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BILL Holdings, Inc. (BILL) stock

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NYSE: BILL NYSE Application Software Next results ~November 5, 2026

C+ Fundamentals grade

BILL Holdings, Inc. is a US-listed company in the application software industry. Its financial year ends in June.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$62

Cash-flow model

Base case. Range ~$46–$81 across our lower- and higher-growth cases (9.5%–19.5% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 19% below our base value.

Price used: $49.72, November 2, 2026

BILL Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 17 sales by directors and officers, last 12 monthsInsider trades
  • Funds163 adding, 185 cuttingOf 61 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter BILL Holdings files

Where Bill stands after its latest 10-K

Revenue for the twelve months to June 2026 was $1.65bn, up 13.0% on a year earlier, faster than 12.5% a quarter earlier. Free-cash-flow margin rose to 25.0% from 23.7% a year earlier. The diluted share count is down 3.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $37.67 a share, against a share price of $48.06. At that price, our model says the market is pricing in about 18.5% a year of cash-flow growth for five years, slower than the 47.3% a year revenue growth it has delivered.

Source: 10-K filed August 20, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

BILL Holdings, Inc.'s trailing-twelve-month revenue grew 13.0% year on year, with a free-cash-flow margin of 25.0%. Where it stands out: days sales outstanding of 7 days ranks 2 of 162 application software companies we cover.

Our discounted-cash-flow model values the business at ~$62 per share in the base case (~$46–$81 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 13.0% (+0.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $49.72 is 24% below our value per share of $62.
  • Strong cash generation. 25.0% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 3.8% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.4% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -4.4%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 1.4 against the S&P 500.
  • Insiders selling. 4 insiders sold $16M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Heavily shorted. 17.4% of the shares available to trade are sold short (6.7 days of average volume to cover).

Latest results: FY2026 Q4

Filed August 20, 2026
Earnings per share
$0.84 against an average estimate of $0.71: beat by 18.5%
Revenue
$436m, up 13.8% on a year earlier
Share reaction
-3.6% in the first session after the results on August 19, 2026, against -0.6% for the S&P 500
Guidance given
total revenue (millions) $432.5m to $442.5m (Q1 FY27); total revenue (millions) $1,807m to $1,857m (FY27)
Next report
November 5, 2026; average EPS estimate $0.98

BILL Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.9%
  • 1 week-0.4%
  • 1 month+14.0%
  • This year-8.8%
  • 1 year+0.1%
  • 5 years-83.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.7B
Operating margin
-4.4%
Net margin
-0.7%
EPS (TTM, diluted)
$-0.11

Growth

Revenue growth
+13.0%
Change in growth rate
+0.6 pts
Share count change
−3.8%

Cash

Free cash flow (TTM)
$412M
FCF margin
25.0%
Stock pay % of revenue
13.9%

Earnings

Last results
August 19, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Partnership
  2. Product
  3. Product
  4. Announcement
  5. Announcement
  6. Results
  7. Partnership
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Results
  12. Guidance
  13. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

BILL Holdings, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 16.1% a year of cash-flow growth for five years.That is slower than the 47.3% a year revenue growth BILL Holdings has delivered.

  • Priced in16.1%
  • Last 12 months13.0%
  • 3 years a year16.0%
  • 5 years a year47.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($48.44, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$62
Price used
$48.44close November 3, 2026
Implied change
▲ +27%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of BILL Holdings, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($119M, FY2026 Q4 TTM), growing 11.9% and 13.3% in the next two years (forecasts, guidance and its record), then back to 14.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$46–~$81 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of BILL Holdings, Inc.'s free cash flow after stock-based pay ( $119M, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value BILL Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.18 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$62 ~$46–$81 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$60 ~$50–$100 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.0 ~$0.8–$4.3 Left out: out of range vs price (0.04x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$61 ~$60–$62 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare BILL Holdings, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +5%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $20$26$35$47$62$81
8.5% $15$20$26$35$46$59
10% $13$16$21$28$36$46

Valuation multiples over time Market data may be delayed

At fiscal year end 2020202120222023202420252026
Share price$90.21$183.18$109.94$116.85$52.62$46.26$36.16
Market value$4.0bn$15.2bn$11.2bn$12.4bn$5.6bn$4.8bn$3.6bn
+ Net debt (− = net cash)−$571m$718m$252m$358m−$72m$856m$805m
Enterprise value$3.4bn$15.9bn$11.4bn$12.7bn$5.5bn$5.7bn$4.4bn
Multiples
Price / sales 25.2x63.7x17.4x11.7x4.3x3.3x2.2x
Price / earnings —————n/m—
Price / free cash flow ———68.7x20.1x13.9x8.8x
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

28 /100

Weak moat

How hard BILL Holdings's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median 2.2% of total assets over 6 years.

  • Pricing power 18 / 20

    Gross margin has been a median 79.2%, moving by 3.6 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median -17.6%; its worst year was -49.4%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 4 of 7 years, at a median 17.0% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 20.7% over five years; stock-based pay has been a median 19.3% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (43 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $439m and EPS of $0.98 (range $0.95 to $1.00) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.73 +35% $1.8bn +11%
Next $4.34 +17% $2.0bn +11%

Next year's EPS estimate has moved +6.4% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +10.2% on 90 days ago. In the last 30 days, 0 analysts raised BILL Holdings, Inc.'s forecast and 1 cut it.

Consensus EPS forecast BILL Holdings, Inc., last 90 days
$3.00 $3.50 $4.00 $4.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.39 Current fiscal year, 60 days ago: $3.73 Current fiscal year, 30 days ago: $3.74 Current fiscal year, 7 days ago: $3.73 Current fiscal year, Now: $3.73 $3.73 Next fiscal year, 90 days ago: $4.08 Next fiscal year, 60 days ago: $4.35 Next fiscal year, 30 days ago: $4.35 Next fiscal year, 7 days ago: $4.34 Next fiscal year, Now: $4.34 $4.34

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.39$4.08
60 days ago $3.73$4.35
30 days ago $3.74$4.35
7 days ago $3.73$4.34
Now $3.73$4.34

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.71 $0.84 +18.5%
Mar 2026 $0.55 $0.68 +23.2%
Dec 2025 $0.56 $0.64 +14.2%
Sept 2025 $0.51 $0.61 +20.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 19, 2026
  • Total revenue (millions) FY27 $1,807m to $1,857m
    “Total revenue (millions) $432.5 - $442.5 $1,807.0 - $1,857.0” source
  • Year-over-year total revenue growth FY27 9% growth to 12% growth
    “Year-over-year total revenue growth 9% - 12% 9% - 12%” source
  • Core revenue (millions) FY27 $1,669m to $1,719m
    “Core revenue (millions) $398.0 - $408.0 $1,669.0 - $1,719.0” source
  • Year-over-year core revenue growth FY27 11% growth to 14% growth
    “Year-over-year core revenue growth 11% - 14% 11% - 14%” source
  • Total revenue (millions) Q1 FY27 $433m to $443m
    “Total revenue (millions) $432.5 - $442.5 $1,807.0 - $1,857.0” source
  • Year-over-year total revenue growth Q1 FY27 9% growth to 12% growth
    “Year-over-year total revenue growth 9% - 12% 9% - 12%” source
Show 11 more items
  • Core revenue (millions) Q1 FY27 $398m to $408m
    “Core revenue (millions) $398.0 - $408.0 $1,669.0 - $1,719.0” source
  • Year-over-year core revenue growth Q1 FY27 11% growth to 14% growth
    “Year-over-year core revenue growth 11% - 14% 11% - 14%” source
  • Non-GAAP net income per diluted share FY27 $3.56 to $3.79 Non-GAAP
    “Non-GAAP net income per diluted share $0.96 - $1.00 $3.56 - $3.79” source
  • Non-GAAP net income per diluted share Q1 FY27 $0.96 to $1.00 Non-GAAP
    “Non-GAAP net income per diluted share $0.96 - $1.00 $3.56 - $3.79” source
  • Rewards expense (millions) FY27 about $402m
    “Rewards expense (millions) $92.5 $401.5” source
  • Non-GAAP operating income (millions) FY27 $421m to $451m Non-GAAP
    “Non-GAAP operating income (millions) $112.5 - $117.5 $421.0 - $451.0” source
  • Non-GAAP net income (millions) FY27 $371m to $395m Non-GAAP
    “Non-GAAP net income (millions) $98.0 - $102.0 $370.5 - $394.5” source
  • Rewards expense (millions) Q1 FY27 about $92.5m
    “Rewards expense (millions) $92.5 $401.5” source
  • Non-GAAP operating income (millions) Q1 FY27 $113m to $118m Non-GAAP
    “Non-GAAP operating income (millions) $112.5 - $117.5 $421.0 - $451.0” source
  • Non-GAAP net income (millions) Q1 FY27 $98m to $102m Non-GAAP
    “Non-GAAP net income (millions) $98.0 - $102.0 $370.5 - $394.5” source
  • non-GAAP provision for income taxes Q1 FY27 and FY27 outlook about 20% Non-GAAP
    “The outlook for non-GAAP net income and non-GAAP net income per diluted share includes a non-GAAP provision for income taxes of 20%.” source

How earlier guidance turned out

  • Total revenue, FY26 guided $1,642m to $1,652m Above range: $1,653m
  • Total revenue, Q4 FY26 guided $425m to $435m Above range: $436m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows BILL Holdings, Inc.'s revenue by +11.9% next year and +13.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.8%, weight 70%) and the company's own record (+14.5%, weight 30%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy1359%
Hold941%
Sell00%

Monthly trend

  1. Oct 2026310922
  2. Sep 2026310922
  3. Aug 2026311923

Counts of recommendations published by analysts covering BILL Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.4%
of tradable shares
Days to cover
6.68
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
4.2%
of shares
Employees
1,683
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +0.1%

$49.66 on October 31, 2025 to $49.72

ThenNowEffect
Revenue (last 12 months) $1.5bn $1.7bn +13.0%
P/S multiple 3.5x 3.0x −14.8%
Share count 104m 100m +4.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −25.7%

$66.93 on November 3, 2023 to $49.72

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.7bn +56.2%
P/S multiple 6.7x 3.0x −55.2%
Share count 106m 100m +6.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BILL+83%−56%−25%+4%−36%−9%
Industry peers (median)−8%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BILL50%33%42%42%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BILL−32%−62%−59%−46%−61%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since December 12, 2019: 91% from November 9, 2021 to June 22, 2026. Getting back needed a 971% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$31.96 – $56.31
From 52-week high
−11.7%
vs 50-day average
+5.7%
vs 200-day average
+16.9%
Volatility (1 year)
63%
Beta vs S&P 500
1.44

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±15.4%
After a week
7 up, 5 down
typical move ±16.0%
After a month
5 up, 7 down
typical move ±19.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 19, 2026 −3.6% −0.6% −2.2% −3.3%
May 7, 2026 +12.8% +0.5% +6.5% −5.2%
February 5, 2026 +31.5% +0.6% +24.6% +19.4%
November 6, 2025 −2.0% −1.0% +7.7% +17.1%
August 27, 2025 +21.1% +0.6% +14.9% +33.3%
May 8, 2025 −3.7% +0.6% +0.9% −1.8%
February 6, 2025 −36.0% −0.6% −37.3% −55.1%
November 7, 2024 +19.5% +1.2% +33.5% +42.9%
August 22, 2024 −8.0% +0.3% +6.8% +2.3%
May 2, 2024 −9.9% +2.2% −8.2% −18.6%
February 8, 2024 −12.6% +0.6% −13.1% −9.8%
November 2, 2023 −24.2% +2.8% −36.5% −22.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How BILL Holdings, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

BILL Holdings, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) BILL Holdings, Inc.
$1B $1.2B $1.4B $1.6B $1.8B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.2B Revenue (TTM), FY24 Q3: $1.2B Revenue (TTM), FY24 Q4: $1.3B Revenue (TTM), FY25 Q1: $1.3B Revenue (TTM), FY25 Q2: $1.4B Revenue (TTM), FY25 Q3: $1.4B Revenue (TTM), FY25 Q4: $1.5B Revenue (TTM), FY26 Q1: $1.5B Revenue (TTM), FY26 Q2: $1.6B Revenue (TTM), FY26 Q3: $1.6B Revenue (TTM), FY26 Q4: $1.7B $1.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $1.1B
FY24 Q2 $1.2B
FY24 Q3 $1.2B
FY24 Q4 $1.3B
FY25 Q1 $1.3B
FY25 Q2 $1.4B
FY25 Q3 $1.4B
FY25 Q4 $1.5B
FY26 Q1 $1.5B
FY26 Q2 $1.6B
FY26 Q3 $1.6B
FY26 Q4 $1.7B
Revenue growth, TTM YoY BILL Holdings, Inc.
0% 20% 40% 60% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: 50.4% Revenue growth, TTM YoY, FY24 Q2: 39.1% Revenue growth, TTM YoY, FY24 Q3: 29.1% Revenue growth, TTM YoY, FY24 Q4: 21.9% Revenue growth, TTM YoY, FY25 Q1: 18.5% Revenue growth, TTM YoY, FY25 Q2: 16.4% Revenue growth, TTM YoY, FY25 Q3: 14.5% Revenue growth, TTM YoY, FY25 Q4: 13.4% Revenue growth, TTM YoY, FY26 Q1: 11.6% Revenue growth, TTM YoY, FY26 Q2: 11.8% Revenue growth, TTM YoY, FY26 Q3: 12.5% Revenue growth, TTM YoY, FY26 Q4: 13.0% 13.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 50.4%
FY24 Q2 39.1%
FY24 Q3 29.1%
FY24 Q4 21.9%
FY25 Q1 18.5%
FY25 Q2 16.4%
FY25 Q3 14.5%
FY25 Q4 13.4%
FY26 Q1 11.6%
FY26 Q2 11.8%
FY26 Q3 12.5%
FY26 Q4 13.0%
Operating margin (TTM) BILL Holdings, Inc.
-30% -20% -10% 0% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: -23.4% Operating margin (TTM), FY24 Q2: -18.5% Operating margin (TTM), FY24 Q3: -15.6% Operating margin (TTM), FY24 Q4: -13.5% Operating margin (TTM), FY25 Q1: -9.3% Operating margin (TTM), FY25 Q2: -5.7% Operating margin (TTM), FY25 Q3: -5.7% Operating margin (TTM), FY25 Q4: -5.5% Operating margin (TTM), FY26 Q1: -6.2% Operating margin (TTM), FY26 Q2: -5.8% Operating margin (TTM), FY26 Q3: -3.8% Operating margin (TTM), FY26 Q4: -4.4% -4.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 -23.4%
FY24 Q2 -18.5%
FY24 Q3 -15.6%
FY24 Q4 -13.5%
FY25 Q1 -9.3%
FY25 Q2 -5.7%
FY25 Q3 -5.7%
FY25 Q4 -5.5%
FY26 Q1 -6.2%
FY26 Q2 -5.8%
FY26 Q3 -3.8%
FY26 Q4 -4.4%
FCF margin (TTM) BILL Holdings, Inc.
18% 20% 22% 24% 26% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: 19.1% FCF margin (TTM), FY24 Q2: 20.3% FCF margin (TTM), FY24 Q3: 22.4% FCF margin (TTM), FY24 Q4: 21.5% FCF margin (TTM), FY25 Q1: 23.3% FCF margin (TTM), FY25 Q2: 22.5% FCF margin (TTM), FY25 Q3: 24.2% FCF margin (TTM), FY25 Q4: 23.7% FCF margin (TTM), FY26 Q1: 23.6% FCF margin (TTM), FY26 Q2: 24.4% FCF margin (TTM), FY26 Q3: 23.9% FCF margin (TTM), FY26 Q4: 25.0% 25.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 19.1%
FY24 Q2 20.3%
FY24 Q3 22.4%
FY24 Q4 21.5%
FY25 Q1 23.3%
FY25 Q2 22.5%
FY25 Q3 24.2%
FY25 Q4 23.7%
FY26 Q1 23.6%
FY26 Q2 24.4%
FY26 Q3 23.9%
FY26 Q4 25.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Jun 2018 2019 Jun 2019 2020 Jun 2020 2021 Jun 2021 2022 Jun 2022 2023 Jun 2023 2024 Jun 2024 2025 Jun 2025 2026 Jun 2026
Income
Revenue 65 108 158 238 642 1,058 1,290 1,463 1,653
Gross profit 45 78 118 176 497 864 1,056 1,190 1,338
EBITDA −6 −7 −33 −109 −305 −280 −151 −53 −18
Operating income −8 −10 −34 −114 −317 −296 −174 −81 −73
Net income −7 −7 −31 −99 −326 −224 −29 24 −11
Diluted EPS −$1.01 −$0.94 −$0.70 −$1.19 −$3.21 −$2.11 −$0.27 −$0.07 −$0.11
Growth (year on year)
Revenue — +67.0% +45.5% +51.2% +169.4% +64.9% +21.9% +13.4% +13.0%
Margins
Gross margin 70.1% 72.4% 75.2% 74.1% 77.4% 81.7% 81.8% 81.4% 80.9%
EBITDA margin −8.5% −6.1% −21.0% −45.8% −47.6% −26.5% −11.7% −3.6% −1.1%
Operating margin −12.1% −9.0% −21.7% −47.8% −49.4% −27.9% −13.5% −5.5% −4.4%
Net margin −11.1% −6.8% −19.7% −41.4% −50.8% −21.1% −2.2% 1.6% −0.7%
Free-cash-flow margin −14.9% −6.2% −10.1% −6.0% −3.7% 17.0% 21.5% 23.7% 25.0%
Cash flow
Cash from operations −8 −4 −4 5 −18 188 279 351 416
Capital spending 1 3 11 19 5 8 1 4 3
Free cash flow −10 −7 −16 −14 −23 180 278 346 412
Stock-based pay 2 4 18 68 197 314 248 243 230
Free cash flow after stock pay −11 −11 −34 −83 −221 −133 29 104 183
Balance sheet
Cash 22 90 574 510 1,597 1,617 986 1,038 1,031
Total debt 0 0 2 1,228 1,848 1,975 914 1,894 1,836
Net debt (negative = net cash) −22 −90 −571 718 252 358 −72 856 805
Diluted shares 7m 8m 44m 83m 102m 106m 106m 104m 100m
Returned to shareholders
Buybacks — — — 0 0 88 212 430 560
Total returned — — — 0 0 88 212 430 560

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $10.2bn
Short-term assets $7.4bnLonger-term assets $2.8bn
What it owes, and who funded it · $10.2bn
Short-term liabilities $4.9bnLonger-term liabilities $1.8bnShareholders' equity $3.5bn
  • Short-term assets cover short-term liabilities $7.4bn of assets due within a year against $4.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.4bn short-term assets against $1.8bn of longer-dated liabilities.
  • More cash than debt $1.0bn of cash against $1.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 52% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 43% to 52% over five years.
  • A year's operating cash flow covers at least 20% of debt $416m of operating cash flow against $1.8bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From BILL Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q4 TTM
Buybacks (TTM)
$560M
Returned to shareholders
136%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−3.8%
year over year
Total shareholder yield
12.2%
dividends 0.0% + buybacks 12.2% of market value
R&D spending
18.2%
of revenue
Days sales outstanding
7 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated BILL BSY PATH YMM ZETA PEGA Median
Revenue, last 12 months $1.7bn $1.6bn $1.7bn $1.7bn $1.6bn $1.7bn $482m
Revenue growth, last 12 months 13.0% 12.8% 15.0% 11.3% 35.9% 0.9% 12.0%
Revenue growth, 3-year average 16.0% 11.2% 14.4% — 33.7% 8.9% 11.1%
Revenue growth, latest quarter 13.8% 12.8% 13.4% — 43.5% 3.1% 11.9%
Gross margin 80.9% 81.8% 82.6% 63.0% 59.5% 75.9% 69.2%
Operating margin −4.4% 23.6% 8.9% 33.2% 1.6% 9.9% 1.1%
Operating margin, 3-year average −7.8% 23.0% −2.7% — −5.6% 12.2% −0.8%
Net margin −0.7% 18.1% 21.0% 35.7% −0.1% 16.9% 2.1%
Cash from operations / revenue 25.2% 32.6% 21.7% 37.0% 15.3% 26.5% 18.2%
Free-cash-flow margin 25.0% 31.1% 21.1% 36.0% 14.3% 25.3% 15.0%
Free-cash-flow margin, 3-year average 23.4% 31.1% 21.8% — 12.0% 24.0% 16.2%
Stock pay / revenue 13.9% 4.9% 13.6% 2.3% 12.4% 8.3% 9.3%
Change in share count −3.8% −2.0% −2.5% 0.1% 15.0% 4.1% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 13.0% 12.0% 87 of 184
Change in growth rate Growth +0.6pp +0.2pp 80 of 184
Gross margin Profitability 80.9% 69.8% 31 of 160
Operating margin Profitability -4.4% 1.1% 107 of 181
Net margin Profitability -0.7% 2.1% 102 of 185
Free-cash-flow margin Cash generation 25.0% 15.2% 55 of 180
Stock pay as % of revenue Cash generation 13.9% 9.3% 124 of 177
Long-term debt as % of assets Balance sheet 18.0% 16.9% 56 of 98
Change in share count Balance sheet -3.8% 1.7% 23 of 163
Days sales outstanding Balance sheet 7 days 57 days 2 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to June 30, 2026
Products and services
Line of business Revenue Share YoY
Subscription and Transaction Fees $1.5B 91.0% ▲ 15.7%
Integrated Platform $1.4B 94.1% ▲ 15.8%
Embedded and Other Solutions $89.1M 5.9% ▲ 14.2%
Interest On Funds Held For Customers $148M 9.0% ▼ 8.3%

From BILL Holdings, Inc.'s 10-K filed August 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.6B
Institutions reporting
341
Shares held vs prior quarter
▼ 3.9%
Positions opened / closed
59 / 61

Top buyers and sellers, Q2 2026: 163 institutions bought and 185 sold ; the biggest buyer was Ameriprise Financial Inc (+2.7M shares) and the biggest seller Point72 Asset Management, L.P (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $316M 8.7M 8.9% ▲ 4.5%
Er Collective Holdings, LLC $308M 8.5M 8.7% 0.0%
Starboard Value LP $254M 7.0M 7.1% 0.0%
Vanguard Portfolio Management LLC $206M 5.7M 5.8% ▲ 0.1%
Ameriprise Financial Inc $201M 5.6M 5.7% ▲ 96.1%
Senvest Management, LLC $148M 4.1M 4.2% ▲ 7.0%
Vanguard Capital Management LLC $142M 3.9M 4.0% ▲ 0.3%
Wellington Management Group LLP $129M 3.6M 3.6% ▼ 7.8%
State Street Corp $114M 3.1M 3.2% ▲ 1.4%
Dimensional Fund Advisors LP $107M 2.9M 3.0% ▼ 4.7%
Greenhouse Funds LLLP $96.6M 2.7M 2.7% ▼ 16.2%
Fuller & Thaler Asset Management, Inc. $74.3M 2.1M 2.1% ▲ 2.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not BILL Holdings, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $15.9M 17 trades by 4 insiders · 100% under pre-set plans
Net ▼ $15.9M net selling
Insider Date Trade Shares Price Value
Lacerte Rene A. CEO September 3, 2026 Sell pre-set plan 5,752 $50.62 $291,166
Lacerte Rene A. CEO September 3, 2026 Sell pre-set plan 15,372 $50.01 $768,754
Lacerte Rene A. CEO September 3, 2026 Sell pre-set plan 10,154 $50.50 $512,777
Lacerte Rene A. CEO September 3, 2026 Sell pre-set plan 10,970 $49.86 $546,964
Lacerte Rene A. CEO September 2, 2026 Sell pre-set plan 24,364 $48.59 $1.2M
Lacerte Rene A. CEO September 2, 2026 Sell pre-set plan 40,357 $48.00 $1.9M
Lacerte Rene A. CEO September 2, 2026 Sell pre-set plan 10,636 $48.01 $510,634
Lacerte Rene A. CEO September 2, 2026 Sell pre-set plan 26,974 $48.59 $1.3M
Lacerte Rene A. CEO September 2, 2026 Sell pre-set plan 11,765 $48.01 $564,838
Lacerte Rene A. CEO September 2, 2026 Sell pre-set plan 100,899 $48.59 $4.9M
Jain Rohini Chief Financial Officer September 1, 2026 Sell pre-set plan 3,915 $48.70 $190,660
Jain Rohini Chief Financial Officer September 1, 2026 Sell pre-set plan 29,555 $47.80 $1.4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in BILL Holdings, Inc. disclosed in the last 12 months; 4 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 13, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025
  • Daniel S. Goldman(D-NY 10):Purchase, $15,001 - $50,000, traded April 10, 2023, filed May 19, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 19, 2026
  • May 7, 2026
  • February 5, 2026
  • November 6, 2025
  • August 27, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on BILL Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

BILL Holdings, Inc. in brief

What does BILL Holdings, Inc. do?
BILL Holdings, Inc. is a US-listed company in the application software industry. Its financial year ends in June.
What is BILL Holdings, Inc.'s stock ticker?
BILL Holdings, Inc. trades under the ticker BILL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is BILL Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, BILL Holdings, Inc. reported revenue of $1.7B, 13.0% higher than a year earlier, according to its SEC filings.
What is BILL Holdings, Inc.'s free cash flow?
BILL Holdings, Inc.'s free-cash-flow margin is 25.0% of revenue over the trailing twelve months, ranking 55 of the 180 application software companies we cover.
What is BILL Holdings, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of BILL Holdings, Inc.'s free cash flow after stock-based pay gives ~$62 per share in the base case, and ~$46–$81 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are BILL Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Er Collective Holdings, LLC and Starboard Value LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is BILL Holdings, Inc. buying back stock, and does it pay a dividend?
BILL Holdings, Inc. spent $560M on share repurchases over the trailing twelve months, and its diluted share count fell 3.8% over the year.
What is BILL Holdings, Inc.'s market cap?
On June 30, 2026, BILL Holdings, Inc.'s market capitalisation was about $3.6B and net debt of $805M. Market figures come from third-party market data and may be delayed.
How much debt does BILL Holdings, Inc. have?
BILL Holdings, Inc.'s debt-to-equity ratio is 52.0%, from its latest balance sheet (43.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are BILL Holdings, Inc.'s competitors?
In our Application Software peer group, the companies closest to BILL Holdings, Inc. are Bentley Systems Inc, Uipath, Inc., Full Truck Alliance Co. Ltd., Zeta Global Holdings Corp. and Pegasystems Inc. The side-by-side comparison below sets their revenue, margins and growth against BILL Holdings, Inc.'s.
Are insiders buying or selling BILL Holdings, Inc. stock?
Over the last 12 months, BILL Holdings, Inc.'s directors and officers reported 0 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is BILL Holdings, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — BILL Holdings, Inc. announces its own schedule.