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BILL, BILL Holdings

Software asset-light Distress / turnaround

We are a leading financial operations platform for small and midsize businesses.

Our integrated platform helps businesses to more efficiently control their payables, receivables, and spend and expense management.

Headquartered in San Jose, California, we are a trusted partner of leading U.S. financial institutions, accounting firms, and software providers.

Latest annual: FY2025 10-K

BILL · BILL Holdings

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.5B

+13.4% YoY · 56% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.6B 5-yr avg $938M

Gross margin 81% 5-yr avg 79%

Operating margin −3.8% 5-yr avg −28.8%

ROIC −1% 5-yr avg −4%

Owner-earnings margin 24% 5-yr avg 12%

Free cash flow margin 24% 5-yr avg 11%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Operating margin has run around −22% through the cycle on a 75% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. The cash cycle has run negative through the cycle (a median of −14 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −4%, above 15% in 0 of 6 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2018–2025

realized figures from each filing · older years to the left

2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
									Income statement
$65M	$108M	$158M	$238M	$642M	$1.1B	$1.3B	$1.5B	$1.6B	RevenueRevenue
70%	72%	75%	74%	77%	82%	82%	81%	81%	Gross marginGross mgn
25%	27%	34%	54%	34%	24%	22%	19%	19%	SG&A / revenueSG&A/rev
28%	27%	34%	38%	34%	30%	26%	23%	20%	R&D / revenueR&D/rev
($8M)	($10M)	($34M)	($114M)	($317M)	($296M)	($174M)	($81M)	($61M)	Operating incomeOp. inc.
−12.1%	−9.0%	−21.7%	−47.8%	−49.4%	−27.9%	−13.5%	−5.5%	−3.8%	Operating marginOp. mgn
($7M)	($7M)	($31M)	($99M)	($326M)	($224M)	($29M)	$24M	$163K	Net incomeNet inc.
									Cash flow & returns
($8M)	($4M)	($4M)	$5M	($18M)	$188M	$279M	$351M	$389M	Operating cash flowOp. cash
$2M	$3M	$1M	$5M	$12M	$16M	$23M	$28M	$28M	DepreciationDeprec.
($5M)	($4M)	$7M	$30M	$100M	$82M	$36M	$57M	$124M	Working capital & otherWC & other
$1M	$3M	$11M	$19M	$5M	$8M	$976K	$4M	$6M	CapexCapex
2.0%	2.5%	7.3%	7.9%	0.8%	0.7%	0.1%	0.3%	0.4%	Capex / revenueCapex/rev
($10M)	($7M)	($6M)	($249K)	($23M)	$180M	$278M	$346M	$383M	Owner earningsOwner earn.
−14.9%	−6.2%	−3.5%	−0.1%	−3.7%	17.0%	21.5%	23.7%	23.9%	Owner earnings marginOE mgn
($10M)	($7M)	($16M)	($14M)	($23M)	$180M	$278M	$346M	$383M	Free cash flowFCF
−14.9%	−6.2%	−10.1%	−6.0%	−3.7%	17.0%	21.5%	23.7%	23.9%	Free cash flow marginFCF mgn
—	—	$0	$556M	$144M	$29M	$0	$0	$0	AcquisitionsAcquis.
—	—	—	$0	$0	$88M	$212M	$430M	—	BuybacksBuybacks
—	—	-20%	-3%	-6%	-5%	-3%	-1%	-1%	ROICROIC
—	—	-4%	-4%	-8%	-5%	-1%	1%	0%	Return on equityROE
—	—	−4%	−4%	−8%	−5%	−1%	1%	0%	Retained to equityRetained/eq
									Balance sheet
$22M	$90M	$574M	$510M	$1.6B	$1.6B	$986M	$1.0B	$995M	Cash & investmentsCash+inv
—	$4M	$4M	$18M	$24M	$28M	$28M	$32M	$32M	ReceivablesReceiv.
—	$5M	$3M	$12M	$10M	$9M	$7M	$16M	$7M	Accounts payablePayables
—	($665K)	$774K	$6M	$14M	$20M	$21M	$16M	$25M	Operating working capitalOper. WC
—	$1.5B	$2.4B	$3.6B	$6.3B	$6.7B	$6.3B	$7.2B	$7.3B	Current assetsCur. assets
—	$1.3B	$1.7B	$2.3B	$3.4B	$3.8B	$4.1B	$4.6B	$4.4B	Current liabilitiesCur. liab.
—	1.1×	1.4×	1.6×	1.8×	1.8×	1.6×	1.6×	1.7×	Current ratioCurr. ratio
—	—	$0	$1.8B	$2.4B	$2.4B	$2.4B	$2.4B	$2.4B	GoodwillGoodwill
—	$1.5B	$2.4B	$6.0B	$9.3B	$9.6B	$9.2B	$10.1B	$10.1B	Total assetsAssets
—	—	—	$989M	$1.8B	$1.8B	$914M	$1.7B	$1.8B	Total debtDebt
—	—	—	$480M	$177M	$223M	($72M)	$676M	$840M	Net debt / (cash)Net debt
-18.3×	-11.9×	-149.3×	-4.0×	-33.6×	-19.5×	-9.1×	—	-3.2×	Interest coverageInt. cov.
($102M)	($103M)	$711M	$2.5B	$4.0B	$4.1B	$4.1B	$3.9B	$3.8B	Shareholders’ equityEquity
2.4%	3.8%	11.5%	28.7%	30.7%	29.6%	19.3%	16.6%	14.8%	Stock comp / revenueSBC/rev
									Per share
7.2M	7.8M	44.1M	82.8M	102M	106M	106M	104M	102M	Shares out (diluted)Shares
$9.07	$13.90	$3.57	$2.88	$6.31	$9.99	$12.16	$14.08	$15.64	Revenue / shareRev/sh
$-1.01	$-0.94	$-0.70	$-1.19	$-3.21	$-2.11	$-0.27	$0.23	$0.00	EPS (diluted)EPS
$-1.35	$-0.86	$-0.13	$-0.00	$-0.23	$1.70	$2.62	$3.33	$3.74	Owner earnings / shareOE/sh
$-1.35	$-0.86	$-0.36	$-0.17	$-0.23	$1.70	$2.62	$3.33	$3.74	Free cash flow / shareFCF/sh
$0.18	$0.35	$0.26	$0.23	$0.05	$0.07	$0.01	$0.04	$0.06	Cap. spending / shareCapex/sh
$-14.24	$-13.17	$16.11	$30.55	$39.74	$38.56	$38.96	$37.67	$37.17	Book value / shareBVPS

The diluted share count moved ×5.66 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.88 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	7-yr	5-yr
Revenue / share	+6.5%/yr	+31.5%/yr
Capital spending / share	−19.1%/yr	−30.6%/yr
Book value / share	—	+18.5%/yr

The record, charted

FY2018–2025

Each measure over its full record; the current point and the worst year marked.

Share count

104Mpeak FY2024

ROIC

−1%low FY2020

Gross margin

81%low FY2018

Net debt ÷ owner earnings

2.0×peak FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$346Mowner earningsvs.$24Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2021FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $24M of profit into $346M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$24M

Owner earnings$346M · 24% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$24M	($29M)	($224M)	($326M)	($99M)
Depreciation & amortizationnon-cash charge added back	+$28M	+$23M	+$16M	+$12M	+$5M
Stock-based compensationreal costnon-cash, but a real cost	+$243M	+$248M	+$314M	+$197M	+$68M
Working capital & othertiming of cash in and out, other non-cash items	+$57M	+$36M	+$82M	+$100M	+$30M
Cash from operations	$351M	$279M	$188M	($18M)	$5M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$4M	−$976K	−$8M	−$5M	−$5M
Owner earnings	$346M	$278M	$180M	($23M)	($249K)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	—	—	−$14M
Free cash flow	$346M	$278M	$180M	($23M)	($14M)
Owner-earnings marginowner earnings ÷ revenue	24%	22%	17%	-4%	0%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $243M), owner earnings is nearer $104M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -4.2×

Does not cover its interest

Operating income ($81M) ÷ interest expense $19M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $676M

Net debt against an operating loss

Cash $1.0B − debt $1.7B

What this means
Netting $1.0B of cash and short-term investments against $1.7B of debt leaves $676M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -14d

Negative, funded by others

DSO 8 + DIO 0 − DPO 22 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital -5%

Below average through the cycle

6-yr median, range -20%–-1%; -1% latest = NOPAT ($63M) ÷ invested capital $4.6B

Industry peers: median -14%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 6 years (it ran -1% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 24%

High, recently turned positive

latest $346M = operating cash $351M − maintenance capex $4M; positive each of the last 3 years, after an earlier loss stretch (8-yr median -4%)

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 24% of revenue this year, a -4% median across 8 years. Treating stock comp as the real expense it is (less $243M of SBC) leaves $104M.
Are earnings backed by cash? 14.73×

Cash-backed

Cash from ops $351M ÷ net income $24M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 124%

Returned more than it generated

Dividends + buybacks $430M ÷ Owner Earnings $346M

What this means
The company returned more than it generated: against $346M of Owner Earnings, $430M (124%) went back to shareholders, $0 dividends, $430M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $243M stock comp, the real buyback was about $187M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 0.16×

Harvesting

Capex $4M ÷ depreciation $28M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.5B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.58×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $1.7B vs $2.7B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (8-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.77/share (latest year $0.24), the averaged base the calculator's gate runs on, and book value is $39.30/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2018–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 8

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 5 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −14% → −16% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about −14% early, −16% lately, median −22%.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2022 · −49.4% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“We use artificial intelligence in our business, and any challenges with successfully developing and deploying new AI tools or properly managing the use of AI could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations.”

AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$7.3B

Cash & short-term investments$995M
Receivables$32M
Other current assets$6.3B

Current liabilities$4.4B

Accounts payable$7M
Other current liabilities$4.4B

Current ratio1.66×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.66×stricter: inventory excluded

Cash ratio0.23×strictest: cash alone against what's due

Working capital$2.9Bthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+13.5%the freshest read on whether the business is still growing

Current ratio, recent quarters1.6× → 1.7×

Deeper floors

Tangible book value$1.2Bequity stripped of goodwill & intangibles

Net current asset value$1.0BGraham's net-net: current assets less all liabilities

Debt incl. operating leases$1.9B$64M of it operating leases

Deferred revenue$22Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2018–2025

Over the record, the business generated $787M of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$53M · 7%
Buybacks$730M · 93%
Retained (debt / cash)$5M · 1%

Returned to owners$730M
96% of the owner earnings the business produced over the span, $0 as dividends and $730M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $972M.
Average price paid for buybacks$75.63
Across the years where the filing reports a share count, 4M shares were bought for $300M, about $75.63 each.
Net change in share count1329.9%
The diluted count rose from 7M to 102M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 8-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$2.6B26% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity61%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$729Mover 8 years buying other businesses, against $53M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 8-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Rene Lacerte	$13.9M	$6.0M	($23M)
2023	Rene Lacerte	$17.7M	$18.2M	$180M
2024	Rene Lacerte	$14.4M	−$4.6M	$278M
2025	Rene Lacerte	$16.1M	$14.3M	$346M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership13.2%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$243M
The slice of the business handed to employees in shares this year, 17% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Credit & receivables as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Software

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
TDCTeradata Corporation	$1.7B	57%	8.3%	47%	16%
PATHUiPath	$1.6B	83%	-18.2%	-14%	4%
BSYBentley Systems Incorporated	$1.5B	80%	18.9%	11%	29%
PCTYPaylocity	$1.5B	66%	11.0%	22%	19%
BILLBILL Holdings	$1.5B	76%	-17.6%	-4%	-2%
PCORProcore Technologies	$1.3B	82%	-22.7%	-21%	5%
RBRKRubrik Inc.	$1.3B	73%	-46.2%	-118%	1%
ZETAZeta Global Holdings Corp.	$1.3B	62%	-6.8%	-82%	10%
Group median	—	75%	-12.2%	-9%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what BILL Holdings has delivered.

Today’s price $

Base Normalize · through-cycle ($268M) Net of stock comp (−$237M) Steady-state · maintenance capex ($384M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · since FY2023+39%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $383M on 100M shares outstanding, per the 10-Q cover, as of 2026-04-30; net debt $840M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($6M) runs well above depreciation ($28M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $384M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh BILL against another business →

The owners of BILL: the meeting and the votes →

Cite: Owner Scorecard, "BILL Holdings (BILL), the owner's record," https://ownerscorecard.com/c/BILL, data as of 2026-07-09.

Manual order: ← BIIB its page in the Manual BIO →

Industry order: ← BIDU the Software chapter BL →