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BILL Holdings, Inc.（BILL）与STERLING INFRASTRUCTURE, INC.（STRL）财务数据对比。点击上方公司名可切换其他公司
STERLING INFRASTRUCTURE, INC.的季度营收约是BILL Holdings, Inc.的1.8倍（$755.6M vs $414.7M），STERLING INFRASTRUCTURE, INC.净利率更高（11.6% vs -0.6%，领先12.2%），STERLING INFRASTRUCTURE, INC.同比增速更快（51.5% vs 14.4%），STERLING INFRASTRUCTURE, INC.自由现金流更多（$159.7M vs $103.8M），过去两年STERLING INFRASTRUCTURE, INC.的营收复合增速更高（31.0% 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。
本公司是总部位于印度马哈拉施特拉邦孟买的跨国工程总承包（EPC）企业，业务覆盖可再生能源、数据中心、柴油发电、机电水暖（MEP）服务等多个领域，已在全球三十余个国家交付项目，执行团队遍布亚洲、中东、非洲、欧洲及澳大利亚。
BILL vs STRL — 直观对比
营收规模更大
STRL
是对方的1.8倍
$414.7M
营收增速更快
STRL
高出37.1%
14.4%
净利率更高
STRL
高出12.2%
-0.6%
自由现金流更多
STRL
多$55.8M
$103.8M
两年增速更快
STRL
近两年复合增速
13.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $414.7M | $755.6M |
| 净利润 | $-2.6M | $87.6M |
| 毛利率 | 79.8% | 21.7% |
| 营业利润率 | -4.4% | 15.9% |
| 净利率 | -0.6% | 11.6% |
| 营收同比 | 14.4% | 51.5% |
| 净利润同比 | -107.7% | -22.6% |
| 每股收益（稀释后） | $-0.03 | $2.82 |
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BILLSTRL
| Q4 25 | $414.7M | $755.6M | ||
| Q3 25 | $395.7M | $689.0M | ||
| Q2 25 | $383.3M | $614.5M | ||
| Q1 25 | $358.2M | $430.9M | ||
| Q4 24 | $362.6M | $498.8M | ||
| Q3 24 | $358.4M | $593.7M | ||
| Q2 24 | $343.7M | $582.8M | ||
| Q1 24 | $323.0M | $440.4M |
净利润BILLSTRL
| Q4 25 | $-2.6M | $87.6M | ||
| Q3 25 | $-3.0M | $92.1M | ||
| Q2 25 | $-7.1M | $71.0M | ||
| Q1 25 | $-11.6M | $39.5M | ||
| Q4 24 | $33.5M | $113.2M | ||
| Q3 24 | $8.9M | $61.3M | ||
| Q2 24 | $7.6M | $51.9M | ||
| Q1 24 | $31.8M | $31.0M |
毛利率BILLSTRL
| Q4 25 | 79.8% | 21.7% | ||
| Q3 25 | 80.5% | 24.7% | ||
| Q2 25 | 80.8% | 23.3% | ||
| Q1 25 | 81.2% | 22.0% | ||
| Q4 24 | 81.6% | 21.4% | ||
| Q3 24 | 82.0% | 21.9% | ||
| Q2 24 | 81.0% | 19.3% | ||
| Q1 24 | 83.0% | 17.5% |
营业利润率BILLSTRL
| Q4 25 | -4.4% | 15.9% | ||
| Q3 25 | -5.2% | 18.2% | ||
| Q2 25 | -5.8% | 17.0% | ||
| Q1 25 | -8.1% | 13.0% | ||
| Q4 24 | -6.0% | 12.5% | ||
| Q3 24 | -2.1% | 14.7% | ||
| Q2 24 | -6.5% | 12.5% | ||
| Q1 24 | -8.6% | 9.6% |
净利率BILLSTRL
| Q4 25 | -0.6% | 11.6% | ||
| Q3 25 | -0.7% | 13.4% | ||
| Q2 25 | -1.8% | 11.6% | ||
| Q1 25 | -3.2% | 9.2% | ||
| Q4 24 | 9.3% | 22.7% | ||
| Q3 24 | 2.5% | 10.3% | ||
| Q2 24 | 2.2% | 8.9% | ||
| Q1 24 | 9.8% | 7.1% |
每股收益（稀释后）BILLSTRL
| Q4 25 | $-0.03 | $2.82 | ||
| Q3 25 | $-0.03 | $2.97 | ||
| Q2 25 | $0.02 | $2.31 | ||
| Q1 25 | $-0.11 | $1.28 | ||
| Q4 24 | $-0.06 | $3.63 | ||
| Q3 24 | $0.08 | $1.97 | ||
| Q2 24 | $0.37 | $1.67 | ||
| Q1 24 | $0.00 | $1.00 |
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 | $390.7M |
| 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 | $2.6B |
| 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BILLSTRL
| Q4 25 | $1.1B | $390.7M | ||
| Q3 25 | $1.1B | $306.4M | ||
| Q2 25 | $1.0B | $699.4M | ||
| Q1 25 | $1.0B | $638.6M | ||
| Q4 24 | $1.6B | $664.2M | ||
| Q3 24 | $853.5M | $648.1M | ||
| Q2 24 | $985.9M | $540.0M | ||
| Q1 24 | $952.5M | $480.4M |
总债务BILLSTRL
| 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BILLSTRL
| Q4 25 | $3.8B | $1.1B | ||
| Q3 25 | $3.9B | $1.1B | ||
| Q2 25 | $3.9B | $881.7M | ||
| Q1 25 | $3.9B | $805.4M | ||
| Q4 24 | $3.8B | $808.1M | ||
| Q3 24 | $4.0B | $716.5M | ||
| Q2 24 | $4.1B | $670.7M | ||
| Q1 24 | $4.1B | $644.6M |
总资产BILLSTRL
| Q4 25 | $10.1B | $2.6B | ||
| Q3 25 | $10.2B | $2.6B | ||
| Q2 25 | $10.1B | $2.2B | ||
| Q1 25 | $9.6B | $2.0B | ||
| Q4 24 | $9.7B | $2.0B | ||
| Q3 24 | $9.0B | $2.0B | ||
| Q2 24 | $9.2B | $2.0B | ||
| Q1 24 | $9.1B | $1.8B |
负债/权益比BILLSTRL
| 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 | $186.1M |
| 自由现金流经营现金流 - 资本支出 | $103.8M | $159.7M |
| 自由现金流率自由现金流/营收 | 25.0% | 21.1% |
| 资本支出强度资本支出/营收 | 0.4% | 3.5% |
| 现金转化率经营现金流/净利润 | — | 2.12× |
| 过去12个月自由现金流最近4个季度 | $378.8M | $362.7M |
8季度趋势，按日历期对齐
经营现金流BILLSTRL
| Q4 25 | $105.3M | $186.1M | ||
| Q3 25 | $96.9M | $83.6M | ||
| Q2 25 | $83.8M | $85.4M | ||
| Q1 25 | $99.5M | $84.9M | ||
| Q4 24 | $78.7M | $174.3M | ||
| Q3 24 | $88.6M | $152.3M | ||
| Q2 24 | $78.6M | $121.0M | ||
| Q1 24 | $66.8M | $49.6M |
自由现金流BILLSTRL
| Q4 25 | $103.8M | $159.7M | ||
| Q3 25 | $95.6M | $64.0M | ||
| Q2 25 | $81.0M | $72.1M | ||
| Q1 25 | $98.4M | $67.0M | ||
| Q4 24 | $78.3M | $158.6M | ||
| Q3 24 | $88.6M | $138.3M | ||
| Q2 24 | $78.4M | $92.1M | ||
| Q1 24 | $66.8M | $27.2M |
自由现金流率BILLSTRL
| Q4 25 | 25.0% | 21.1% | ||
| Q3 25 | 24.1% | 9.3% | ||
| Q2 25 | 21.1% | 11.7% | ||
| Q1 25 | 27.5% | 15.5% | ||
| Q4 24 | 21.6% | 31.8% | ||
| Q3 24 | 24.7% | 23.3% | ||
| Q2 24 | 22.8% | 15.8% | ||
| Q1 24 | 20.7% | 6.2% |
资本支出强度BILLSTRL
| Q4 25 | 0.4% | 3.5% | ||
| Q3 25 | 0.3% | 2.9% | ||
| Q2 25 | 0.7% | 2.2% | ||
| Q1 25 | 0.3% | 4.2% | ||
| Q4 24 | 0.1% | 3.1% | ||
| Q3 24 | 0.0% | 2.4% | ||
| Q2 24 | 0.1% | 5.0% | ||
| Q1 24 | 0.0% | 5.1% |
现金转化率BILLSTRL
| Q4 25 | — | 2.12× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 2.15× | ||
| Q4 24 | 2.35× | 1.54× | ||
| Q3 24 | 9.94× | 2.48× | ||
| Q2 24 | 10.35× | 2.33× | ||
| Q1 24 | 2.10× | 1.60× |
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% |
STRL
| Lump Sum | $464.9M | 62% |
| Heavy Highway | $99.6M | 13% |
| Residential Construction | $70.4M | 9% |
| Road And Highway Builders LLC | $52.4M | 7% |
| Other Revenue | $36.6M | 5% |
| Aviation | $16.6M | 2% |
| Commercial | $11.4M | 2% |
| Related Party | $600.0K | 0% |
