# BILL Holdings, Inc. (BILL)

> Source: Nexqual · https://nexqual.com/BILL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, BILL Holdings, Inc. (BILL), nexqual.com/BILL" · informational, not investment advice.

**Price:** USD 50.67 (+3.39% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 49.01 · day 49.35–50.69 · 52w 31.41–57.21 · market cap $4.32B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.65B, net income -$11.2M (-0.7% margin), free cash flow $412M (SEC filings).
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $15.9M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.27 on a 1–5 scale) (22 analysts), mean target USD 57.15 (range 43–75).
- Total return with dividends: 1Y -0.2% vs S&P 500 +14.9%; 5Y -83.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.98, revenue estimate $433M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $642M | $1.06B | $1.29B | $1.46B | $1.65B | $1.65B |
| Gross profit | $497M | $864M | $1.06B | $1.19B | $1.34B | — |
| Operating income | -$317M | -$296M | -$174M | -$80.6M | -$73.4M | -$73.4M |
| Net income | -$326M | -$224M | -$28.9M | $23.8M | -$11.2M | -$11.2M |
| EPS (diluted) | -$3.21 | -$2.11 | -$0.27 | -$0.07 | -$0.11 | — |
| Free cash flow | -$23.5M | $180M | $278M | $346M | $412M | $412M |
| Gross margin | 77.4% | 81.7% | 81.8% | 81.4% | 80.9% | — |
| Operating margin | -49.4% | -27.9% | -13.5% | -5.5% | -4.4% | -4.4% |
| Net margin | -50.8% | -21.1% | -2.2% | 1.6% | -0.7% | -0.7% |
| Revenue growth | +169.4% | +64.9% | +21.9% | +13.4% | +13.0% | — |
| Cash + short-term investments | $2.71B | $2.66B | $1.59B | $2.22B | $1.94B | — |
| Total debt | $1.77B | $1.84B | $914M | $1.71B | $1.84B | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.6x · EV/Sales 2.5x · P/FCF 10.5x · P/B 1.2x · FCF yield 9.55% · Earnings yield -0.26% · Buyback yield (TTM) 12.97% · Net cash $101M · EV $4.22B
P/E at fiscal year-ends: Jun 2025 202.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-02…2026-09-03 | Lacerte Rene A. | CEO | 257,243 | $12.5M | 43.7% | Yes (adopted June 3, 2026) | Too little history (no open-market trades in 2025) |
| 2026-09-01 | Jain Rohini | Chief Financial Officer | 33,470 | $1.6M | 100% | Yes (adopted May 30, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-31 | Cieri Michael | Chief Product Officer | 10,754 | $528K | 91.5% | Yes (adopted December 2, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-29 | Cieri Michael | Chief Product Officer | 32,875 | $1.2M | 97.1% | Yes (adopted December 2, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.27 on a 1–5 scale), 22 analysts; mean target USD 57.15 (low 43, high 75).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-01 | Truist Securities | Target raised | Hold | $44 → $52 |
| 2026-08-25 | Wolfe Research | Target raised | Outperform | $57 → $60 |
| 2026-08-20 | Jefferies | Target raised | Buy | $50 → $56 |
| 2026-08-20 | Goldman Sachs | Target raised | Buy | $50 → $57 |
| 2026-08-20 | Morgan Stanley | Target raised | Equal-Weight | $55 → $60 |
| 2026-08-20 | BMO Capital | Target raised | Market Perform | $46 → $55 |
| 2026-08-20 | Keefe, Bruyette & Woods | Target raised | Market Perform | $46 → $54 |
| 2026-08-20 | UBS | Target raised | Buy | $55 → $60 |
| 2026-08-20 | BTIG | Reiterated | Buy | $60 |
| 2026-07-24 | Truist Securities | Target raised | Hold | $38 → $44 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -0.2% | -83.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.2% | -30.0% |
| Volatility (annualized) | 59.8% | 66.5% |
| Max drawdown | -43.2% (Jan 2026→Jun 2026) | -90.3% (Nov 2021→Jun 2026) |

## Peers (Software - Application)
APPF (AppFolio, Inc.) USD 217.33 +0.06% · DSGX (The Descartes Systems Group Inc) USD 94 +1.74% · TTAN (ServiceTitan, Inc.) USD 85.2 +3.50% · IDCC (InterDigital, Inc.) USD 332.06 -0.78% · YMM (Full Truck Alliance Co. Ltd.) USD 8.35 -1.76% · PCOR (Procore Technologies, Inc.) USD 62.29 +2.27%

## More
Full page: https://nexqual.com/BILL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BILL's own 10-K filed 2026-08-20 (https://www.sec.gov/Archives/edgar/data/1786352/000162828026058238/bill-20260630.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Canada | "Although we currently only offer our payment and card products to customers in the U.S., UK, and Canada, Invoice2go has international subscribers in many countries, including Australia and several EU countries, for which…" |
| Customer | Invoice2go | "Although we currently only offer our payment and card products to customers in the U.S., UK, and Canada, Invoice2go has international subscribers in many countries, including Australia and several EU countries, for which…" |
| Customer | Mastercard (MA) | "We are contractually obligated to comply with consumer protection laws and regulations applicable to our product offerings and customer base, as well as with Visa, Mastercard, and American Express rules, as a card progra…" |
| Customer | Visa (V) | "We are contractually obligated to comply with consumer protection laws and regulations applicable to our product offerings and customer base, as well as with Visa, Mastercard, and American Express rules, as a card progra…" |
| Partner | Oracle (ORCL) | "In addition, we launched embed partnerships with Paychex, Oracle NetSuite, and Acumatica as part of our "Embed 2.0" initiative to deploy our platform offerings as a set of embeddable capabilities through third-party plat…" |
| Partner | Federal Deposit Insurance | "We also partner with a Federal Deposit Insurance Corporation (FDIC) and state-regulated bank to offer lending products originated by such bank and may originate loans using our own licenses in the future." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription and transaction fees | $400.5M | 91.8% | +15.8% |
| Integrated platform | $377.0M | 86.4% | +15.8% |
| BILL AP/AR | $192.4M | 44.1% | +10.0% |
| BILL Spend and Expense | $184.6M | 42.3% | +22.5% |
| Interest on funds held for customers | $35.7M | 8.2% | -4.5% |
| Total revenue | $436.2M | 100% | — |
The lines above cover 272.9% of total revenue.

## Customer concentration

Period ended 2025-09-30: 10% of revenue from unnamed direct customers (10-Q, filed 2025-11-07).

## Company outlook (8-K filed 2026-08-19)

- "We are providing the following guidance for the fiscal first quarter ending September 30, 2026 and the full fiscal year ending June 30, 2027."
- "This quarter, we are additionally providing guidance for our rewards expense for the fiscal first quarter ending September 30, 2026 and the fiscal year ending June 30, 2027."
- "We are providing such guidance in anticipation of a planned voluntary change in our revenue presentation, beginning with our quarterly report for the fiscal quarter ending September 30, 2026, pursuant to which we will net rewards expense directly from core revenue (and total revenue) rather than recording it as an operating expense under sales and marketing."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.98 | $0.76 | +28.3% | $433.4M | 20 |
| Next quarter (ends 2026-12-31) | $0.89 | $0.83 | +6.4% | $447.1M | 18 |
| Current fiscal year (ends 2027-06-30) | $3.73 | $3.39 | +10.1% | $1.81B | 21 |
| Next fiscal year (ends 2028-06-30) | $4.35 | $4.07 | +7.0% | $2.00B | 19 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±11.4%; earnings reaction alone ±8.5%; last 8 reports averaged ±16.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 47.2% | ±5.6% |
| 2026-11-06 | 14 | 70.4% | ±11.4% |
| 2026-11-13 | 21 | 66.5% | ±13.1% |
| 2026-11-20 | 28 | 59.5% | ±14.8% |
| 2026-11-27 | 35 | 59.5% | ±14.9% |
| 2026-12-04 | 42 | 59.1% | ±16.2% |
| 2026-12-18 | 56 | 59.7% | ±18.7% |
| 2027-01-15 | 84 | 50.4% | ±19.2% |