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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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  "notes": "The chart uses a red bar for BILL to emphasize its underperformance relative to the peer group median.",
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      "text": "CY2025E Adjusted EBITDA Margin",
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      "text": "Source: Capital IQ, Bloomberg, Starboard estimates. Note: Starboard believes that the companies above provide appropriate peer comparisons because of their similar scale, growth profiles, and SMB exposure.",
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      "text": "...However, Adj. EBITDA Margins are Well Below Peers",
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