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BILL Holdings

BILL on NYSE. Bill sells finance software to small businesses and their accountants. Market value $3.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
9.5%high

For every $100 of what the whole company costs, it produced $9.46 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to June 2026
-3.4%five-year median

Each dollar kept in the business earns -3 cents a year. Above 10 is good.

Quality score: 56 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.

$43.96 a share, 40% above its 1-year low

Over the past year the price has ranged from $31.41 to $57.21.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
0.2
0.3
0.3
0.4
20222023202420252026
Revenue
$642m$1.1bn$1.3bn$1.5bn$1.7bn
Operating margin
-49.4%-27.9%-13.5%-5.5%-4.4%
Debt to equity
0.440.450.220.440.52
Shares outstanding
0.11bn0.11bn0.10bn0.10bn0.09bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)4 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.52× equity
  • Revenue growth, five yearsStrong, 47.3% a year
  • Buying back its own sharesYes, 20% fewer since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $436 million last quarter, up 14% on a year ago.
  • A loss of $18 million, compared with a loss of $7 million a year ago.
  • It loses 4 cents on each $1 of sales, compared with 6 cents a year earlier.
  • Spare cash over the past 12 months: $355 million, up from $313 million.
  • Debt is $805 million more than cash, up from $676 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$358m
December 2024$363m
March 2025$358m
June 2025$383m
September 2025$396m
December 2025$415m
March 2026$407m
June 2026$436m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$9m
December 2024$34m
March 2025-$12m
June 2025-$7m
September 2025-$3m
December 2025-$3m
March 2026$13m
June 2026-$18m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
20 August 2026
Next quarterly (estimated, 10-Q)
7 August 2026

Who owns it

2 long-term investors we follow own it, down from 3 last quarter. 341 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%; 1 of them is pushing for change.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $16m, $3m of it under preset trading plans.

  • Lacerte Rene A.
    CEO, Director
    Sold
    Date
    3 September 2026
    Shares
    42,248
    Price
    $50.17
    Value
    $2m
  • Lacerte Rene A.
    CEO, Director
    Sold
    Date
    2 September 2026
    Shares
    214,995
    Price
    $48.42
    Value
    $10m
  • Jain Rohini
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    33,470
    Price
    $47.91
    Value
    $2m
  • Cieri Michael
    Chief Product Officer
    Sold
    under a preset trading plan
    Date
    31 August 2026
    Shares
    10,754
    Price
    $49.13
    Value
    $528,385
  • Cieri Michael
    Chief Product Officer
    Sold
    under a preset trading plan
    Date
    29 May 2026
    Shares
    32,875
    Price
    $36.64
    Value
    $1m
  • Cota Germaine
    SVP, FINANCE & ACCOUNTING
    Sold
    under a preset trading plan
    Date
    2 December 2025
    Shares
    1,104
    Price
    $51.23
    Value
    $56,558

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Aug 2026, and no later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.