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BILL$BILL · filed: grew revenue 13.0% in FY2026 to $1.7BOld boatTrillion Score 626Fall Risk MediumNext year $1.2B–$2.9B sealedCheck ▾Close ▴
What BILL filed
Grew revenue 13.0% in FY2026 to $1.7 billion, operating margin -4.4% against a 0.9% median for prepackaged software, equity 34.6% of assets. Every figure links to the filing it came from on BILL’s card. Old boat: three warning signs. Trillion Score 626, #8 of 311 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-06-30 between $1.2B and $2.9B, an 80% range sealed on 27 Sept 2026 · receipt #72f6b0 · graded in public by the revenue in BILL’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Activist targets Bill's **$1.8B** cash position as growth slows; watch Q3 earnings in late February for capital return signals.
$1.8 billion
in cash and short-term investments while its stock trades
38%
below its twelve-month high
$1.1 billion
in annual revenue but has seen revenue growth decelerate…
50%
in fiscal 2022 to projected
An activist investor has opened a position in Bill Holdings (NYSE: BILL), the financial operations software company sitting on approximately $1.8 billion in cash and short-term investments while its stock trades 38% below its twelve-month high. The campaign centers on capital deployment strategy at a firm that generates roughly $1.1 billion in annual revenue but has seen revenue growth decelerate from 50% in fiscal 2022 to projected 14-16% for fiscal 2025.
Bill operates invoice-to-payment infrastructure for 406,000 small and mid-sized businesses, processing $78 billion in annualized payment volume. The company earns revenue from subscription fees, transaction-based pricing on payment rails, and float income on customer funds held in transit. Net revenue retention sits at 105%, down from 115% two years prior. The activist's thesis likely hinges on the gap between Bill's $5.8 billion market capitalization and its balance sheet strength—the company carries minimal debt and produced $287 million in free cash flow over the trailing twelve months while spending $89 million on stock buybacks.
The pressure arrives as Bill navigates a structural shift in its business model. The company historically benefited from rising interest rates on customer float, which contributed $156 million in net revenue during fiscal 2024. That tailwind diminishes as rates normalize. Meanwhile, competition intensifies from embedded finance plays inside accounting platforms and banks rebuilding SMB payment products. Bill's gross margin of 86% suggests pricing power, but customer acquisition costs have climbed as the easy wins in accountant-led distribution mature. The activist will argue Bill should return capital more aggressively or pursue accretive M&A—the company has made seventeen acquisitions since 2017, though none recently exceeded $200 million in disclosed value.
Allocators should watch for proxy filing deadlines in the May-June window ahead of Bill's typical late-summer annual meeting. The company recently added two board members in December, which may signal preemptive governance refreshment. Management has guided fiscal Q3 revenue of $358-363 million, implying 13-15% growth; any miss below $355 million tightens the activist's hand. Bill's next earnings call, scheduled for late February, will reveal whether CEO René Lacerte addresses capital allocation without naming the campaign directly. The company's partnership pipeline with vertical software providers represents $12 billion in addressable payment volume not yet captured—execution there determines whether this turns into a quick capital return settlement or a longer fight over strategic direction.
Bill holds 47% market share among accountants using bill-pay software for clients, a moat that took a decade to build. The activist is betting that moat funds a buyback, not another tuck-in acquisition.
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