Recent News
On September 4, 2025 Starboard Value disclosed an ~8–8.5% stake and signaled plans to nominate directors; Starboard formally nominated four candidates on September 8. On September 9, Elliott Investment Management reported a stake of roughly 5%, making it a second activist in the stock. BILL announced a $300 million share repurchase program on August 27, 2025. An analyst upgrade and insider share sale appeared in late June.
Technical Analysis
ADX stands at 43.56, indicating very strong trend strength; that strength increases sensitivity to catalysts such as activist nominations and repurchase execution, raising the probability of sizable near-term moves.
Directional indicators show DI+ at 37.64 with a peak-and-reversal (bearish) and DI- at 12.08 with a peak-and-reversal (bullish); that combination signals directional contention, where trend strength may amplify whichever side gains momentum after governance or buyback news.
MACD reads 2.27 with the MACD line increasing and above the 1.94 signal line, a bullish momentum crossover that supports further upside pressure in the near term.
MRO sits at 9.17 and trends higher; a positive MRO implies price currently sits above the model target and therefore carries modest reversion risk rather than strong continuation risk.
RSI at 56.8 and rising reflects mild bullish momentum without overbought conditions, consistent with price trading above its 12-day EMA ($51.46) and 20-day average ($51.55) while still below the 200-day average ($55.88).
Price slightly exceeds the 1x Bollinger upper band ($53.44) and trades just above the price12dayEMA; short-term support aligns near the SuperTrend lower level at $49.21, while the 200-day average near $55.88 serves as the next meaningful resistance level.
Fundamental Analysis
Total revenue registered $383,349,000 with YoY revenue growth of 9.83%, and gross margin remained strong at 80.80%, underpinning high incremental profitability on additional sales.
Operating margin measured -5.80% with operating income of -$22,249,000 and net income of -$7,072,000; EBIT totaled $1,292,000 producing an EBIT margin of 0.337%, which sits well below the industry peer mean of 34.28% and the industry peer median of 43.47%.
EPS came in at $0.53 versus an estimate of $0.41, an EPS surprise of 29.27%, showing reported per-share profitability on a non-GAAP basis despite a small GAAP net loss.
Free cash flow reached $68,479,000 and free cash flow yield stood at 1.50%, above the industry peer mean free cash flow yield of 0.53%, providing practical funding capacity for the $300 million repurchase program given $2,218,456,000 in cash and short-term investments on the balance sheet.
Leverage metrics highlight total debt of $1,772,842,000 and debt-to-EBITDA of 76.49; debt-to-equity at 0.45 shows moderate leverage on a book basis but elevated debt-to-EBITDA reflects low current earnings coverage.
QoQ and YoY dynamics: operating margin improved QoQ by 278.60% while operating margin YoY contracted by 258.93% (both figures expressed as provided), and asset turnover shows modest positive movement with asset turnover QoQ +4.90% and YoY +3.65%.
WMDST values the stock as under-valued. The valuation case rests on a high gross margin structure and above-peer free cash flow yield combined with sizeable cash reserves enabling share repurchases; offsetting that case, EBIT and operating margins trail the industry peer mean and median materially and leverage versus EBITDA appears stretched given current earnings.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-27 |
| NEXT REPORT DATE: | 2025-11-19 |
| CASH FLOW | Begin Period Cash Flow | $ 3.2 B |
| Operating Cash Flow | $ 83.8 M | |
| Capital Expenditures | $ -15.34 M | |
| Change In Working Capital | $ 4.1 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 379.7 M | |
| End Period Cash Flow | $ 3.6 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 383.3 M | |
| Forward Revenue | $ -722.42 M | |
| COSTS | ||
| Cost Of Revenue | $ 73.6 M | |
| Depreciation | $ 3.2 M | |
| Depreciation and Amortization | $ 21.9 M | |
| Research and Development | $ 90.0 M | |
| Total Operating Expenses | $ 405.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 309.8 M | |
| EBITDA | $ 23.2 M | |
| EBIT | $ 1.3 M | |
| Operating Income | $ -22.25 M | |
| Interest Income | $ 24.5 M | |
| Interest Expense | $ 4.4 M | |
| Net Interest Income | $ 20.2 M | |
| Income Before Tax | $ -3.07 M | |
| Tax Provision | $ 4.0 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -7.07 M | |
| Net Income From Continuing Operations | $ -7.07 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.41 | |
| EPS Actual | $ 0.53 | |
| EPS Difference | $ 0.12 | |
| EPS Surprise | 29.268 % | |
| Forward EPS | $ 0.52 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 10.1 B | |
| Intangible Assets | $ 2.6 B | |
| Net Tangible Assets | $ 1.3 B | |
| Total Current Assets | $ 7.2 B | |
| Cash and Short-Term Investments | $ 2.2 B | |
| Cash | $ 1.0 B | |
| Net Receivables | $ 32.3 M | |
| Inventory | — | |
| Long-Term Investments | $ 33.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 16.3 M | |
| Short-Term Debt | $ 213.4 M | |
| Total Current Liabilities | $ 4.6 B | |
| Net Debt | $ 676.1 M | |
| Total Debt | $ 1.8 B | |
| Total Liabilities | $ 6.1 B | |
| EQUITY | ||
| Total Equity | $ 3.9 B | |
| Retained Earnings | $ -1.51 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 38.00 | |
| Shares Outstanding | 103.012 M | |
| Revenue Per-Share | $ 3.72 | |
| VALUATION | Market Capitalization | $ 4.6 B |
| Enterprise Value | $ 4.1 B | |
| Enterprise Multiple | 177.594 | |
| Enterprise Multiple QoQ | -41.868 % | |
| Enterprise Multiple YoY | 73.266 % | |
| Enterprise Multiple IPRWA | high: 634.148 BILL: 177.594 mean: 91.157 median: 82.154 low: -577.222 |
|
| EV/R | 10.738 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.571 | |
| Asset To Liability | 1.636 | |
| Debt To Capital | 0.312 | |
| Debt To Assets | 0.176 | |
| Debt To Assets QoQ | -4.339 % | |
| Debt To Assets YoY | 12305.634 % | |
| Debt To Assets IPRWA | high: 1.095 BILL: 0.176 mean: 0.161 median: 0.098 low: 0.002 |
|
| Debt To Equity | 0.453 | |
| Debt To Equity QoQ | -1.172 % | |
| Debt To Equity YoY | 14324.841 % | |
| Debt To Equity IPRWA | high: 3.008 BILL: 0.453 mean: 0.299 median: 0.176 low: -0.874 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.166 | |
| Price To Book QoQ | -14.472 % | |
| Price To Book YoY | -12.8 % | |
| Price To Book IPRWA | high: 34.07 mean: 12.076 median: 10.727 BILL: 1.166 low: -16.218 |
|
| Price To Earnings (P/E) | 83.116 | |
| Price To Earnings QoQ | -19.073 % | |
| Price To Earnings YoY | -8.566 % | |
| Price To Earnings IPRWA | high: 564.562 mean: 139.108 median: 130.187 BILL: 83.116 low: -357.639 |
|
| PE/G Ratio | 13.853 | |
| Price To Sales (P/S) | 11.9 | |
| Price To Sales QoQ | -19.18 % | |
| Price To Sales YoY | -25.99 % | |
| Price To Sales IPRWA | high: 113.355 median: 48.199 mean: 45.704 BILL: 11.9 low: 1.219 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 90.548 | |
| Forward PE/G | 15.091 | |
| Forward P/S | -6.315 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -17.607 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.039 | |
| Asset Turnover Ratio QoQ | 4.904 % | |
| Asset Turnover Ratio YoY | 3.647 % | |
| Asset Turnover Ratio IPRWA | high: 0.416 mean: 0.13 median: 0.129 BILL: 0.039 low: 0.0 |
|
| Receivables Turnover | 12.994 | |
| Receivables Turnover Ratio QoQ | 0.795 % | |
| Receivables Turnover Ratio YoY | 9.536 % | |
| Receivables Turnover Ratio IPRWA | BILL: 12.994 high: 4.366 mean: 1.421 median: 1.257 low: 0.131 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 7.022 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.145 | |
| CapEx To Revenue | -0.04 | |
| CapEx To Depreciation | -4.853 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.4 B | |
| Net Invested Capital | $ 5.6 B | |
| Invested Capital | $ 5.6 B | |
| Net Tangible Assets | $ 1.3 B | |
| Net Working Capital | $ 2.7 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.483 | |
| Current Ratio | 1.578 | |
| Current Ratio QoQ | -6.848 % | |
| Current Ratio YoY | 1.5 % | |
| Current Ratio IPRWA | high: 9.787 mean: 1.695 BILL: 1.578 median: 1.353 low: 0.079 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 76.488 | |
| Cost Of Debt | 0.194 % | |
| Interest Coverage Ratio | 0.296 | |
| Interest Coverage Ratio QoQ | -125.921 % | |
| Interest Coverage Ratio YoY | -88.302 % | |
| Interest Coverage Ratio IPRWA | high: 181.115 median: 54.034 mean: 37.81 BILL: 0.296 low: -372.737 |
|
| Operating Cash Flow Ratio | 0.004 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 17.374 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.478 % | |
| Revenue Growth | 7.016 % | |
| Revenue Growth QoQ | -686.622 % | |
| Revenue Growth YoY | 9.831 % | |
| Revenue Growth IPRWA | high: 32.808 % median: 9.099 % BILL: 7.016 % mean: 6.945 % low: -21.897 % |
|
| Earnings Growth | 6.0 % | |
| Earnings Growth QoQ | -156.001 % | |
| Earnings Growth YoY | -220.0 % | |
| Earnings Growth IPRWA | high: 157.143 % BILL: 6.0 % median: 5.491 % mean: 4.775 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 80.804 % | |
| Gross Margin QoQ | -0.533 % | |
| Gross Margin YoY | -0.276 % | |
| Gross Margin IPRWA | high: 91.297 % BILL: 80.804 % mean: 72.317 % median: 68.585 % low: 33.069 % |
|
| EBIT Margin | 0.337 % | |
| EBIT Margin QoQ | -121.983 % | |
| EBIT Margin YoY | -90.772 % | |
| EBIT Margin IPRWA | high: 74.313 % median: 43.473 % mean: 34.276 % BILL: 0.337 % low: -124.558 % |
|
| Return On Sales (ROS) | -5.804 % | |
| Return On Sales QoQ | 278.604 % | |
| Return On Sales YoY | -258.927 % | |
| Return On Sales IPRWA | high: 76.082 % median: 44.901 % mean: 34.04 % BILL: -5.804 % low: -117.376 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 68.5 M | |
| Free Cash Flow Yield | 1.501 % | |
| Free Cash Flow Yield QoQ | -12.529 % | |
| Free Cash Flow Yield YoY | 13.454 % | |
| Free Cash Flow Yield IPRWA | high: 6.936 % BILL: 1.501 % median: 0.694 % mean: 0.528 % low: -13.154 % |
|
| Free Cash Growth | -24.353 % | |
| Free Cash Growth QoQ | -178.682 % | |
| Free Cash Growth YoY | -239.136 % | |
| Free Cash Growth IPRWA | high: 278.713 % median: 25.957 % mean: 12.202 % BILL: -24.353 % low: -316.997 % |
|
| Free Cash To Net Income | -9.683 | |
| Cash Flow Margin | 4.207 % | |
| Cash Flow To Earnings | -2.28 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.072 % | |
| Return On Assets QoQ | -40.0 % | |
| Return On Assets YoY | -186.747 % | |
| Return On Assets IPRWA | high: 14.05 % median: 4.609 % mean: 3.677 % BILL: -0.072 % low: -24.058 % |
|
| Return On Capital Employed (ROCE) | 0.024 % | |
| Return On Equity (ROE) | -0.002 | |
| Return On Equity QoQ | -39.465 % | |
| Return On Equity YoY | -198.37 % | |
| Return On Equity IPRWA | high: 0.214 median: 0.079 mean: 0.07 BILL: -0.002 low: -0.337 |
|
| DuPont ROE | -0.182 % | |
| Return On Invested Capital (ROIC) | 0.018 % | |
| Return On Invested Capital QoQ | -123.077 % | |
| Return On Invested Capital YoY | -102.258 % | |
| Return On Invested Capital IPRWA | high: 14.534 % median: 7.176 % mean: 5.543 % BILL: 0.018 % low: -13.655 % |
|