BILLBILL Holdings, Inc.
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BILL?
BILL Holdings, Inc. earns −1.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 11 points below what the capital costs: growth destroys value
- Operating margin
- −4.4%
Operating margin · Software - Application median 6.4% · 12 months to Q4 2026
- R&D as % of revenue
- 18%
R&D as % of revenue
- Gross margin
- 81%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | −48% |
| FY2022 | −49% |
| FY2023 | −28% |
| FY2024 | −14% |
| FY2025 | −5.5% |
| FY2026 | −4.4% |
Details›
- Gross margin12 months to Q4 2026
- 81%
- Operating margin12 months to Q4 2026
- −4.4%
- Net margin12 months to Q4 2026
- −0.68%
- Free cash flow margin
- 25%
- R&D as % of revenue
- 18%
- Revenue, trailing twelve months
- $1.65B
- Free cash flow, trailing twelve months
- $412M
- Net income, trailing twelve months
- −$11M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −1.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Software, Application
Ranks #68 of 96 by RyuScore