Forensic Analysis · Software & SaaS · as of Nov 8, 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
1.4
Distress distance
Clean
Earnings quality
2
Forensic signals
-0.3%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 1.4, 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
-1.3%
FY2026
Return on invested capital.Return on invested capital is -1.3% 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 went from $4.1B in FY2024 to $4.3B in FY2026 (+5%), while the revenue it carried went from $1.3B to $1.7B. $1.0B of the $4.3B base at FY2026 is short-term investments (24.0%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows. 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 +2.0-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?