Recent News
March 2, 2026 — BILL announced a partnership with Rillet to deliver a native, two-way, real-time integration that aligns AP, spend and ledger data for growing businesses and accounting firms.
April 8, 2026 — BILL expanded its Supplier Payments Plus capabilities to speed and simplify supplier collections and cash application for enterprise suppliers, adding payment links and other features to reduce manual work.
April 28, 2026 — BILL launched “BILL Travel,” integrating booking, budgets, card controls and expense management into its Spend & Expense product to reduce travel workflow time and strengthen expense controls.
Technical Analysis
Directional indicators show limited market trend strength: ADX sits at 11.42, indicating no established directional trend, yet DI+ has begun increasing while DI- shows a peak-and-reversal — a configuration that implies rising bullish directional pressure despite the overall lack of a strong trend.
MACD sits at -0.37 with the MACD line above the signal line (-0.64); the MACD has turned higher. That combination represents a bullish momentum shift from a prior negative base and constitutes a momentum cross above the signal line.
MRO at 15.85 registers as a positive reading, indicating the price sits above the oscillator’s target and therefore carries a potential for downward mean reversion; the MRO’s peak-and-reversal pattern reinforces short-term bearish pressure on any further rallies.
RSI at 45.01 is below neutral but rising, signaling improving buying momentum without overbought conditions; that supports the potential for a measured bounce but not for aggressive breakout dynamics.
Price sits near short-term averages: the close at $38.32 lies essentially at the 12–26 day EMAs and below the 50-day ($39.72) and 200-day ($46.48) averages, placing the stock beneath longer-term trend resistance while trading inside narrow Bollinger bands (20‑day ±1σ ~ $37.20–$39.65). Volatility measures remain moderate (42‑day beta 1.06, 52‑week beta 1.92), so directional moves likely remain range-bound until trend strength (ADX) improves.
Fundamental Analysis
Revenue and scale: total revenue $414,671,000 with reported revenue growth of 4.78% (recent measure) and revenue growth year‑over‑year shown at 317.73%. Cash conversion remains positive: operating cash flow $105,317,000 and free cash flow $91,133,000, with a free cash flow yield of 1.85% and strong free cash growth on a YoY basis per the reported figure.
Profitability: gross margin stands at 79.84%, above the industry peer mean of 71.94%, reflecting high software gross economics. Operating margin registers negative at -4.26% and EBIT margin at 0.73%; the EBIT margin sits below the industry peer mean of 46.39% (industry peer mean reported for comparison). QoQ and YoY margin deltas show pressure: EBIT margin QoQ change -26.77% and EBIT margin YoY change -93.12%, indicating recent compression around operating costs despite strong gross margin.
Earnings and cash metrics: reported EPS $0.64 versus an estimate of $0.56, an EPS surprise of +14.29%. Forward EPS sits at $0.678 and forward P/E at roughly 77.11. Interest and leverage: total debt $1,887,090,000 with debt-to-equity ~0.50 and debt-to-EBITDA ~49.15, implying leverage elevated relative to operating earnings.
Valuation context: P/B ~1.29, P/S ~11.89, P/E ~77.04 and an EV-to-revenue (EVR) ~11.03. The P/B ratio sits well below the industry peer mean of 10.84, while gross margins and revenue scale support a premium multiple profile; nevertheless elevated P/E and enterprise multiple reflect market expectations for sustained margin expansion. WMDST values the stock as under-valued based on the firm’s cash generation, high gross margins, and product-led growth that can expand transaction economics over time.
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 | $ -2.72 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 | $ 0.68 | |
| 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: 77.996 median: 61.115 low: -199.076 |
|
| 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: 2.627 BILL: 0.496 mean: 0.266 median: 0.147 low: -1.125 |
|
| 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: 10.845 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: 127.102 median: 116.644 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: 45.001 median: 44.141 BILL: 11.886 low: 0.761 |
|
| 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: 0.428 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: 6.216 mean: 1.576 median: 1.485 low: 0.061 |
|
| 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: -47.837 median: -67.075 low: -327.182 |
|
| 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: 8.654 mean: 1.812 BILL: 1.654 median: 1.386 low: 0.089 |
|
| 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: 238.5 median: 66.552 mean: 45.872 BILL: 0.593 low: -237.222 |
|
| 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: 26.688 % mean: 6.021 % BILL: 4.783 % median: 4.58 % low: -14.959 % |
|
| Earnings Growth | 4.918 % | |
| Earnings Growth QoQ | -104.655 % | |
| Earnings Growth YoY | -144.262 % | |
| Earnings Growth IPRWA | high: 153.333 % mean: 13.493 % median: 10.811 % 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: 71.941 % median: 68.036 % low: 13.525 % |
|
| EBIT Margin | 0.725 % | |
| EBIT Margin QoQ | -26.768 % | |
| EBIT Margin YoY | -93.12 % | |
| EBIT Margin IPRWA | high: 136.21 % median: 60.268 % mean: 46.39 % BILL: 0.725 % low: -189.804 % |
|
| 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: 36.493 % BILL: -4.26 % low: -192.37 % |
|
| 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: 7.018 % BILL: 1.849 % mean: 0.169 % median: 0.164 % low: -8.479 % |
|
| 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: -23.443 % median: -77.08 % low: -285.267 % |
|
| 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: 4.688 % BILL: -0.026 % low: -23.484 % |
|
| 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: 0.362 median: 0.098 mean: 0.086 BILL: -0.001 low: -0.388 |
|
| 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: 22.805 % median: 9.056 % mean: 7.416 % BILL: 0.042 % low: -19.407 % |
|