Is the business good?
How good a business is BILL?
BILL Holdings, Inc. earns −1.4% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−1.4%
Return on invested capital · cost of capital 9.0% · 10 points below what the capital costs: growth destroys value
- Operating margin
- −3.8%
Operating margin · Software - Application median 8.2% · 12 months to Q3 2026
- Share count, year on year
- +10%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 20%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −22% |
| FY2021 | −48% |
| FY2022 | −49% |
| FY2023 | −28% |
| FY2024 | −14% |
| FY2025 | −5.5% |
Details›
- Gross margin12 months to Q3 2026
- 81%
- Operating margin12 months to Q3 2026
- −3.8%
- Net margin12 months to Q3 2026
- 0.01%
- Free cash flow margin
- 24%
- R&D as % of revenue
- 20%
- Revenue, trailing twelve months
- $1.60B
- Free cash flow, trailing twelve months
- $383M
- Net income, trailing twelve months
- $164K
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −1.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Software - Application
Ranks #76 of 90 by Smart Score