Bill vs Dolby
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The short version
- Bill is the larger business, with $1.7B of revenue in fiscal 2026 against $1.3B for Dolby.
- Bill grew revenue faster (13.0%, against 5.9%).
- Dolby kept more of each dollar of sales as operating profit (19.6% operating margin, against −4.4%).
- Dolby turned more of its sales into free cash flow (32.3% FCF margin, against 25.0%).
- Dolby earned a higher return on the capital invested in it (11.4%, against −1.7%).
| Latest fiscal year | BILL · FY26 | DLB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.1B | $5.9B |
| Revenue | $1.7B | $1.3B |
| Free cash flow | $413M | $436M |
| Net income | −$11.2M | $255M |
| Growth | ||
| Revenue growth | 13.0% | 5.9% |
| 5-year growth | 47.3% | 3.0% |
| Share count change | −3.8% | 0.2% |
| Profitability | ||
| Gross margin | 80.9% | 88.1% |
| Operating margin | −4.4% | 19.6% |
| Net margin | −0.7% | 18.9% |
| FCF margin | 25.0% | 32.3% |
| Return on capital | −1.7% | 11.4% |
| Return on equity | −0.3% | 10.0% |
| Balance sheet | ||
| Net debt | −$101M | −$703M |
| Net debt / EBITDA | — | −2.0x |
| Dividends and buybacks | $561M | $252M |
| Valuation & quality | ||
| P/E | — | 26.7x |
| Piotroski F-score | 4 | 5 |
FY17
BILL —
DLB $1.1B
FY18
BILL $64.9M
DLB $1.1B
FY19
BILL $108M
DLB $1.2B
FY20
BILL $158M
DLB $1.2B
FY21
BILL $238M
DLB $1.3B
FY22
BILL $642M
DLB $1.3B
FY23
BILL $1.1B
DLB $1.3B
FY24
BILL $1.3B
DLB $1.3B
FY25
BILL $1.5B
DLB $1.3B
FY26
BILL $1.7B
DLB —
BILL
DLB
FY17
BILL —
DLB 22.9%
FY18
BILL −12.1%
DLB 17.4%
FY19
BILL −9.1%
DLB 20.7%
FY20
BILL −21.7%
DLB 18.8%
FY21
BILL −47.8%
DLB 26.9%
FY22
BILL −49.4%
DLB 16.5%
FY23
BILL −27.9%
DLB 16.6%
FY24
BILL −13.5%
DLB 20.3%
FY25
BILL −5.5%
DLB 19.6%
FY26
BILL −4.4%
DLB —
BILL
DLB
FY17
BILL —
DLB $278M
FY18
BILL −$9.7M
DLB $279M
FY19
BILL −$6.7M
DLB $231M
FY20
BILL −$15.9M
DLB $278M
FY21
BILL −$14.3M
DLB $393M
FY22
BILL −$23.5M
DLB $271M
FY23
BILL $180M
DLB $337M
FY24
BILL $278M
DLB $297M
FY25
BILL $346M
DLB $436M
FY26
BILL $413M
DLB —
BILL
DLB
FY17
BILL —
DLB 12.9%
FY18
BILL —
DLB 6.6%
FY19
BILL —
DLB 17.4%
FY20
BILL —
DLB 15.6%
FY21
BILL —
DLB 23.2%
FY22
BILL −9.2%
DLB 12.7%
FY23
BILL −7.3%
DLB 11.9%
FY24
BILL −4.1%
DLB 12.5%
FY25
BILL −1.8%
DLB 11.4%
FY26
BILL −1.7%
DLB —
BILL
DLB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.