Forensic Analysis · Technology / Software · as of Aug 9, 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.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.0
Distress distance
Clean
Earnings quality
4
Forensic signals
28543.0
P / E (ttm)
0.6%
ROE
$4.8B
Market cap
13.4%
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). 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 B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.0, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-1.4%
FY2025
Return on invested capital.Return on invested capital is -1.4% in the latest fiscal year and rising from -6% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
124% of FCF
FY2025
Shareholder returns.Returned $430M to shareholders (buybacks + dividends) in FY2025 — 124% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $243M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 194%.
+12.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.2% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +15% against revenue +13%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 8% of net operating assets, diverging from the balance-sheet accrual read.
+0.7%/yr
FY2022–FY2025
Share count.Diluted share count changed +2% over the last 3 years to FY2025 (+0.7%/yr). Roughly flat — buybacks ($430M) are about offsetting stock comp ($243M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$1.46B
Revenue Growth YoY+13.4%
Revenue CAGR (3yr)+31.6%
Net Margin1.6%
Free Cash Flow$346.3M
Return on Equity0.6%
Debt / Equity0.44x
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?