📊 BILL Key Takeaways
Investment Thesis
BILL demonstrates exceptional gross margins (80.2%) and strong free cash flow generation ($199.4M, 24.6% FCF margin), indicating a fundamentally sound business model. However, the company remains unprofitable at the operating and net income levels (-4.8% and -0.7% margins respectively) despite massive revenue growth, suggesting operational leverage has not materialized despite scale. The path to sustained profitability remains uncertain despite solid underlying unit economics and cash generation.
BILL Strengths
- Exceptional gross margins of 80.2% demonstrate strong pricing power and efficient service delivery
- Outstanding free cash flow generation of $199.4M with 24.6% FCF margin showing cash conversion despite GAAP losses
- Solid balance sheet with $1.1B cash, 1.65x current ratio, and modest 0.48x debt-to-equity ratio providing financial flexibility
- Strong revenue growth of 10,679.9% YoY indicates successful market expansion and customer acquisition
BILL Risks
- Operating margin deeply negative at -4.8% with $38.8M operating loss despite $810.4M revenue indicates inability to scale profitably
- Net losses continuing (-$5.5M) after significant revenue growth suggests structural cost challenges or heavy investment phase that may persist
- Interest coverage ratio of -2.6x indicates operating income insufficient to cover debt service, dependent on cash reserves for debt obligations
- Negative return metrics (ROE -0.1%, ROA -0.1%) despite substantial equity and asset base question capital efficiency
Key Metrics to Watch
- Operating margin trajectory toward profitability given revenue scale
- Operating cash flow sustainability and margin expansion as revenue normalizes
- Operating expense ratio reduction and path to positive EBITDA conversion
- Customer acquisition cost trends relative to lifetime value realization
BILL Financial Metrics
💡 AI Analyst Insight
The 24.6% free cash flow margin provides substantial flexibility for dividends, buybacks, and strategic investments.
BILL Profitability Ratios
BILL vs Technology Sector
How BILL Holdings, Inc. compares to Technology sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
BILL Balance Sheet & Liquidity
BILL 5-Year Financial Trend
5-Year Trend Summary: BILL Holdings, Inc.'s revenue has grown significantly by 514% over the 5-year period, indicating strong business expansion. The most recent EPS of $-2.11 indicates the company is currently unprofitable.
BILL Growth Metrics (YoY)
BILL Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 2026 | $362.6M | -$2.6M | $0.02 |
| Q1 2026 | $358.5M | -$3.0M | $-0.03 |
| Q3 2025 | $323.0M | $8.9M | $0.00 |
| Q2 2025 | $318.5M | $8.9M | $0.02 |
| Q3 2024 | $272.6M | -$27.9M | $0.00 |
| Q2 2024 | $260.0M | -$27.9M | $-0.38 |
| Q1 2024 | $229.9M | $8.9M | $0.08 |
| Q3 2023 | $166.9M | -$31.1M | $-0.29 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
BILL Capital Allocation
BILL SEC Filings
Access official SEC EDGAR filings for BILL Holdings, Inc. (CIK: 0001786352)
📋 Recent SEC Filings
❓ Frequently Asked Questions about BILL
What is the AI rating for BILL?
BILL Holdings, Inc. (BILL) has an AI rating of HOLD with 65% confidence, based on fundamental analysis of SEC EDGAR filings.
What are BILL's key strengths?
Exceptional gross margins of 80.2% demonstrate strong pricing power and efficient service delivery. Outstanding free cash flow generation of $199.4M with 24.6% FCF margin showing cash conversion despite GAAP losses.
What are the risks of investing in BILL?
Operating margin deeply negative at -4.8% with $38.8M operating loss despite $810.4M revenue indicates inability to scale profitably. Net losses continuing (-$5.5M) after significant revenue growth suggests structural cost challenges or heavy investment phase that may persist.
What is BILL's revenue and growth?
BILL Holdings, Inc. reported revenue of $810.4M.
Does BILL pay dividends?
BILL Holdings, Inc. does not currently pay dividends.
Where can I find BILL SEC filings?
Official SEC filings for BILL Holdings, Inc. (CIK: 0001786352) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is BILL's EPS?
BILL Holdings, Inc. has a diluted EPS of $-0.05.
How is the AI analysis conducted?
Our AI (Claude) analyzes publicly available SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports to evaluate financial health, profitability ratios, balance sheet strength, and growth metrics.