Showing research as of Nov 14, 10:17 PM EST. Live updates and subscriber access are temporarily paused while our data provider recovers.
Independent equity research reports across 100+ public software companies, built for investing in great software to earn high returns. Ratings and research summaries stay free for everyone. Full Access unlocks the full research reports, the archive and the CSV export.
Research summaries stay free. Full Access unlocks the full research reports and the archive.
BILL Holdings, Inc. (BILL) operates in FinTech & Vertical SaaS within our 130-company software coverage universe. BILL's Golden Door Quality Rating, 4-pillar universe percentile ranks, and archived equity research are unlocked with Full Access. Ratings and research summaries stay free for everyone.
BILL Holdings rebated 51.45% of its gross corporate card revenue in fiscal 2026 before reclassifying rewards out of sight, saw sequential card volume shrink 2.82% the quarter it raised retained spread to 134.00 bps, and lost $36.56M of trailing economic owner cash once card-receivable funding is counted.
$TOST, $BILL, $INTU and $NAVN attach loans or cards to a payment rail they already run. After that book is funded, trailing owner cash is $312.00M at $TOST, $(36.56)M at $BILL, $6,269M at $INTU and $(235.94)M at $NAVN.
Mission-critical payment switches and Speedpay biller rails generate $338.68M in GAAP EBIT on $1.82B of TTM revenue, yet 6.45% top-line growth and $654.78M in net debt cap fair value at $35.68.
$ANT has set a marketed range that values the fully diluted equity at $1,332.96B at the midpoint, our calculation. Revenue was $16.96B in the third quarter of 2026 and the company-defined run-rate reached about $81B on Oct 31, yet owner cash on the house definition was -$3,715M over nine months, and the company has committed about $900.9B to compute and infrastructure against $13.8B of contracted customer backlog.
Gemini 4 Argon went on sale after the quarter closed, so none of its revenue is in the filings. Owner cash is still negative $10.7B over twelve months, and Alphabet priced six billion euros of new bonds on Nov 2.
Guidewire kept $176.8M for shareholders in fiscal 2026 and now plans a $1.7B purchase of hyperexponential with a new $1.0B term loan.
Autodesk holds the drawings and models the built world runs on and paid owners $2.13B after stock pay over the last year, but a debt-funded $3.58B deal and fading billing tailwinds test how much of that cash is the run rate.
Owner cash turned from -$612M to $458M in three years as stock pay fell. Okta owns the record and the connection for agent identity, but growth is near 10% and it still bills by human user.
Free cash flow was $779.1M in fiscal 2026. Stock pay was $821.9M. Organic growth slowed to 20%, acquisitions filled the gap, and the guide points to the high teens.
Salesforce ($CRM) runs the customer record for a large share of the world's sales and service teams, and over the past two years it has rebuilt that franchise around agents.
Box, which stores and governs enterprise content, grew revenue 9.2% in its fiscal second quarter while billings rose 17% and net retention climbed to 106%. It turns about $389M of trailing free cash flow into almost exactly as much in buybacks, while stock pay absorbs 61% of that cash.
QNX went from 28.4% of BlackBerry revenue in fiscal 2024 to 48.8% in fiscal 2026. It earns the most segment EBITDA of the three businesses, and it carries a royalty backlog of about $950M. The open question is no longer what a buyer would pay.
| Sector | Period | |||||||
|---|---|---|---|---|---|---|---|---|
Rows 5 to 130: Unlock Full Access Unlocks all 130 software quality ratings and the full equity research archive. | ||||||||
| FinTech & Vertical SaaS · 2026-06 | Locked | Locked | Locked | Locked | Locked | 2026-06 | ||
