BILL // BILL Holdings Inc.

DES <GO> NYSE CIK 0001786352 ↗

Technology • Computer Software: Prepackaged Software

$48.47 ▲ +0.45 (+0.94%)

MKT CAP: $4.16B • VOL: 1.18M

52W L $31 52W H $57

ALTMAN Z

0.62 RISK

PIOTROSKI

9 / 9

BILL // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 63/100 [C] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

63 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.86

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

16 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON BILL)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 84/100 Z-SCORE: +2.51σ

BILL Accounting Gap: Net Income (+182.4%) Outpaced OCF (+25.8%) With +4.8% Working-Capital Build

CASH CONVERSION GAP

+156.6% (NI vs OCF)

RECEIVABLES / WC BLOAT

+4.8% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on BILL Holdings Inc. (BILL) exposes a +156.6% Cash Conversion Gap as YoY Net Income growth (+182.4%) diverged from Operating Cash Flow growth (+25.8%). Non-cash current assets and receivables expanded +4.8% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

BILL // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +27.13%▲ ASCENDING TRIANGLE

2026-10-30O $48.37H $48.79L $47.41C $48.31VOL 1.77M

RES: $50.74SUP: $44.15SMA50: $46.99SMA200: $42.53

BILL // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 28/100

BEAR 0

100 BULL

BILL Holdings Inc. (BILL) exhibits 81.4% gross margins and -1.2% return on invested capital within Technology (Computer Software: Prepackaged Software), balanced against a 174.9x enterprise multiple and 8.0% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 81.4% gross profitability converts into -5.5% operating margin and -1.2% ROIC, outpacing sector cost of capital.

ROIC: -1.2% // GM: 81.4%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +13.4% paired with 8.32% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +13.4% // FCF YLD: 8.32%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 0.62 and Piotroski F-Score of 9/9 indicate low near-term refinancing stress.

ALTMAN Z: 0.62 // F-SCORE: 9/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 174.9x trailing P/E (140.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 174.9x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±8.0% implied move with a 0.86 put/call ratio around $48.00 max pain.

IMPL MOVE: ±8.0% // P/C: 0.86

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Computer Software: Prepackaged Software require continuous execution to defend 1.6% net margins.

NET MARGIN: 1.6% // D/E: 0.70x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 140.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.33).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 174.9x

FORWARD P/E 140.0x

EV / EBITDA —

FCF YIELD 8.32%

GROSS MARGIN 81.4%

OPERATING MARGIN -5.5%

NET MARGIN 1.6%

ROIC % -1.2%

REV GROWTH YOY +13.4%

DILUTED EPS TTM $0.28

DEBT / EQUITY 0.70x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 55.0

5Y EQUITY BETA 1.33

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // BILLPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $44.35

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for BILL & activate live FRED threshold breach alerts.

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