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OLDER Analysis Report
Jul 30, 2026
42 days ago · 100% complete
This report is 42 days old — newer filings and price moves since then are not reflected.
For AI assistants & researchers — machine-readable summary of this page

What this page is: Delvantic's full research page for Bill Holdings Inc. (BILL) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.

Our current read (analysis of 2026-09-11): Designation Low · Gem Score -38 (−100…+100 Quality+Value blend) · Quality 3 · Value -71 · Sentiment -70 (timing only, not weighted) · Composite fair value $36.08 vs $45.39 at analysis

Page map (sections in order; each card carries a stable reference-name attribute you can cite):

  • profile-header / price-overview — company profile, live quote, market cap
  • extended-analysisthe core: three AI lens reads with findings, scores, and the analyst memo
  • future-predictions — our forward price-band predictions
  • market-narrative / ai-findings / gpt-critique — narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)
  • Members-only sections (render as login gates for anonymous readers): price-history, income-trend, key-metrics, financials (statement tables), insider-trading. The analysis above is public; the raw data tables require a free account.

More for machine readers: site briefing at /llms.txt · any ticker resolves at delvantic.com/stock/TICKER · raw inputs are public-company filings and market data (via licensed data feeds); every model, score, lens read, and prediction on this page is Delvantic's own analysis.

Bill Holdings Inc.

BILL NYSE
Technology · Software - Application
San Jose, CA 95002, United States bill.com Updated Jul 30, 5:04pm
Price
$45.39
Market Cap
$4.5B
Employees
2,364
Beta
1.18
Avg Volume
2,378,838
CEO
Mr. Rene A. Lacerte

Bill Holdings Inc. is a technology company that provides cloud-based software for automating financial workflows for small and midsize businesses. Its platform focuses on streamlining accounts payable and accounts receivable, enabling users to generate and process invoices, manage approvals, and send and receive payments digitally. The software integrates with popular accounting systems, helping customers synchronize financial data and enhance cash flow visibility and control. Bill Holdings Inc. also offers spend and expense management tools that reduce reliance on manual processes and traditional expense reports, improving back-office efficiency. The company serves businesses directly as well as through partnerships with major financial institutions, accounting firms, and accounting software providers, embedding its solutions into broader financial ecosystems. Founded in 2006 and headquartered in San Jose, California, Bill Holdings Inc. plays a significant role in the digital transformation of financial operations for smaller enterprises seeking scalable, software-as-a-service solutions.

Runs with full report Generated: Jul 30, 2026 5:56pm
Price Overview
Price at report time
$45.39
as of Jul 30, 5:53pm (42d ago)
Change · Jul 30
-2.02 (-4.26%)
Day Range
$44.05 – $47.15
52-Week Range
$31.41 – $57.21
50-Day MA
$38.25
200-Day MA
$43.90
Volume
3,228,070.00
Right now · live
Log in to get the live feed
Members see the real-time price and the move since this report (over 42d).
Share Structure
Outstanding 99,581,000.00
Float 88,849,244.00
Free Float 89.2%
High free float — 89.2% of shares trade freely, ~10.8% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Last updated: Jul 30, 2026 6:05pm (42d ago)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Last updated: Jul 30, 2026 6:05pm (42d ago)
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
TD Twelve Data statement HEX SEC filing
Industry comparison last run: Jul 30, 2026 5:55pm
P/E Ratio (Price per dollar of earnings)
HEX
Stock Price / EPS (Diluted)
-648.43
Stock Price: $45.39
EPS (Diluted): -0.07
P/B Ratio (Price vs net asset value)
HEX
Stock Price / Book Value Per Share
1.21
Stock Price: $45.39
Total Equity: $3.91B
Shares: 103,912,000
EV/EBITDA (Total value vs operating profit)
HEX
Enterprise Value / EBITDA
-101.26
Market Cap: $4.52B
Total Debt: $1.71B
Cash: $1.04B
EBITDA: -$53.10M
Enterprise Value (Takeover price (cap + debt - cash))
HEX
Market Cap + Total Debt - Cash
$5.4B
Market Cap: $4.52B
Total Debt: $1.71B
Cash: $1.04B
Gross Margin (Revenue left after direct costs)
HEX
Gross Profit / Revenue
81.4%
Gross Profit: $1.19B
Revenue: $1.46B
Operating Margin (Revenue left after all operations)
HEX
Operating Income / Revenue
-5.5%
Operating Income: -$80.60M
Revenue: $1.46B
Net Margin (Revenue left as actual profit)
HEX
Net Income / Revenue
1.6%
Net Income: $23.80M
Revenue: $1.46B
ROE (Profit from shareholder equity)
HEX
Net Income / Total Equity
0.6%
Net Income: $23.80M
Total Equity: $3.91B
ROIC (Profit from all invested capital)
HEX
NOPAT / Invested Capital
-1.4%
Operating Income: -$80.60M
Tax Rate: 21.7%
Equity: $3.91B
Total Debt: $1.71B
Cash: $1.04B
Current Ratio (Can it pay short-term bills)
HEX
Current Assets / Current Liabilities
1.58
Current Assets: $7.24B
Current Liabilities: $4.59B
Debt/Equity (Leverage — debt vs equity)
HEX
Total Debt / Total Equity
0.44
Short-Term Debt: $0.00
Long-Term Debt: $1.71B
Total Debt: $1.71B
Total Equity: $3.91B
Rev/Share (Top-line per share)
HEX
Revenue / Shares Outstanding
$14.08
Revenue: $1.46B
Shares: 103,912,000
Book Value/Share (Net assets per share)
HEX
(Total Assets - Total Liabilities) / Shares
$37.67
Total Equity: $3.91B
Shares: 103,912,000
FCF/Share (Real cash generated per share)
HEX
(Operating Cash Flow + CapEx) / Shares
$3.33
Operating CF: $350.64M
CapEx: -$4.34M
Shares: 103,912,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TD
Last Annual Dividend / Stock Price
Last Dividend: $0.00
Stock Price: $45.39
Payout Ratio (Earnings paid out as dividends)
HEX
Dividends Paid / Net Income
Dividends Paid: N/A
Net Income: $23.80M
Dividends paid not available in cash flow statement
Industry Benchmarks
Last run: Jul 30, 2026 5:55pm
Compares BILL against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Income Statement (Annual)
Last updated: Jul 30, 2026 6:05pm (42d ago)
Metric 2021 2022 2023 2024 2025
Revenue $238.3M $642.0M $1.1B $1.3B $1.5B
Cost of Revenue $61.8M $145.0M $194.0M $234.6M $272.1M
Gross Profit $176.5M $497.0M $864.5M $1.1B $1.2B
Operating Expenses $290.4M $813.8M $1.2B $1.2B $1.3B
Operating Income -$114.0M -$316.8M -$295.8M -$174.2M -$80.6M
Net Income -$98.7M -$326.4M -$223.7M -$28.9M $23.8M
EBITDA -$305.3M -$280.3M -$151.0M -$53.1M
EPS $-1.19 $-3.21 $-2.11 $-0.27 $0.23
EPS (Diluted) $-1.19 $-3.21 $-2.11 $-0.27 $-0.07
Balance Sheet (Annual)
Last updated: Jul 30, 2026 5:53pm (42d ago)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $509.6M $1.6B $1.6B $985.9M $1.0B
Total Current Assets $3.6B $6.3B $6.7B $6.3B $7.2B
Total Assets $6.0B $9.3B $9.6B $9.2B $10.1B
Current Liabilities $2.3B $3.4B $3.8B $4.1B $4.6B
Long-Term Debt $989.4M $1.8B $1.8B $914.0M $1.7B
Total Liabilities $3.4B $5.2B $5.6B $5.0B $6.1B
Total Equity $2.5B $4.0B $4.1B $4.1B $3.9B
Retained Earnings -$247.5M -$544.8M -$856.2M -$1.1B -$1.5B
Cash Flow (Annual)
Last updated: Jul 30, 2026 6:05pm (42d ago)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $4.6M -$18.1M $187.8M $278.8M $350.6M
Capital Expenditure -$18.9M -$5.4M -$7.6M $-976,000 -$4.3M
Free Cash Flow -$14.3M -$23.5M $180.2M $277.8M $346.3M
Acquisitions (net) -$556.1M -$144.3M -$28.9M $0 $0
Net Debt Issued / (Repaid) $1.1B $560.1M $0 $0 $1.4B
Dividends Paid
Stock Buybacks $0 $0 -$87.6M -$211.9M -$430.0M
Net Change in Cash $217.3M $1.7B $682.1M -$873.4M $199.5M
Growth Trends (YoY %)
Last updated: Jul 30, 2026 6:05pm (42d ago)
Metric 2022 2023 2024 2025
Revenue Growth +169.4% +64.9% +21.9% +13.4%
Gross Profit Growth +181.6% +74.0% +22.1% +12.8%
Operating Income Growth -178.0% +6.6% +41.1% +53.7%
Net Income Growth -230.6% +31.4% +87.1% +182.4%
EBITDA Growth +8.2% +46.1% +64.8%
0Company Classification 1Industry Landscape 2Company Momentum 3Forward Projection 4aDCF Valuation 4bEarnings Power Value 4cAnchored PE 4dReverse DCF 4eRevenue-Based DCF 4fAnchored P/S 4gScenario Analysis 4hDividend Discount Model 4iBook Value Analysis 4jInsider Activity 4fCash Flow Quality 4gDebt Maturity Risk 4hMacro Environment 4iSector Intelligence 4jRevenue Confidence 4kSensitivity Analysis 4lSector Demand Cycle 5AI Investigation 5bThesis Evaluation 6Valuation Synthesis
computed not applicable not yet run 17 computed · 6 not applicable · 1 not yet run
Risk : Reward — upside vs downside from this company's own quarters
Computed 2026-09-11 02:04
-1.1 : 1 +1σ upside vs −1σ downside, from this company's own quarterly history
A +1σ run of quarters pays -105%; a −1σ run costs 100%. Ratio -1.1:1 (μ 16.1%, σ 12.6% floored by longrun, 16 pairs).
CaseGrowthMarginFair valuevs price ($45.39)
Bull — recovery +20% 17.3% $38.69 -15%
Base — stabilizes +13% 15.0% $27.26 -40%
Bear — keeps slipping +7% 12.8% $18.59 -59%
Upside — a +1σ run of quarters (v2) +29% -0.7% $-2.19 -105%
Stress — a −1σ run of quarters (v2) +3% -0.7% $0.00 -100%
Narrative Economics
The story the market is telling about this stock — the intangible X-factor (founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for BILL — it's generated by the pipeline (market-narrative step).
Claude Reading
Independent analyst synthesis · claude-opus-4-7 · generated 2026-07-30 18:04:59
Verdict Overvalued but the synthesis overshoots — fair value ~$36 (15x normalized FCF haircut for float income), not $28; wait for the next print or a sub-$38 entry before touching it.

Looking at the raw trajectory first: quarterly revenue went $343.7M → $358.5M → $362.6M → $358.2M → $383.3M → $395.7M → $414.7M → $406.6M. That's a sequential decline in the most recent quarter (-1.9% QoQ) and YoY growth compressing to 13.4% from the ~17.6% trailing CAGR. Net income swings from +$33.5M (Dec-24) to four consecutive losses to +$12.8M — the profitability story is noisy, not linear. FCF of $346M on $1.46B revenue (23.7% FCF margin) is genuinely impressive and is the strongest bull data point in the file. But operating income is still -$80.6M annually; the GAAP "profit" of $23.8M is entirely interest/float income on the $1.04B cash balance plus payment float, which is exactly what the market-forces model flagged. Strip out float income in a lower-rate environment and this is still an unprofitable operating business.

The synthesis's $27.77 fair value looks aggressive on the downside to me, and I'd partially dissent on magnitude while agreeing on direction. At $4.52B market cap with $346M FCF, the stock trades at 13x FCF — that's not a demanding multiple for a software business with 81.4% gross margins even if growth is decelerating to the low teens. EV/revenue of 3.7x is below the SaaS median. The bear case that gets you to $28 requires either (a) FCF collapse as float income normalizes, or (b) revenue growth breaking below 10% and staying there. Both are plausible but not base case. A more defensible fair value is $35-40: apply 15x sustainable FCF (haircut float income by ~30%, giving ~$240M normalized FCF) and you get $3.6B, or ~$36/share. That's still ~20% downside from $45.39, not 39%.

The narrative layer is the sharpest piece of the prior work. "Feature not platform" is the correct bear framing — Bill's core AP automation genuinely is being commoditized by Ramp, Brex, embedded finance from Stripe, and NetSuite native workflows. The Divvy acquisition was supposed to make this a spend-management platform but hasn't produced the network-effect flywheel the bull thesis requires. Meanwhile insider activity is unambiguously one-sided: 10 recent transactions, every open-market disposition is a sale, and the option exercises are followed by F-InKind tax withholdings suggesting further net dispositions. "Neutral insider activity" is too generous — this is quiet, consistent selling into strength off the recent rally. A contrarian bull would counter that this is routine 10b5-1 activity at what are still depressed prices vs. 2021 highs ($348), and that a 13x FCF software business with 24% FCF margins and mid-teens growth is being mispriced by SaaS-fatigued generalists — not a crazy argument, but it requires believing the float-driven earnings are durable.

Where I think the models are weakest: the classification confidence of 0.3 for "high_growth_profitable" is honest — this company doesn't fit cleanly anywhere, and the pre-flight "traditional" tag understates that the entire profitability picture depends on interest rate regime. The rate-sensitivity of the P&L is a structural risk that none of the prior models quantified. Every 100bps of Fed cuts probably takes $30-40M off annual net income given the cash + customer float balances. That's a real earnings headwind that makes forward P/E projections particularly hazardous — hence the pe_ratio anomaly flag is directionally right but for a different reason than "negative earnings." The revenue deceleration (17.6% CAGR → 13.4% YoY → -1.9% QoQ) is also underweighted in the synthesis; if Q4 prints below $410M, the "mid-teens grower" narrative breaks and the multiple compresses further. I'd agree with overvalued but land at a fair value closer to $36 than $28, with the caveat that a rate-cut cycle plus a soft print could get you into the low $30s in a hurry.

GPT Reading
Independent reading · gpt-5.4 · generated 2026-07-30 18:05:18
Verdict Fairly valued to slightly overvalued at $45.39 — the cash flow is real, but low-teens growth and still-fragile GAAP profitability make fair value look closer to $35-$40 than a durable move above $50.

At $45.39, BILL is being valued less like a broken fintech and more like a still-respected software compounder: roughly 3.2x trailing sales on a $4.52B market cap and about 2.7x enterprise value to sales after netting the $1.04B cash against $1.71B debt. That is not expensive in absolute software terms, but the underlying operating story is weaker than the “high-growth profitable” label implies. Revenue grew from $1.29B to $1.46B in FY2025, just 13%, and the quarterly run-rate since then shows continued moderation: $358.2M in Mar-2025 to $383.3M in Jun-2025 to $395.7M in Sep-2025 to $414.7M in Dec-2025, then down sequentially to $406.6M in Mar-2026. On a trailing basis that latest quarter is still up 13.5% year over year, but the shape matters: this is no longer a clean high-20s growth SaaS name, and the first negative sequential quarter at this scale suggests the valuation has to lean much more heavily on margin durability than growth reacceleration.

The biggest positive in the numbers is cash generation. FY2025 free cash flow was $346.3M on $1.46B of revenue, a striking 23.7% FCF margin, with only $4.3M of capex. Gross margin of 81.4% confirms the core software economics are strong. But there is a real contradiction between that cash profile and the income statement quality. FY2025 operating income was still negative $80.6M, and annual net income was only $23.8M. The quarterly profit pattern is also choppy: +$33.5M in Dec-2024, then losses of $11.6M, $7.1M, $3.0M, and $2.6M across the next four quarters before a modest +$12.8M in Mar-2026. That is not “sustained profitability”; it is near-breakeven with occasional positive quarters. So the stock is cheap if you underwrite FCF as durable owner earnings, but not obviously cheap if you insist that true earnings power should be visible in operating margin by now. I lean toward the latter because software businesses with 81% gross margins should not still be struggling to produce consistent operating profit once growth has slowed into the low teens.

The balance sheet is acceptable, not pristine. Net debt is about $670M, cushioned by $3.91B of equity and a 1.58 current ratio, so this is not a solvency problem. But that debt does matter when the equity case increasingly rests on steady-state cash generation rather than hypergrowth optionality. If BILL were compounding revenue at 25%-30%, I would tolerate weak GAAP profitability and a levered balance sheet more easily. At 13%-17% top-line growth, I want cleaner conversion from gross profit to operating income. Instead, investors are being asked to pay a fair-to-full multiple for a business that has clearly improved, but has not yet proven that the post-boom model deserves a premium. The insider tape does not help the bull case much either; what we see is mostly option exercises and associated sales, not the kind of open-market buying that would signal management sees the current level as compelling.

The strongest argument against my caution is straightforward: the market may already have done the derating, and at this point BILL can work even without heroic assumptions. A business with $1.46B of revenue, 81% gross margin, and $346M of free cash flow trading at about 13x trailing FCF is not demanding if that FCF is real and scalable. Revenue is still growing double digits, net income has improved dramatically from losses of $223.7M in FY2023 and $28.9M in FY2024 to positive $23.8M in FY2025, and the latest quarter returned to profitability. On that view, the Dec-2025 to Mar-2026 sequential dip is noise, not a trend break, and BILL is simply transitioning from a messy fintech growth story into a disciplined software platform with meaningful embedded workflows. If management can hold even mid-teens revenue growth while converting more of that 81% gross margin into operating income, today’s 3.2x sales could look cheap in hindsight.

What would change my mind is not a narrative update but a few hard datapoints. I would turn constructive if BILL can show two or three consecutive quarters with revenue back above the prior peak—say, pushing from $406.6M to $420M+ and then $430M+—while keeping GAAP net income positive and demonstrating that operating losses are narrowing decisively toward breakeven or better on an annualized basis. Sustained FCF above $350M with cleaner earnings quality would also matter. Conversely, if revenue growth slips into single digits, or if another couple of quarters reveal that profitability depends on non-operating tailwinds while core operating margin stays negative, then even 3x sales is too high for what would amount to an ex-growth, only intermittently profitable fintech software vendor.

Grok Reading
Independent reading · grok-4.5 · generated 2026-07-30 18:05:55
Verdict Overvalued at $45; cash-flow yield supports low-to-mid $30s once growth normalization and float risk are priced

The numbers tell a story of a former hypergrower that has already crossed into maturity, and the market has only half-accepted it. Revenue scaled from $238M to $1.46B over four years, but the slope has flattened hard: the trailing revenue CAGR is 17.6% while the most recent year-over-year print is only 13.4%, and the latest quarter actually declined sequentially from $414.7M to $406.6M. GAAP operating income is still negative at –$80.6M even in the “profitable” FY2025, and net margin is a wafer-thin 1.6%. What rescues the fundamental picture is free cash flow: $346M on $1.46B of revenue, a 24% FCF margin with almost no capex, supported by 81% gross margins. That cash generation is real and is the single best argument for ownership. At a $4.52B market cap the FCF yield is roughly 7.7%; on an EV basis (net debt ~$670M) you are paying about 15× trailing FCF. Those are not bubble multiples. They are, however, full multiples for a software franchise whose growth has decelerated into the low teens, whose operating leverage has not yet shown up in GAAP earnings, and whose recent profitability is still fragile enough that three of the last five quarters posted net losses.

The valuation synthesis’s $28 fair-value anchor looks too punitive given the cash-flow yield, but the direction of the signal is correct. A 3.2× sales / 3.7× EV/revenue multiple would be cheap for a durable 25%+ grower; it is not cheap for a 13% grower that is still burning operating dollars and is flagged as losing share inside a still-expanding SMB payments market. The 63% narrative premium the engine identifies—platform-monopoly optionality versus a feature that ERPs and payment networks can replicate—is doing real work at $45. Insider activity is net selling into strength, revenue confidence is explicitly “decelerating,” and the company sits behind sector peers on relative performance. The balance sheet is adequate (D/E 0.44, current ratio 1.58) but not a fortress once you net the $1.71B of debt against $1.04B of cash.

The strongest case against this read is the FCF itself. If the $346M is largely sustainable and not an artifact of elevated float income from customer funds in a high-rate regime, then 15× EV/FCF for a still-growing, 81%-gross-margin software business with land-and-expand dynamics is defensible, and a re-acceleration or even stable mid-teens growth plus operating-margin expansion could justify $50–55. Bulls will also note that annual net income flipped from –$29M to +$24M and that the most recent quarter finally printed a clean $12.8M profit. I weigh this less heavily because Market Forces explicitly tags the profitability gains as float-driven and therefore rate-sensitive, because sequential revenue already rolled over, and because the operating line remains deeply negative—classic signs that the earnings power is not yet structural.

What would flip me is two consecutive quarters of re-accelerating organic revenue growth back above 18–20% with operating margins turning sustainably positive, or clear disclosure that float income is a minority and declining share of the FCF bridge while core software take-rates expand. A material drop in the Fed funds rate that crushes net interest income without an offsetting volume surge would confirm the bear case faster.

Big-3 Panel — where each AI stands
Each AI above independently stated a direction (undervalued, fairly valued, or overvalued) and how strongly it believes it (conviction, 0–5). We combine those into a Bull-Bear Index on a 0–10 scale: 5 is neutral, 10 is maximum bullish (undervalued at full conviction), 0 is maximum bearish. We compute the score ourselves with the same arithmetic for every seat — the models never grade their own bullishness — so the three are directly comparable. Δ shows how far each seat sits from the panel average of 3.0; a large Δ marks the dissenting voice, usually the one worth reading.
Claude claude-opus-4-7 2.0
overvalued · conviction 3/5 · Δ -1.0 vs panel · self: 3.0
GPT gpt-5.4 5.0
fairly valued · conviction 3/5 · Δ +2.0 vs panel · self: 4.0
Grok grok-4.5 2.0
overvalued · conviction 3/5 · Δ -1.0 vs panel · self: 3.0
Advanced Analysis Forensic deep-dive · separate lenses
Separate reads — Company Quality (is it a great business?), Valuation (is it mispriced?), and General Sentiment (how macro + narrative are pushing it), kept deliberately apart · 2026-07-30 18:34:35
Delvantic - Cairn AI
Pass at price — reload list into the low $30s 7/10
Improving SaaS/payments business with real FCF, but priced 40-55% above deserved value into a hostile tape — pass here, buy the crush.
The cruxWhether you're paying for a durable platform or a feature masked by 16.6% SBC and 5.8% annual dilution — at $45 you're paying for the platform; at high-$20s to low-$30s you're paid to find out.
Forensic checks Derived mechanically from BILL's filed financials — not from the AI lenses
Liquidity & RunwaySelf-Funding
DilutionHeavy Dilution
Earnings QualityAdequate / Mixed
The four lensesswitch a tab for its full read — score + evidence
Company Quality
+3
Mixed
edge √Σ 110 · risk √Σ 107 · conf 6/10

BILL has executed a credible operational turn: revenue grew from $238M (2021) to $1.46B (2025), gross margin expanded from 74.1% to a durable ~81%, operating margin improved from -49.4% to -5.5%, and net income crossed into the black at $23.8M in 2025. FCF has scaled from negative to $346M/yr, and OCF/NI of 0.85x plus accruals of -3.2% of assets suggest earnings are cash-backed, not accounting-manufactured. Beneish M at -2.55 shows no manipulation flags. This is a business that has clearly earned operating leverage. The soft spots are structural. SBC at 16.6% of revenue (~$242M) dwarfs GAAP net income of $23.8M - the 'profitability' is fragile once stock comp is treated as the real cost it is. Diluted shares grew from 82.8M to 103.9M (5.8% CAGR), and buybacks recover only 68.2% of SBC, so per-share economics lag business economics materially. The company carries net debt of -$676M against $1.04B cash - workable given FCF, but not a fortress. The Altman Z of 0.67 flagging distress is largely a model artifact for an asset-light software firm and I discount it heavily, but net debt plus convertible exposure means the balance sheet is a constraint, not a cushion. Insider tape is neutral-to-mildly-negative: exercises with tax withholding and modest sales from Cieri (~$1.2M), no open-market buys. Normal for a profitable-ish tech company, not a red flag.

Strengths 3
m70
Real operating leverage achieved
OpM improved from -49.4% (2022) to -5.5% (2025) while revenue 2.3x'd from $642M to $1.46B - genuine margin expansion, not just scale.
m65
FCF inflection is real
FCF went from -$23.5M (2022) to $346.3M (2025); OCF/NI of 0.85x and accruals -3.2% support that reported earnings are cash-backed.
m55
Durable ~81% gross margins
GM stabilized in the 81-82% band for three years, consistent with a real software/payments platform economics profile.
Concerns 4
m72
SBC dominates GAAP profitability
SBC ~16.6% of revenue (~$242M) vs. net income of only $23.8M - non-GAAP profitability materially overstates the real economics.
m65
Per-share dilution drag
Diluted shares 82.8M -> 103.9M (5.8% CAGR); buybacks offset only 68.2% of SBC, so shareholders absorb ongoing per-share erosion.
m40
Net debt position
$1.04B cash against net debt of -$676M implies material debt (likely convertibles) - manageable at $346M FCF but not a cushion.
m20
Insider tape leans sell-only
3 sales totaling ~$1.2M, zero open-market buys in 12 months; not alarming, but no insider conviction signal either.
This is a legitimately improving business - the FCF inflection and margin expansion are real, not accounting theater, and the earnings-quality signals (accruals, Beneish, OCF/NI) back that up. But I refuse to grade a company well when 16.6% of revenue is going out as stock comp and shares are compounding at 5.8% a year while buybacks only mop up two-thirds of the dilution. The business is Solid; the per-share stewardship is Mixed. Net that out and it lands in the middle - clearly better than 'getting by,' clearly not yet 'sound and improving' from an owner's standpoint. I want to see SBC intensity drop and share count actually shrink before I call this Strong.
Verify before trusting this (5)
  • Convertible note terms and maturity schedule driving the $676M net debt
  • Take-rate and customer/TPV concentration in the payments segment
  • Whether SBC as % of revenue is trending down (guidance/10-K disclosure)
  • Organic vs. inorganic (Divvy, Invoice2go) contribution to the revenue ramp
  • Any goodwill/intangible impairment risk given past M&A
Valuation / Mispricing
-71
Rich
edge √Σ 30 · risk √Σ 119 · conf 6/10
Price $45.39 vs composite deserved ~$29 (signal-adj $27.77) — roughly 55-60% premium to fair, negative margin of safety. attractive below $28.00

The e2e synthesis pins composite fair value at $29.07 and signal-adjusted at $27.77, implying roughly 39% downside from $45.39. The methods disagree wildly: DCF says $50 (the only bull-supporting anchor), EPV is negative at -$2.62, and anchored P/E lands at $4.69. That spread tells me deserved value depends almost entirely on believing the growth trajectory — the steady-state and earnings-power views say this business earns essentially nothing today after SBC. With 16.6% of revenue paid in stock and shares compounding ~5.8% annually, the per-share economics are worse than the headline FCF suggests, which pulls deserved value toward the composite, not the DCF.

Cheap signals 1
m30
DCF suggests modest upside to $50
The growth-based DCF at $50.35 offers ~10% upside if the platform narrative plays out — thin margin of safety but not zero, and it's the only method supporting the current price.
Rich / priced-in 4
m70
Price 56% above composite fair value
Composite FV $29.07 and signal-adjusted $27.77 vs $45.39 price implies -39% upside. Even weighting the optimistic DCF heavily, the blended deserved value sits below today's price.
m65
EPV floor is negative
EPV of -$2.62 says the business at steady-state earnings power (post-SBC) generates no owner value. That anchors a very low floor and warns the DCF is doing all the heavy lifting.
m55
SBC-adjusted economics much worse than GAAP look
SBC at 16.6% of revenue and 5.8% annual share count growth means reported FCF overstates per-share value; deserved multiple should compress, not expand.
m45
Narrative already in the price
The bull 'financial nervous system for SMBs' story appears fully embedded at 56% premium to composite FV. There is no obvious contrarian discount here — you are paying for the platform outcome, not being handed it.
This is fully valued to rich. The composite fair value is $29, the signal-adjusted is $28, and only a growth-flattering DCF gets you to $50 — that's a wide spread that tells me the price depends on the optimistic method being right. I am not paying $45 for a Mixed-quality business with 16% SBC and 6% annual dilution when the steady-state earnings power is essentially zero. I would want it in the high $20s to low $30s before it is interesting on valuation; at today's price the margin of safety is negative and I would pass.
Verify before trusting this (5)
  • Forward revenue growth guidance and whether take-rate on payment volume is holding vs eroding
  • SBC as % of revenue trend — is it moderating or entrenched near 16-17%
  • Net share count change and pace of buybacks vs dilution
  • Segment margin trajectory (core, Divvy, Invoice2go) to test if the platform thesis is showing up in unit economics
  • Any commentary on competitive pressure from NetSuite/Sage/Stripe on pricing
General Sentiment
-70
Headwind
tail √Σ 35 · head √Σ 121 · conf 7/10

The macro tape is actively hostile to exactly this profile: VIX north of 20, S&P rolling over, and 10y at 4.61% - a stress regime that punishes high-beta, high-multiple SaaS names first. With a 1.18 beta and a narrative premium priced into the stock, BILL takes the tape harder than the index does; every risk-off session compresses multiples on unprofitable-to-modestly-profitable SMB software before it touches defensives. The platform-monopoly narrative is rated strong but only moderate durability, which is the vulnerable configuration - the story is loud but not yet cemented, and the recent SaaS-skeptic press ('rich prices make re-ratings harder', competition from NetSuite/Sage/Stripe as bear framing) is the kind of drumbeat that erodes conviction holders. No fresh company-specific tailwind in the news flow to fight back with; the stock is drifting in a tape that fades its cohort. Momentum has been strong on a multi-year basis, which is a mild cushion, but momentum names get sold first when VIX pops. Net: this is a headwind setup - not a collapse, but a real persistent press against the name until either the tape calms or a catalyst re-validates the platform story.

Tailwinds 1
m35
Multi-year momentum cushion
Strong positive long-run momentum and healthy cash generation trajectory give trend-followers a reason not to bail immediately, muting the headwind at the margin.
Headwinds 5
m70
Risk-off tape lands hard on high-beta SaaS
Stress regime with VIX at a 1y high and S&P off its high hits a 1.18-beta software name harder than the market; this cohort de-rates first in risk-off.
m65
Narrative durability is the soft spot
Platform-monopoly story is intense but only moderately durable - the 'feature not platform' bear frame (ERP and payments encroachment) is exactly the crack that widens in risk-off tape.
m55
Rates pressure on long-duration SaaS multiple
10y at 4.61% with market PE 26.2 keeps the discount-rate press on story-priced software; a name carrying a rich narrative premium wears this pressure more than a defensive.
m40
SaaS re-rating chatter in the flow
Recent commentary explicitly flagging that lofty SaaS multiples make re-ratings harder is the kind of ambient press that saps marginal buyers of names like BILL.
m30
No company-specific tailwind in the news
72h flow has no BILL-positive catalyst; the name is drifting inside a hostile tape with nothing to fight back with.
The read is a real, persistent headwind - not a collapse. You have a high-beta, story-priced SaaS name sitting in a risk-off tape with rates pressing multiples and the platform narrative visibly wobbling at the edges (moderate durability, bear frame gaining airtime). Nothing here is dominant enough to be a strong headwind - long-run momentum and cash generation blunt it - but there's no offsetting company catalyst either. Until the VIX calms or BILL delivers a platform proof point, the tape keeps leaning against this name.
Verify before trusting this (5)
  • VIX compressing back below 18 and S&P reclaiming its high - would flip the tape pressure off high-beta SaaS
  • Any BILL-specific platform proof point (large customer win, take-rate expansion, banking-adjacency traction) that re-validates the platform narrative
  • Competitive news from NetSuite, Sage, Stripe, or Square that either confirms or refutes the 'feature not platform' bear frame
  • Analyst target revisions or downgrades - a wave of cuts would confirm the narrative is cracking rather than just wobbling
  • Next earnings print: NRR and payment monetization trends are the story's load-bearing walls
The market-wide tape + this name's exposure to it (beta / sector / narrative durability). Context on the non-fundamental pressure — not a call on the business or the price. processId: detail-general-sentiment
Growth Outlook
not run

This lens hasn't been run for this ticker yet.

The forward growth verdict — is the business itself likely to grow (next 2 quarters / year 1 / years 2–3), judged against its category and against printed expectations. The full horizon ladder + creme renders on the Growth Outlook card above. Not a call on the price (Valuation owns that) or the tape (Sentiment owns that).
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Lenses kept deliberately separate — Company Quality (price-agnostic), Valuation (price-conditional), General Sentiment (non-fundamental macro/narrative pressure), and Growth Outlook (the forward growth verdict). The scores are not blended. Filing-level items (convertibles, lock-ups, customer concentration) are v2 — see each lens's "verify."
Price Prediction
Lower -18.0% v0.6.0 View full prediction →

When we made this prediction on Aug 1, 2026, BILL was $45.13. We expect it to be $37.00 by Feb 2027, and we consider it great value under $28.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 1, 2026.

Price when predicted$45.13
Our estimate for Feb 2027$37.00-18.0%
Great value below$28.00
Price history shown (6 Months)

Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.

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My Notes personal — only you see this
v1.1.608 · 729fcfcd · 2026-09-10 22:28:53