Bill.com Holdings, Inc. vs Model N, Inc.
Side-by-Side SaaS Metrics & Valuation Comparison
analyticsFintech
Data as of Q1 2026
Summary Verdict
BILL: 4—MODN: 1wins
Rule of 40
38.2BILL
5.8MODN
check_circleBILL leads
Revenue Growth
22.1%BILL
16.3%MODN
check_circleBILL leads
Gross Margin
81%BILL
57%MODN
check_circleBILL leads
FCF Margin
16.1%BILL
-10.5%MODN
check_circleBILL leads
Operating Margin
-4.3%BILL
-2.1%MODN
check_circleMODN leads
NRR
—BILL
—MODN
Metric
Rule of 40Efficiency score
BILL
38.2check_circle
MODN
5.8
Revenue GrowthYoY
BILL
22.1%check_circle
MODN
16.3%
Gross Margin% of revenue
BILL
81%check_circle
MODN
57%
FCF MarginFree cash flow
BILL
16.1%check_circle
MODN
-10.5%
Operating MarginGAAP
BILL
-4.3%
MODN
-2.1%check_circle
NRRNet retention
BILL
N/A
MODN
N/A
EV / RevenueValuation multiple
BILL
2.6xcheck_circle
MODN
4.4x
Market CapUSD
BILL
$4.1Bcheck_circle
MODN
$1.2B
ARR GrowthYoY
BILL
N/A
MODN
N/A
CAC PaybackMonths to recover
BILL
N/A
MODN
N/A
insights
Analysis
As of Q1 2026, Bill.com Holdings, Inc. trades at 2.6x EV/Revenue versus Model N, Inc. at 4.4x. On the Rule of 40, Bill.com Holdings, Inc. scores 38.2 compared to Model N, Inc.'s 5.8, placing Bill.com Holdings, Inc. ahead in operating efficiency. Gross margins stand at Bill.com Holdings, Inc. 81% vs Model N, Inc. 57%.
Sector Context
Both companies operate in the Fintech sector. The median columns above show where each company stands relative to their peers.