Bill Holdings, Inc.

BILL

Services-Prepackaged Software

Mkt Cap

$5.472B

PE

-104.54

Debt

$1.146B

Cash

$952.5M

EV

$5.666B

FCF

$278.6M

Market Cap

$5.472B

P/E Ratio

-104.54

Debt

$1.146B

Cash

$952.5M

EV

$5.666B

FCF

$278.6M

Charts data: {"Earnings":[{"time":"2018-06-29","value":-7195000},{"time":"2019-06-29","value":-7314000},{"time":"2020-06-29","value":-31091000},{"time":"2021-06-29","value":-98720000},{"time":"2022-06-29","value":-326361000},{"time":"2023-06-29","value":-223725000}],"Sales":[{"time":"2018-06-29","value":64865000},{"time":"2019-06-29","value":108351000},{"time":"2020-06-29","value":157600000},{"time":"2021-06-29","value":238265000},{"time":"2022-06-29","value":641959000},{"time":"2023-06-29","value":1058468000}],"Net Margins":[{"time":"2018-06-29","value":-0.11092268557773838},{"time":"2019-06-29","value":-0.06750283799872636},{"time":"2020-06-29","value":-0.19727791878172588},{"time":"2021-06-29","value":-0.4143285837198078},{"time":"2022-06-29","value":-0.5083829341126147},{"time":"2023-06-29","value":-0.21136680560961693}],"Assets":[{"time":"2019-06-29","value":1526298000},{"time":"2020-06-29","value":2404015000},{"time":"2021-06-29","value":5969173000},{"time":"2022-06-29","value":9256026000},{"time":"2023-06-29","value":9636018000}],"Stockholders Equity":[{"time":"2018-06-29","value":-101904000},{"time":"2019-06-29","value":-102657000},{"time":"2020-06-29","value":710719000},{"time":"2021-06-29","value":2529590000},{"time":"2022-06-29","value":4043694000},{"time":"2023-06-29","value":4085969000}],"ROE":[{"time":"2018-06-29","value":0.07060566807976135},{"time":"2019-06-29","value":0.07124696805868085},{"time":"2020-06-29","value":-0.0437458404798521},{"time":"2021-06-29","value":-0.03902608723152764},{"time":"2022-06-29","value":-0.08070862928797283},{"time":"2023-06-29","value":-0.05475445359472869}],"ROA":[{"time":"2019-06-29","value":-0.004894194973720728},{"time":"2020-06-29","value":-0.012910901138304046},{"time":"2021-06-29","value":-0.019092594568795376},{"time":"2022-06-29","value":-0.03422829624722316},{"time":"2023-06-29","value":-0.023133725985152787}]}

BILL 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. The company was formerly known as Bill.com Holdings, Inc. and changed its name to BILL Holdings, Inc. in February 2023. BILL Holdings, Inc. was incorporated in 2006 and is headquartered in San Jose, California.

Sector

10-Q
9/30/23
10-K
6/30/23
10-Q
3/31/23
10-Q
12/31/22
10-Q
9/30/22
10-K
6/30/22
10-Q
3/31/22
10-Q
12/31/21
10-Q
9/30/21
10-K
6/30/21
10-Q
3/31/21
10-Q
12/31/20
10-Q
9/30/20
10-K
6/30/20
10-Q
3/31/20
10-Q
12/31/19

DCF

Discounted Cash Flow Valuation of Bill Holdings, Inc.

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$278.6M	$362.2M	$460.8M	$573.5M	$697.8M	$829.6M	$963.2M	$1.092B	$1.207B	$1.301B	$1.366B	$13.66B
DCF		$315M	$348.5M	$377.1M	$398.9M	$412.4M	$416.4M	$410.4M	$394.5M	$369.7M	$337.6M	$3.376B
Value	$7.157B

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -

Earnings Stability -

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been decreasing indicating a lower marginal ROA with respect to the calculated one, this could impede growth.

Years	06-2018	06-2019	06-2020	06-2021	06-2022	06-2023	TTM
Net Margin	-11%	-6.8%	-20%	-41%	-51%	-21%	-4.2%
ROA	-	-0.49%	-1.3%	-1.9%	-3.4%	-2.3%	-0.54%
ROE	7.1%	7.1%	-4.4%	-3.9%	-8.1%	-5.5%	-1.3%

What is the average Net Margin?

The average Net Margin over the past 5 years is -25.16%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -5.83%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is -1.89%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -0.58%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is -1.27%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -3.08%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

Data are missing

Years	06-2018	06-2019	06-2020	06-2021	06-2022	06-2023	TTM
Debt FCF	-	-	-	-85.97	-76.69	10.21	4.11
Debt Equity	-	-	-	0.49	0.45	0.45	0.28
MIN
Graham Stability	-	-	-	-	-	-	-

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 4.11.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 48.09.

What is the Graham’s Stability?

Graham’s Stability measure stands at -.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Data are missing

Years	06-2018	06-2020	06-2022	Trend
Revenue	75%	89%	65%	12%
Net Income	-	-	-	-
Stockholders Equity	-	79%	1%	-130%
FCF	-	-	-	-

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +74.8%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +11.97%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +98.86%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -127.44%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -.