BILL Holdings, Inc. — Blitz Index 58 (C)
BILL scores 58 — a real two-sided SMB finance network with an 80.9% gross margin, growing at mature-SaaS speed.
Confidence: High · Category: platforms
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 15 / 25 | FY2026 +13.0% (from +169% → +65% → +22% → +13% → +13%) — a mature-SaaS deceleration curve; Q4 net-new adds only ~1,800 |
| B · Moat | 39 / 60 | Two-sided business network (9.2M members, 9,500+ accounting firms) + embedded distribution; 80.9% gross margin; TPV $371B (+13%) |
| C · Creative destruction | 9 / 15 | Manual SMB back office (paper checks, spreadsheets, email approvals) replaced by unified AP/AR + spend platform; AI agents now at 175,000+ businesses |
| D · BlitzFailing | −5 | Converts $1,506.1M + $330M revolver drawn; GAAP operating loss −$73.4M on SBC + restructuring; founder-CEO-chair concentration + activist overhang |
Radar axes (0–100): Moat 65 · Speed 60 · Creative 60.
Watch item
Gates: G1 ✓ (weak pass) · G2 ✓ (estimate — bar ≈ $16.53B vs tens of billions in revenue TAM). 7 points below the threshold — first score.
Strengths
- TPV $371B (+13%) with 9.2M network members and 9,500+ accounting firms — distribution built for SMB fragmentation
- GM 80.9%, stable across three years; OCF $415.8M and FCF ≈ $412.5M — self-funding
- AI-agent adoption at scale in one year (175,000+ businesses) with quantified step-elimination (coding ~90%)
- Buyback discipline: shares 103.0M → 92.1M; ~$300M repurchased in Q4 alone
- Low-coupon debt (0% 2030 notes); net debt 0.49x revenue
Concerns
- Growth deceleration is structural in the guide: FY2027 core +11–14% is the company's own ceiling for now
- Q4 net-new adds of only ~1,800 — distribution stalled during the sales reset; recovery unproven
- GAAP losses persist (−$73.4M operating, −$11.2M net in FY2026) on SBC + restructuring
- Take-rate compression on large-customer ACH mix (AP/AR 16.0 bps, −0.5 bps)
- Card-rewards reclassification breaks FY2026-vs-FY2027 margin comparability until restated bases are used
More Platforms companies
Other Platforms names on the Blitz Index, highest score first: Alphabet (82/A), Meta (78/B), Snowflake (76/B).
Next earnings
Nov 5, 2026 · After close · Confirmed
Coverage
BILL Holdings, Inc. · Q1 FY2027 due Nov 5, 2026 (AMC) · Score 58 · Grade C
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BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.