Barington Companies Management Opens Bill Holdings Position: Should Investors Follow?
Key Points
Barington initiated stake of 65,000 shares, an estimated $3.44 million increase in position value.
The transaction represents a new position equal to 2.59% of reportable assets under management (AUM).
The new holding is the firm's eighth-largest position.
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On Nov. 12, 2025, Barington Companies Management disclosed a new position in Bill Holdings (NYSE:BILL), acquiring 65,000 shares valued at approximately $3.44 million.
What happened
Barington Companies Management established a new equity position in BILL Holdings, adding 65,000 shares valued at $3.44 million as of the quarter ended Sept. 30, 2025, according to the firm's Form 13-F filed with the Securities and Exchange Commission on Nov. 12, 2025.
The addition marks the fund's first reported stake in BILL Holdings.
What else to know
This was a new position that now accounts for 2.6% of Barington Companies Management $133.17 million reportable AUM following the quarter.
Barington's top five holdings after the filing:
- Macy's (NYSE:M): $23.31 million (17.5% of AUM)
- Matthews International (NASDAQ:MATW): $22.16 million (16.6% of AUM)
- Victoria's Secret & Co. (NYSE:VSCO): $21.71 million (16.3% of AUM)
- Hanesbrands (NYSE:HBI): $16.49 million (12.4% of AUM)
- Eastern Co. (NASDAQ:EML): $14.78 million (11.1% of AUM)
As of Nov. 12, 2025, shares were priced at $51.92, down 42% over the past year, underperforming the S&P 500 by 54 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-11-12) | $51.92 |
| Market capitalization | $5.33 billion |
| Revenue (TTM) | $1.50 billion |
| Net income (TTM) | $11.93 million |
Company snapshot
Bill Holdings:
- Offers cloud-based software solutions for automating accounts payable, accounts receivable, and spend management, with revenue generated primarily from software-as-a-service subscriptions and payment transaction fees.
- Operates a recurring revenue business model with additional revenue from onboarding, implementation, and support services.
- Targets small and midsize businesses, accounting firms, financial institutions, and software companies seeking to streamline back-office financial operations.
Bill Holdings is a technology company specializing in cloud-based financial operations software for small and midsize businesses.
The company leverages a SaaS model to deliver scalable automation of back-office processes, driving operational efficiency for its clients.
Foolish take
Barington Companies' purchase of Bill Holdings could be noteworthy to investors looking to buy the dip on the promising-looking stock.
Bill stock is down 85% from its all-time high in 2021 and now only trades at 17 times free cash flow (FCF).
Despite this incredible drop, the company still grew sales by 10% in its latest quarter and guided to increase by roughly the same amount for the whole year.
Furthermore, Bill remains the leader in back-office solutions within its small and medium-sized business niche.
That said, activist investors are already involved with Bill and may be encouraging the potential sale of the company, making the investment picture surrounding the stock complicated.
However, there's a world where it doesn't get acquired, and the company continues delivering double-digit growth rates for years to come.
With Bill getting its stock-based compensation and shareholder dilution under better control in recent years, the company could be a classic case of a business shifting from a growth stock to a compounder.
While I think there are less complex investment opportunities out there, Bill certainly offers market-beating potential at its discounted valuation.
Glossary
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Form 13-F: A quarterly report filed by institutional investment managers disclosing their holdings to the Securities and Exchange Commission (SEC).
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or share held in a company by an investor or fund.
Equity position: An ownership interest in a company, typically represented by holding its stock.
Reportable assets: Investments that must be disclosed in regulatory filings due to size or regulatory requirements.
Top holdings: The largest investments in a fund's portfolio, often ranked by value or percentage of AUM.
Quarter ended: The last day of a fiscal quarter, marking the cutoff for financial reporting.
Software-as-a-service (SaaS): A software delivery model where applications are accessed online via subscription rather than purchased outright.
Accounts payable: Money a company owes to suppliers for goods or services received but not yet paid for.
Accounts receivable: Money owed to a company by its customers for goods or services delivered but not yet paid for.
TTM: The 12-month period ending with the most recent quarterly report.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bill Holdings. The Motley Fool has a disclosure policy.
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