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BILL Holdings, Inc.

BILL · Technology · $4.5B mkt cap · FY2026 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

65

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $642M to $1.7B, increasing; diluted EPS -3.21 to -0.11, increasing.

97

Median gross margin 77.4% over 9y, very stable.

0

Median ROIC -3.4%, above the 12% hurdle in 0% of years.

28

Net debt/EBITDA n/ax, interest coverage 0x.

49

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$49.16
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 235% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 7, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

10 years of fundamentals

The business, in plain English

BILL Holdings, Inc. booked $1.7B of revenue in FY2026 in the Technology sector and kept 80.9% of it as gross profit — a high-margin business by that measure. After every other cost, −0.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $64.9M (FY2018) to $1.7B (FY2026) — about 49.9% a year compounded over 8 years.

It earned −1.3% on invested capital in the latest filed year, FY2026. Across the full 7-year measurable filed record, median ROIC was −3.4%. Over the v3 recent window (7 measurable filed years), median ROIC was −3.4%. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $1.8B of total debt in FY2026 against $41.3M of owner earnings — roughly 44.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 28/100.

Put together: Pricing Power is the strongest of the five filters (97/100) and Returns on Capital the weakest (0/100), which is how BILL lands at 48/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2017–FY2026 · 10 fiscal years, normalized from BILL’s SEC filings

Sales, as filed$1.7B FY2026
$0$1B2017202020232026
Revenue kept after cost of goods80.9% FY2026
0%50%2017202020232026
Standard ROIC or separately labeled Operating ROICStandard ROIC −1.6% FY2026

Exact FY and FY-1 financing invested-capital inputs are required.

−5%0%2017202020232026
Cash an owner could take out$41.3M FY2026
−$200M$02017202020232026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How BILL Holdings, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$1.7B · 100%Cost of revenue$315M · 19%Gross profit$1.3B · 81%Operating income−$73.4M · −4%Income before tax−$10.1M · −1%Income tax$1.1M · 0%Net income−$11.2M · −1%As of 2026-06-30 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$1.7B100%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Cost of revenue$315M19%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
$1.3B81%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
−$73.4M−4%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Income before tax−$10.1M−1%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Income tax$1.1M0%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
−$11.2M−1%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
· event Jun 30, 2026 · retrieved Sep 7, 2026 · annual-row source set
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Flagship explainer

What BILL Holdings, Inc. owns — and owes

BILL Holdings, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$10.2B100%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Cash and equivalents$1.0B10%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
$1.8B18%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Stockholders’ equity$3.5B35%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
· event Jun 30, 2026 · retrieved Sep 7, 2026 · annual-row source set

Flagship explainer

What drives BILL Holdings, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−0%Tax burden111%net income ÷ pretax incomeInterest burden14%pretax ÷ operating incomeOperating margin−4%operating income ÷ revenueAsset turnover0.16×revenue ÷ average assetsEquity multiplier2.72×average assets ÷ average equityAs of 2026-06-30 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$11.2MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Income before tax−$10.1MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Operating income−$73.4MFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
$1.7BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Ending assets$10.2BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Beginning assets$10.1BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
$3.5BFY2026
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
$3.9BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Source: · event Jun 30, 2026 · retrieved Sep 7, 2026 · annual-row source set
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Flagship explainer

Where BILL Holdings, Inc.'s cash went

BILL Holdings, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$416M100%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Depreciation and amortization$55.9M13%
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0001628280-26-058238 · filed Aug 20, 2026
· event Jun 30, 2026 · retrieved Sep 7, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding BILL Holdings, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Sep 7, 2026

Flagship explainer

What BILL Holdings, Inc. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

18 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale47.7 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Sep 7, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for BILL.

Track record

How BILL Holdings, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2020–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored BILL on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200500Indexed price · log scale (2020 = 100)2020202120222023202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, BILL did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#345 of 749 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #343DTGI Digerati Technologies, Inc.47.7Shallow moat
  2. #344ON ON SEMICONDUCTOR CORPORATION47.7Shallow moat
  3. #346PNXP PINEAPPLE EXPRESS CANNABIS COMPANY47.6Shallow moat
  4. #347RNG RingCentral, Inc.47.5Shallow moat

Compare BILL with its nearest peers →All Technology companies on the Index →

Common questions about BILL

Does BILL Holdings, Inc. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores BILL Holdings, Inc. (BILL) 47.7 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 65, pricing power 97, returns on capital 0, balance-sheet safety 28, capital allocation 49.
How has BILL's Moat Score changed over time?
The record logs 18 readings since Jul 17, 2026; the latest reads 47.7 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BILL. See the disclaimer.