BILL Stock: Insider Activity, Filings & Research

Bill.com Holdings, Inc. (BILL) — Drillr’s hub for BILL insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, BILL insiders filed 0 open-market buys and 3 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$1.2M

Insider trades by month Buys Sells

Jun

Sep

Dec

Jun

Context3-month price -19.3%Institutions mixed (13F)

Date	Insider	Type	Shares	Price
Jun 1, 2026	Moss Kenneth Aofficer: Chief Technology Officer	Option	8,374	—
Jun 1, 2026	Lacerte Rene A.director, officer: CEO	Option	6,660	—
Jun 1, 2026	Cieri Michaelofficer: Chief Product Officer	Sell	3,500	$37.10
Jun 1, 2026	Moss Kenneth Aofficer: Chief Technology Officer	Option	158	—
Jun 1, 2026	Moss Kenneth Aofficer: Chief Technology Officer	Tax	12,889	$34.85
Jun 1, 2026	Bowman Mary Kayofficer: See Remarks	Tax	6,976	$34.85
Jun 1, 2026	Moss Kenneth Aofficer: Chief Technology Officer	Option	23,347	—
Jun 1, 2026	Moss Kenneth Aofficer: Chief Technology Officer	Option	1,982	—
Jun 1, 2026	Lacerte Rene A.director, officer: CEO	Option	3,658	—
Jun 1, 2026	Cieri Michaelofficer: Chief Product Officer	Option	51,591	—
Jun 1, 2026	Moss Kenneth Aofficer: Chief Technology Officer	Option	339	—
Jun 1, 2026	Lacerte Rene A.director, officer: CEO	Option	7,300	—
Jun 1, 2026	Bowman Mary Kayofficer: See Remarks	Option	4,147	—
Jun 1, 2026	Bowman Mary Kayofficer: See Remarks	Option	7,451	—
Jun 1, 2026	Bowman Mary Kayofficer: See Remarks	Option	7,336	—

Source: BILL SEC Form 4 filings, latest Jun 1, 2026. For informational purposes only — not investment advice.

Overview

Bill.com Holdings, Inc. (NYSE:BILL) is a cloud-based financial software company founded in 2006 and headquartered in San Jose, California. The company went public in December 2019 and has grown to become a leading provider of back-office financial automation solutions for small and midsize businesses. Bill.com serves over 480,000 businesses through its integrated platform that digitizes and automates accounts payable, accounts receivable, and expense management processes. The company has built a comprehensive financial operations ecosystem that processes nearly $300 billion in annual payment volume across a network of over 7 million members.

Business

Bill.com operates in the financial technology sector, specifically focusing on business-to-business payment automation and spend management software. The company's core mission is to eliminate the manual, paper-based financial processes that still plague millions of small and midsize businesses worldwide. The company's platform consists of several integrated solutions. The BILL AP/AR Solution handles accounts payable and accounts receivable automation, allowing businesses to digitally send and receive invoices, approve payments, and manage vendor relationships. This eliminates the need for paper checks, manual data entry, and time-consuming approval workflows. The BILL Spend and Expense Solution (acquired through the Divvy purchase) provides corporate credit cards, expense management, and budgeting tools that give businesses real-time visibility into spending patterns. Revenue is roughly distributed as follows: BILL AP/AR Solution generates approximately 46% of core revenue ($164 million in recent quarter), while BILL Spend and Expense Solution contributes about 43% ($138 million), with the remainder coming from embedded solutions and other services. The company also offers embedded financial solutions through its partnership ecosystem, allowing accounting firms, banks, and software companies to white-label Bill.com's capabilities within their own platforms. The underlying technology automates what were traditionally manual processes - invoice processing, payment approvals, check printing, and expense report management. For context, most small businesses still rely on paper checks, manual invoice processing, and spreadsheet-based expense tracking, creating inefficiencies that Bill.com's platform addresses through digital workflows and automated reconciliation.

Revenue model

Bill.com operates a software-as-a-service subscription model combined with transaction-based payment processing fees. The company generates revenue through monthly subscription fees for platform access and takes a percentage of payment volume processed through its system (known as "ad valorem" or "take rate" revenue). The primary paying customers are small and midsize businesses, typically with 2-500 employees, who pay monthly subscription fees ranging from basic plans to enterprise-level packages. Additionally, the company earns transaction fees when businesses process payments through the platform - whether via ACH transfers, virtual cards, wire transfers, or international payments. The company also generates float revenue from temporarily holding customer funds between payment initiation and settlement. Key factors that increase profitability include higher payment volumes per customer, adoption of higher-margin payment methods like virtual cards, and expansion of ad valorem payment penetration (currently around 14% of total payment volume). The company benefits from network effects - as more suppliers join the platform to receive payments, it becomes more valuable for buyers, and vice versa. Margin pressures come from competitive pricing in payment processing, foreign exchange volatility for international payments, macroeconomic conditions affecting small business spending, and the need for continued technology investments. The company faces seasonal variations, with lower payment volumes typically in Q1 due to year-end business cycles. Interest rate environments also affect float revenue generation, as the company earns returns on temporarily held customer funds.

Competitive moat

Bill.com's competitive moat stems primarily from network effects and switching costs, though the strength is moderate rather than insurmountable. The company has built a two-sided network connecting over 480,000 businesses with more than 7 million suppliers and vendors. Once businesses integrate their accounting workflows and establish supplier relationships on the platform, switching becomes costly due to data migration complexity, retraining requirements, and the need to re-establish vendor connections. The company's partnership ecosystem with over 8,500 accounting firms creates an additional distribution moat, as accountants recommend and implement Bill.com for their clients, creating sticky relationships. The platform's integration with popular accounting software like QuickBooks, NetSuite, and Xero further increases switching costs. However, the moat faces significant competitive threats. Large technology companies like Microsoft, Intuit, and traditional payment processors are expanding into similar territory with substantial resources. The core functionality - payment processing and workflow automation - is not inherently proprietary, and well-funded competitors can replicate features relatively quickly. Additionally, banks and financial institutions are developing competing solutions, potentially leveraging existing customer relationships. The company's data advantages from processing billions in payment volume provide some defensibility for developing AI-powered features and risk management capabilities, but this advantage diminishes as competitors scale their own transaction volumes. Overall, while Bill.com has built meaningful switching costs and network effects, the moat is moderate and requires continuous innovation and execution to maintain competitive positioning.

Risks & safety

Bill.com maintains a relatively strong financial position with moderate safety margins: • Cash and liquidity: $1.05 billion in cash and short-term investments as of Q3 2025, providing substantial runway • Debt levels: Debt-to-equity ratio of 0.41, indicating manageable leverage with no immediate solvency concerns • Cash generation: Positive free cash flow of $98 million in recent quarter, demonstrating operational cash generation capability • Current ratio: 1.69, indicating adequate short-term liquidity to meet obligations • Valuation metrics: Trading at 1.2x price-to-book ratio, though extremely high EV/EBITDA due to minimal EBITDA generation • Profitability: Near break-even operationally with small net losses, but positive EBITDA and cash flow generation • Other considerations: Revenue growth has decelerated to 11% year-over-year, indicating potential maturation challenges; however, strong balance sheet provides flexibility for strategic investments and weathering economic downturns

Recent development

Over the past few years, Bill.com has executed several strategic pivots and product expansions. The company completed major acquisitions including Divvy for spend management and Invoice2go for invoicing solutions, transforming from a pure accounts payable/receivable platform into an integrated financial operations suite. Recent product developments include launching AI-powered financial agents to automate routine tasks, expanding international payment capabilities with local transfer options, and developing invoice financing solutions to provide working capital to suppliers. The company introduced advanced ACH solutions for large suppliers and enhanced multi-entity management capabilities for growing businesses. The ecosystem expansion strategy has been central to recent growth, with the company deepening relationships with accounting firms (over 9,000 now using the platform) and expanding embedded solutions through partnerships with banks and software providers. The launch of Embed 2.0 platform allows partners to integrate Bill.com's capabilities more seamlessly into their own offerings. Strategically, the company has shifted focus toward serving larger small and midsize businesses rather than micro-businesses, evidenced by the 40% increase in new customer spending and enhanced capabilities for multi-entity management. The integration of Divvy's spend management with core AP/AR functionality represents a significant platform consolidation effort aimed at providing comprehensive financial operations management rather than point solutions.

BILL company profile · for informational purposes only — not investment advice.

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