Bill.com Holdings (BILL) AI Stock Analysis

• Market Cap: $4.20B
• Dividend Yield: N/A
• Average Volume (3M): 3.52M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.57
• Revenue Growth: 11.63%
• EPS Growth: 50.72%
• Country: US
• Employees: 2,187
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.64
• Shares Outstanding: 98,960,440
• 10 Day Avg. Volume: 2,489,213
• 30 Day Avg. Volume: 3,523,755
• PEG Ratio: -1.09
• Price to Book (P/B): 1.22
• Price to Sales (P/S): 3.28
• P/FCF Ratio: 15.47
• Enterprise Value/Market Cap: 1.20
• Enterprise Value/Revenue: 3.25
• Enterprise Value/Gross Profit: 4.04
• Enterprise Value/Ebitda: 48.08
• 1Y Price Target: $55.36
• Price Target Upside: 30.29% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 16
• EPS Forecast (FY): 2.38
• Revenue Forecast (FY): $1.64B

• Rating: 68 Neutral
• Price Target: $46.00 ▲(8.26% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is primarily supported by improving fundamentals with strong free cash flow and high gross margins, reinforced by an upbeat earnings call featuring a core revenue beat, upgraded FY26 outlook, and margin expansion. Offsetting factors are mixed technical momentum, weak valuation optics due to ongoing GAAP losses (negative P/E), and a modest added risk from the finance leadership resignation.

Positive Factors

Revenue scale and high gross margins

Sustained revenue expansion from $238M to $1.55B TTM and persistently high gross margins (~77%–82%) indicate durable unit economics. Scale plus strong margins create operating leverage potential, support reinvestment in product and sales, and provide a structural base for eventual consistent GAAP profitability.

Robust operating and free cash flow

Material positive operating and free cash flow demonstrates the business converts revenue into liquidity, funding growth initiatives, product development and buybacks without relying solely on external financing. Strong cash generation reduces execution risk and supports multi-year investments in AI and enterprise GTM.

Large network and multiproduct adoption

A broad customer base, strong accounting-firm relationships, rising multi-product adoption and new Embed partnerships create network effects and distribution scale. These structural advantages increase customer stickiness, raise revenue per customer over time, and make the platform harder for competitors to replicate.

Negative Factors

Inconsistent GAAP profitability

Despite margin progress, the company still reports TTM net losses and negative operating profit, meaning GAAP profitability isn't yet proven. Continued reliance on non‑GAAP metrics and sizable stock‑based comp can mask true earnings durability and constrain return generation until sustained GAAP profits are achieved.

Rising debt and moderate leverage

Higher debt versus prior year increases financial sensitivity to growth or margin setbacks. Moderate leverage reduces capital flexibility for acquisitions or cyclical cushioning, and elevates interest and refinancing risk if top-line growth slows or cash conversion weakens.

Move upmarket and longer enterprise cycles

Shifting toward larger customers and enterprise products lengthens sales cycles and slows net customer adds, delaying revenue growth acceleration. Enterprise initiatives (SPP) require more time and investment to scale, creating multi‑quarter execution risk and postponing full realization of expected margin and revenue benefits.

Bill.com Holdings Business Overview & Revenue Model

Company Description

Bill.com Holdings, Inc. provides cloud-based software that simplifies, digitizes, and automates back-office financial operations for small and midsize businesses worldwide. The company provides software-as-a-service, cloud-based payments, and spend management products, which allow users to automate accounts payable and accounts receivable transactions, as well as enable users to connect with their suppliers and/or customers to do business, eliminate expense reports, manage cash flows, and improve office efficiency. It also offers onboarding implementation support, and ongoing support and training services. The company serves accounting firms, financial institutions, and software companies. Bill.com Holdings, Inc. was incorporated in 2006 and is headquartered in San Jose, California.

How the Company Makes Money

Bill.com generates revenue primarily through subscription fees and transaction-based fees. The subscription model includes monthly or annual fees charged to businesses that access its software platform, which provides tools for managing invoices, payments, and financial workflows. In addition to subscription revenue, Bill.com earns transaction fees for processing payments made through its platform, including ACH transfers and credit card transactions. The company also benefits from strategic partnerships with banks and financial institutions, which can drive customer acquisition and enhance service offerings. These partnerships may include integrations with accounting software and financial services, further contributing to the company's revenue streams.

Bill.com Holdings Financial Statement Overview

Summary

Strong multi-year revenue scale-up ($238M FY2021 to $1.55B TTM) and consistently high gross margins (~77%–82%). Cash generation is a clear strength with positive TTM operating cash flow (~$386M) and free cash flow (~$348M). Offsetting factors are still-inconsistent profitability (TTM net loss, negative operating profit) and a higher debt load versus FY2024, keeping returns near breakeven.

Income Statement

Top-line scale continues to improve, with revenue rising from $238M (FY2021) to $1.46B (FY2025 annual) and $1.55B in TTM (Trailing-Twelve-Months), though the latest growth pace appears to be moderating. Gross margins are consistently strong (~77%–82%), supporting attractive unit economics. Profitability has improved materially versus earlier years (when losses were very large), but earnings quality is still mixed: TTM shows a small net loss and operating profit remains negative, indicating the model is not yet consistently profitable.

Balance Sheet

The balance sheet looks generally solid with a sizable equity base (~$3.8B–$4.1B) against total assets around $10.1B (TTM). Leverage is moderate (debt-to-equity ~0.45–0.49 recently), but total debt has risen versus FY2024, which increases sensitivity if growth or margins soften. Returns on equity are low around breakeven in recent periods, reflecting that profitability is still not firmly established.

Cash Flow

Cash generation is a key strength. Operating cash flow and free cash flow are solidly positive in the most recent periods (TTM operating cash flow ~$386M; free cash flow ~$348M), with notable improvement from earlier years that included negative free cash flow. Free cash flow is broadly tracking net income levels in the latest data, suggesting cash conversion is relatively healthy, although the company still needs to prove sustained profitability alongside this cash generation.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	1.55B	1.46B	1.29B	1.06B	641.96M	238.26M
Gross Profit	1.25B	1.19B	1.06B	864.49M	496.95M	176.46M
EBITDA	104.96M	138.42M	96.03M	-102.54M	-225.16M	-100.17M
Net Income	-24.21M	23.80M	-28.88M	-223.72M	-326.36M	-98.72M
Balance Sheet
Total Assets	10.13B	10.06B	9.18B	9.64B	9.26B	5.97B
Cash, Cash Equivalents and Short-Term Investments	2.37B	2.32B	1.59B	2.66B	2.71B	1.16B
Total Debt	1.94B	1.77B	976.85M	1.91B	1.86B	1.08B
Total Liabilities	6.32B	6.15B	5.04B	5.55B	5.21B	3.44B
Stockholders Equity	3.81B	3.91B	4.13B	4.09B	4.04B	2.53B
Cash Flow
Free Cash Flow	347.96M	309.67M	257.88M	156.56M	-33.73M	-16.58M
Operating Cash Flow	385.52M	350.64M	278.77M	187.77M	-18.09M	4.62M
Investing Cash Flow	-659.84M	-817.39M	-409.37M	259.29M	-1.13B	-1.43B
Financing Cash Flow	122.13M	666.52M	-742.60M	235.11M	2.88B	1.64B

Bill.com Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 42.49
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BILL, the sentiment is Negative. The current price of 42.49 is below the 20-day moving average (MA) of 44.49, below the 50-day MA of 49.35, and below the 200-day MA of 47.89, indicating a bearish trend. The MACD of -1.15 indicates Negative momentum. The RSI at 42.49 is Neutral, neither overbought nor oversold. The STOCH value of 15.82 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BILL.

Bill.com Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BILL	68 Neutral	$4.20B	-179.51	-0.64%	―	11.63%	50.72%
QTWO	67 Neutral	$2.95B	60.58	8.82%	―	13.93%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
GBTG	61 Neutral	$2.67B	23.72	0.76%	―	5.71%	―
NCNO	59 Neutral	$1.76B	-81.31	-2.04%	―	12.14%	-19.29%
VERX	56 Neutral	$2.12B	280.34	3.29%	―	13.83%	-273.23%

Bill.com Holdings Corporate Events

Bill.com announces routine board resignation of Alison Wagonfeld

On January 20, 2026, BILL Holdings, Inc. announced that board member Alison Wagonfeld notified the company of her intention to resign from its Board of Directors, with the resignation to take effect on February 6, 2026. The company stated that Wagonfeld’s departure was not due to any disagreement over its operations, policies or practices, indicating a routine governance change rather than a sign of internal conflict.

The most recent analyst rating on (BILL) stock is a Hold with a $49.00 price target. To see the full list of analyst forecasts on Bill.com Holdings stock, see the BILL Stock Forecast page.

Bill.com Holdings’ SVP Germaine Cota Resigns

On December 11, 2025, Germaine Cota, the Senior Vice President, Finance & Accounting and Principal Accounting Officer of BILL Holdings, Inc., announced her resignation, effective January 16, 2026. This departure could impact the company’s financial leadership and operations as they transition to new management in this critical role.

The most recent analyst rating on (BILL) stock is a Buy with a $60.00 price target. To see the full list of analyst forecasts on Bill.com Holdings stock, see the BILL Stock Forecast page.

Bill.com Holdings Stockholders Approve Key Proposals

On December 11, 2025, BILL Holdings, Inc. held its annual meeting of stockholders where three proposals were voted on. The stockholders elected four directors to serve until the 2028 annual meeting, ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2026, and approved, on a non-binding advisory basis, the compensation of the Company’s named executive officers.

The most recent analyst rating on (BILL) stock is a Buy with a $61.00 price target. To see the full list of analyst forecasts on Bill.com Holdings stock, see the BILL Stock Forecast page.