Recent News
On February 5, 2026 the company reported fiscal Q2 results and updated guidance; coverage noted stronger-than-expected profitability metrics and raised full-year outlook. On February 6, 2026 multiple outlets reported Bloomberg-sourced accounts that private equity firm Hellman & Friedman entered formal acquisition discussions with Bill Holdings, triggering broad market coverage of a potential sale process.
Technical Analysis
ADX at 17.72 indicates the market currently lacks a defined trend; this low strength supports the expectation that price moves will remain reactionary to news rather than follow a sustained directional impulse.
DI+ stands at 20.23 and is decreasing, a bearish directional signal that weighs on near-term upside potential relative to recent price action.
DI- sits at 28.39 and shows a peak-and-reverse pattern, which by definition signals a bullish shift in the negative-direction indicator; this divergence between DI+ and DI- implies conflicting directional pressure and elevated volatility risk.
MACD reads -1.46 with a decreasing trend and a signal line at -1.23; negative and declining MACD signals bearish momentum and suggest the recent upside lacks durable follow-through.
MRO at 11.5 with a dip-and-reversal profile remains positive, indicating the current price sits above the model target and therefore carries potential downward pressure if momentum fails to re-accelerate.
RSI at 43.98 and decreasing shows momentum moving toward oversold territory but not yet oversold; the falling RSI reinforces short-term downside bias while leaving room for further pullback if sellers reassert control.
Price closed at $39.98, below the 20-day average ($42.46), 50-day average ($45.51) and 200-day average ($47.64), and it trades marginally below the 1x lower Bollinger band ($40.04). These relationships signal the market price currently tests lower volatility boundaries and would likely remain sensitive to headline risk.
Short-term volatility measures show elevated sensitivity: 42-day beta at 3.94 and 42-day volatility at 7%; volume on the session measured below short- and long-run averages, so price gaps tied to news events remain the most probable path to large moves.
Fundamental Analysis
Revenue totaled $414,671,000. Reported revenue growth shows a quarter-over-quarter rise of 47.94% and a year-over-year change listed at 317.73%; sequential expansion contrasts with the more modest trailing growth figure of 4.78% noted elsewhere in company metrics. Gross margin stands at 79.84%, above the industry peer mean of 71.91% and the industry peer median of 68.04%, reflecting a high-margin software business model.
Earnings per share reached $0.64 versus an estimate of $0.56, a $0.08 beat and a 14.29% surprise. Operating results remain mixed: operating margin sits at -4.26% but improved quarter-over-quarter by 42.29%, while EBIT margin equals 0.73% and fell 26.77% QoQ and 93.12% YoY—showing progress toward profitability on some measures but continued operating compression on others.
Cash and liquidity remain ample: cash of $1.094 billion and cash plus short-term investments of $2.242 billion against total debt of $1.887 billion and net debt of $739.07 million. The current ratio measures 1.65, modestly below the industry peer mean of 1.81 but above the industry peer low; working capital sits positive at $2.895 billion.
Free cash flow totaled $91.133 million, with a free cash flow yield of 1.85% and year-over-year free cash flow yield growth of 131.13%. Return metrics remain near zero or negative: return on equity at -0.068% and return on assets at -0.026%, consistent with a business transitioning toward sustained profitability.
Leverage metrics warrant attention: debt-to-EBITDA registers at 49.15x, a high reading driven by modest trailing earnings, while debt-to-equity sits at 0.50. Interest coverage remains constrained at 0.59x. Price multiples reflect growth expectations and market sentiment: trailing P/E near 77.0x, price-to-sales about 11.9x, and price-to-book at 1.29x. WMDST’s valuation assessment labels the shares under-valued; that valuation juxtaposes rich multiples with improving cash flow dynamics and a sizable liquidity buffer.
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: 72.002 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: 0.001 |
|
| 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: 26.941 mean: 10.869 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: 127.517 median: 101.811 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: 45.087 median: 44.141 BILL: 11.886 low: 0.808 |
|
| 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: 5.582 mean: 1.566 median: 1.485 low: 0.392 |
|
| 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: -48.054 median: -67.075 low: -215.655 |
|
| 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: 45.565 BILL: 0.593 low: -122.007 |
|
| 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: 6.014 % BILL: 4.783 % median: 4.635 % low: -9.105 % |
|
| Earnings Growth | 4.918 % | |
| Earnings Growth QoQ | -104.655 % | |
| Earnings Growth YoY | -144.262 % | |
| Earnings Growth IPRWA | high: 153.333 % mean: 13.586 % median: 9.459 % BILL: 4.918 % low: -163.636 % |
|
| MARGINS | ||
| Gross Margin | 79.842 % | |
| Gross Margin QoQ | -0.869 % | |
| Gross Margin YoY | -2.188 % | |
| Gross Margin IPRWA | high: 94.68 % BILL: 79.842 % mean: 71.911 % median: 68.036 % low: 37.597 % |
|
| EBIT Margin | 0.725 % | |
| EBIT Margin QoQ | -26.768 % | |
| EBIT Margin YoY | -93.12 % | |
| EBIT Margin IPRWA | high: 78.69 % median: 60.268 % mean: 46.498 % BILL: 0.725 % low: -97.081 % |
|
| 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: 36.622 % BILL: -4.26 % low: -76.387 % |
|
| 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: 0.212 % median: 0.164 % low: -3.43 % |
|
| 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: -23.575 % median: -77.08 % low: -202.128 % |
|
| 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: 4.893 % 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: 0.086 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: 7.287 % BILL: 0.042 % low: -11.474 % |
|