BILL Holdings, Inc.
BILLAbout the company
BILL Holdings, Inc. provides financial operations platform for small and midsize businesses worldwide. It provides software-as-a-service, cloud-based payments, and spend management products, which allow users to automate accounts payable and accounts receivable transactions, as well as enable businesses to connect with their suppliers and/or customers to do business, eliminate expense reports, manage cash flows, and improve back-office efficiency. The company also offers onboarding implementation support, and ongoing support and training services.
Investment snapshot
Positive
3
BUY / PASS
Neutral / negative
2 / 11
NEUTRAL / FAIL
Median fair value
$44.26
-18.8% vs price
Models with upside
2 / 17
Positive margin of safety
Strongest signal
7 of 12 pass — Buffett, Lynch, Akre +2 more object
Key risk
12 of 13 flag BILL's valuation — Graham, Lynch, Greenblatt +9 more
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL · Rank #1831 (Top 59.1%) | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | BUY | PASS | NEUTRAL | FAIL | FAIL | FAIL | NEUTRAL |
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| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||
| Margin of Safety | N/A | -897.8% | N/A | N/A | N/A | N/A | +33.0% | -653.5% | N/A | N/A | +49.6% | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-06 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2025-08-28 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14 | TTM ended 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2025-08-28 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-06 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2025-08-28 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2025-08-28 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-06 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2025-08-28 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-06 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-06 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-06 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage58% pass✓ 9✗ 6▾
7 of 12 pass — Buffett, Lynch, Akre +2 more object
Debt Levels0.46✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3LT Debt vs Net Current AssetsLT Debt $1.8B vs NCA $2.3B✓GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.44, IC: -5.8x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.46✗Lynch< 0.33Cash - Long-term Debt$-921.9M✗LynchPositive preferredLT Debt / Total Assets Change17.04% -> 17.04%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities1.50✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.46✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xInterest Coverage & Debt/EBITDAIC=-5.8x, D/EBITDA=N/A✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.46✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.4568; #2381/4210 (top 56.6%)✗AsnessTop 30% of eligible cross-section
Where It Falls Short
- Valuation8% pass✓ 6✗ 22▾
12 of 13 flag BILL's valuation — Graham, Lynch, Greenblatt +9 more
Price / Book Value per Share1.4x✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio1.4x✓Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-0.0%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-0.0%, ROC=-0.1%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)15.8x✗Dreman< 8xValuation ReasonablenessOE Yield=0.8%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=7.4%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=1.4x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per Share16.0x✓Ackman<= 25Price vs. Trailing Low157% of trailing low ($34.71)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization+1.11%; #2955/6340 (top 46.6%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.7052; #2176/6449 (top 33.7%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share1.41x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change+44.3%✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.3444; #3129/5247 (top 59.6%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+8.84%; #892/4519 (top 19.7%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date+56.96%; #578/6202 (top 9.3%)✓OshaughnessyTop 10% of eligible cross-section - Profitability13% pass✓ 8✗ 27▾
14 of 16 flag BILL's profitability — Graham, Buffett, Lynch +11 more
Positive EPS (10 years)0/10 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthNet Income Positive (10+ years)2/10 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-2.6%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-5.5% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy$47.0M✓BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE1.6%✗Lynch> 15%EBIT / Enterprise Value-0.0%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-0.0%, ROC=-0.1%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets0.24%✓PiotroskiROA > 0ROA Change YoY0.24% -> 0.24% (delta: +0.00%)✗PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=3.48%, ROA=0.24%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY81.4% -> 81.4%✗PiotroskiImproved YoYPre-Tax Income / Revenue3.4%✗Dreman>= 8%Net Income / Shareholders' Equity1.6%✗Dreman> 12%Margin of SafetyP/B=1.4x✓PabraiP/B < 1.5 or P/E < 15Return on Equity0.2% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency2/9 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-0.1%✗Ackman>= 15%Net Income / Shareholders Equity1.6%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-13.5% (2023) -> -5.5% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 81.8% -> 81.4%, operating margin -13.5% -> -5.5%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization+1.11%; #2955/6340 (top 46.6%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+13.32%; #2545/3702 (top 68.7%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+1.58%; #2797/5226 (top 53.5%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0152; #1168/5884 (top 19.9%)✓AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/9 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Efficiency13% pass✓ 1✗ 10▾
7 of 8 flag BILL's efficiency — Graham, Buffett, Greenblatt +4 more
Current Ratio1.50✗Graham>= 2.0ROIC (3-5 yr avg)-3.5%✗Buffett> 10%ROIC - WACC-13.5%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-0.1%✗Greenblatt> 25%Current Ratio Change YoY1.58 -> 1.58✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.15x -> 0.15x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities1.50✓Dreman> 1.5Return on Invested Capital-0.0%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-2.8%; FY2024: ROIC=-1.2%; FY2025: ROIC=-1.1%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC-1.1% (RR=100% x ROIC=-1.1%)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -1.1%)✗SleepROIC > 12% in a majority of years - Verdicts20% pass✓ 3✗ 12▾
Split decision: 11 FAIL · 2 PASS · 2 NEUTRAL · 1 BUY
Overall verdict✗GrahamFAIL (3/9)✗BuffettFAIL (2/9)✗LynchFAIL (1/7)✗GreenblattRank #1831✓PiotroskiPASS (F-Score 5)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✓AckmanBUY (7/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)✗AsnessFAIL (Rank #1206/2370 (Top 50.9%))✗NeffFAIL (2/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked) - Growth25% pass✓ 5✗ 8▾
6 of 8 flag BILL's growth — Graham, Lynch, Dreman +3 more
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction$-1.01 (2017) -> $-0.07 (2025)✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency2/9 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth13.4%✓Ackman>= 5%Positive EPS Growth Frequency3/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 81.8% -> 81.4%, operating margin -13.5% -> -5.5%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR43.8%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Cash Flow40% pass✓ 6✗ 6▾
6 of 10 flag BILL's cash flow — Lynch, Dreman, Pabrai +3 more
Free Cash Flow Proxy$47.0M✓BuffettPositive and growingFCF Positive and Growing$346.3M✗LynchPositive and growingOperating Cash Flow$350.6M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=3.48%, ROA=0.24%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)15.8x✗Dreman< 8xP/E or FCF YieldFCF Yield=7.4%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive4/9 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap7.5%✓Ackman>= 4%Price / FCF per Share16.0x✓Ackman<= 25Positive Operating Cash Flow frequency5/9 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$413.7M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+8.84%; #892/4519 (top 19.7%)✗OshaughnessyTop 10% of eligible cross-section - Valuation models50% pass✓ 2✗ 2▾
Models split on BILL at $54.48 — fair values range $5.46–$108.12
Buffett fair value$5.46✗Buffett-897.8% margin vs $54.48Munger fair value$81.28✓Munger+33.0% margin vs $54.48Pabrai fair value$7.23✗Pabrai-653.5% margin vs $54.48Ackman fair value$108.12✓Ackman+49.6% margin vs $54.48
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Retired 1.3% of shares last year, 4.7% over two.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, buybacks, revenue, net income, operating income, gross profit, ebit, pre tax income, depreciation amortization. | Q1 FY 2027 2026-07-01 – 2026-09-30 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|
| Market Cap | $4.7Bcurrent | -- | $4.4Best. | $9.8Best. | $8.3Best. | $12.3Best. | $19.7Best. |
| Revenue | $1.6B↑7% | $353.8M↓11% | $1.5B | $1.5B↑13% | $1.3B↑22% | $1.1B↑65% | $642.0M |
| Operating Income | -$1.6M↑98% | $51.2M↑347% | -$80.6M | -$80.6M↑54% | -$174.2M↑41% | -$295.8M↑7% | -$316.8M |
| Net Income | $52.0M↑336% | $60.3M↑2134% | $23.8M | $23.8M↑182% | -$28.9M↑87% | -$223.7M↑31% | -$326.4M |
| EPS (Diluted) | -- | $0.61↑2133% | $-0.07 | $-0.07↑74% | $-0.27↑87% | $-2.11↑34% | $-3.21 |
| Gross Margin | 80.1%↓1% | 76.9%↓4% | 81.4% | 81.4%↓1% | 81.8% | 81.7%↑6% | 77.4% |
| Operating Margin | -0.1%↑98% | 14.5%↑376% | -5.5% | -5.5%↑59% | -13.5%↑52% | -27.9%↑43% | -49.4% |
| ROE | 1.6%↑413% | — | 0.6% | 0.6%↑187% | -0.7%↑87% | -5.5%↑32% | -8.1% |
| Total Debt | $1.5B↓2% | $1.5B↓2% | $1.7B↑12% | $1.5B↑109% | $734.0M↓60% | $1.8B↑4% | $1.8B |
| Shareholders' Equity | $3.3B↓15% | $3.3B↓15% | $3.9B | $3.9B↓5% | $4.1B↑1% | $4.1B↑1% | $4.0B |
| Current Ratio | 1.50↓10% | 1.50↓10% | 1.58 | 1.58↑2% | 1.55↓13% | 1.78↓3% | 1.84 |
| Debt / Equity | 0.46↑15% | 0.46↑15% | 0.44↑12% | 0.39↑121% | 0.18↓61% | 0.45↑3% | 0.44 |
| Operating Cash Flow | $415.8M↑16% | $96.8M | $350.6M | $350.6M↑26% | $278.8M↑48% | $187.8M↑1138% | -$18.1M |
| Free Cash Flow | $413.7M | $96.7M↑1% | $346.3M | $346.3M↑25% | $277.8M↑54% | $180.2M↑868% | -$23.5M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Business Services
BILL vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AUTOMATIC DATA PROCESSING INCADP | $122.3B | $309.93 | $21.9B | $4.4B | 73.2% | 0.82 | 24.2% | 1.05 | 4/9 | 5/9 | 3/7 | 0/3 | F-Score 6 | 5/11 |
| ELECTRONIC ARTS INC.EA | $52.9B | $209.70 | $7.5B | $887.0M | 13.1% | 0.22 | 15.4% | 1.05 | 1/9 | 4/9 | 4/7 | 0/3 | F-Score 6 | 6/11 |
| Rubrik, Inc.RBRK | $22.6B | $109.88 | $1.3B | $348.8M | 67.1% | — | -26.2% | 1.69 | 1/9 | 0/9 | 2/7 | 0/3 | F-Score 6 | 2/11 |
| AECOMACM | $9.1B | $70.50 | $16.1B | $561.8M | 22.5% | 1.09 | 6.4% | 1.14 | 1/9 | 3/9 | 3/7 | 1/3 | F-Score 8 | 2/11 |
| COMMVAULT SYSTEMS INCCVLT | $6.2B | $152.07 | $1.2B | $70.7M | 942.8% | — | 6.3% | 1.95 | 1/9 | 2/9 | 4/7 | 0/3 | F-Score 6 | 6/11 |
| WPP plcWPP | $6.0B | $27.79 | $18.2B | $289.5M | -8.5% | 1.94 | 2.8% | 0.89 | 1/9 | 2/9 | 1/7 | 0/3 | F-Score 3 | 2/11 |
| VARONIS SYSTEMS INCVRNS | $5.6B | $48.94 | $623.5M | $129.3M | -21.6% | 0.76 | -23.5% | 1.97 | 1/9 | 0/9 | 1/7 | 0/3 | F-Score 5 | 1/11 |
| ROBERT HALF INC.RHI | $4.3B | $42.00 | $5.4B | $133.0M | 10.4% | — | 1.4% | 1.53 | 2/9 | 5/9 | 1/7 | 0/3 | F-Score 5 | 2/11 |