Start here if you're new
what it is
BILL software helps small businesses send invoices, approve bills, pay vendors, and track cash.
how it gets paid
Last year Bill made $1.5B in revenue.
why it's growing
Revenue grew 13.4% last year. Revenue was up 95% from a year ago.
what just happened
BILL posted $810M in revenue, but EPS was -$0.05.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
21.1x trailing p/e — priced about right
4.5% return on capital — nothing to write home about
xvary composite: 38/100 — weak
What they do
BILL software helps small businesses send invoices, approve bills, pay vendors, and track cash.
BILL sits inside the payment and approval flow for millions of SMB users. Leaving is painful because your invoices, approvals, payments, and accounting sync are already wired together. It processed $330B in payment volume in fiscal 2025, so every switch has to beat a rail that already moves real money.
How they make money
$1.5B
annual revenue · their business grew +13.4% last year
total revenue
$1.5B
+13.4%
The products that matter
invoice, payments, and expense software
Financial Automation Platform
$1.5B revenue · +13.4% growth
It is the whole business: $1.5B in annual revenue, 13.4% growth last year, and a 13.9% net margin. If this engine slows, there is nowhere else to hide.
100% of revenue
Key numbers
$2B
FY2026 sales
Sales → top line → you are paying for a business that still only guides to $2B next year.
$2.25
FY2026 EPS
EPS → profit per share → $2.25 is why the stock trades at 21.1x earnings.
5.5%
operating margin
Operating margin → profit before interest and taxes as a share of sales → negative means the core business still runs in the red.
$330B
payment volume
Total payment volume → dollars that moved through the platform → this is the size of the rail customers already use.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $1.9B (29% of capital)
- net profit margin 13.3% — keeps 13 cents of every dollar in revenue
- return on equity 8% — $0.08 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in BILL 3 years ago → it's now worth $4,510.
The index would have given you $14,770.
source: institutional data · total return
What just happened
missed estimates
BILL posted $810M in revenue, but EPS was -$0.05.
Revenue was up 95% from a year ago. EPS stayed negative, so the platform is still scaling before profits.
$810M
revenue
$0.05
eps
80.2%
gross margin
the number that mattered
Revenue at $810M mattered most because it shows the platform is still growing fast, even with EPS still below zero.
-
shares of bill holdings have traded in a fairly narrow range in recent months.
-
the company reported mixed results for the september quarter.
-
the top line advanced roughly 10% on a year-to-year basis.
-
core revenue increased 14% due to strong growth in transaction fees.
-
the company processed 33 million transactions during the first quarter, which represented an increase of 16%.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is legal and governance overhang from fiduciary-duty investigations.
med
kaskela law investigation
An investigation is seeking to determine whether BILL's officers or directors breached fiduciary duties or violated securities laws. That kind of headline does not help a company already fighting to rebuild trust.
With a $5B market cap and a 5 / 100 price stability score, legal overhangs can matter more here than they do in calmer stocks.
med
shareholder investigation
A separate shareholder investigation is also examining whether officers or directors breached fiduciary duties or violated securities laws. Two similar investigations do not create two times the certainty. They create one larger trust problem.
The stock has already fallen from $100 to $46.60. That is not a market giving management the benefit of the doubt.
med
profitability volatility
Quarterly revenue grew 14% from a year ago, but quarterly EPS was -$0.03 and margin was 1.6%. That is what low earnings predictability looks like in practice.
If revenue growth keeps coming with weak quarterly profits, the 21.1x trailing multiple can still compress.
med
antitrust litigation
Pending antitrust litigation remains in the background, and the snapshot data here is thin on the exact financial exposure. That uncertainty is the risk.
When the facts are thin, the market usually prices the range of outcomes wide. BILL's 52-week range of $37–$100 already tells you the stock can travel.
These risks sit on top of a business with $1.5B in revenue, a 35 / 100 earnings predictability score, and a stock still more than 50% below its 52-week high. That is enough to keep investors skeptical until execution gets cleaner.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
whether quarterly margin rebounds from 1.6%
Revenue can stay respectable and the stock can still struggle if profit conversion stays this weak. The fastest sentiment repair would be cleaner margins.
earnings
the next report after full-year EPS fell to $2.21
You want to see whether the earnings line stabilizes after dropping from $2.30 to $2.21. Growth alone is not enough anymore.
legal
updates on the fiduciary-duty investigations
Any resolution, dismissal, or escalation matters because legal noise is now part of the BILL story, not background clutter.
flow
whether institutions keep selling into a weak tape
There were 176 buyers versus 207 sellers in 3q2025, extending net selling to three straight quarters. A flip back to net buying would matter.
Analyst rankings
short-term outlook
below average
Momentum score 4 — in human-speak, analysts think this could lag from here.
risk profile
below average
Stability score 4 means the ride has been bumpier than most stocks. A 5 / 100 price stability score backs that up.
chart momentum
average
Technical score 3 says there is no heroic reversal signal here. The chart is not saving the thesis for you.
earnings predictability
35 / 100
That score means future results are harder to call than usual. The jump from $2.21 full-year EPS to a -$0.03 quarter shows why.
source: institutional data
Institutional activity
institutions have been net selling for 3 consecutive quarters — 176 buyers vs. 207 sellers in 3q2025. total institutional holdings: 0.1B shares. net selling for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$16
$69
$47
current price
$43
target midpoint · 8% from current · 3-5yr high: $120 (+160% · 26% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive