1.3% | ||
| Q4 24 | 0.1% | 1.1% | ||
| Q3 24 | 0.0% | 2.4% | ||
| Q2 24 | 0.1% | 1.2% |
现金转化率BILLCASH
| Q1 26 | — | — | ||
| Q4 25 | — | 3.08× | ||
| Q3 25 | — | 7.83× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 2.51× | ||
| Q4 24 | 2.35× | -2.39× | ||
| Q3 24 | 9.94× | 4.27× | ||
| Q2 24 | 10.35× | 2.52× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
