A Business at a Glance
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BILL Holdings, Inc.
BILL
$4.4B
Mkt Cap
$43.51
+5.45%
BILL Holdings, Inc. (BILL) has a 5-year average return on invested capital (ROIC) of -3.1%. This is below average and may indicate limited pricing power.
BILL Holdings, Inc. (BILL) has a market capitalization of $4.5B. It is classified as a mid-cap stock.
BILL Holdings, Inc. (BILL) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 6.80%.
BILL Holdings, Inc. (BILL) operates in the Services-Prepackaged Software industry, within the Technology sector.
BILL Holdings, Inc. (BILL) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
BILL Holdings, Inc. (BILL) has a net profit margin of 1.6%. This is a modest margin.
BILL Holdings, Inc. (BILL) generated $346 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BILL is a leading financial operations platform for small and midsize businesses (SMBs) that automates accounts payable, accounts receivable, spend and expense management, and payment processing. The company operates a two-sided network connecting businesses, their suppliers, and clients through an integrated cloud-based platform that enables invoice generation, payment processing, expense management, and cash flow visibility. BILL monetizes through transaction-based take rates on payment volumes (measured in Total Payment Volume, or TPV), subscription fees, and float revenue earned on customer funds held on the platform. The company distributes through direct sales to SMBs as well as indirect channels including accounting firms, financial institutions, and software integrations, leveraging a network effect whereby customers connecting to suppliers and clients on the platform expand the addressable prospect base. BILL's competitive advantages include its purpose-built AI-enabled platform with proprietary risk management capabilities trained on billions of dollars in business-to-business transactions, large data assets from processing millions of documents annually, and sophisticated integrations with accounting software, banks, card issuers, and payment processors. As of June 30, 2025, approximately 493,800 businesses used BILL's solutions and processed approximately $330 billion in TPV, with approximately 8.3 million network members having paid or received funds electronically on the platform.
【Margin expansion and AI-driven growth】 Management expects continued non-GAAP operating margin expansion in fiscal 2026 and beyond, driven by operational leverage and a workforce optimization initiative expected to generate approximately $110 million in gross annualized savings with $20–30 million reinvested in growth areas in fiscal 2027. The company is prioritizing the launch and adoption of intelligent finance agents across key workflows, with expectations that by the end of fiscal 2026 the majority of customers will be using at least one intelligent finance agent in addition to existing AI solutions. Management is executing targeted pricing increases aligned with customer value delivery, with early indicators showing positive customer response and improved subscription ARPU, and expects more holistic pricing optimization to roll out in fiscal 2027. The company is also focused on expanding its addressable market by increasing adoption among mid-market businesses and scaling its Embed 2.0 solution with new software partners, while maintaining disciplined cost management and focusing on landing larger customers as net new customer adds are expected to trend below 4,000 in the near term.
| Metric | Target | Period |
|---|---|---|
| Total Revenue | $425 million–$435 million | Fiscal Q4 2026 |
| Core Revenue | $392 million–$402 million | Fiscal Q4 2026 |
| Non-GAAP Operating Income | $81.5 million–$86.5 million | Fiscal Q4 2026 |
| Non-GAAP Net Income | $78 million–$82 million | Fiscal Q4 2026 |
| Non-GAAP EPS | $0.69–$0.72 | Fiscal Q4 2026 |
| Core Revenue | $1.496 billion–$1.506 billion | Fiscal 2026 |
| Float Revenue | $145.7 million | Fiscal 2026 |
| Total Revenue | $1.642 billion–$1.652 billion | Fiscal 2026 |
| Non-GAAP Operating Income | $303.6 million–$308.6 million | Fiscal 2026 |
| Non-GAAP Net Income | $298.7 million–$302.7 million | Fiscal 2026 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.6B | 1.5B | 1.3B | 1.1B | 642M | 238M |
| Net Income | 163K | 24M | -29M | -224M | -326M | -99M |
| EPS | $0.00 | $0.23 | $-0.27 | $-2.11 | $-3.21 | $-1.19 |
| Free Cash Flow | 383M | 346M | 278M | 180M | -23M | -14M |
| ROIC | -0.0% | 0.4% | -0.5% | -3.8% | -7.0% | -4.7% |
| Gross Margin | 80.7% | 47.4% | 48.9% | 35.1% | 77.4% | 74.1% |
| Debt/Equity | 0.57 | 0.45 | 0.22 | 0.45 | 0.44 | 0.39 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -61M | -81M | -174M | -296M | -317M | -114M |
| Operating Margin | -3.8% | -5.5% | -13.5% | -27.9% | -49.4% | -47.8% |
| ROE | 0.0% | 0.6% | -0.7% | -5.5% | -9.9% | -6.1% |
| Shares Outstanding | 102M | 102M | 107M | 106M | 102M | 83M |
| Metric | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 65M | 108M | 158M | 238M | 642M | 1.1B | 1.3B | 1.5B | 1.6B |
| Gross Margin | 70.1% | 72.4% | 75.2% | 74.1% | 77.4% | 35.1% | 48.9% | 47.4% | 80.7% |
| R&D | 18M | 29M | 53M | 90M | 220M | 315M | 337M | 340M | 328M |
| SG&A | 16M | 29M | 53M | 128M | 221M | 249M | 278M | 282M | 299M |
| EBIT | -7.8M | -9.8M | -34M | -114M | -317M | -296M | -174M | -81M | -61M |
| Op. Margin | -12.1% | -9.0% | -21.7% | -47.8% | -49.4% | -27.9% | -13.5% | -5.5% | -3.8% |
| Net Income | -7.2M | -7.3M | -31M | -99M | -326M | -224M | -29M | 24M | 163K |
| Net Margin | -11.1% | -6.8% | -19.7% | -41.4% | -50.8% | -21.1% | -2.2% | 1.6% | 0.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 24M | 7K | 5.0M |
| Returns on Capital | |||||||||
| ROIC | N/A | -0.6% | -10.2% | -4.7% | -7.0% | -3.8% | -0.5% | 0.4% | -0.0% |
| ROE | 7.2% | 7.2% | -10.2% | -6.1% | -9.9% | -5.5% | -0.7% | 0.6% | 0.0% |
| ROA | N/A | -1.0% | -1.6% | -2.4% | -4.3% | -2.4% | -0.3% | 0.2% | 0.0% |
| Cash Flow | |||||||||
| Op. Cash Flow | -8.4M | -3.9M | -4.4M | 4.6M | -18M | 188M | 279M | 351M | 389M |
| Free Cash Flow | -9.7M | -6.7M | -16M | -14M | -23M | 180M | 278M | 346M | 383M |
| Owner Earnings | -12M | -11M | -24M | -69M | -227M | -141M | 7.2M | 81M | 93M |
| CapEx | 1.3M | 2.7M | 11M | 19M | 5.4M | 7.6M | 976K | 4.3M | 5.7M |
| Maint. CapEx | 2.3M | 3.2M | 1.1M | 4.9M | 12M | 16M | 23M | 28M | 59M |
| Growth CapEx | 0 | 0 | 10M | 14M | 0 | 0 | 0 | 0 | 0 |
| D&A | 2.3M | 3.2M | 1.1M | 4.9M | 12M | 16M | 23M | 28M | 59M |
| CapEx/OCF | N/A | N/A | N/A | 408.9% | N/A | 4.0% | 0.4% | 1.2% | 1.5% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 88M | 212M | 430M | 303M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | 0.7% | 3.8% | 9.3% | 6.8% |
| Stock-Based Comp | 1.5M | 4.1M | 18M | 68M | 197M | 314M | 248M | 243M | 237M |
| Debt Repayment | 0 | 0 | 151K | 0 | 0 | 0 | 933M | 539M | 539M |
| Balance Sheet | |||||||||
| Net Debt | N/A | N/A | N/A | 480M | 177M | 223M | -72M | 710M | -8.5M |
| Cash & Equiv. | 22M | 90M | 574M | 510M | 1.6B | 1.6B | 986M | 1.0B | 2.2B |
| Long-Term Debt | N/A | N/A | N/A | 989M | 1.8B | 1.8B | 914M | 1.7B | 1.8B |
| Debt/Equity | -0.02 | -13.18 | 2.38 | 0.39 | 0.44 | 0.45 | 0.22 | 0.45 | 0.57 |
| Interest Coverage | -18.3 | -11.9 | -149.3 | -4.0 | -33.6 | -19.5 | -9.1 | -5.8 | -5.8 |
| Equity | -102M | -103M | 711M | 2.5B | 4.0B | 4.1B | 4.1B | 3.9B | 3.8B |
| Total Assets | N/A | 1.5B | 2.4B | 6.0B | 9.3B | 9.6B | 9.2B | 10.1B | 10.1B |
| Total Liabilities | 1.6M | 1.4B | 1.7B | 3.4B | 5.2B | 5.6B | 5.0B | 6.1B | 6.3B |
| Intangibles | N/A | N/A | N/A | 417M | 433M | 361M | 281M | 223M | 177M |
| Retained Earnings | N/A | -118M | -149M | -247M | -545M | -856M | -1.1B | -1.5B | -1.8B |
| Working Capital | N/A | 164M | 703M | 1.3B | 2.9B | 2.9B | 2.3B | 2.7B | 2.9B |
| Current Assets | N/A | 1.5B | 2.4B | 3.6B | 6.3B | 6.7B | 6.3B | 7.2B | 7.3B |
| Current Liabilities | N/A | 1.3B | 1.7B | 2.3B | 3.4B | 3.8B | 4.1B | 4.6B | 4.4B |
| Per Share Data | |||||||||
| EPS | -1.01 | -0.94 | -0.70 | -1.19 | -3.21 | -2.11 | -0.27 | 0.23 | 0.00 |
| Owner EPS | -1.71 | -1.44 | -0.53 | -0.83 | -2.23 | -1.33 | 0.07 | 0.79 | 0.91 |
| Book Value | -14.30 | -13.19 | 16.00 | 30.49 | 39.77 | 38.54 | 38.65 | 38.51 | 37.17 |
| Cash Flow/Share | -1.17 | -0.51 | -0.10 | 0.06 | -0.18 | 1.77 | 2.61 | 3.45 | 0.58 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 7.1M | 7.8M | 44.4M | 83.0M | 101.7M | 106.0M | 107.0M | 101.6M | 102.3M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 69.9 | 20.3 | 13.4 | 11.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 12.0 | 6.1 | 2.9 | 3.1 | 1.4 | 1.2 | 1.2 |
| Price/Sales | N/A | N/A | 32.3 | 44.5 | 34.5 | 11.3 | 6.7 | 4.1 | 2.8 |
| FCF Yield | N/A | N/A | -0.2% | -0.1% | -0.2% | 1.4% | 4.9% | 7.5% | 8.6% |
| Market Cap | 0 | N/A | 8.5B | 15.5B | 11.7B | 12.6B | 5.6B | 4.6B | 4.5B |
| Avg. Price | 0.00 | N/A | 53.71 | 127.75 | 217.97 | 113.12 | 80.96 | 59.40 | 43.51 |
| Year-End Price | 0.00 | N/A | 89.74 | 186.60 | 115.54 | 118.72 | 52.62 | 45.57 | 43.51 |
BILL Holdings, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 11.4x vs a median of 20.3x. The company's 5-year average gross margin is 56.6%. Total shareholder yield (buybacks) is 6.8%. At current prices, the estimated annualized return to fair value is +97.3%.
BILL Holdings, Inc. (BILL) has a debt-to-equity ratio of 0.45. This indicates a conservatively financed balance sheet.
BILL Holdings, Inc. (BILL) reported earnings per share (EPS) of $0.23 in its most recent fiscal year.
BILL Holdings, Inc. (BILL) has a return on equity (ROE) of 0.6%. This indicates moderate shareholder returns.
BILL Holdings, Inc. (BILL) has a 5-year average gross margin of 56.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 8 years of financial data for BILL Holdings, Inc. (BILL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BILL Holdings, Inc. (BILL) has a book value per share of $38.51, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued non-GAAP operating margin expansion in fiscal 2026 and beyond, driven by operational leverage and a workforce optimization initiative expected to generate approximately $110 million in gross annualized savings with $20–30 million reinvested in growth areas in fiscal 2027. The company is prioritizing the launch and adoption of intelligent finance agents across key workflows, with expectations that by the end of fiscal 2026 the majority of customers will be using at least one intelligent finance agent in addition to existing AI solutions. Management is executing targeted pricing increases aligned with customer value delivery, with early indicators showing positive customer response and improved subscription ARPU, and expects more holistic pricing optimization to roll out in fiscal 2027. The company is also focused on expanding its addressable market by increasing adoption among mid-market businesses and scaling its Embed 2.0 solution with new software partners, while maintaining disciplined cost management and focusing on landing larger customers as net new customer adds are expected to trend below 4,000 in the near term.
Based on recent SEC filings and earnings calls, BILL Holdings, Inc. (BILL) has provided the following forward guidance: Total Revenue: $425 million–$435 million (Fiscal Q4 2026); Core Revenue: $392 million–$402 million (Fiscal Q4 2026); Non-GAAP Operating Income: $81.5 million–$86.5 million (Fiscal Q4 2026); Non-GAAP Net Income: $78 million–$82 million (Fiscal Q4 2026); Non-GAAP EPS: $0.69–$0.72 (Fiscal Q4 2026), plus 8 additional metrics.
| Non-GAAP EPS |
| $2.61–$2.64 |
| Fiscal 2026 |
| Stock-Based Compensation Expenses | below $250 million | Fiscal 2026 |
| Gross Annualized Savings from Workforce Optimization | approximately $110 million | Fiscal 2027 |
Total Revenue (Fiscal Q4 2026): “For fiscal Q4 2026, we expect total revenue to be in the range of $425 million-$435 million”
Core Revenue (Fiscal Q4 2026): “For fiscal Q4 2026, we expect total revenue to be in the range of $425 million-$435 million and core revenue to be in the range of $392 million-$402 million”
Non-GAAP Operating Income (Fiscal Q4 2026): “On the bottom line, for Q4, we expect to report non-GAAP operating income in the range of $81.5 million-$86.5 million.”
Non-GAAP Net Income (Fiscal Q4 2026): “We expect non-GAAP net income in the range of $78 million-$82 million”
Non-GAAP EPS (Fiscal Q4 2026): “and non-GAAP EPS to be between $0.69-$0.72.”
Core Revenue (Fiscal 2026): “For fiscal 2026, we now expect core revenue to be in the range of $1.496 billion-$1.506 billion, reflecting a 15%-16% growth year-over-year.”
Float Revenue (Fiscal 2026): “We expect float revenue of $145.7 million, an increase of $4.2 million compared to the prior guidance driven by higher expected yields on funds held for customers.”
Total Revenue (Fiscal 2026): “We now expect total revenue to be in the range of $1.642 billion-$1.652 billion.”