Forensic Analysis · Technology / Software · as of Sep 25, 2026
Bill Holdings, Inc. (BILL)
A forensic read on Bill Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.5
Distress distance
Clean
Earnings quality
2
Forensic signals
-414.4
P / E (ttm)
-0.3%
ROE
$3.9B
Market cap
0.00%
Dividend yield
13.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Bill Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.5, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-1.4%
FY2026
Return on invested capital.Return on invested capital is -1.4% in the latest fiscal year and rising across FY2024–FY2026 from -3.3%. After-tax operating profit was ($138M) in FY2024 and ($58M) in FY2026, with operating income at -13.5% of revenue in FY2024, -5.5% in FY2025 and -4.4% in FY2026. The capital base behind it barely moved across FY2024–FY2026 ($4.1B to $4.3B, +3%), so there has been little new capital for that return to be earned on. FY2024's operating profit carried a $24M restructuring charge that took about 0.5 points off that year's return, and FY2026's carried a $75M restructuring charge that took about 1.4 points off the latest; so, net of each other, the two charges take about 0.9 points off the +1.9-point change across FY2024–FY2026.
158% of FCF
FY2026
Shareholder returns.Returned $560M to shareholders (buybacks + dividends) in FY2026 — 158% of free cash flow. That is $206M (58%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet covered it: cash and short-term investments fell $281M and total debt rose $122M over FY2026. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $230M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 223%.
Key fundamentals
Latest Revenue$1.65B
Revenue Growth YoY+13.0%
Revenue CAGR (2yr)+13.2%
Net Margin-0.7%
Free Cash Flow$354.7M
Return on Equity-0.3%
Debt / Equity0.52x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Bill Holdings, Inc.'s actual 10-K/10-Q/8-K filings?