BILL’s Dip & A Bold Bet: Barington Doubles Down

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Now, some investors dabble. They sprinkle a bit of this, a dash of that, hoping something sticks. Barington Companies Management, however, appears to have taken a rather large bucket and is enthusiastically dousing its portfolio in BILL Holdings (BILL +1.40%). A recent filing with the Securities and Exchange Commission reveals they’ve added a cool 325,000 shares, an expenditure estimated at $16.70 million – roughly the cost of a small principality, or a very large collection of rubber ducks.1

What Actually Happened (Or, The Tale of the Increasing Share Count)

On February 12th, 2026 – a date which, let’s be honest, feels suspiciously significant2 – Barington Companies Management completed its acquisition of those 325,000 BILL Holdings shares. This wasn’t a mere rounding error in the grand ledger of finance; it represents a substantial increase in their holdings. The transaction itself was valued at approximately $16.70 million, calculated using the average closing price for the quarter. As a result, the value of Barington’s existing BILL position swelled by another $17.83 million, a figure encompassing both the purchase price and the inevitable whims of the market.

The Fine Print (Or, What This Tells Us About Barington’s Beliefs)

  • This purchase now accounts for a hefty 13.96% of Barington’s 13F reportable Assets Under Management (AUM) as of December 31st, 2025. That’s… committed. Like promising to name your firstborn after a particularly reliable spreadsheet.
  • Here’s a peek at Barington’s top five holdings after this little spree:
    • NYSE: M: $28.66 million (18.8% of AUM)
    • NASDAQ: MATW: $26.12 million (17.1% of AUM)
    • NYSE: VSCO: $23.02 million (15.1% of AUM)
    • NYSE: BILL: $21.27 million (14.0% of AUM)
    • NYSE: GIL: $15.94 million (10.5% of AUM)
  • As of February 12th, 2026, BILL Holdings shares were trading at $46.37, a full 24.1% lower than they were a year ago. It’s underperforming the S&P 500 by a rather alarming 37.0 percentage points. One might assume a sensible investor would be running for the hills. Barington, however, appears to be bringing a ladder.

A Brief Overview (Or, What BILL Holdings Actually Does)

Metric Value
Market Capitalization $4.64 billion
Revenue (TTM) $1.55 billion
Net Income (TTM) $-24.21 million
Price (as of market close 2/12/26) $46.37

Bill.com Holdings, in essence, is a purveyor of cloud-based software designed to automate the rather tedious tasks of accounts payable, accounts receivable, and general spend management. They generate most of their revenue through subscription fees and transaction services. Think of them as digital accountants, but without the tweed jackets and judgmental stares.

They operate on a Software-as-a-Service (SaaS) model, meaning clients pay a recurring fee to access their software. It serves small and mid-sized businesses, accounting firms, financial institutions, and software companies all eager to digitize their back-office financial workflows. It’s a noble pursuit, really, freeing humans from the tyranny of invoices.

So, What Does This All Mean for Investors? (Or, The Curious Case of the Concentrated Bet)

A truly committed investor doesn’t sprinkle their portfolio with a bit of this and a dash of that. They pile it high with what they believe in. And nearly 14% of assets is not a tentative toe dipped in the water; it’s a full-body plunge.

BILL delivered $414.7 million in second quarter revenue, a 14% year-over-year increase, with core revenue climbing 17% to $375.1 million. Transaction fees grew 20%, suggesting people are actually using the platform. Total payment volume reached $95 billion. The company also repurchased $133 million of stock, shrinking the share count, even as GAAP earnings dipped into the red. A curious strategy, perhaps, but one that suggests confidence.

Guidance calls for full year revenue between $1.63 billion and $1.65 billion and non-GAAP EPS of up to $2.41. Nearly 500,000 businesses now use the platform. Within a portfolio largely dominated by consumer and retail names like Macy’s and Victoria’s Secret, this allocation subtly shifts the center of gravity towards software and financial infrastructure. Shares are down 24% over the past year, but the underlying engine remains intact, and that might be why Barington seems… optimistic. Or perhaps they just have a very large collection of invoices they’d like to automate.

1 The cost of a small principality is, of course, subject to fluctuations in the geopolitical rubber duck market.
2 February 12th, 2026. A date which, statistically speaking, is no more or less significant than any other. Unless, of course, you believe in numerology, in which case, buckle up.

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2026-02-16 20:22