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BILL Holdings, Inc.（BILL）与Forestar Group Inc.（FOR）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Forestar Group Inc.的1.5倍（$414.7M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs -0.6%，领先6.3%），BILL Holdings, Inc.同比增速更快（14.4% vs 9.0%），BILL Holdings, Inc.自由现金流更多（$103.8M vs $-157.1M），过去两年BILL Holdings, Inc.的营收复合增速更高（13.3% vs -9.6%）
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。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
BILL vs FOR — 直观对比
营收规模更大
BILL
是对方的1.5倍
$273.0M
营收增速更快
BILL
高出5.3%
9.0%
净利率更高
FOR
高出6.3%
-0.6%
自由现金流更多
BILL
多$260.9M
$-157.1M
两年增速更快
BILL
近两年复合增速
-9.6%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $414.7M | $273.0M |
| 净利润 | $-2.6M | $15.4M |
| 毛利率 | 79.8% | 20.1% |
| 营业利润率 | -4.4% | 7.6% |
| 净利率 | -0.6% | 5.6% |
| 营收同比 | 14.4% | 9.0% |
| 净利润同比 | -107.7% | -6.7% |
| 每股收益（稀释后） | $-0.03 | $0.30 |
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BILLFOR
| Q4 25 | $414.7M | $273.0M | ||
| Q3 25 | $395.7M | $670.5M | ||
| Q2 25 | $383.3M | $390.5M | ||
| Q1 25 | $358.2M | $351.0M | ||
| Q4 24 | $362.6M | $250.4M | ||
| Q3 24 | $358.4M | $551.3M | ||
| Q2 24 | $343.7M | $318.4M | ||
| Q1 24 | $323.0M | $333.8M |
净利润BILLFOR
| Q4 25 | $-2.6M | $15.4M | ||
| Q3 25 | $-3.0M | $86.9M | ||
| Q2 25 | $-7.1M | $32.9M | ||
| Q1 25 | $-11.6M | $31.6M | ||
| Q4 24 | $33.5M | $16.5M | ||
| Q3 24 | $8.9M | $81.5M | ||
| Q2 24 | $7.6M | $38.7M | ||
| Q1 24 | $31.8M | $45.0M |
毛利率BILLFOR
| Q4 25 | 79.8% | 20.1% | ||
| Q3 25 | 80.5% | 22.3% | ||
| Q2 25 | 80.8% | 20.4% | ||
| Q1 25 | 81.2% | 22.6% | ||
| Q4 24 | 81.6% | 22.0% | ||
| Q3 24 | 82.0% | 23.9% | ||
| Q2 24 | 81.0% | 22.5% | ||
| Q1 24 | 83.0% | 24.9% |
营业利润率BILLFOR
| Q4 25 | -4.4% | 7.6% | ||
| Q3 25 | -5.2% | 16.9% | ||
| Q2 25 | -5.8% | 11.2% | ||
| Q1 25 | -8.1% | 11.6% | ||
| Q4 24 | -6.0% | 8.7% | ||
| Q3 24 | -2.1% | 19.7% | ||
| Q2 24 | -6.5% | 16.2% | ||
| Q1 24 | -8.6% | 17.6% |
净利率BILLFOR
| Q4 25 | -0.6% | 5.6% | ||
| Q3 25 | -0.7% | 13.0% | ||
| Q2 25 | -1.8% | 8.4% | ||
| Q1 25 | -3.2% | 9.0% | ||
| Q4 24 | 9.3% | 6.6% | ||
| Q3 24 | 2.5% | 14.8% | ||
| Q2 24 | 2.2% | 12.2% | ||
| Q1 24 | 9.8% | 13.5% |
每股收益（稀释后）BILLFOR
| Q4 25 | $-0.03 | $0.30 | ||
| Q3 25 | $-0.03 | $1.70 | ||
| Q2 25 | $0.02 | $0.65 | ||
| Q1 25 | $-0.11 | $0.62 | ||
| Q4 24 | $-0.06 | $0.32 | ||
| Q3 24 | $0.08 | $1.59 | ||
| Q2 24 | $0.37 | $0.76 | ||
| Q1 24 | $0.00 | $0.89 |
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 | $211.7M |
| 总债务越低越好 | $1.8B | $793.2M |
| 股东权益账面价值 | $3.8B | $1.8B |
| 总资产 | $10.1B | $3.2B |
| 负债/权益比越低杠杆越低 | 0.48× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资BILLFOR
| Q4 25 | $1.1B | $211.7M | ||
| Q3 25 | $1.1B | $379.2M | ||
| Q2 25 | $1.0B | $189.2M | ||
| Q1 25 | $1.0B | $174.3M | ||
| Q4 24 | $1.6B | $132.0M | ||
| Q3 24 | $853.5M | $481.2M | ||
| Q2 24 | $985.9M | $359.2M | ||
| Q1 24 | $952.5M | $416.2M |
总债务BILLFOR
| Q4 25 | $1.8B | $793.2M | ||
| Q3 25 | $1.9B | $802.7M | ||
| Q2 25 | $1.7B | $872.8M | ||
| Q1 25 | $1.7B | $872.5M | ||
| Q4 24 | $1.7B | $806.8M | ||
| Q3 24 | $914.8M | $706.4M | ||
| Q2 24 | $914.0M | $706.1M | ||
| Q1 24 | $1.1B | $705.7M |
股东权益BILLFOR
| Q4 25 | $3.8B | $1.8B | ||
| Q3 25 | $3.9B | $1.8B | ||
| Q2 25 | $3.9B | $1.7B | ||
| Q1 25 | $3.9B | $1.6B | ||
| Q4 24 | $3.8B | $1.6B | ||
| Q3 24 | $4.0B | $1.6B | ||
| Q2 24 | $4.1B | $1.5B | ||
| Q1 24 | $4.1B | $1.5B |
总资产BILLFOR
| Q4 25 | $10.1B | $3.2B | ||
| Q3 25 | $10.2B | $3.1B | ||
| Q2 25 | $10.1B | $3.1B | ||
| Q1 25 | $9.6B | $3.0B | ||
| Q4 24 | $9.7B | $3.0B | ||
| Q3 24 | $9.0B | $2.8B | ||
| Q2 24 | $9.2B | $2.7B | ||
| Q1 24 | $9.1B | $2.6B |
负债/权益比BILLFOR
| Q4 25 | 0.48× | 0.44× | ||
| Q3 25 | 0.48× | 0.45× | ||
| Q2 25 | 0.44× | 0.52× | ||
| Q1 25 | 0.43× | 0.53× | ||
| Q4 24 | 0.44× | 0.50× | ||
| Q3 24 | 0.23× | 0.44× | ||
| Q2 24 | 0.22× | 0.47× | ||
| Q1 24 | 0.28× | 0.48× |
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 | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $103.8M | $-157.1M |
| 自由现金流率自由现金流/营收 | 25.0% | -57.5% |
| 资本支出强度资本支出/营收 | 0.4% | 0.0% |
| 现金转化率经营现金流/净利润 | — | -10.19× |
| 过去12个月自由现金流最近4个季度 | $378.8M | $93.0M |
8季度趋势，按日历期对齐
经营现金流BILLFOR
| Q4 25 | $105.3M | $-157.0M | ||
| Q3 25 | $96.9M | $256.3M | ||
| Q2 25 | $83.8M | $15.8M | ||
| Q1 25 | $99.5M | $-19.8M | ||
| Q4 24 | $78.7M | $-450.0M | ||
| Q3 24 | $88.6M | $119.2M | ||
| Q2 24 | $78.6M | $-61.7M | ||
| Q1 24 | $66.8M | $-59.2M |
自由现金流BILLFOR
| Q4 25 | $103.8M | $-157.1M | ||
| Q3 25 | $95.6M | $255.6M | ||
| Q2 25 | $81.0M | $15.0M | ||
| Q1 25 | $98.4M | $-20.5M | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | $118.4M | ||
| Q2 24 | $78.4M | $-62.3M | ||
| Q1 24 | $66.8M | $-59.8M |
自由现金流率BILLFOR
| Q4 25 | 25.0% | -57.5% | ||
| Q3 25 | 24.1% | 38.1% | ||
| Q2 25 | 21.1% | 3.8% | ||
| Q1 25 | 27.5% | -5.8% | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | 21.5% | ||
| Q2 24 | 22.8% | -19.6% | ||
| Q1 24 | 20.7% | -17.9% |
资本支出强度BILLFOR
| Q4 25 | 0.4% | 0.0% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 0.7% | 0.2% | ||
| Q1 25 | 0.3% | 0.2% | ||
| Q4 24 | 0.1% | 0.0% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.1% | 0.2% | ||
| Q1 24 | 0.0% | 0.2% |
现金转化率BILLFOR
| Q4 25 | — | -10.19× | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | -0.63× | ||
| Q4 24 | 2.35× | -27.27× | ||
| Q3 24 | 9.94× | 1.46× | ||
| Q2 24 | 10.35× | -1.59× | ||
| Q1 24 | 2.10× | -1.32× |
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
