Recent News
On November 6, 2025 the company announced a $300 million share repurchase program and related corporate actions. On November 11–12, 2025 multiple outlets reported that Bill Holdings explored strategic options, including a potential sale. On January 13, 2026 the company scheduled fiscal second-quarter 2026 results for February 5, 2026.
Technical Analysis
Directional indicators: ADX at 32.98 registers a strong trend strength; DI+ shows a peak & reversal while DI- shows a dip & reversal, signaling that sellers regained control and directional momentum favors downside pressure.
MACD: MACD at -2.19 with a peak & reversal and a signal line at -1.45 indicates bearish momentum, with MACD below its signal line and momentum having rolled over.
Price vs moving averages and cloud: The $41.63 close sits below the 12-day EMA ($46.17), 26-day EMA ($48.66) and 200-day average ($47.84), and beneath the Ichimoku Senkou A ($52.01) and Senkou B ($49.51), projecting short-to-intermediate resistance at higher moving-average and cloud levels.
MRO: MRO at -32.85 (peak & reversal) registers negative territory, which signals that current price lies below the model target and creates structural upside pressure toward valuation convergence.
RSI: RSI at 44.72 with a peak & reversal indicates recent weakening from higher ranges without reaching oversold extremes, leaving room for a measured bounce or continued consolidation depending on catalyst flow.
Fundamental Analysis
Revenue and growth: Total revenue stands at $395,741,000 with revenue growth reported at 3.23%. Quarterly revenue growth shows a QoQ decline of 53.92%, while revenue growth YoY registered -24.85%, reflecting near-term volatility in top-line momentum.
Profitability: Operating margin registered -2.994% while EBIT margin measured 0.99%. EBIT margin falls substantially below the industry peer mean of 36.22% and the industry peer median of 45.06% within an industry peer range spanning about -105.65% to 76.32%.
Earnings: Reported EPS came in at $0.61 versus an estimate of $0.51, producing an earnings surprise of 19.61%. Trailing P/E reads negative due to GAAP losses, while forward P/E stands near 92.30, reflecting elevated near-term expectations relative to forward earnings.
Cash, leverage and liquidity: Cash and short-term investments total $2,314,967,000 while net debt measures $766,142,000, leaving net cash-adjusted liquidity that supports the announced repurchase program. Current ratio equals 1.67 and cash ratio equals 0.53, indicating coverage for short-term obligations without aggressive balance-sheet strain.
Cash flow and returns: Free cash flow equals $82,262,000 and free cash flow yield at 1.64% exceeds the industry peer mean of 0.48%, providing valuation support. Return-on-equity and return-on-assets remain marginally negative at approximately -0.076% and -0.029% respectively, reflecting GAAP loss dynamics despite operational cash conversion.
Valuation view: WMDST values the stock as under-valued. Valuation context shows an enterprise value near $4.63 billion against strong cash balances and a free-cash-flow profile that compares favorably to the industry peer mean, offering a basis for upside should revenue trends stabilize and margins expand.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 3.6 B |
| Operating Cash Flow | $ 96.9 M | |
| Capital Expenditures | $ -14.59 M | |
| Change In Working Capital | $ 11.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -10.69 M | |
| End Period Cash Flow | $ 3.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 395.7 M | |
| Forward Revenue | $ -2.18 B | |
| COSTS | ||
| Cost Of Revenue | $ 77.0 M | |
| Depreciation | $ 3.8 M | |
| Depreciation and Amortization | $ 23.5 M | |
| Research and Development | $ 80.3 M | |
| Total Operating Expenses | $ 407.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 318.7 M | |
| EBITDA | $ 27.4 M | |
| EBIT | $ 3.9 M | |
| Operating Income | $ -11.85 M | |
| Interest Income | $ 25.2 M | |
| Interest Expense | $ 6.7 M | |
| Net Interest Income | $ 18.4 M | |
| Income Before Tax | $ -2.81 M | |
| Tax Provision | $ 149.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -2.96 M | |
| Net Income From Continuing Operations | $ -2.96 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.51 | |
| EPS Actual | $ 0.61 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 19.608 % | |
| Forward EPS | $ 0.64 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 10.2 B | |
| Intangible Assets | $ 2.6 B | |
| Net Tangible Assets | $ 1.3 B | |
| Total Current Assets | $ 7.3 B | |
| Cash and Short-Term Investments | $ 2.3 B | |
| Cash | $ 1.1 B | |
| Net Receivables | $ 32.1 M | |
| Inventory | — | |
| Long-Term Investments | $ 34.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 7.0 M | |
| Short-Term Debt | $ 33.4 M | |
| Total Current Liabilities | $ 4.4 B | |
| Net Debt | $ 766.1 M | |
| Total Debt | $ 1.9 B | |
| Total Liabilities | $ 6.3 B | |
| EQUITY | ||
| Total Equity | $ 3.9 B | |
| Retained Earnings | $ -1.60 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 38.13 | |
| Shares Outstanding | 101.815 M | |
| Revenue Per-Share | $ 3.89 | |
| VALUATION | Market Capitalization | $ 5.0 B |
| Enterprise Value | $ 4.6 B | |
| Enterprise Multiple | 168.791 | |
| Enterprise Multiple QoQ | -4.957 % | |
| Enterprise Multiple YoY | 27.28 % | |
| Enterprise Multiple IPRWA | high: 725.943 BILL: 168.791 mean: 90.441 median: 78.121 low: -500.562 |
|
| EV/R | 11.699 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.614 | |
| Asset To Liability | 1.619 | |
| Debt To Capital | 0.331 | |
| Debt To Assets | 0.189 | |
| Debt To Assets QoQ | 7.465 % | |
| Debt To Assets YoY | 75.547 % | |
| Debt To Assets IPRWA | high: 1.164 BILL: 0.189 mean: 0.171 median: 0.095 low: 0.001 |
|
| Debt To Equity | 0.495 | |
| Debt To Equity QoQ | 9.273 % | |
| Debt To Equity YoY | 103.645 % | |
| Debt To Equity IPRWA | high: 2.803 BILL: 0.495 mean: 0.29 median: 0.167 low: -1.761 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.294 | |
| Price To Book QoQ | 10.993 % | |
| Price To Book YoY | -8.471 % | |
| Price To Book IPRWA | high: 32.156 mean: 12.366 median: 10.455 BILL: 1.294 low: -17.466 |
|
| Price To Earnings (P/E) | -1644.435 | |
| Price To Earnings QoQ | -2078.479 % | |
| Price To Earnings YoY | -1990.179 % | |
| Price To Earnings IPRWA | high: 535.496 mean: 145.689 median: 137.28 low: -356.558 BILL: -1644.435 |
|
| PE/G Ratio | 15.563 | |
| Price To Sales (P/S) | 12.692 | |
| Price To Sales QoQ | 6.656 % | |
| Price To Sales YoY | -19.792 % | |
| Price To Sales IPRWA | high: 95.267 median: 48.871 mean: 45.889 BILL: 12.692 low: 1.307 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 92.299 | |
| Forward PE/G | -0.874 | |
| Forward P/S | -2.854 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 62.852 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.039 | |
| Asset Turnover Ratio QoQ | 0.565 % | |
| Asset Turnover Ratio YoY | -0.483 % | |
| Asset Turnover Ratio IPRWA | high: 0.414 mean: 0.127 median: 0.124 BILL: 0.039 low: -0.008 |
|
| Receivables Turnover | 12.28 | |
| Receivables Turnover Ratio QoQ | -5.496 % | |
| Receivables Turnover Ratio YoY | 2.745 % | |
| Receivables Turnover Ratio IPRWA | BILL: 12.28 high: 5.69 mean: 1.468 median: 1.265 low: -0.167 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 7.431 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -7.01 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 226.004 BILL: -7.01 mean: -22.592 median: -38.513 low: -211.399 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.134 | |
| CapEx To Revenue | -0.037 | |
| CapEx To Depreciation | -3.801 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.7 B | |
| Net Invested Capital | $ 5.7 B | |
| Invested Capital | $ 5.7 B | |
| Net Tangible Assets | $ 1.3 B | |
| Net Working Capital | $ 3.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.529 | |
| Current Ratio | 1.674 | |
| Current Ratio QoQ | 6.124 % | |
| Current Ratio YoY | 9.44 % | |
| Current Ratio IPRWA | high: 8.127 mean: 1.704 BILL: 1.674 median: 1.401 low: 0.159 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 70.064 | |
| Cost Of Debt | 0.288 % | |
| Interest Coverage Ratio | 0.582 | |
| Interest Coverage Ratio QoQ | 96.409 % | |
| Interest Coverage Ratio YoY | -81.382 % | |
| Interest Coverage Ratio IPRWA | high: 225.0 median: 50.142 mean: 37.779 BILL: 0.582 low: -266.667 |
|
| Operating Cash Flow Ratio | 0.003 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 14.441 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.867 % | |
| Revenue Growth | 3.233 % | |
| Revenue Growth QoQ | -53.92 % | |
| Revenue Growth YoY | -24.849 % | |
| Revenue Growth IPRWA | high: 28.215 % BILL: 3.233 % mean: 3.107 % median: 1.612 % low: -13.442 % |
|
| Earnings Growth | -105.66 % | |
| Earnings Growth QoQ | -1861.0 % | |
| Earnings Growth YoY | -1103.8 % | |
| Earnings Growth IPRWA | high: 200.0 % mean: 5.1 % median: 1.918 % BILL: -105.66 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | 80.542 % | |
| Gross Margin QoQ | -0.324 % | |
| Gross Margin YoY | -1.719 % | |
| Gross Margin IPRWA | high: 90.981 % BILL: 80.542 % mean: 72.517 % median: 69.046 % low: 26.432 % |
|
| EBIT Margin | 0.99 % | |
| EBIT Margin QoQ | 193.769 % | |
| EBIT Margin YoY | -76.293 % | |
| EBIT Margin IPRWA | high: 76.323 % median: 45.059 % mean: 36.222 % BILL: 0.99 % low: -105.646 % |
|
| Return On Sales (ROS) | -2.994 % | |
| Return On Sales QoQ | -48.415 % | |
| Return On Sales YoY | -171.695 % | |
| Return On Sales IPRWA | high: 76.795 % median: 48.873 % mean: 37.559 % BILL: -2.994 % low: -133.444 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 82.3 M | |
| Free Cash Flow Yield | 1.638 % | |
| Free Cash Flow Yield QoQ | 9.127 % | |
| Free Cash Flow Yield YoY | 13.908 % | |
| Free Cash Flow Yield IPRWA | high: 10.114 % BILL: 1.638 % median: 0.676 % mean: 0.478 % low: -10.76 % |
|
| Free Cash Growth | 20.127 % | |
| Free Cash Growth QoQ | -182.647 % | |
| Free Cash Growth YoY | 74.094 % | |
| Free Cash Growth IPRWA | high: 368.524 % BILL: 20.127 % median: 0.372 % mean: -7.418 % low: -324.945 % |
|
| Free Cash To Net Income | -27.772 | |
| Cash Flow Margin | 2.902 % | |
| Cash Flow To Earnings | -3.877 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.029 % | |
| Return On Assets QoQ | -59.722 % | |
| Return On Assets YoY | -129.592 % | |
| Return On Assets IPRWA | high: 13.583 % median: 4.421 % mean: 3.726 % BILL: -0.029 % low: -19.283 % |
|
| Return On Capital Employed (ROCE) | 0.068 % | |
| Return On Equity (ROE) | -0.001 | |
| Return On Equity QoQ | -58.011 % | |
| Return On Equity YoY | -134.234 % | |
| Return On Equity IPRWA | high: 0.151 median: 0.076 mean: 0.065 BILL: -0.001 low: -0.395 |
|
| DuPont ROE | -0.076 % | |
| Return On Invested Capital (ROIC) | 0.054 % | |
| Return On Invested Capital QoQ | 200.0 % | |
| Return On Invested Capital YoY | -102.051 % | |
| Return On Invested Capital IPRWA | high: 14.226 % median: 6.978 % mean: 5.472 % BILL: 0.054 % low: -12.344 % |
|