Recent News
Nov. 14–17, 2025: Starboard Value reported a new, material stake in Bill Holdings via an SEC filing; coverage summarized the filing and stake size on Nov. 17. Dec. 4, 2025: Barington Capital sent a public letter urging cost reductions and asking the board to engage advisors and explore strategic alternatives, including a potential sale. Nov. 25–Dec. 20, 2025: broker coverage and consensus updates appeared, with publications noting mixed analyst views and the range of 12‑month targets.
Technical Analysis
ADX / DI+ / DI-: ADX at 29.9 indicates a strong trend environment; DI+ shows a dip & reversal and DI- shows a peak & reversal, jointly signaling a bullish directional setup that increases the likelihood of price responsiveness to corporate catalysts.
MACD: MACD sits at -1.27 with a dip & reversal and has crossed above its signal line (-1.87), indicating a shift toward bullish momentum despite a negative absolute MACD value.
MRO: MRO rests at -10.51 with a dip & reversal; the negative reading implies price below the oscillator’s target and therefore upward potential into any re-rating.
RSI: RSI at 46.73 with a dip & reversal signals room for upward movement without overbought pressure; the level supports limited, momentum-driven rallies rather than extended breakouts.
Price Structure & Averages: Closing price $46.37 sits above the 20‑day average ($44.63) and the 12‑day EMA ($45.81, dip & reversal) but below the 50‑day ($50.51) and 200‑day ($47.91) averages, implying short‑term bullishness inside a broader consolidation band; Bollinger 1σ upper at $50.33 provides a near-term resistance reference and the super trend lower at $43.35 offers a support level to monitor.
Volatility & Volume: 42‑day beta 4.76 and a 52‑week beta of 1.86 indicate elevated short‑term volatility; 10‑day average volume (5.69M) exceeded current daily volume (2.35M), suggesting lower participation on recent moves and a conditional price sensitivity to renewed volume on news.
Fundamental Analysis
Profitability & Margins: EBIT $3,005,000 produces an EBIT margin of 0.725%, below the industry peer mean (48.511%) and the industry peer median (60.268%), and above the industry peer low. Operating margin registers -4.26% while net income shows a small loss of $2,588,000; gross margin remains strong at 79.842%, consistent with software economics but not yet translating into operating profitability.
Revenue & Growth: Total revenue $414,671,000 with reported revenue growth of 4.78% and a year‑over‑year revenue growth figure of 317.73% as provided; QoQ revenue growth shows a 47.943% change. The company recorded sequential improvement in revenue metrics while conversion of top‑line strength into operating leverage remains incomplete.
Earnings & Valuation Multiples: Reported EPS $0.64 versus an estimate $0.56 produced an EPS surprise of 14.29%. Trailing PE ~77.0x and forward PE ~77.1x sit below the industry peer mean PE (137.11x) and below the industry peer median (90.35x). PEG near 15.66x exceeds the industry peer mean (8.18x). Price/book 1.29x sits well below the industry peer mean (11.95x) and median (9.18x). Enterprise value to revenue (EVR) 11.03x and an enterprise multiple at 119.14 are high relative to conventional SaaS ranges in isolation; free cash flow yield 1.85% remains positive but modest.
Liquidity & Leverage: Cash and short‑term investments $2,241,500,000 and cash $1,094,530,000 provide a large liquidity buffer versus net debt $739,070,000; current ratio 1.65 supports near‑term liquidity. Debt‑to‑equity 0.496x indicates moderate leverage; interest coverage 0.593x signals limited earnings cover for interest expense on current operating income levels.
Operational Efficiency: Asset turnover 0.0409 sits below the industry peer mean (0.1239) and median (0.1249), reflecting capital intensity relative to revenue generation. Receivables turnover 11.32 and days payable/receivable measures remain compact, supporting working capital dynamics; cash conversion ratio 0.14323 signals positive cash conversion but with room to improve.
Valuation Note: WMDST values the stock as under‑valued. That view rests on a combination of strong gross margins, substantial liquidity, a positive free cash flow figure, and the potential for re‑rating if strategic actions (board refresh, activist engagement, or a formal sale process) accelerate operating margin improvement or crystallize a control premium. Offsetting those positives: elevated trailing multiples versus current earnings generation, modest free cash flow yield, and insufficient operating income coverage for interest.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-05 |
| NEXT REPORT DATE: | 2026-05-07 |
| CASH FLOW | Begin Period Cash Flow | $ 3.5 B |
| Operating Cash Flow | $ 105.3 M | |
| Capital Expenditures | $ -14.18 M | |
| Change In Working Capital | $ -4.94 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 128.9 M | |
| End Period Cash Flow | $ 3.7 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 414.7 M | |
| Forward Revenue | $ -2.69 B | |
| COSTS | ||
| Cost Of Revenue | $ 83.6 M | |
| Depreciation | $ 7.6 M | |
| Depreciation and Amortization | $ 35.4 M | |
| Research and Development | $ 82.8 M | |
| Total Operating Expenses | $ 432.3 M | |
| PROFITABILITY | ||
| Gross Profit | $ 331.1 M | |
| EBITDA | $ 38.4 M | |
| EBIT | $ 3.0 M | |
| Operating Income | $ -17.66 M | |
| Interest Income | $ 23.3 M | |
| Interest Expense | $ 5.1 M | |
| Net Interest Income | $ 16.6 M | |
| Income Before Tax | $ -2.07 M | |
| Tax Provision | $ 522.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -2.59 M | |
| Net Income From Continuing Operations | $ -2.59 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.56 | |
| EPS Actual | $ 0.64 | |
| EPS Difference | $ 0.08 | |
| EPS Surprise | 14.286 % | |
| Forward EPS | $ 0.67 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 10.1 B | |
| Intangible Assets | $ 2.6 B | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | $ 7.3 B | |
| Cash and Short-Term Investments | $ 2.2 B | |
| Cash | $ 1.1 B | |
| Net Receivables | $ 41.2 M | |
| Inventory | — | |
| Long-Term Investments | $ 33.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 5.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 4.4 B | |
| Net Debt | $ 739.1 M | |
| Total Debt | $ 1.9 B | |
| Total Liabilities | $ 6.3 B | |
| EQUITY | ||
| Total Equity | $ 3.8 B | |
| Retained Earnings | $ -1.73 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 38.08 | |
| Shares Outstanding | 99.967 M | |
| Revenue Per-Share | $ 4.15 | |
| VALUATION | Market Capitalization | $ 4.9 B |
| Enterprise Value | $ 4.6 B | |
| Enterprise Multiple | 119.143 | |
| Enterprise Multiple QoQ | -29.414 % | |
| Enterprise Multiple YoY | 11.05 % | |
| Enterprise Multiple IPRWA | high: 798.871 BILL: 119.143 mean: 70.272 median: 61.115 low: -363.609 |
|
| EV/R | 11.032 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.66 | |
| Asset To Liability | 1.602 | |
| Debt To Capital | 0.331 | |
| Debt To Assets | 0.186 | |
| Debt To Assets QoQ | -1.564 % | |
| Debt To Assets YoY | 5301.449 % | |
| Debt To Assets IPRWA | high: 0.687 BILL: 0.186 mean: 0.17 median: 0.087 low: 0.004 |
|
| Debt To Equity | 0.496 | |
| Debt To Equity QoQ | 0.156 % | |
| Debt To Equity YoY | 5558.79 % | |
| Debt To Equity IPRWA | high: 2.989 BILL: 0.496 mean: 0.198 median: 0.147 low: -1.778 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.295 | |
| Price To Book QoQ | 0.087 % | |
| Price To Book YoY | -42.932 % | |
| Price To Book IPRWA | high: 39.175 mean: 11.951 median: 9.178 BILL: 1.295 low: -21.803 |
|
| Price To Earnings (P/E) | 77.04 | |
| Price To Earnings QoQ | -104.685 % | |
| Price To Earnings YoY | -49.113 % | |
| Price To Earnings IPRWA | high: 697.934 mean: 137.105 median: 90.345 BILL: 77.04 low: -94.028 |
|
| PE/G Ratio | 15.665 | |
| Price To Sales (P/S) | 11.886 | |
| Price To Sales QoQ | -6.35 % | |
| Price To Sales YoY | -50.139 % | |
| Price To Sales IPRWA | high: 101.971 median: 44.141 mean: 43.889 BILL: 11.886 low: 4.135 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 77.109 | |
| Forward PE/G | 15.679 | |
| Forward P/S | -1.837 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 6.325 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.041 | |
| Asset Turnover Ratio QoQ | 4.47 % | |
| Asset Turnover Ratio YoY | 5.576 % | |
| Asset Turnover Ratio IPRWA | high: 0.373 median: 0.125 mean: 0.124 low: 0.047 BILL: 0.041 |
|
| Receivables Turnover | 11.318 | |
| Receivables Turnover Ratio QoQ | -7.832 % | |
| Receivables Turnover Ratio YoY | -5.028 % | |
| Receivables Turnover Ratio IPRWA | BILL: 11.318 high: 2.828 mean: 1.583 median: 1.485 low: 0.601 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 8.062 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 0.927 | |
| Cash Conversion Cycle Days QoQ | -113.22 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 113.407 BILL: 0.927 mean: -54.547 median: -67.075 low: -67.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.143 | |
| CapEx To Revenue | -0.034 | |
| CapEx To Depreciation | -1.863 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.6 B | |
| Net Invested Capital | $ 5.6 B | |
| Invested Capital | $ 5.6 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | $ 2.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.506 | |
| Current Ratio | 1.654 | |
| Current Ratio QoQ | -1.233 % | |
| Current Ratio YoY | -0.348 % | |
| Current Ratio IPRWA | high: 4.448 BILL: 1.654 median: 1.386 mean: 1.316 low: 0.466 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 49.149 | |
| Cost Of Debt | 0.21 % | |
| Interest Coverage Ratio | 0.593 | |
| Interest Coverage Ratio QoQ | 1.816 % | |
| Interest Coverage Ratio YoY | -92.846 % | |
| Interest Coverage Ratio IPRWA | high: 147.069 median: 66.552 mean: 49.134 BILL: 0.593 low: -61.95 |
|
| Operating Cash Flow Ratio | 0.005 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 7.136 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.244 % | |
| Revenue Growth | 4.783 % | |
| Revenue Growth QoQ | 47.943 % | |
| Revenue Growth YoY | 317.729 % | |
| Revenue Growth IPRWA | high: 14.586 % BILL: 4.783 % mean: 4.637 % median: 4.635 % low: -6.711 % |
|
| Earnings Growth | 4.918 % | |
| Earnings Growth QoQ | -104.655 % | |
| Earnings Growth YoY | -144.262 % | |
| Earnings Growth IPRWA | high: 53.741 % mean: 14.543 % median: 6.667 % BILL: 4.918 % low: -128.333 % |
|
| MARGINS | ||
| Gross Margin | 79.842 % | |
| Gross Margin QoQ | -0.869 % | |
| Gross Margin YoY | -2.188 % | |
| Gross Margin IPRWA | high: 91.096 % BILL: 79.842 % mean: 70.122 % median: 68.036 % low: 49.385 % |
|
| EBIT Margin | 0.725 % | |
| EBIT Margin QoQ | -26.768 % | |
| EBIT Margin YoY | -93.12 % | |
| EBIT Margin IPRWA | high: 60.268 % median: 60.268 % mean: 48.511 % BILL: 0.725 % low: -23.567 % |
|
| Return On Sales (ROS) | -4.26 % | |
| Return On Sales QoQ | 42.285 % | |
| Return On Sales YoY | -140.425 % | |
| Return On Sales IPRWA | high: 47.094 % median: 47.094 % mean: 37.453 % BILL: -4.26 % low: -27.164 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 91.1 M | |
| Free Cash Flow Yield | 1.849 % | |
| Free Cash Flow Yield QoQ | 12.882 % | |
| Free Cash Flow Yield YoY | 131.125 % | |
| Free Cash Flow Yield IPRWA | high: 3.753 % BILL: 1.849 % median: 0.164 % mean: 0.144 % low: -1.998 % |
|
| Free Cash Growth | 10.784 % | |
| Free Cash Growth QoQ | -46.42 % | |
| Free Cash Growth YoY | -170.831 % | |
| Free Cash Growth IPRWA | high: 403.227 % BILL: 10.784 % mean: -34.686 % median: -77.08 % low: -362.462 % |
|
| Free Cash To Net Income | -35.214 | |
| Cash Flow Margin | 5.256 % | |
| Cash Flow To Earnings | -8.422 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.026 % | |
| Return On Assets QoQ | -10.345 % | |
| Return On Assets YoY | -107.263 % | |
| Return On Assets IPRWA | high: 16.041 % median: 5.909 % mean: 4.653 % BILL: -0.026 % low: -10.846 % |
|
| Return On Capital Employed (ROCE) | 0.053 % | |
| Return On Equity (ROE) | -0.001 | |
| Return On Equity QoQ | -10.526 % | |
| Return On Equity YoY | -107.719 % | |
| Return On Equity IPRWA | high: 0.298 median: 0.098 mean: 0.096 BILL: -0.001 low: -0.138 |
|
| DuPont ROE | -0.067 % | |
| Return On Invested Capital (ROIC) | 0.042 % | |
| Return On Invested Capital QoQ | -22.222 % | |
| Return On Invested Capital YoY | -102.397 % | |
| Return On Invested Capital IPRWA | high: 13.9 % median: 9.056 % mean: 7.24 % BILL: 0.042 % low: -11.474 % |
|