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BILL Holdings, Inc.（BILL）与EPLUS INC（PLUS）财务数据对比。点击上方公司名可切换其他公司
EPLUS INC的季度营收约是BILL Holdings, Inc.的1.5倍（$614.8M vs $414.7M），EPLUS INC净利率更高（5.7% vs -0.6%，领先6.3%），EPLUS INC同比增速更快（20.3% vs 14.4%），过去两年BILL Holdings, Inc.的营收复合增速更高（13.3% vs 2.3%）
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。
ePlus Inc.是美国的科技咨询解决方案提供商，业务覆盖网络安全、云计算、网络架构、协作办公、人工智能及前沿技术领域，为超5000家客户提供定制化解决方案、专业咨询与托管服务，助力企业实现数字化转型与技术升级。
BILL vs PLUS — 直观对比
营收规模更大
PLUS
是对方的1.5倍
$414.7M
营收增速更快
PLUS
高出5.9%
14.4%
净利率更高
PLUS
高出6.3%
-0.6%
两年增速更快
BILL
近两年复合增速
2.3%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $414.7M | $614.8M |
| 净利润 | $-2.6M | $35.1M |
| 毛利率 | 79.8% | 25.8% |
| 营业利润率 | -4.4% | 7.1% |
| 净利率 | -0.6% | 5.7% |
| 营收同比 | 14.4% | 20.3% |
| 净利润同比 | -107.7% | 45.2% |
| 每股收益（稀释后） | $-0.03 | $1.33 |
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BILLPLUS
| Q4 25 | $414.7M | $614.8M | ||
| Q3 25 | $395.7M | $608.8M | ||
| Q2 25 | $383.3M | $637.3M | ||
| Q1 25 | $358.2M | — | ||
| Q4 24 | $362.6M | $493.2M | ||
| Q3 24 | $358.4M | $493.4M | ||
| Q2 24 | $343.7M | $535.7M | ||
| Q1 24 | $323.0M | — |
净利润BILLPLUS
| Q4 25 | $-2.6M | $35.1M | ||
| Q3 25 | $-3.0M | $34.9M | ||
| Q2 25 | $-7.1M | $37.7M | ||
| Q1 25 | $-11.6M | — | ||
| Q4 24 | $33.5M | $24.1M | ||
| Q3 24 | $8.9M | $31.3M | ||
| Q2 24 | $7.6M | $27.3M | ||
| Q1 24 | $31.8M | — |
毛利率BILLPLUS
| Q4 25 | 79.8% | 25.8% | ||
| Q3 25 | 80.5% | 26.6% | ||
| Q2 25 | 80.8% | 23.3% | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | 25.4% | ||
| Q3 24 | 82.0% | 25.8% | ||
| Q2 24 | 81.0% | 23.7% | ||
| Q1 24 | 83.0% | — |
营业利润率BILLPLUS
| Q4 25 | -4.4% | 7.1% | ||
| Q3 25 | -5.2% | 8.0% | ||
| Q2 25 | -5.8% | 5.7% | ||
| Q1 25 | -8.1% | — | ||
| Q4 24 | -6.0% | 3.3% | ||
| Q3 24 | -2.1% | 5.5% | ||
| Q2 24 | -6.5% | 5.9% | ||
| Q1 24 | -8.6% | — |
净利率BILLPLUS
| Q4 25 | -0.6% | 5.7% | ||
| Q3 25 | -0.7% | 5.7% | ||
| Q2 25 | -1.8% | 5.9% | ||
| Q1 25 | -3.2% | — | ||
| Q4 24 | 9.3% | 4.9% | ||
| Q3 24 | 2.5% | 6.3% | ||
| Q2 24 | 2.2% | 5.1% | ||
| Q1 24 | 9.8% | — |
每股收益（稀释后）BILLPLUS
| Q4 25 | $-0.03 | $1.33 | ||
| Q3 25 | $-0.03 | $1.32 | ||
| Q2 25 | $0.02 | $1.43 | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.06 | $0.91 | ||
| Q3 24 | $0.08 | $1.17 | ||
| Q2 24 | $0.37 | $1.02 | ||
| Q1 24 | $0.00 | — |
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 | $326.3M |
| 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 | $1.8B |
| 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BILLPLUS
| Q4 25 | $1.1B | $326.3M | ||
| Q3 25 | $1.1B | $402.2M | ||
| Q2 25 | $1.0B | $480.2M | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.6B | $253.1M | ||
| Q3 24 | $853.5M | $187.5M | ||
| Q2 24 | $985.9M | $349.9M | ||
| Q1 24 | $952.5M | — |
总债务BILLPLUS
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | — |
股东权益BILLPLUS
| Q4 25 | $3.8B | $1.1B | ||
| Q3 25 | $3.9B | $1.0B | ||
| Q2 25 | $3.9B | $1.0B | ||
| Q1 25 | $3.9B | — | ||
| Q4 24 | $3.8B | $962.3M | ||
| Q3 24 | $4.0B | $947.0M | ||
| Q2 24 | $4.1B | $921.9M | ||
| Q1 24 | $4.1B | — |
总资产BILLPLUS
| Q4 25 | $10.1B | $1.8B | ||
| Q3 25 | $10.2B | $1.8B | ||
| Q2 25 | $10.1B | $1.8B | ||
| Q1 25 | $9.6B | — | ||
| Q4 24 | $9.7B | $1.8B | ||
| Q3 24 | $9.0B | $1.7B | ||
| Q2 24 | $9.2B | $1.7B | ||
| Q1 24 | $9.1B | — |
负债/权益比BILLPLUS
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.28× | — |
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 | $-87.4M |
| 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 | — | -2.49× |
| 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BILLPLUS
| Q4 25 | $105.3M | $-87.4M | ||
| Q3 25 | $96.9M | $-34.8M | ||
| Q2 25 | $83.8M | $-99.0M | ||
| Q1 25 | $99.5M | — | ||
| Q4 24 | $78.7M | $65.7M | ||
| Q3 24 | $88.6M | $-21.6M | ||
| Q2 24 | $78.6M | $97.1M | ||
| Q1 24 | $66.8M | — |
自由现金流BILLPLUS
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | — | ||
| Q2 25 | $81.0M | — | ||
| Q1 25 | $98.4M | — | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | — | ||
| Q2 24 | $78.4M | — | ||
| Q1 24 | $66.8M | — |
自由现金流率BILLPLUS
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 27.5% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | — | ||
| Q2 24 | 22.8% | — | ||
| Q1 24 | 20.7% | — |
资本支出强度BILLPLUS
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.0% | — |
现金转化率BILLPLUS
| Q4 25 | — | -2.49× | ||
| Q3 25 | — | -1.00× | ||
| Q2 25 | — | -2.63× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | 2.72× | ||
| Q3 24 | 9.94× | -0.69× | ||
| Q2 24 | 10.35× | 3.55× | ||
| Q1 24 | 2.10× | — |
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% |
PLUS
| All Others Customer End Market | $107.0M | 17% |
| Technology Customer End Market | $89.4M | 15% |
| Health Care Customer End Market | $81.5M | 13% |
| Financial Services Customer End Market | $66.1M | 11% |
| Professional Services Reporting Unit | $64.1M | 10% |
| Security | $61.1M | 10% |
| State And Local Government And Educational Institutions | $59.9M | 10% |
| Managed Services Reporting Unit | $48.8M | 8% |
| Other Product | $21.1M | 3% |
| Collaboration | $13.4M | 2% |
