vs
BILL Holdings, Inc.（BILL）与CSW INDUSTRIALS, INC.（CSW）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CSW INDUSTRIALS, INC.的1.8倍（$414.7M vs $233.0M），CSW INDUSTRIALS, INC.净利率更高（4.4% vs -0.6%，领先5.0%），CSW INDUSTRIALS, INC.同比增速更快（20.3% vs 14.4%），BILL Holdings, Inc.自由现金流更多（$103.8M vs $22.7M），过去两年BILL Holdings, Inc.的营收复合增速更高（13.3% vs 5.1%）
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。
BILL vs CSW — 直观对比
营收规模更大
BILL
是对方的1.8倍
$233.0M
营收增速更快
CSW
高出5.9%
14.4%
净利率更高
CSW
高出5.0%
-0.6%
自由现金流更多
BILL
多$81.1M
$22.7M
两年增速更快
BILL
近两年复合增速
5.1%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $414.7M | $233.0M |
| 净利润 | $-2.6M | $10.3M |
| 毛利率 | 79.8% | 39.7% |
| 营业利润率 | -4.4% | 7.4% |
| 净利率 | -0.6% | 4.4% |
| 营收同比 | 14.4% | 20.3% |
| 净利润同比 | -107.7% | -61.9% |
| 每股收益（稀释后） | $-0.03 | $0.62 |
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BILLCSW
| Q4 25 | $414.7M | $233.0M | ||
| Q3 25 | $395.7M | $277.0M | ||
| Q2 25 | $383.3M | $263.6M | ||
| Q1 25 | $358.2M | $230.5M | ||
| Q4 24 | $362.6M | $193.6M | ||
| Q3 24 | $358.4M | $227.9M | ||
| Q2 24 | $343.7M | $226.2M | ||
| Q1 24 | $323.0M | $210.9M |
净利润BILLCSW
| Q4 25 | $-2.6M | $10.3M | ||
| Q3 25 | $-3.0M | $40.7M | ||
| Q2 25 | $-7.1M | $40.9M | ||
| Q1 25 | $-11.6M | $35.1M | ||
| Q4 24 | $33.5M | $26.9M | ||
| Q3 24 | $8.9M | $36.1M | ||
| Q2 24 | $7.6M | $38.6M | ||
| Q1 24 | $31.8M | $31.8M |
毛利率BILLCSW
| Q4 25 | 79.8% | 39.7% | ||
| Q3 25 | 80.5% | 43.0% | ||
| Q2 25 | 80.8% | 43.8% | ||
| Q1 25 | 81.2% | 44.2% | ||
| Q4 24 | 81.6% | 41.4% | ||
| Q3 24 | 82.0% | 45.6% | ||
| Q2 24 | 81.0% | 47.5% | ||
| Q1 24 | 83.0% | 44.4% |
营业利润率BILLCSW
| Q4 25 | -4.4% | 7.4% | ||
| Q3 25 | -5.2% | 20.5% | ||
| Q2 25 | -5.8% | 20.8% | ||
| Q1 25 | -8.1% | 19.5% | ||
| Q4 24 | -6.0% | 15.3% | ||
| Q3 24 | -2.1% | 22.6% | ||
| Q2 24 | -6.5% | 24.3% | ||
| Q1 24 | -8.6% | 21.0% |
净利率BILLCSW
| Q4 25 | -0.6% | 4.4% | ||
| Q3 25 | -0.7% | 14.7% | ||
| Q2 25 | -1.8% | 15.5% | ||
| Q1 25 | -3.2% | 15.2% | ||
| Q4 24 | 9.3% | 13.9% | ||
| Q3 24 | 2.5% | 15.8% | ||
| Q2 24 | 2.2% | 17.1% | ||
| Q1 24 | 9.8% | 15.1% |
每股收益（稀释后）BILLCSW
| Q4 25 | $-0.03 | $0.62 | ||
| Q3 25 | $-0.03 | $2.41 | ||
| Q2 25 | $0.02 | $2.43 | ||
| Q1 25 | $-0.11 | $2.05 | ||
| Q4 24 | $-0.06 | $1.60 | ||
| Q3 24 | $0.08 | $2.26 | ||
| Q2 24 | $0.37 | $2.47 | ||
| Q1 24 | $0.00 | $2.03 |
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 | $40.2M |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $3.8B | $1.1B |
| 总资产 | $10.1B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.48× | — |
8季度趋势，按日历期对齐
现金及短期投资BILLCSW
| Q4 25 | $1.1B | $40.2M | ||
| Q3 25 | $1.1B | $31.5M | ||
| Q2 25 | $1.0B | $38.0M | ||
| Q1 25 | $1.0B | $225.8M | ||
| Q4 24 | $1.6B | $213.8M | ||
| Q3 24 | $853.5M | $273.2M | ||
| Q2 24 | $985.9M | $18.9M | ||
| Q1 24 | $952.5M | $22.2M |
总债务BILLCSW
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | $800.1M | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | $166.0M |
股东权益BILLCSW
| Q4 25 | $3.8B | $1.1B | ||
| Q3 25 | $3.9B | $1.1B | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $3.9B | $1.1B | ||
| Q4 24 | $3.8B | $1.0B | ||
| Q3 24 | $4.0B | $1.0B | ||
| Q2 24 | $4.1B | $650.2M | ||
| Q1 24 | $4.1B | $615.7M |
总资产BILLCSW
| Q4 25 | $10.1B | $2.3B | ||
| Q3 25 | $10.2B | $1.5B | ||
| Q2 25 | $10.1B | $1.5B | ||
| Q1 25 | $9.6B | $1.4B | ||
| Q4 24 | $9.7B | $1.4B | ||
| Q3 24 | $9.0B | $1.4B | ||
| Q2 24 | $9.2B | $1.1B | ||
| Q1 24 | $9.1B | $1.0B |
负债/权益比BILLCSW
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | 0.75× | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.28× | 0.27× |
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 | $28.9M |
| 自由现金流经营现金流 - 资本支出 | $103.8M | $22.7M |
| 自由现金流率自由现金流/营收 | 25.0% | 9.8% |
| 资本支出强度资本支出/营收 | 0.4% | 2.6% |
| 现金转化率经营现金流/净利润 | — | 2.81× |
| 过去12个月自由现金流最近4个季度 | $378.8M | $162.0M |
8季度趋势，按日历期对齐
经营现金流BILLCSW
| Q4 25 | $105.3M | $28.9M | ||
| Q3 25 | $96.9M | $61.8M | ||
| Q2 25 | $83.8M | $60.6M | ||
| Q1 25 | $99.5M | $27.3M | ||
| Q4 24 | $78.7M | $11.6M | ||
| Q3 24 | $88.6M | $66.8M | ||
| Q2 24 | $78.6M | $62.7M | ||
| Q1 24 | $66.8M | $22.4M |
自由现金流BILLCSW
| Q4 25 | $103.8M | $22.7M | ||
| Q3 25 | $95.6M | $58.7M | ||
| Q2 25 | $81.0M | $57.7M | ||
| Q1 25 | $98.4M | $22.8M | ||
| Q4 24 | $78.3M | $8.5M | ||
| Q3 24 | $88.6M | $61.3M | ||
| Q2 24 | $78.4M | $59.6M | ||
| Q1 24 | $66.8M | $17.5M |
自由现金流率BILLCSW
| Q4 25 | 25.0% | 9.8% | ||
| Q3 25 | 24.1% | 21.2% | ||
| Q2 25 | 21.1% | 21.9% | ||
| Q1 25 | 27.5% | 9.9% | ||
| Q4 24 | 21.6% | 4.4% | ||
| Q3 24 | 24.7% | 26.9% | ||
| Q2 24 | 22.8% | 26.3% | ||
| Q1 24 | 20.7% | 8.3% |
资本支出强度BILLCSW
| Q4 25 | 0.4% | 2.6% | ||
| Q3 25 | 0.3% | 1.1% | ||
| Q2 25 | 0.7% | 1.1% | ||
| Q1 25 | 0.3% | 2.0% | ||
| Q4 24 | 0.1% | 1.6% | ||
| Q3 24 | 0.0% | 2.4% | ||
| Q2 24 | 0.1% | 1.4% | ||
| Q1 24 | 0.0% | 2.3% |
现金转化率BILLCSW
| Q4 25 | — | 2.81× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | 2.35× | 0.43× | ||
| Q3 24 | 9.94× | 1.85× | ||
| Q2 24 | 10.35× | 1.62× | ||
| Q1 24 | 2.10× | 0.71× |
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% |
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
