analyticsVertical SaaS / Fintech
Data as of Q4 2025
Summary Verdict
SHOP: 3—BILL: 2wins
Rule of 40
47.5SHOP
37.0BILL
check_circleSHOP leads
Revenue Growth
30.1%SHOP
13.4%BILL
check_circleSHOP leads
Gross Margin
48%SHOP
81%BILL
check_circleBILL leads
FCF Margin
17.4%SHOP
23.7%BILL
check_circleBILL leads
Operating Margin
12.7%SHOP
-5.5%BILL
check_circleSHOP leads
NRR
—SHOP
—BILL
Metric
Rule of 40Efficiency score
SHOP
47.5check_circle
BILL
37.0
Revenue GrowthYoY
SHOP
30.1%check_circle
BILL
13.4%
Gross Margin% of revenue
SHOP
48%
BILL
81%check_circle
FCF MarginFree cash flow
SHOP
17.4%
BILL
23.7%check_circle
Operating MarginGAAP
SHOP
12.7%check_circle
BILL
-5.5%
NRRNet retention
SHOP
N/A
BILL
N/A
EV / RevenueValuation multiple
SHOP
15.1x
BILL
2.7xcheck_circle
Market CapUSD
SHOP
$175.8Bcheck_circle
BILL
$4.0B
ARR GrowthYoY
SHOP
N/A
BILL
N/A
CAC PaybackMonths to recover
SHOP
N/A
BILL
N/A
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insights
Analysis
As of Q4 2025, Shopify Inc. trades at 15.1x EV/Revenue versus Bill.com Holdings, Inc. at 2.7x. On the Rule of 40, Shopify Inc. scores 47.5 compared to Bill.com Holdings, Inc.'s 37.0, placing Shopify Inc. ahead in operating efficiency. Gross margins stand at Shopify Inc. 48% vs Bill.com Holdings, Inc. 81%.