Monitor the annual meeting vote outcome for director elections and say-on-pay, as well as any further activist activity from Starboard Value given their 10.1% stake and board representation.
Price Chart
Executive Summary
BILL Holdings filed additional definitive proxy soliciting materials (DEFA14A) on October 27, 2026, the same day as its definitive proxy statement (DEF 14A). The filing follows a cooperation agreement with activist investor Starboard Value LP, which holds a 10.1% stake and secured two board seats. The proxy materials support management's director nominees and say-on-pay proposal after a board refresh that added six new independent directors since early 2025.
Key Financial Metrics
Key Facts
- BILL Holdings filed DEFA14A on 2026-10-27, the same day as its DEF 14A for the 2026 Annual Meeting
- Activist Starboard Value LP holds a 10.1% stake and secured two board seats (Peter Feld and Lee Kirkpatrick) under a cooperation agreement
- Board has been significantly refreshed with six new independent directors since early 2025
- Fiscal 2026 results: total revenue $1.65 billion (+13% YoY), core revenue $1.50 billion (+16% YoY), non-GAAP operating income $323.7 million (+35% YoY)
- CEO Ren Lacerte's fiscal 2026 total compensation was $11.4 million, with realized pay 36% below target
- 2025 Say-on-Pay vote received 93% approval
Financial Impact
Fiscal 2026 total revenue $1.65B (+13% YoY), core revenue $1.50B (+16% YoY), non-GAAP operating income $323.7M (+35% YoY)
Risk Factors
- Potential for further activist demands or proxy contest escalation despite current cooperation agreement
- CEO compensation structure may face shareholder scrutiny despite 93% prior approval
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0001628280-26-067580 |
| Document: 0001628280-26-067580-index-headers.html | 0001628280-26-067580 |
| Document: 0001628280-26-067580-index.html | 0001628280-26-067580 |
| Document: 0001628280-26-067580.txt | 0001628280-26-067580 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 5d ago | DEFA14A | $48.02 | awaiting T+5 | awaiting T+5 | $48.31 (+0.60%) |
Oct 27, 2026 5d ago | DEF 14A | $48.02 | awaiting T+5 | awaiting T+5 | $48.31 (+0.60%) |
Oct 15, 2026 17d ago | 8-K | $45.60 $50.70 | ▲ +11.18% | ▲ +11.61% | $48.31 (+5.94%) |
Sep 4, 2026 8w ago | Insider Cluster | $47.60 $49.96 | ▼ −4.96% | ▼ −6.08% | $48.31 (−1.49%) |
Sep 1, 2026 8w ago | Insider Cluster | $48.76 $47.63 | ▼ −2.32% | ▼ −1.36% | $48.31 (−0.92%) |
Aug 31, 2026 8w ago | 3 | $47.62 $47.94 | ▲ +0.67% | ▲ +0.59% | $48.31 (+1.45%) |
Aug 12, 2026 11w ago | Institutional Cluster | $48.70 $47.71 | ▼ −2.03% | ▼ −1.59% | $48.31 (−0.80%) |
Jun 12, 2026 20w ago | Institutional Cluster | $33.18 $32.47 | ▲ +2.14% | ▲ +2.81% | $48.31 (−45.60%) |
May 29, 2026 22w ago | 144 | $39.51 $35.97 | ▲ +8.96% | ▲ +6.21% | $48.31 (−22.27%) |
May 7, 2026 25w ago | 8-K | $41.83 $39.49 | ▼ −5.59% | ▼ −7.06% | $48.31 (+15.49%) |
US Market Status
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