Buy Like Buffett

The Moat Index

BILL HOLDINGS, INC.

BILL · Technology · $4.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

40/ 100
No moat

The four filters

Pricing power97

Median gross margin 76.3% over 8y, very stable.

Returns on capital0

Median ROIC -4.4%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

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

Capital discipline26

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$44.71
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

BILL HOLDINGS, INC. booked $1.5B of revenue in FY2025 in the Technology sector and kept 81.4% of it as gross profit — a high-margin business by that measure. After every other cost, 1.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $64.9M (FY2018) to $1.5B (FY2025) — about 56.1% a year compounded over 7 years.

It earned −1.4% on invested capital in FY2025, with a median of −4.4% across 6 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $1.7B of total debt in FY2025 against $47.0M of owner earnings — roughly 36.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 28/100.

Put together: Pricing Power is the strongest of the four filters (97/100) and Returns on Capital the weakest (0/100), which is how BILL lands at 40/100 — a None 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–FY2025 · 9 fiscal years, normalized from BILL’s SEC filings

RevenueSales, as filed$1.5B FY2025
$0$1B2017202020232025
Gross marginRevenue kept after cost of goods81.4% FY2025
0%50%2017202020232025
Return on invested capitalOperating profit on the capital employed−1.4% FY2025
−20%−10%0%2017202020232025
Owner earningsCash an owner could take out$47.0M FY2025
−$200M$02017202020232025

Gaps in a line mean that item isn’t in BILL’s 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.

Moat Score history

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.7 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — BILL has read No moat for every logged capture since Jul 17, 2026.

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

Technology context

#323 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #321SITM SITIME Corp39.8No moat
  2. #322TENB TENABLE HOLDINGS, INC.39.7No moat
  3. #324KLTR Kaltura, Inc.39.6No moat
  4. #325GGRP THE GLIMPSE GROUP, INC.39.6No 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 FY2025 SEC filings, the Moat Index scores BILL HOLDINGS, INC. (BILL) 39.7 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 97, returns on capital 0, balance-sheet safety 28, capital discipline 26.
How has BILL's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 39.7 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
Embed this score on your site

One iframe, no script. The badge shows BILL’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/BILL"
  width="340" height="150" style="border:0"
  title="BILL Moat Score — The Moat Index"
  loading="lazy"></iframe>

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

BILL HOLDINGS, INC. (BILL) Moat Score — The Moat Index · Buy Like Buffett