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BILL Holdings, Inc.（BILL）与Elastic N.V.（ESTC）财务数据对比。点击上方公司名可切换其他公司
Elastic N.V.的季度营收约是BILL Holdings, Inc.的1.0倍（$423.5M vs $414.7M），BILL Holdings, Inc.净利率更高（-0.6% vs -12.1%，领先11.5%），Elastic N.V.同比增速更快（15.9% vs 14.4%），BILL Holdings, Inc.自由现金流更多（$103.8M vs $26.0M），过去两年Elastic N.V.的营收复合增速更高（13.6% 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。
Elastic是荷美合资软件企业，2012年成立于荷兰阿姆斯特丹，运营总部分设于荷兰及美国加利福尼亚州旧金山市，于纽交所上市。公司提供企业级搜索、可观测性、网络安全平台，可支持用户实现大规模数据搜索分析、系统性能监测及异常检测。
BILL vs ESTC — 直观对比
营收规模更大
ESTC
是对方的1.0倍
$414.7M
营收增速更快
ESTC
高出1.5%
14.4%
净利率更高
BILL
高出11.5%
-12.1%
自由现金流更多
BILL
多$77.8M
$26.0M
两年增速更快
ESTC
近两年复合增速
13.3%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $414.7M | $423.5M |
| 净利润 | $-2.6M | $-51.3M |
| 毛利率 | 79.8% | 75.9% |
| 营业利润率 | -4.4% | -1.9% |
| 净利率 | -0.6% | -12.1% |
| 营收同比 | 14.4% | 15.9% |
| 净利润同比 | -107.7% | -101.5% |
| 每股收益（稀释后） | $-0.03 | $-0.48 |
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BILLESTC
| Q4 25 | $414.7M | $423.5M | ||
| Q3 25 | $395.7M | $415.3M | ||
| Q2 25 | $383.3M | $388.4M | ||
| Q1 25 | $358.2M | $382.1M | ||
| Q4 24 | $362.6M | $365.4M | ||
| Q3 24 | $358.4M | $347.4M | ||
| Q2 24 | $343.7M | $335.0M | ||
| Q1 24 | $323.0M | $328.0M |
净利润BILLESTC
| Q4 25 | $-2.6M | $-51.3M | ||
| Q3 25 | $-3.0M | $-24.6M | ||
| Q2 25 | $-7.1M | $-16.4M | ||
| Q1 25 | $-11.6M | $-17.1M | ||
| Q4 24 | $33.5M | $-25.4M | ||
| Q3 24 | $8.9M | $-49.2M | ||
| Q2 24 | $7.6M | $-41.1M | ||
| Q1 24 | $31.8M | $176.1M |
毛利率BILLESTC
| Q4 25 | 79.8% | 75.9% | ||
| Q3 25 | 80.5% | 76.7% | ||
| Q2 25 | 80.8% | 74.8% | ||
| Q1 25 | 81.2% | 74.6% | ||
| Q4 24 | 81.6% | 74.5% | ||
| Q3 24 | 82.0% | 73.6% | ||
| Q2 24 | 81.0% | 73.8% | ||
| Q1 24 | 83.0% | 74.2% |
营业利润率BILLESTC
| Q4 25 | -4.4% | -1.9% | ||
| Q3 25 | -5.2% | -2.3% | ||
| Q2 25 | -5.8% | -3.1% | ||
| Q1 25 | -8.1% | -1.2% | ||
| Q4 24 | -6.0% | -1.2% | ||
| Q3 24 | -2.1% | -9.7% | ||
| Q2 24 | -6.5% | -13.6% | ||
| Q1 24 | -8.6% | -8.1% |
净利率BILLESTC
| Q4 25 | -0.6% | -12.1% | ||
| Q3 25 | -0.7% | -5.9% | ||
| Q2 25 | -1.8% | -4.2% | ||
| Q1 25 | -3.2% | -4.5% | ||
| Q4 24 | 9.3% | -7.0% | ||
| Q3 24 | 2.5% | -14.2% | ||
| Q2 24 | 2.2% | -12.3% | ||
| Q1 24 | 9.8% | 53.7% |
每股收益（稀释后）BILLESTC
| Q4 25 | $-0.03 | $-0.48 | ||
| Q3 25 | $-0.03 | $-0.23 | ||
| Q2 25 | $0.02 | $-0.15 | ||
| Q1 25 | $-0.11 | $-0.16 | ||
| Q4 24 | $-0.06 | $-0.25 | ||
| Q3 24 | $0.08 | $-0.48 | ||
| Q2 24 | $0.37 | $-0.35 | ||
| Q1 24 | $0.00 | $1.69 |
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 | $1.4B |
| 总债务越低越好 | $1.8B | $570.3M |
| 股东权益账面价值 | $3.8B | $891.1M |
| 总资产 | $10.1B | $2.5B |
| 负债/权益比越低杠杆越低 | 0.48× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资BILLESTC
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $1.0B | $584.0M | ||
| Q4 24 | $1.6B | $658.5M | ||
| Q3 24 | $853.5M | $594.9M | ||
| Q2 24 | $985.9M | $1.1B | ||
| Q1 24 | $952.5M | $526.9M |
总债务BILLESTC
| Q4 25 | $1.8B | $570.3M | ||
| Q3 25 | $1.9B | $570.0M | ||
| Q2 25 | $1.7B | $569.7M | ||
| Q1 25 | $1.7B | $569.4M | ||
| Q4 24 | $1.7B | $569.2M | ||
| Q3 24 | $914.8M | $568.9M | ||
| Q2 24 | $914.0M | $568.6M | ||
| Q1 24 | $1.1B | $568.3M |
股东权益BILLESTC
| Q4 25 | $3.8B | $891.1M | ||
| Q3 25 | $3.9B | $971.4M | ||
| Q2 25 | $3.9B | $927.2M | ||
| Q1 25 | $3.9B | $859.1M | ||
| Q4 24 | $3.8B | $811.5M | ||
| Q3 24 | $4.0B | $759.4M | ||
| Q2 24 | $4.1B | $738.2M | ||
| Q1 24 | $4.1B | $707.8M |
总资产BILLESTC
| Q4 25 | $10.1B | $2.5B | ||
| Q3 25 | $10.2B | $2.5B | ||
| Q2 25 | $10.1B | $2.6B | ||
| Q1 25 | $9.6B | $2.3B | ||
| Q4 24 | $9.7B | $2.2B | ||
| Q3 24 | $9.0B | $2.2B | ||
| Q2 24 | $9.2B | $2.2B | ||
| Q1 24 | $9.1B | $2.1B |
负债/权益比BILLESTC
| Q4 25 | 0.48× | 0.64× | ||
| Q3 25 | 0.48× | 0.59× | ||
| Q2 25 | 0.44× | 0.61× | ||
| Q1 25 | 0.43× | 0.66× | ||
| Q4 24 | 0.44× | 0.70× | ||
| Q3 24 | 0.23× | 0.75× | ||
| Q2 24 | 0.22× | 0.77× | ||
| Q1 24 | 0.28× | 0.80× |
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 | $26.6M |
| 自由现金流经营现金流 - 资本支出 | $103.8M | $26.0M |
| 自由现金流率自由现金流/营收 | 25.0% | 6.1% |
| 资本支出强度资本支出/营收 | 0.4% | 0.1% |
| 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 | $302.3M |
8季度趋势，按日历期对齐
经营现金流BILLESTC
| Q4 25 | $105.3M | $26.6M | ||
| Q3 25 | $96.9M | $104.8M | ||
| Q2 25 | $83.8M | $87.0M | ||
| Q1 25 | $99.5M | $88.1M | ||
| Q4 24 | $78.7M | $38.4M | ||
| Q3 24 | $88.6M | $52.8M | ||
| Q2 24 | $78.6M | $60.9M | ||
| Q1 24 | $66.8M | $52.4M |
自由现金流BILLESTC
| Q4 25 | $103.8M | $26.0M | ||
| Q3 25 | $95.6M | $104.2M | ||
| Q2 25 | $81.0M | $84.9M | ||
| Q1 25 | $98.4M | $87.3M | ||
| Q4 24 | $78.3M | $37.7M | ||
| Q3 24 | $88.6M | $52.0M | ||
| Q2 24 | $78.4M | $60.1M | ||
| Q1 24 | $66.8M | $51.3M |
自由现金流率BILLESTC
| Q4 25 | 25.0% | 6.1% | ||
| Q3 25 | 24.1% | 25.1% | ||
| Q2 25 | 21.1% | 21.8% | ||
| Q1 25 | 27.5% | 22.8% | ||
| Q4 24 | 21.6% | 10.3% | ||
| Q3 24 | 24.7% | 15.0% | ||
| Q2 24 | 22.8% | 17.9% | ||
| Q1 24 | 20.7% | 15.6% |
资本支出强度BILLESTC
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | 0.3% | 0.2% | ||
| Q2 25 | 0.7% | 0.5% | ||
| Q1 25 | 0.3% | 0.2% | ||
| Q4 24 | 0.1% | 0.2% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.1% | 0.3% | ||
| Q1 24 | 0.0% | 0.3% |
现金转化率BILLESTC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | — | ||
| Q1 24 | 2.10× | 0.30× |
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% |
ESTC
| Self Managed Subscription | $192.0M | 45% |
| Saa S Self Managed Annual | $156.9M | 37% |
| Saa S Self Managed Monthly | $48.8M | 12% |
| Professional Services | $25.8M | 6% |
