Recent News
On February 6, 2026 multiple outlets reported that Hellman & Friedman has held talks to acquire Bill Holdings, triggering elevated takeover speculation and heavy volume. Around the same window, public filings showed a notable institutional accumulation by Barington Companies and company disclosures referenced a material share repurchase program. Activist engagement and board changes remain part of the governance narrative through the period.
Technical Analysis
Directional indicators show mixed bullish pressure: DI+ registered a dip-and-reversal while DI− decreased, which both signal bullish directional shifts; however, ADX at 16.59 indicates no established trend, implying the directional edge lacks strength. This combination supports the intro’s conditional rebound thesis rather than a sustained breakout.
MACD sits negative at −0.75 but recently moved above its signal line (signal −0.99), indicating bullish momentum emerging from a negative base; that pattern favors a near-term lift in price momentum tied to news flow and investor positioning.
MRO reads 12.97 with a peak-and-reversal pattern; the positive MRO indicates the price currently sits above the model target and the peak reversal signals a shift toward downward pressure. That presents a counterforce to the bullish DI+/MACD signals and suggests upside may meet mean-reversion risk near resistance levels tied to moving averages.
RSI at 46.67 with a dip-and-reversal shows renewed buying interest from oversold-to-neutral territory, aligning with the MACD crossover and supporting the prospect of a tactical bounce within the coming weeks.
Price sits at $44.47: above the 12-day EMA ($44.46) and 20-day average ($44.26) but below the 50-day ($47.43) and 200-day ($47.77) averages and beneath the Ichimoku cloud (Senkou A/B ~50.14/50.09). That structure implies short-term bullishness inside a larger neutral-to-bearish longer-term band; Bollinger bands place the close nearer the upper 1x band, increasing the chance of a short-term pullback to support if takeover chatter cools.
Short-term volatility measures remain elevated (42-day beta 4.19) and daily volume sits near its 10-day average but below longer-term averages, indicating episodic news-driven spikes rather than steady accumulation. Collectively, the technical ensemble supports a tactical rebound that depends on continued deal momentum and liquidity flows.
Fundamental Analysis
Earnings: Reported EPS came in at $0.64 versus an estimate of $0.56, an EPS surprise of +14.29%, reflecting an upside to street expectations for the period. Forward EPS sits at $0.6724 with a forward P/E of ~77.11x, leaving valuation sensitive to incremental upside in earnings conversion and cash generation.
Profitability and margins: Operating margin stands at −4.26% and EBIT margin at 0.73%, with EBIT margin QoQ down −26.77% and YoY down −93.12%. These margins remain well below the industry peer mean (EBIT margin industry peer mean 46.63% and industry peer median 60.27%), underscoring continued pressure on operating profitability relative to application-software peers despite high gross margin (79.84%).
Revenue and cash flow: Total revenue reached $414.67M with revenue growth metrics showing a 47.94% QoQ increase and a 317.73% YoY change as reported; free cash flow measured $91.13M and free cash flow yield equals ~1.85% with free cash growth of 10.78% year-over-year. High gross margin (79.84%) sits above the industry peer mean (71.89%) and industry peer median (68.04%), indicating pricing and cost of goods advantages that help fund product investment and buybacks.
Balance sheet and leverage: Cash and short-term investments total $2.2415B versus market cap of $4.9289B and net debt of $739.07M, providing a sizeable liquidity cushion. Debt-to-EBITDA reads ~49.15x, indicating leverage relative to current EBITDA that investors should monitor if EBITDA does not expand; current ratio at 1.65 supports near-term liquidity.
Multiples and valuation: Trailing P/E at 77.04x, P/S ~11.89x, PEG ~15.66x, and enterprise multiple ~119.14x reflect a valuation richly priced for high growth or potential transaction premium. WMDST values the stock as under-valued on a structural basis given balance-sheet cash and buyback activity, but fundamental profitability metrics must improve to justify current multiples absent a takeover premium.
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: 416.607 BILL: 119.143 mean: 72.063 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: 0.87 BILL: 0.186 mean: 0.169 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: 0.249 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: 31.335 mean: 11.312 median: 9.178 BILL: 1.295 low: -16.001 |
|
| Price To Earnings (P/E) | 77.04 | |
| Price To Earnings QoQ | -104.685 % | |
| Price To Earnings YoY | -49.113 % | |
| Price To Earnings IPRWA | high: 522.411 mean: 127.584 median: 102.121 BILL: 77.04 low: -262.004 |
|
| 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: 116.554 mean: 45.167 median: 44.141 BILL: 11.886 low: 3.714 |
|
| 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 mean: 0.13 median: 0.125 BILL: 0.041 low: 0.0 |
|
| Receivables Turnover | 11.318 | |
| Receivables Turnover Ratio QoQ | -7.832 % | |
| Receivables Turnover Ratio YoY | -5.028 % | |
| Receivables Turnover Ratio IPRWA | BILL: 11.318 high: 4.512 mean: 1.565 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: 214.534 BILL: 0.927 mean: -46.267 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: 7.11 mean: 1.814 BILL: 1.654 median: 1.386 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: 148.909 median: 66.552 mean: 45.902 BILL: 0.593 low: -110.193 |
|
| 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: 19.11 % mean: 6.016 % BILL: 4.783 % median: 4.635 % low: -7.075 % |
|
| Earnings Growth | 4.918 % | |
| Earnings Growth QoQ | -104.655 % | |
| Earnings Growth YoY | -144.262 % | |
| Earnings Growth IPRWA | high: 153.333 % mean: 13.731 % median: 6.667 % BILL: 4.918 % low: -163.158 % |
|
| 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: 71.893 % median: 68.036 % low: 40.427 % |
|
| EBIT Margin | 0.725 % | |
| EBIT Margin QoQ | -26.768 % | |
| EBIT Margin YoY | -93.12 % | |
| EBIT Margin IPRWA | high: 78.69 % median: 60.268 % mean: 46.627 % BILL: 0.725 % low: -44.038 % |
|
| Return On Sales (ROS) | -4.26 % | |
| Return On Sales QoQ | 42.285 % | |
| Return On Sales YoY | -140.425 % | |
| Return On Sales IPRWA | high: 76.917 % median: 47.094 % mean: 36.792 % BILL: -4.26 % low: -31.502 % |
|
| 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: 5.274 % BILL: 1.849 % mean: 0.21 % median: 0.164 % 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: 265.627 % BILL: 10.784 % mean: -23.625 % median: -77.08 % low: -132.549 % |
|
| 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: 16.838 % median: 5.909 % mean: 4.905 % 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: 0.344 median: 0.098 mean: 0.086 BILL: -0.001 low: -0.282 |
|
| 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: 20.316 % median: 9.056 % mean: 7.307 % BILL: 0.042 % low: -11.474 % |
|