BILL Holdings, Inc.
BILL · Services-Prepackaged Software · 99.6M shares · +34%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$226M (gross $88M, SBC $314M)
Reference price $35.68 · est. market cap ~$3.6B — last insider sale, 2026-05-29 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B72SMB financial-operations platform (payments / AP-AR) — near-breakeven on GAAP but strong free cash flow.
Strengths
- Strong free cash flow — FCF $346M (68th), FCF margin 24%
- High gross margin — 81% (82nd)
Risks
- GAAP near-breakeven — operating margin -6%
- SMB-spend cyclicality and float-rate sensitivity — per 10-K
- Competition — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +34%/yr over 3y (dilution, book value/share -60%)
- Strong balance sheetStrong balance sheet — $2.2B cash & investments
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, FMR LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 3 open-market sale(s) by 1 insider(s) (~$1M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
81.4%
Operating margin
-5.5%
Net margin
1.6%
Return on equity
0.6%
Return on assets
0.2%
ROIC
-1.1%
Revenue growth (QoQ)
-2.0%
Debt / equity
0.4×
Current ratio
1.6×
Free cash flow
$346M
EBITDA
-$53M
Tangible book value
$1.3B
Cash & investments
$2.2B
Stock comp / revenue
16.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-29 | Cieri Michael | Sell | 3.5K | $37.10 |
| 2026-05-29 | Cieri Michael | Sell | 5.6K | $35.68 |
| 2026-05-29 | Cieri Michael | Sell | 24K | $36.80 |
| 2026-05-28 | Bowman Mary Kay | Option exercise | 4.1K | — |
| 2026-05-28 | Bowman Mary Kay | Tax withheld | 7.0K | $34.85 |
| 2026-05-28 | Lacerte Rene A. | Option exercise | 25K | — |
| 2026-05-28 | Lacerte Rene A. | Option exercise | 6.7K | — |
| 2026-05-28 | Lacerte Rene A. | Tax withheld | 16K | $34.85 |
| 2026-05-28 | Moss Kenneth A | Option exercise | 23K | — |
| 2026-05-28 | Moss Kenneth A | Option exercise | 2.0K | — |
| 2026-05-28 | Moss Kenneth A | Option exercise | 339 | — |
| 2026-05-28 | Moss Kenneth A | Tax withheld | 13K | $34.85 |
| 2026-05-28 | Moss Kenneth A | Tax withheld | 142 | $34.85 |
| 2026-05-28 | Cieri Michael | Option exercise | 52K | — |
| 2026-05-28 | Cieri Michael | Tax withheld | 19K | $34.85 |
| 2026-05-28 | Bowman Mary Kay | Option exercise | 15K | — |
| 2026-02-28 | Bowman Mary Kay | Option exercise | 15K | — |
| 2026-02-28 | Bowman Mary Kay | Option exercise | 4.1K | — |
| 2026-02-28 | Bowman Mary Kay | Tax withheld | 5.1K | $44.19 |
| 2026-02-28 | Lacerte Rene A. | Option exercise | 25K | — |
| 2026-02-28 | Lacerte Rene A. | Option exercise | 6.7K | — |
| 2026-02-28 | Lacerte Rene A. | Tax withheld | 13K | $44.19 |
| 2026-02-28 | Moss Kenneth A | Option exercise | 23K | — |
| 2026-02-28 | Moss Kenneth A | Option exercise | 2.0K | — |
| 2026-02-28 | Moss Kenneth A | Option exercise | 337 | — |
| 2026-02-28 | Moss Kenneth A | Tax withheld | 9.6K | $44.19 |
| 2026-02-28 | Moss Kenneth A | Tax withheld | 141 | $44.19 |
| 2026-02-28 | Rettig John R. | Option exercise | 20K | — |
| 2026-02-28 | Rettig John R. | Option exercise | 5.7K | — |
| 2026-02-28 | Rettig John R. | Tax withheld | 9.9K | $44.19 |
| 2026-01-15 | Gohman Keri | Option exercise | 1.5K | — |
| 2026-01-15 | Wernikoff Daniel A | Option exercise | 1.5K | — |
| 2025-12-05 | Wagonfeld Alison | Option exercise | 2.1K | — |
| 2025-12-05 | Reich Tina | Option exercise | 2.1K | — |
| 2025-12-05 | Lacerte Rene A. | Gift | 15K | — |
| 2025-12-05 | Kline Katherine M. A. | Option exercise | 2.1K | — |
| 2025-12-05 | Mnookin Allison | Option exercise | 2.1K | — |
| 2025-12-05 | Hornik David | Option exercise | 2.1K | — |
| 2025-12-05 | ALVAREZ AIDA | Option exercise | 2.1K | — |
| 2025-12-05 | JACOBS BRIAN | Option exercise | 2.1K | — |
| 2025-12-05 | CAKEBREAD STEVEN | Option exercise | 2.1K | — |
| 2025-12-04 | Rettig John R. | Gift | 10K | — |
| 2025-12-02 | Cota Germaine | Sell | 1.1K | $51.23 |
| 2025-11-28 | Bowman Mary Kay | Option exercise | 15K | — |
| 2025-11-28 | Bowman Mary Kay | Option exercise | 4.1K | — |
| 2025-11-28 | Bowman Mary Kay | Tax withheld | 7.7K | $50.15 |
| 2025-11-28 | Cota Germaine | Option exercise | 3.7K | — |
| 2025-11-28 | Cota Germaine | Tax withheld | 1.9K | $50.15 |
| 2025-11-28 | Lacerte Rene A. | Option exercise | 25K | — |
| 2025-11-28 | Lacerte Rene A. | Option exercise | 6.7K | — |
| 2025-11-28 | Lacerte Rene A. | Tax withheld | 16K | $50.15 |
| 2025-11-28 | Moss Kenneth A | Option exercise | 23K | — |
| 2025-11-28 | Moss Kenneth A | Option exercise | 2.0K | — |
| 2025-11-28 | Moss Kenneth A | Option exercise | 338 | — |
| 2025-11-28 | Moss Kenneth A | Tax withheld | 13K | $50.15 |
| 2025-11-28 | Moss Kenneth A | Tax withheld | 123 | $50.15 |
| 2025-11-28 | Rettig John R. | Option exercise | 22K | — |
| 2025-11-28 | Rettig John R. | Option exercise | 5.7K | — |
| 2025-11-28 | Rettig John R. | Tax withheld | 14K | $50.15 |
| 2025-10-21 | Wagonfeld Alison | Option exercise | 1.0K | — |
| 2025-09-02 | Cota Germaine | Sell | 1.7K | $45.22 |
| 2025-09-02 | Aji Rajesh A. | Sell | 4.0K | $45.22 |
| 2025-08-28 | Cota Germaine | Tax withheld | 1.3K | $49.20 |
| 2025-08-28 | Aji Rajesh A. | Option exercise | 5.4K | — |
| 2025-08-28 | Aji Rajesh A. | Option exercise | 790 | — |
| 2025-08-28 | Aji Rajesh A. | Tax withheld | 2.2K | $49.20 |
| 2025-08-28 | Lacerte Rene A. | Option exercise | 20K | — |
| 2025-08-28 | Lacerte Rene A. | Option exercise | 29K | — |
| 2025-08-28 | Lacerte Rene A. | Tax withheld | 25K | $49.20 |
| 2025-08-28 | Rettig John R. | Option exercise | 17K | — |
| 2025-08-28 | Rettig John R. | Option exercise | 25K | — |
| 2025-08-28 | Rettig John R. | Tax withheld | 21K | $49.20 |
| 2025-08-28 | Moss Kenneth A | Option exercise | 31K | — |
| 2025-08-28 | Moss Kenneth A | Option exercise | 7.9K | — |
| 2025-08-28 | Moss Kenneth A | Option exercise | 212 | — |
| 2025-08-28 | Cota Germaine | Option exercise | 3.6K | — |
| 2025-08-28 | Moss Kenneth A | Tax withheld | 20K | $49.20 |
| 2025-08-28 | Moss Kenneth A | Tax withheld | 89 | $49.20 |
| 2025-08-28 | Bowman Mary Kay | Option exercise | 30K | — |
| 2025-08-28 | Bowman Mary Kay | Option exercise | 17K | — |
| 2025-08-28 | Bowman Mary Kay | Tax withheld | 16K | $49.20 |
| 2025-06-30 | Reich Tina | Option exercise | 1.2K | — |
| 2025-06-24 | Aji Rajesh A. | Sell | 1.8K | $45.25 |
| 2025-06-03 | Aji Rajesh A. | Sell | 2.5K | $45.00 |
| 2025-05-30 | Cota Germaine | Sell | 1.7K | $42.55 |
| 2025-05-28 | Lacerte Rene A. | Option exercise | 2.4K | — |
| 2025-05-28 | Rettig John R. | Option exercise | 17K | — |
| 2025-05-28 | Rettig John R. | Option exercise | 1.9K | — |
| 2025-05-28 | Rettig John R. | Tax withheld | 9.8K | $44.48 |
| 2025-05-28 | Cota Germaine | Option exercise | 3.6K | — |
| 2025-05-28 | Cota Germaine | Tax withheld | 1.3K | $44.48 |
| 2025-05-28 | Aji Rajesh A. | Option exercise | 5.4K | — |
| 2025-05-28 | Aji Rajesh A. | Option exercise | 789 | — |
| 2025-05-28 | Aji Rajesh A. | Tax withheld | 2.2K | $44.48 |
| 2025-05-28 | Moss Kenneth A | Option exercise | 12K | — |
| 2025-05-28 | Moss Kenneth A | Option exercise | 210 | — |
| 2025-05-28 | Moss Kenneth A | Tax withheld | 4.9K | $44.48 |
| 2025-05-28 | Moss Kenneth A | Tax withheld | 89 | $44.48 |
| 2025-05-28 | Lacerte Rene A. | Option exercise | 20K | — |
| 2025-05-28 | Lacerte Rene A. | Tax withheld | 11K | $44.48 |
| 2025-05-02 | ALVAREZ AIDA | Option exercise | 1.2K | — |
| 2025-03-04 | Cota Germaine | Sell | 783 | $50.21 |
| 2025-03-04 | Aji Rajesh A. | Sell | 2.4K | $50.19 |
| 2025-02-28 | Moss Kenneth A | Tax withheld | 4.4K | $55.20 |
| 2025-02-28 | Moss Kenneth A | Tax withheld | 92 | $55.20 |
| 2025-02-28 | Cota Germaine | Option exercise | 10K | — |
| 2025-02-28 | Cota Germaine | Tax withheld | 3.7K | $55.20 |
| 2025-02-28 | Aji Rajesh A. | Option exercise | 5.4K | — |
| 2025-02-28 | Aji Rajesh A. | Tax withheld | 2.3K | $55.20 |
| 2025-02-28 | Rettig John R. | Option exercise | 17K | — |
| 2025-02-28 | Rettig John R. | Option exercise | 1.9K | — |
| 2025-02-28 | Rettig John R. | Tax withheld | 7.1K | $55.20 |
| 2025-02-28 | Lacerte Rene A. | Option exercise | 20K | — |
| 2025-02-28 | Lacerte Rene A. | Option exercise | 2.4K | — |
| 2025-02-28 | Lacerte Rene A. | Tax withheld | 8.8K | $55.20 |
| 2025-02-28 | Aji Rajesh A. | Option exercise | 789 | — |
| 2025-02-28 | Moss Kenneth A | Option exercise | 12K | — |
| 2025-02-28 | Moss Kenneth A | Option exercise | 212 | — |
| 2025-01-31 | Wagonfeld Alison | Sell | 979 | $100.00 |
| 2025-01-31 | Cota Germaine | Sell | 3.9K | $100.00 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-17 | Exec/director change | filing ↗ |
| 2026-05-26 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-05-07 | Results2.05Reg FDExhibits | filing ↗ |
| 2026-03-16 | Exec/director change | filing ↗ |
| 2026-02-05 | ResultsExhibits | filing ↗ |
| 2026-01-26 | Exec/director change | filing ↗ |
| 2025-12-16 | Exec/director change | filing ↗ |
| 2025-12-11 | Shareholder vote | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K/A | 2026-06-17 | 2026-05-22 | 0001628280-26-043873 ↗ |
| 8-K | 2026-05-26 | 2026-05-22 | 0001193125-26-239245 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001628280-26-032387 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001628280-26-032064 ↗ |
| 8-K | 2026-03-16 | 2026-03-11 | 0001628280-26-018149 ↗ |
| 10-Q | 2026-02-06 | 2025-12-31 | 0001628280-26-005879 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001628280-26-005753 ↗ |
| 8-K | 2026-01-26 | 2026-01-20 | 0001628280-26-003403 ↗ |
| 8-K | 2025-12-16 | 2025-12-11 | 0001628280-25-057323 ↗ |
| 8-K | 2025-12-11 | 2025-12-11 | 0001786352-25-000043 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001628280-25-050328 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001628280-25-050144 ↗ |