BILLBILL Holdings, Inc.

Services-Prepackaged Software

Revenue: $1.7B; 13% YoY
Operating margin: -4.4%; 19% YoY
EBITDA: −$18M; 67% YoY
Market cap: $4.4B
Employees: 1,683; $982K revenue each
Net debt / EBITDA: —; $805M net debt
AI in 10-K: 12.4; mentions per 10K words

Takeover score 7 of 13

Fixable underperformance 4 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$14M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
14% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
135% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
23% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$982K · 79th pct
Bottom quartile of its SIC industry
Quiet on AINo
12.4 per 10K words · 95th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.4B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
2 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$16M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$642M	$1.1B	$1.3B	$1.5B	$1.7B	13%
Operating income	−$317M	−$296M	−$174M	−$81M	−$73M	8.9%
Net income	−$326M	−$224M	−$29M	$24M	−$11M	147%
Operating cash flow	−$18M	$188M	$279M	$351M	$416M	19%
Capex	$5M	$8M	$976K	$4M	$3M	23%
Stock-based comp	$197M	$314M	$248M	$243M	$230M	5.3%
Buybacks	$0	$88M	$212M	$430M	$560M	30%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 24, 2026	Starboard Value LP	SCHEDULE 13D/A	1.6%	Passive
Oct 16, 2025	Starboard Value LP	SCHEDULE 13D/A	8.6%	Passive
Sep 8, 2025	Starboard Value LP	SCHEDULE 13D/A	8.5%	Active
Sep 4, 2025	Starboard Value LP	SCHEDULE 13D	8.5%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $16M · 17
Net: −$16M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$11M	$6M	20	272
FY2025	$16M	$14M	25	198
FY2024	$14M	−$5M	29	172
FY2023	$18M	$18M	64	121
FY2022	$14M	$6M	60	86