BILL BILL Holdings, Inc. Common Stock
NYSE · Technology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 20, 2026
$43.62
· of 52w range
· above low
· to high
$31.4152w low
$57.2152w high
Market Cap (MRQ)
$4.02B
P/E (TTM)
-396.5
EPS (TTM)
$-0.11
Revenue (TTM)
$1.65B
your badges
52W Range
$31–$57
Analyst Rating
BUY
Price Target
$57
P/E
-396.5
ROE
-0.30%
Net Profit Margin
-0.68%
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BILL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$43.62
Market Cap (MRQ)
$4.02B
P/E (TTM)
-396.5
EPS (TTM)
$-0.11
Revenue (TTM)
$1.65B
ROE (TTM)
-0.30%
52W Range
$31–$57
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About BILL Holdings, Inc. Common Stock Company overview from Wikipedia
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
History
2004–2010
René Lacerte, who co-founded and led an online payroll software startup PayCycle, stepped down as its CEO in November 2004 per the decision of the Board. Lacerte soon started working on his next company, which eventually became Bill.com. Founded in April 2006 as Cashboard, Inc., the company enables small businesses to pay their bills and keep their books in the cloud. Its early investors included August Capital and DCM Ventures.
2019–2025
In October 2019, Bill.com started offering new capabilities to help companies automate their AP/AR functions.
Bill.com completed its initial public offering (IPO) on the New York Stock Exchange in December 2019. In early 2020, Bill.com moved its headquarters from Palo Alto to San Jose, California.
In June 2021, Bill.com paid $2.5 billion to acquire Divvy, an expense-management company that modernizes small business finances by combining software and corporate smart cards into a single platform. Later that September, the company closed the acquisition of Invoice2go for $625 million, an AR mobile-first company, extending the company's reach to serve sole proprietors.
In 2025, the Financial Times reported that the hedge fund Elliott Management had acquired a large stake in Bill Holdings. Reuters then reported that Elliott owned roughly 5% of Bill Holdings. Activist investor Starboard Value had also acquired an 8.5% stake in BILL Holdings, with reports it intended to push for changes. In early 2025, Starboard and the company Autodesk reached a settlement to add two independent directors to the BILL board, while in March, Kenvue agreed to add three directors to the board. Starboard nominated four to the BILL Holdings board in September 2025, with four of BILL's 12 directors standing for election at the upcoming annual meeting. In September 2025, BILL Holdings had a market value of around $5 billion.
In November 2025, Bloomberg reported that BILL Holdings was exploring strategic options including a potential sale, amid pressure from activist investors Starboard Value and Elliott Management. In December 2025, activist investor Barington Capital also disclosed a stake and urged the board to consider a sale. By February 2026, Hellman & Friedman was reported to be in talks for a potential buyout.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
sectorTechnology
industryTechnology
employees1,683
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$1.65B2018-06-30 → 2026-06-30
EPS$-0.112020-06-30 → 2026-06-30
Free Cash Flow$412M2020-06-30 → 2026-06-30
Net margin-0.68%2020-06-30 → 2026-06-30
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | BILL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -396.55Y avg ≈-254.8 | ≈-254.8 | · | · | |
| P/S (TTM) | 2.45Y avg ≈7.9 | ≈7.9 | 3.5 | Undervalued | |
| P/B (MRQ) | 1.15Y avg ≈1.9 | ≈1.9 | 2.7 | Undervalued | |
| Price / FCF (TTM) | 9.75Y avg ≈-75.9 | ≈-75.9 | · | · | |
| Price / Cash Flow (TTM) | 9.75Y avg ≈-105.7 | ≈-105.7 | 15.3 | Undervalued | |
| Price / Tangible Book (MRQ) | 1.25Y avg ≈5.9 | ≈5.9 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | BILL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 80.9%5Y avg ≈80.6% | ≈80.6% | 79.1% | Top tier | |
| Operating Margin (TTM) | -4.4%5Y avg ≈-20.1% | ≈-20.1% | 7.4% | Weak | |
| EBITDA Margin | -1.1%5Y avg ≈-18.7% | ≈-18.7% | 7.9% | Weak | |
| Pretax Margin (TTM) | -0.61%5Y avg ≈-14.6% | ≈-14.6% | 8.2% | Weak | |
| Net Profit Margin (TTM) | -0.68%5Y avg ≈-14.7% | ≈-14.7% | 5.6% | Weak | |
| ROA (TTM) | -0.11%5Y avg ≈-1.4% | ≈-1.4% | -0.03% | Below avg | |
| ROE (TTM) | -0.30%5Y avg ≈-2.8% | ≈-2.8% | -0.11% | Below avg | |
| ROIC | -2.3%5Y avg ≈-4.7% | ≈-4.7% | 3.0% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | BILL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 1.55Y avg ≈1.7 | ≈1.7 | 1.5 | In line | |
| Quick Ratio | 0.25Y avg ≈0.3 | ≈0.3 | 0.9 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | BILL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 13.0%5Y avg ≈56.5% | ≈56.5% | · | · | |
| Revenue CAGR 3Y | 16.0%5Y avg ≈53.0% | ≈53.0% | · | · | |
| Revenue CAGR 5Y | 47.3% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | BILL | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.25Y avg ≈0.1 | ≈0.1 | 0.6 | Weak | |
| Receivables Turnover | 52.25Y avg ≈43.5 | ≈43.5 | 8.7 | Top tier | |
| Revenue / Employee | ≈$982.3K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
20.2%
Next Report
Nov 05, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| Dec. 31, 2026 | Aug 19, 2026 | $0.84 | $0.72 | 16.9% |
| June 30, 2026 | $0.84 | $0.72 | 16.9% | |
| March 31, 2026 | $0.68 | $0.57 | 19.8% | |
| Dec. 31, 2025 | $0.64 | $0.57 | 12.7% | |
| Sept. 30, 2025 | $0.61 | $0.52 | 17.2% | |
| June 30, 2025 | $0.53 | $0.41 | 28.0% | |
| March 31, 2025 | $0.50 | $0.38 | 30.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.65B | $1.46B | $1.29B | $1.06B | $642M | $238M | $158M | $108M | $65M | |
| Cost of Revenue | $315M | $272M | $235M | $194M | $145M | $62M | $39M | $30M | $19M | |
| Gross Profit | $1.34B | $1.19B | $1.06B | $864M | $497M | $176M | $118M | $78M | $45M | |
| R&D Expense | $301M | $340M | $337M | $315M | $220M | $90M | $53M | $29M | $18M | |
| SG&A Expense | $299M | $282M | $278M | $249M | $221M | $128M | $53M | $29M | $16M | |
| Operating Expenses | $1.41B | $1.27B | $1.23B | $1.16B | $814M | $290M | $153M | $88M | $53M | |
| Operating Income | $-73M | $-81M | $-174M | $-296M | $-317M | $-114M | $-34M | $-10M | $-8M | |
| Interest Expense | · | · | · | $15M | $9M | $28M | $229.0K | $825.0K | $427.0K | |
| Interest Income | · | · | $122M | $91M | $7M | $3M | $4M | $3M | $1M | |
| Other Non-op | $63M | $111M | $148M | $73M | $-14M | $-25M | $3M | $2M | $1.0K | |
| Pretax Income | $-10M | $30M | $-26M | $-223M | $-331M | $-139M | $-31M | $-7M | $-7M | |
| Income Tax | $1M | $7M | $3M | $808.0K | $-4M | $-41M | $53.0K | $-156.0K | $10.0K | |
| Net Income | $-11M | $24M | $-29M | $-224M | $-326M | $-99M | $-31M | $-7M | $-7M | |
| EPS (Basic) | $-0.11 | $0.23 | $-0.27 | $-2.11 | $-3.21 | $-1.19 | $-0.70 | · | · | |
| EPS (Diluted) | $-0.11 | $-0.07 | $-0.27 | $-2.11 | $-3.21 | $-1.19 | $-0.70 | · | · | |
| Shares (Basic) | 99,918,000 | 103,568,000 | 106,102,000 | 105,976,000 | 101,753,000 | 82,813,000 | 44,106,000 | · | · | |
| Shares (Diluted) | 99,918,000 | 103,912,000 | 106,102,000 | 105,976,000 | 101,753,000 | 82,813,000 | 44,106,000 | · | · | |
| EBITDA | $-18M | $-53M | $-151M | $-296M | $-317M | $-114M | $-34M | · | · |
Balance Sheet
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.03B | $1.04B | $986M | $1.62B | $1.60B | $510M | $574M | $90M | $22M | |
| Receivables | $31M | $32M | $28M | $28M | $24M | $18M | $4M | $4M | · | |
| Prepaid Expense | $302M | $258M | $297M | $170M | $151M | $67M | $27M | $12M | · | |
| Current Assets | $7.44B | $7.24B | $6.31B | $6.67B | $6.28B | $3.61B | $2.38B | $1.51B | · | |
| PP&E (Net) | $145M | $117M | $88M | $82M | $57M | $49M | $14M | $7M | · | |
| PP&E (Gross) | $290M | $207M | $155M | $127M | $87M | $68M | $28M | $18M | · | |
| Accum. Depreciation | $145M | $90M | $67M | $45M | $30M | $19M | $14M | $11M | · | |
| Goodwill | $2.40B | $2.40B | $2.40B | $2.40B | $2.36B | $1.77B | $0 | · | · | |
| Intangibles | $162M | $223M | $281M | $361M | $433M | $417M | · | · | · | |
| Other Non-current Assets | $32M | $33M | $39M | $54M | $48M | $53M | $11M | $7M | · | |
| Total Assets | $10.22B | $10.06B | $9.18B | $9.64B | $9.26B | $5.97B | $2.40B | $1.53B | · | |
| Accounts Payable | $10M | $16M | $7M | $9M | $10M | $12M | $3M | $5M | · | |
| Accrued Liabilities | $387M | $252M | $300M | $195M | $120M | $72M | $11M | $7M | · | |
| Current Liabilities | $4.92B | $4.59B | $4.06B | $3.75B | $3.41B | $2.33B | $1.68B | $1.35B | · | |
| Capital Leases | $48M | $58M | $63M | $72M | $83M | $87M | · | · | · | |
| Deferred Tax | · | · | · | · | · | $9M | · | · | · | |
| Other Non-current Liabilities | $777.0K | $2M | $574.0K | $19M | $21M | $35M | $14M | $1M | · | |
| Total Liabilities | $6.69B | $6.15B | $5.04B | $5.55B | $5.21B | $3.44B | $1.69B | $1.35B | · | |
| Long-term Debt | $1.84B | $1.71B | $914M | $1.84B | $1.77B | $989M | · | · | · | |
| Common Stock | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $1.0K | · | |
| Paid-in Capital | $5.63B | $5.41B | $5.23B | $4.95B | $4.60B | $2.78B | $857M | $15M | · | |
| Retained Earnings | $-2.09B | $-1.51B | $-1.10B | $-856M | $-545M | $-247M | $-149M | $-118M | · | |
| AOCI | $-6M | $10M | $-2M | $-4M | $-10M | $-100.0K | $2M | $326.0K | · | |
| Stockholders' Equity | $3.53B | $3.91B | $4.13B | $4.09B | $4.04B | $2.53B | $711M | $-103M | $-102M | |
| Liabilities + Equity | $10.22B | $10.06B | $9.18B | $9.64B | $9.26B | $5.97B | $2.40B | $1.53B | · | |
| Shares Outstanding | 92,063,000 | 103,012,000 | 106,646,000 | 106,550,000 | 104,731,000 | 94,504,000 | 79,635,000 | 8,154,000 | 7,345,000 |
Cash Flow
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $56M | $28M | $23M | $16M | $12M | $5M | $1M | $3M | $2M | |
| Stock-based Comp | $230M | $243M | $248M | $314M | $197M | $68M | $18M | $4M | $2M | |
| Deferred Tax | $280.0K | $-77.0K | $-361.0K | $-1M | $-4M | $-41M | $0 | $-176.0K | · | |
| Amort. of Intangibles | $61M | $62M | $80M | $80M | $76M | $6M | $0 | · | · | |
| Restructuring | $75M | $7.0K | $24M | · | · | · | · | · | · | |
| Other Non-cash | $141M | $57M | $36M | · | · | · | · | · | · | |
| Operating Cash Flow | $416M | $351M | $279M | $188M | $-18M | $5M | $-4M | $-4M | $-8M | |
| CapEx | $3M | $4M | $976.0K | $8M | $5M | $19M | $11M | $3M | $1M | |
| Investing Cash Flow | $-29M | $-817M | $-409M | $259M | $-1.13B | $-1.43B | $-249M | $-96M | $-418M | |
| Stock Issued | $12M | $12M | $16M | $18M | $13M | $9M | $0 | · | · | |
| Stock Repurchased | $560M | $430M | $212M | $88M | $0 | $0 | · | · | · | |
| Net Stock Activity | $-549M | $-418M | $-195M | $-70M | $13M | $9M | $308M | · | · | |
| Financing Cash Flow | $-173M | $667M | $-743M | $235M | $2.88B | $1.64B | $863M | $492M | $326M | |
| Net Change in Cash | $214M | $199M | $-873M | $682M | $1.73B | $217M | $609M | · | · | |
| Free Cash Flow | $412M | $346M | $278M | $180M | $-23M | $-14M | $-16M | · | · | |
| Levered FCF | · | · | · | $165M | $-33M | $-34M | $-16M | · | · |
Profitability
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.9% | 81.4% | 81.8% | 81.7% | 77.4% | 74.1% | 75.2% | · | · | |
| Operating Margin | -4.4% | -5.5% | -13.5% | -27.9% | -49.4% | -47.8% | -21.7% | · | · | |
| Net Margin | -0.68% | 1.6% | -2.2% | -21.1% | -50.8% | -41.4% | -19.7% | · | · | |
| Pretax Margin | -0.61% | 2.1% | -2.0% | -21.1% | -51.5% | -58.5% | -19.7% | · | · | |
| EBITDA Margin | -1.1% | -3.6% | -11.7% | -27.9% | -49.4% | -47.8% | -21.7% | · | · | |
| ROA | -0.11% | 0.25% | -0.31% | -2.4% | -4.3% | -2.4% | -1.6% | · | · | |
| ROE | -0.31% | 0.62% | -0.70% | -5.5% | -8.1% | -5.8% | -5.7% | · | · | |
| ROIC | -2.3% | -1.6% | -4.6% | -7.3% | -7.7% | -3.2% | -4.8% | · | · |
Liquidity & Solvency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.5 | 1.6 | 1.6 | 1.8 | 1.8 | 1.6 | 1.4 | · | · | |
| Quick Ratio | 0.2 | 0.2 | 0.2 | 0.4 | 0.5 | 0.2 | 0.3 | · | · | |
| Interest Coverage | · | · | · | -19.5 | -33.6 | -4.0 | -149.3 | · | · |
Efficiency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | · | · | |
| Receivables Turnover | 52.2 | 48.4 | 45.8 | 40.5 | 30.4 | 21.2 | 36.4 | · | · |
Per Share
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $38.35 | $38.00 | $38.77 | $38.35 | $38.61 | $26.77 | $8.92 | · | · | |
| Revenue / Share | $16.55 | $14.08 | $12.16 | $9.99 | $6.31 | · | · | · | · | |
| Cash Flow / Share | $4.16 | $3.37 | $2.63 | $1.77 | $-0.18 | · | · | · | · | |
| Cash / Share | $11.20 | $10.08 | $9.24 | $15.18 | $15.24 | $5.39 | $7.20 | · | · | |
| EPS (TTM) | $-0.11 | $-0.07 | $-0.27 | $-2.11 | $-3.21 | $-1.19 | $-0.70 | · | · |
Growth Rates
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 13.0% | 13.4% | 21.9% | 64.9% | 169.4% | 51.2% | · | · | · | |
| Revenue CAGR 3Y | 16.0% | 31.6% | 75.6% | 88.7% | · | · | · | · | · | |
| Revenue CAGR 5Y | 47.3% | 56.1% | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.65B | $1.46B | $1.29B | $1.06B | $642M | $238M | $158M | · | · | |
| Net Income TTM | $-11M | $24M | $-29M | $-224M | $-326M | $-99M | $-31M | · | · | |
| Market Cap | $3.33B | $4.77B | $5.61B | $12.45B | $11.51B | $17.31B | $7.18B | · | · | |
| P/E | -328.7 | -660.9 | -194.9 | -55.4 | -34.2 | -153.9 | -128.9 | · | · | |
| P/S | 2.0 | 3.3 | 4.3 | 11.8 | 17.9 | 72.7 | 45.6 | · | · | |
| P/B | 0.9 | 1.2 | 1.4 | 3.0 | 2.8 | 6.8 | 10.1 | · | · | |
| P / Tangible Book | 3.4 | 3.7 | 3.9 | 9.4 | 9.2 | 50.9 | 10.1 | · | · | |
| P / Cash Flow | 8.0 | 13.6 | 20.1 | 66.3 | -636.4 | 3744.6 | -1621.6 | · | · | |
| P / FCF | 8.1 | 13.8 | 20.2 | 69.1 | -490.6 | -1212.4 | -452.8 | · | · | |
| Earnings Yield | -0.30% | -0.15% | -0.51% | -1.8% | -2.9% | -0.65% | -0.78% | · | · |
Income Statement
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $436M | $407M | $415M | $396M | $383M | $358M | $363M | $358M | $344M | $323M | $318M | $305M | $296M | $273M | $260M | $230M | |
| Cost of Revenue | $80M | $75M | $84M | $77M | $74M | $67M | $67M | $65M | $65M | $55M | $58M | $56M | $53M | $49M | $47M | $45M | |
| Gross Profit | $356M | $332M | $331M | $319M | $310M | $291M | $296M | $294M | $278M | $268M | $260M | $249M | $243M | $224M | $213M | $185M | |
| R&D Expense | $63M | $74M | $83M | $80M | $90M | $87M | $85M | $79M | $80M | $82M | $86M | $89M | $82M | $79M | $79M | $75M | |
| SG&A Expense | $71M | $72M | $79M | $77M | $70M | $74M | $71M | $67M | $70M | $64M | $70M | $73M | $41M | $72M | $69M | $67M | |
| Operating Expenses | $390M | $332M | $349M | $339M | $332M | $320M | $318M | $301M | $301M | $296M | $328M | $306M | $285M | $278M | $325M | $273M | |
| Operating Income | $-34M | $-399.0K | $-18M | $-21M | $-22M | $-29M | $-22M | $-8M | $-22M | $-28M | $-68M | $-57M | $-41M | $-54M | $-112M | $-88M | |
| Other Non-op | $14M | $15M | $16M | $18M | $19M | $19M | $55M | $18M | $30M | $60M | $29M | $29M | $26M | $24M | $17M | $6M | |
| Pretax Income | $-20M | $15M | $-2M | $-3M | $-3M | $-10M | $34M | $10M | $8M | $32M | $-39M | $-27M | $-15M | $-31M | $-95M | $-82M | |
| Income Tax | $-2M | $2M | $522.0K | $149.0K | $4M | $1M | $45.0K | $1M | $1.0K | $370.0K | $2M | $522.0K | $738.0K | $542.0K | $-365.0K | $-107.0K | |
| Net Income | $-18M | $13M | $-3M | $-3M | $-7M | $-12M | $34M | $9M | $8M | $32M | $-40M | $-28M | $-16M | $-31M | $-95M | $-82M | |
| EPS (Basic) | $-0.18 | $0.13 | $-0.03 | $-0.03 | $-0.07 | $-0.11 | $0.33 | $0.08 | $0.07 | $0.30 | $-0.38 | $-0.26 | $-0.14 | $-0.29 | $-0.90 | $-0.78 | |
| EPS (Diluted) | $-0.17 | $0.12 | $-0.03 | $-0.03 | $0.02 | $-0.11 | $-0.06 | $0.08 | $0.37 | $0.00 | $-0.38 | $-0.26 | $-0.14 | $-0.29 | $-0.90 | $-0.78 | |
| Shares (Basic) | · | 99,285,000 | 100,532,000 | 101,922,000 | · | 102,219,000 | 103,102,000 | 105,672,000 | · | 105,436,000 | 105,914,000 | 106,817,000 | · | 106,597,000 | 105,906,000 | 105,086,000 | |
| Shares (Diluted) | · | 112,677,000 | 100,532,000 | 101,922,000 | · | 102,219,000 | 104,480,000 | 107,322,000 | · | 111,176,000 | 105,914,000 | 106,817,000 | · | 106,597,000 | 105,906,000 | 105,086,000 | |
| EBITDA | · | $-399.0K | $-18M | $-21M | · | $-29M | $-22M | $-8M | · | $-28M | $-68M | $-57M | · | $-54M | · | · |
Balance Sheet
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.03B | $995M | $1.09B | $1.10B | $1.04B | $1.05B | $1.57B | $853M | $986M | $952M | $1.58B | $1.53B | $1.62B | $1.59B | $1.62B | $1.61B | |
| Receivables | $31M | $32M | $41M | $32M | $32M | $27M | $29M | $32M | $28M | $30M | $27M | $24M | · | $34M | $31M | $29M | |
| Prepaid Expense | $302M | $260M | $278M | $269M | $258M | $241M | $252M | $284M | $297M | $256M | $205M | $195M | · | $170M | $179M | $140M | |
| Current Assets | $7.44B | $7.28B | $7.33B | $7.33B | $7.24B | $6.80B | $6.84B | $6.20B | $6.31B | $6.23B | $6.96B | $6.68B | · | $6.41B | $6.75B | $6.29B | |
| PP&E (Net) | $145M | $139M | $127M | $129M | $117M | $105M | $94M | $90M | $88M | $87M | $87M | $85M | · | $77M | $69M | $62M | |
| PP&E (Gross) | $290M | · | · | · | $207M | · | · | · | $155M | · | · | · | · | · | · | · | |
| Accum. Depreciation | $145M | · | · | · | $90M | · | · | · | $67M | · | · | · | · | · | · | · | |
| Goodwill | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | $2.40B | · | $2.40B | $2.40B | $2.36B | |
| Intangibles | $162M | $177M | $192M | $208M | $223M | $238M | $253M | $265M | $281M | $301M | $321M | $341M | · | $382M | $402M | $413M | |
| Other Non-current Assets | $32M | $33M | $33M | $34M | $33M | $31M | $30M | $32M | $39M | $48M | $49M | $49M | · | $50M | $50M | $49M | |
| Total Assets | $10.22B | $10.08B | $10.13B | $10.15B | $10.06B | $9.63B | $9.67B | $9.05B | $9.18B | $9.12B | $9.87B | $9.62B | · | $9.38B | $9.74B | $9.25B | |
| Accounts Payable | $10M | $7M | $5M | $7M | $16M | $9M | $6M | $11M | $7M | $7M | $9M | $6M | · | $9M | $14M | $12M | |
| Accrued Liabilities | $387M | $326M | $339M | $306M | $252M | $263M | $266M | $212M | $300M | $264M | $268M | $253M | · | $171M | $182M | $142M | |
| Current Liabilities | $4.92B | $4.39B | $4.43B | $4.38B | $4.59B | $4.02B | $4.12B | $4.06B | $4.06B | $3.83B | $4.12B | $3.70B | · | $3.34B | $3.73B | $3.33B | |
| Capital Leases | $48M | $51M | $53M | $56M | $58M | $61M | $63M | $61M | $63M | $65M | $68M | $70M | · | $76M | $78M | $80M | |
| Other Non-current Liabilities | $777.0K | $4M | $2M | $2M | $2M | $4M | $504.0K | $609.0K | $574.0K | $22M | $22M | $21M | · | $26M | $29M | $22M | |
| Total Liabilities | $6.69B | $6.28B | $6.32B | $6.27B | $6.15B | $5.76B | $5.86B | $5.03B | $5.04B | $5.06B | $5.92B | $5.50B | · | $5.28B | $5.65B | $5.21B | |
| Long-term Debt | $1.84B | $1.83B | $1.83B | $1.87B | $1.71B | $1.68B | $1.68B | $915M | $914M | $1.15B | $1.84B | $1.84B | · | $1.84B | $1.81B | $1.77B | |
| Common Stock | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | $2.0K | · | $2.0K | $2.0K | $2.0K | |
| Paid-in Capital | $5.63B | · | · | · | $5.41B | · | · | · | $5.23B | · | · | · | · | · | · | · | |
| Retained Earnings | $-2.09B | $-1.77B | $-1.73B | $-1.60B | $-1.51B | $-1.47B | $-1.46B | $-1.29B | $-1.10B | $-1.10B | $-1.14B | $-900M | · | $-780M | $-722M | $-626M | |
| AOCI | $-6M | $2M | $14M | $13M | $10M | $7M | $-239.0K | $9M | $-2M | $-2M | $237.0K | $-4M | · | $-3M | $-6M | $-10M | |
| Stockholders' Equity | $3.53B | $3.80B | $3.81B | $3.88B | $3.91B | $3.87B | $3.81B | $4.01B | $4.13B | $4.06B | $3.95B | $4.12B | $4.09B | $4.10B | $4.08B | $4.05B | |
| Liabilities + Equity | $10.22B | $10.08B | $10.13B | $10.15B | $10.06B | $9.63B | $9.67B | $9.05B | $9.18B | $9.12B | $9.87B | $9.62B | · | $9.38B | $9.74B | $9.25B | |
| Shares Outstanding | 92,063,000 | 99,581,000 | 99,967,000 | 101,815,000 | 103,012,000 | 102,710,000 | 101,945,000 | 103,489,000 | 106,646,000 | 105,942,000 | 105,081,000 | 107,115,000 | 106,550,000 | 106,688,000 | 106,336,000 | 105,633,000 |
Cash Flow
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $9M | $12M | $12M | $12M | $13M | $12M | $12M | $12M | $12M | |
| Stock-based Comp | $53M | $54M | $64M | $59M | $60M | $62M | $66M | $55M | $58M | $59M | $66M | $65M | $58M | $64M | $119M | $73M | |
| Amort. of Intangibles | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $17M | $19M | $20M | $20M | $20M | $20M | $20M | $20M | $20M | |
| Restructuring | · | · | · | · | · | · | · | · | $382.0K | $2M | · | · | · | · | · | · | |
| Operating Cash Flow | $111M | $103M | $105M | $97M | $84M | $100M | $79M | $89M | $79M | $67M | $80M | $54M | $80M | $34M | $55M | $18M | |
| CapEx | $375.0K | $168.0K | $1M | $1M | $3M | $1M | $382.0K | $17.0K | $205.0K | $16.0K | $352.0K | $403.0K | $1M | $3M | $2M | $1M | |
| Investing Cash Flow | $245M | $-301M | $137M | $-109M | $-44M | $-644M | $10M | $-140M | $-43M | $-618M | $-50M | $302M | $379M | $-25M | $39M | $-133M | |
| Stock Issued | $7M | $0 | $5M | $0 | $6M | $0 | $0 | $5M | $0 | $9M | $0 | $8M | $0 | $9M | $0 | $8M | |
| Stock Repurchased | $288M | $57M | $133M | $83M | $30M | $0 | $200M | $200M | $0 | $0 | $200M | $12M | $64M | $24M | $0 | $0 | |
| Net Stock Activity | · | · | · | $-83M | · | · | · | $-195M | · | · | · | $-4M | · | · | · | · | |
| Financing Cash Flow | $49M | $-110M | $-113M | $1M | $340M | $-106M | $538M | $-105M | $-20M | $-801M | $191M | $-112M | $195M | $-347M | $389M | $-2M | |
| Net Change in Cash | $404M | $-308M | $129M | $-11M | $380M | $-650M | $626M | $-156M | $16M | $-1.35B | $220M | $243M | $655M | $-339M | $483M | $-118M | |
| Free Cash Flow | · | · | · | $96M | · | · | · | · | · | · | · | $53M | · | · | · | · |
Profitability
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | 81.6% | 79.8% | 80.5% | · | 81.2% | 81.6% | 82.0% | · | 83.0% | 81.7% | 81.6% | · | 82.1% | · | · | |
| Operating Margin | · | -0.10% | -4.4% | -5.2% | · | -8.1% | -6.0% | -2.1% | · | -8.6% | -21.2% | -18.6% | · | -19.9% | · | · | |
| Net Margin | · | 3.1% | -0.62% | -0.75% | · | -3.2% | 9.2% | 2.5% | · | 9.8% | -12.7% | -9.1% | · | -11.4% | · | · | |
| Pretax Margin | · | 3.6% | -0.50% | -0.71% | · | -2.9% | 9.3% | 2.8% | · | 10.0% | -12.2% | -9.0% | · | -11.2% | · | · | |
| EBITDA Margin | · | -0.10% | -4.4% | -5.2% | · | -8.1% | -6.0% | -2.1% | · | -8.6% | -21.2% | -18.6% | · | -19.9% | · | · | |
| ROA | · | 0.13% | -0.03% | -0.03% | · | -0.12% | 0.34% | 0.10% | · | 0.34% | -0.41% | -0.30% | · | -0.34% | · | · | |
| ROE | · | 0.33% | -0.07% | -0.08% | · | -0.29% | 0.86% | 0.22% | · | 0.78% | -1.0% | -0.68% | · | -0.76% | · | · | |
| ROIC | · | -0.01% | -0.59% | -0.56% | · | -0.84% | -0.57% | -0.17% | · | -0.67% | -1.8% | -1.4% | · | -1.3% | · | · |
Liquidity & Solvency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 1.7 | 1.7 | 1.7 | · | 1.7 | 1.7 | 1.5 | · | 1.6 | 1.7 | 1.8 | · | 1.9 | · | · | |
| Quick Ratio | · | 0.2 | 0.3 | 0.3 | · | 0.3 | 0.4 | 0.2 | · | 0.3 | 0.4 | 0.4 | · | 0.5 | · | · |
Efficiency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | · | · | |
| Receivables Turnover | · | 13.8 | 11.8 | 12.4 | · | 12.7 | 13.1 | 12.8 | · | 10.1 | 11.0 | 11.5 | · | 8.9 | · | · |
Per Share
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | $38.19 | $38.08 | $38.13 | · | $37.68 | $37.37 | $38.78 | · | $38.31 | $37.61 | $38.45 | · | $38.47 | · | · | |
| Revenue / Share | · | $3.61 | $4.12 | $3.88 | · | $3.50 | $3.47 | $3.34 | · | $2.91 | $3.01 | $2.86 | · | $2.56 | · | · | |
| Cash Flow / Share | · | · | · | $0.95 | · | · | · | $0.83 | · | · | · | $0.50 | · | · | · | · | |
| Cash / Share | · | $9.99 | $10.95 | $10.80 | · | $10.20 | $15.36 | $8.25 | · | $8.99 | $15.03 | $14.26 | · | $14.91 | · | · | |
| EPS (TTM) | · | $0.08 | $-0.15 | $-0.18 | · | $0.28 | $0.39 | $0.07 | · | $-0.78 | $-1.07 | $-1.59 | · | $-2.78 | $-3.30 | $-3.18 |
Valuation (TTM)
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $1.60B | $1.55B | $1.50B | · | $1.42B | $1.39B | $1.34B | · | $1.24B | $1.19B | $1.13B | · | $963M | $813M | $672M | |
| Net Income TTM | · | $164.0K | $-24M | $12M | · | $38M | $82M | $8M | · | $-52M | $-115M | $-170M | · | $-293M | $-344M | $-323M | |
| Market Cap | · | $3.81B | $5.45B | $5.39B | · | $4.71B | $8.64B | $5.46B | · | $7.28B | $8.57B | $11.63B | · | $8.66B | · | · | |
| P/E | · | 478.8 | -363.6 | -294.3 | · | 163.9 | 217.2 | 753.7 | · | -88.1 | -76.3 | -68.3 | · | -29.2 | -33.0 | -41.6 | |
| P/S | · | 2.4 | 3.5 | 3.6 | · | 3.3 | 6.2 | 4.1 | · | 5.9 | 7.2 | 10.3 | · | 9.0 | · | · | |
| P/B | · | 1.0 | 1.4 | 1.4 | · | 1.2 | 2.3 | 1.4 | · | 1.8 | 2.2 | 2.8 | · | 2.1 | · | · | |
| P / Tangible Book | · | 3.1 | 4.5 | 4.2 | · | 3.8 | 7.4 | 4.0 | · | 5.3 | 6.9 | 8.4 | · | 6.5 | 9.0 | 11.0 | |
| P / Cash Flow | · | · | · | 55.7 | · | · | · | 61.6 | · | · | · | 216.7 | · | · | · | · | |
| Earnings Yield | · | 0.21% | -0.28% | -0.34% | · | 0.61% | 0.46% | 0.13% | · | -1.1% | -1.3% | -1.5% | · | -3.4% | -3.0% | -2.4% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 |
|---|---|---|---|---|---|
| Revenue | $1.65B | $1.46B | $1.29B | $1.06B | $642M |
| Gross Margin % | 80.9% | 81.4% | 81.8% | 81.7% | 77.4% |
| Operating Margin % | -4.4% | -5.5% | -13.5% | -27.9% | -49.4% |
| Net Income | $-11M | $24M | $-29M | $-224M | $-326M |
| Diluted EPS | $-0.11 | $-0.07 | $-0.27 | $-2.11 | $-3.21 |
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 |
|---|---|---|---|---|---|
| Current Ratio | 1.5 | 1.6 | 1.6 | 1.8 | 1.8 |
| Quick Ratio | 0.2 | 0.2 | 0.2 | 0.4 | 0.5 |
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 |
|---|---|---|---|---|---|
| Free Cash Flow | $412M | $346M | $278M | $180M | $-23M |
Institutional owners (13F) 394 filers · $4.3B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
394
Value held
$4.3B
New positions
63
Exited positions
54
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 63 (-18 vs prior Q) | 54 (-33 vs prior Q) | 113 (-9 vs prior Q) | 134 (+5 vs prior Q) | -4.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $556,042,717 | 10,195,136 | 13.05% | Shares |
| BlackRock, Inc. | $315,864,717 | 8,735,197 | 7.41% | Shares |
| ER Collective Holdings, LLC | $308,021,728 | 8,518,300 | 7.23% | Shares |
| Starboard Value LP | $254,051,048 | 7,025,748 | 5.96% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $205,699,053 | 5,688,580 | 4.83% | Shares |
| AMERIPRISE FINANCIAL INC | $201,067,816 | 5,558,053 | 4.72% | Shares |
| Senvest Management, LLC | $148,352,475 | 4,102,668 | 3.48% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $142,231,455 | 3,933,392 | 3.34% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $128,831,210 | 3,562,810 | 3.02% | Shares |
| STATE STREET CORP | $113,569,231 | 3,140,742 | 2.66% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $106,522,778 | 2,945,930 | 2.50% | Shares |
| Greenhouse Funds LLLP | $96,643,747 | 2,672,670 | 2.27% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $74,250,954 | 2,053,400 | 1.74% | Shares |
| UBS Group AG | $73,597,135 | 2,035,319 | 1.73% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $59,189,189 | 1,636,476 | 1.39% | Shares |
| JANE STREET GROUP, LLC | $55,804,065 | 1,543,254 | 1.31% | Shares |
| ROYAL BANK OF CANADA | $54,630,000 | 1,510,800 | 1.28% | Shares |
| Contour Asset Management LLC | $50,631,305 | 1,400,202 | 1.19% | Shares |
| BANK OF AMERICA CORP /DE/ | $50,381,846 | 1,393,303 | 1.18% | Shares |
| GOLDMAN SACHS GROUP INC | $42,158,040 | 1,165,875 | 0.99% | Shares |
| UBS Group AG | $39,127,614 | 1,082,069 | 0.92% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $34,306,366 | 948,738 | 0.81% | Shares |
| Invenomic Capital Management LP | $32,861,304 | 908,775 | 0.77% | Shares |
| LPL Financial LLC | $32,232,988 | 891,399 | 0.76% | Shares |
| MANGROVE PARTNERS IM, LLC | $30,338,023 | 838,994 | 0.71% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $29,977,760 | 829,031 | 0.70% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $29,926,197 | 827,605 | 0.70% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $27,954,536 | 773,079 | 0.66% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $27,684,096 | 765,600 | 0.65% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $27,477,984 | 759,900 | 0.64% | Call option |
| FMR LLC | $26,988,110 | 746,353 | 0.63% | Shares |
| NORTHERN TRUST CORP | $25,653,929 | 709,456 | 0.60% | Shares |
| MORGAN STANLEY | $24,256,743 | 670,816 | 0.57% | Shares |
| Bank of New York Mellon Corp | $22,554,169 | 623,733 | 0.53% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $21,108,291 | 583,747 | 0.50% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $20,273,104 | 560,650 | 0.48% | Shares |
| JPMORGAN CHASE & CO | $19,712,455 | 545,084 | 0.46% | Shares |
| Balyasny Asset Management L.P. | $18,080,000 | 500,000 | 0.42% | Call option |
| Retirement Systems of Alabama | $17,180,014 | 475,111 | 0.40% | Shares |
| Clearline Capital LP | $16,982,074 | 469,637 | 0.40% | Shares |
| Qube Research & Technologies Ltd | $16,800,370 | 464,612 | 0.39% | Shares |
| NOMURA HOLDINGS INC | $16,505,774 | 456,465 | 0.39% | Shares |
| Nuveen, LLC | $16,443,816 | 454,752 | 0.39% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $14,894,304 | 411,900 | 0.35% | Shares |
| Balyasny Asset Management L.P. | $14,464,000 | 400,000 | 0.34% | Put option |
| NORGES BANK | $14,111,512 | 390,252 | 0.33% | Shares |
| ALGERT GLOBAL LLC | $13,931,146 | 385,264 | 0.33% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $12,900,550 | 336,829 | 0.30% | Shares |
| WOLVERINE TRADING, LLC | $12,007,506 | 220,200 | 0.28% | Call option |
| LOOMIS SAYLES & CO L P | $11,913,671 | 329,471 | 0.28% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Feld Peter A, STARBOARD VALUE & OPPORTUNITY MASTER FUND LTD, STARBOARD VALUE & OPPORTUNITY S LLC, Smith Jeffrey C, Starboard Principal Co GP LLC, Starboard Principal Co LP, Starboard Value & Opportunity Master Fund L LP, Starboard Value GP LLC, Starboard Value L LP, Starboard Value LP, Starboard Value R GP LLC, Starboard X Master Fund Ltd | Aug. 24, 2026 | 10.10% | Amendment | · | SEC |
| Starboard Value LP, STARBOARD VALUE & OPPORTUNITY MASTER FUND LTD, STARBOARD VALUE & OPPORTUNITY S LLC, Starboard Value & Opportunity Master Fund L LP, Starboard Value L LP, Starboard Value R GP LLC, Starboard X Master Fund Ltd, Starboard Value GP LLC, Starboard Principal Co LP, Starboard Principal Co GP LLC, Smith Jeffrey C, Feld Peter A ×3 filings | Oct. 16, 2025 | 8.60% | Amendment | Board campaign | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 35 insiders · 13 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Rene A. Lacerte | CEO | Sept. 15, 2026 A | 163,125 | 0 | 10 | $-12,529,465 |
| Rohini Jain | Chief Financial Officer | Sept. 15, 2026 A | 0 | 0 | 2 | $-1,603,389 |
| John R. Rettig | COO | Feb. 28, 2026 M | 142,526 | 0 | 0 | $0 |
| Mark Lenhard | COO | Nov. 24, 2021 M | 4,027 | 0 | 0 | $0 |
| Michael Cieri | Chief Product Officer | Sept. 15, 2026 A | 997 | 0 | 4 | $-1,732,922 |
| Mary Kay Bowman | EVP, Payments and Financial Services | May 28, 2026 M | 67,758 | 0 | 0 | $0 |
| Kenneth A Moss | Chief Technology Officer | May 28, 2026 M | 4,658 | 0 | 0 | $0 |
| Germaine Cota | SVP, FINANCE & ACCOUNTING | Dec. 2, 2025 S | 10,812 | 0 | 1 | $-56,558 |
| Rajesh A. Aji | CLO & CCO | Sept. 2, 2025 S | 9,298 | 0 | 0 | $0 |
| Loren Padelford | CCO | Feb. 28, 2024 M | 13,324 | 0 | 0 | $0 |
| Bora Chung | Chief Experience Officer | Oct. 17, 2022 M | 616 | 0 | 0 | $0 |
| Blake Thomas Murray | CRO | Aug. 28, 2022 M | 116,124 | 0 | 0 | $0 |
| Thomas J. Clayton | Chief Revenue Officer | Sept. 8, 2021 S | 0 | 0 | 0 | $0 |
| Keri Gohman | Director | Jan. 15, 2026 M | 1,531 | 0 | 0 | $0 |
| Daniel A Wernikoff | Director | Jan. 15, 2026 M | 1,531 | 0 | 0 | $0 |
| Alison Wagonfeld | Director | Dec. 11, 2025 A | 3,134 | 0 | 0 | $0 |
| Tina Reich | Director | Dec. 11, 2025 A | 9,482 | 0 | 0 | $0 |
| Natalie Marie Derse | Director | Dec. 11, 2025 A | · | 0 | 0 | $0 |
| Elizabeth S. Johnson | Director | Dec. 11, 2025 A | · | 0 | 0 | $0 |
| Katherine M. A. Kline | Director | Dec. 11, 2025 A | 11,027 | 0 | 0 | $0 |
| Allison Mnookin | Director | Dec. 11, 2025 A | 8,537 | 0 | 0 | $0 |
| David Hornik | Director | Dec. 11, 2025 A | 25,986 | 0 | 0 | $0 |
| Lee Kirkpatrick | Director | Oct. 17, 2025 A | · | 0 | 0 | $0 |
| Peter A. Feld | Director | Oct. 17, 2025 A | · | 0 | 0 | $0 |
| Stephen Fisher | Director | Dec. 5, 2024 A | 7,396 | 0 | 0 | $0 |
| Scott Wagner | Director | Dec. 5, 2024 A | 14,714 | 0 | 0 | $0 |
| Peter J Kight | Director | Dec. 5, 2024 A | 34,081 | 0 | 0 | $0 |
| Rory O'Driscoll | Director | Dec. 8, 2022 A | 6,826 | 0 | 0 | $0 |
| Colleen Taylor | Director | March 9, 2022 A | 1,148 | 0 | 0 | $0 |
| Steven F Piaker | Director | Dec. 22, 2021 J | 108,567 | 0 | 0 | $0 |
| Thomas Mawhinney | Director | Nov. 6, 2020 J | 20,772 | 0 | 0 | $0 |
| David K Chao | Director | Oct. 1, 2020 M | 3,750 | 0 | 0 | $0 |
| Aida Alvarez | · | Dec. 11, 2025 A | 10,207 | 0 | 0 | $0 |
| Brian Jacobs | · | Dec. 5, 2025 M | 9,537 | 0 | 0 | $0 |
| Steven Cakebread | · | Dec. 5, 2025 M | 8,537 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 75 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| WOOD · iShares Trust | 2.11% | 670,269 SH | Sept. 11, 2026 | Daily |
| RNIN · EA Series Trust | 1.52% | 61,481 NS | July 31, 2026 | N-PORT |
| CUT · Invesco Exchange-Traded Fund Trust … | 1.50% | 54,246 SH | Oct. 2, 2026 | Daily |
| LSEQ · Harbor ETF Trust | 0.80% | 2,717 NS | July 31, 2026 | N-PORT |
| CALF · Pacer Funds Trust | 0.43% | 346,576 NS | July 31, 2026 | N-PORT |
| ISVL · iShares Trust | 0.26% | 103,354 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.21% | 127,103 SH | Oct. 2, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.19% | 3,708 NS | July 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.17% | 1,348 NS | July 31, 2026 | N-PORT |
| IGV · iShares Trust | 0.15% | 405,291 SH | Sept. 11, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 20,768 NS | July 31, 2026 | N-PORT |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.13% | 12,121 SH | Oct. 2, 2026 | Daily |
| ISCG · iShares Trust | 0.12% | 24,287 SH | Sept. 11, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.11% | 206,558 NS | July 31, 2026 | N-PORT |
| IEUS · iShares Trust | 0.11% | 23,380 SH | Sept. 11, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.11% | 9,581 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.09% | 1,192,641 SH | Aug. 19, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.09% | 143,019 SH | Aug. 19, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.09% | 38,872 SH | Aug. 19, 2026 | Daily |
| MIDU · Direxion Shares ETF Trust | 0.09% | 1,302 NS | July 31, 2026 | N-PORT |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.08% | 42,857 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.07% | 233,349 NS | July 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.06% | 36,791 SH | Sept. 11, 2026 | Daily |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.06% | 18,046 SH | Oct. 2, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.06% | 261,017 NS | July 31, 2026 | N-PORT |
| SMMD · iShares Trust | 0.06% | 47,161 SH | Sept. 11, 2026 | Daily |
| WSML · iShares Trust | 0.05% | 18,403 SH | Sept. 11, 2026 | Daily |
| IYJ · iShares Trust | 0.05% | 20,470 SH | Sept. 11, 2026 | Daily |
| SCZ · iShares Trust | 0.05% | 755,424 SH | Sept. 11, 2026 | Daily |
| FBUF · Fidelity Greenwood Street Trust | 0.04% | 236 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.04% | 7,376 SH | Oct. 2, 2026 | Daily |
| IWS · iShares Trust | 0.04% | 128,792 SH | Sept. 10, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.04% | 2,058,299 SH | Aug. 19, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.04% | 9,549 SH | Aug. 19, 2026 | Daily |
| VSS · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.04% | 837,878 SH | Aug. 19, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.04% | 2,058,590 SH | Aug. 19, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.03% | 4,004 NS | July 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.03% | 354,310 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 931,631 SH | Aug. 19, 2026 | Daily |
| TECB · iShares Trust | 0.03% | 2,843 SH | Sept. 11, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.02% | 219,655 NS | July 31, 2026 | N-PORT |
| IGM · iShares Trust | 0.02% | 41,661 SH | Sept. 11, 2026 | Daily |
| PXF · Invesco Exchange-Traded Fund Trust … | 0.02% | 60,149 SH | Oct. 2, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.02% | 11,693 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.01% | 7,122 NS | July 31, 2026 | N-PORT |
| IEUR · iShares Trust | 0.01% | 121,737 SH | Sept. 11, 2026 | Daily |
| IWD · iShares Trust | 0.01% | 192,068 SH | Sept. 11, 2026 | Daily |
| VGK · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 527,543 SH | Aug. 19, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 52,319 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.01% | 19,621 SH | Aug. 19, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.01% | 22,999 NS | July 31, 2026 | N-PORT |
| IEFA · iShares Trust | 0.01% | 1,688,816 SH | Sept. 11, 2026 | Daily |
| IUSV · iShares Trust | 0.01% | 40,071 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.01% | 4,150 SH | Sept. 10, 2026 | Daily |
| SMDX · Tidal Trust III | 0.01% | 186 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 120,357 SH | Sept. 11, 2026 | Daily |
| IDEV · iShares Trust | 0.01% | 226,141 SH | Sept. 11, 2026 | Daily |
| IUSG · iShares Trust | 0.01% | 38,994 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.01% | 55,979 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 22,147 SH | Sept. 9, 2026 | Daily |
| IXUS · iShares Trust | 0.01% | 369,969 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 22,214 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,838,141 SH | Aug. 19, 2026 | Daily |
| VXUS · VANGUARD STAR FUNDS | 0.00% | 3,130,189 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 225,571 SH | Aug. 19, 2026 | Daily |
| VEA · VANGUARD TAX-MANAGED FUNDS | 0.00% | 2,168,379 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.00% | 15,279 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 7,318 SH | Aug. 19, 2026 | Daily |
| FHEQ · Fidelity Greenwood Street Trust | 0.00% | 6 NS | July 31, 2026 | N-PORT |
| VSGX · VANGUARD WORLD FUND | 0.00% | 40,232 SH | Aug. 19, 2026 | Daily |
| IJH · iShares Trust | · | 3,110,726 SH | Sept. 11, 2026 | Daily |
| IJK · iShares Trust | · | 251,791 SH | Sept. 11, 2026 | Daily |
| IJJ · iShares Trust | · | 230,968 SH | Aug. 21, 2026 | Daily |
| XJH · iShares Trust | · | 12,110 SH | Sept. 8, 2026 | Daily |
| ISCB · iShares Trust | · | 3,441 SH | Sept. 11, 2026 | Daily |
BILL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 29 analysts
BUY
Median target
$56.50
+29.5%
8 27.6%
Strong Buy
11 37.9%
Buy
10 34.5%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
20 analysts · 2026-09-29Mean target $57.30 +31.4%
Now
Current price $43.62
Low$43.00
Mean$57.30
High$75.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BILL | $3.33B | -328.7 | 13.0% | -0.68% | -0.31% | 80.9% |
| BOX | $3.57B | 43.7 | 8.0% | 9.8% | -40.6% | 79.2% |
| MARA | $3.41B | -2.4 | 38.2% | -144.6% | -34.5% | · |
| KVYO | · | -295.2 | 31.6% | -2.6% | -2.8% | 74.7% |
| CCC | $4.81B | · | 11.9% | 0.16% | 0.09% | 73.5% |
| QTWO | $4.53B | 90.2 | 14.1% | 6.5% | 8.3% | 54.1% |
| LIF | $5.09B | 36.2 | 31.8% | 30.8% | 33.0% | 77.8% |
| CLSK | · | · | · | · | · | · |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
Latest News Recent headlines mentioning this company
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Source: SEC 10-K filed Aug 20, 2026