MEDIUMBuilt-inCustomer
small and medium-sized businesses
“10-K Item 1A: 'A significant portion of our revenue comes from small and medium-sized businesses'”
BILL · Concentration risk · 10-K extracted
BILL Holdings (BILL) concentration risks
Updated
The most significant concentration BILL Holdings discloses is small and medium-sized businesses, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: BILL Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-04BILL Holdings discloses one concentration exposure, and it is a customer-segment one rather than a named-counterparty one. The company states that a significant portion of its revenue comes from small and medium-sized businesses. This is a medium-share exposure and structural in character; the filing gives no percentage, so the size band is the only measure of scale in the source. The nature of that customer base is what matters. Small and medium-sized businesses are numerous and individually small, so the company is not exposed to the loss of any one large account, which makes the risk diffuse rather than idiosyncratic. The flip side is sensitivity to the health of that segment as a whole: when smaller firms face tighter credit, slower activity or higher failure rates, spending on software and payments tends to soften across the base at once, and churn can rise together. Netting this out, the exposure is a standing feature of the business model and a macro-sensitive one, not a dependency on a single buyer. It could move the verdict in a downturn that hits smaller businesses disproportionately, but with no other concentration items and no quantified share in the sources, it should be read as one structural watch item.
For the engine’s reasoning on BILL’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Application
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ADSK | Autodesk, Inc. | 1 | 1 | 1 | 3 |
| ADEA | Adeia Inc. | 1 | 0 | 0 | 1 |
| AGYS | Agilysys, Inc. | 0 | 2 | 0 | 2 |
| BILL● | BILL Holdings, Inc. | 0 | 1 | 0 | 1 |
| ADBE | Adobe Inc. | 0 | 0 | 0 | 0 |
| ADP | Automatic Data Processing, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.