Bill.com Holdings, Inc. (BILL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+81.9%

$92.06

vs $50.62 price

Levered DCF

$113.10

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.55

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-328.73×	201.13×	-195.59×	-55.38×	-34.25×	-153.93×	-231.31×	-355×
P/B	1.02×	1.22×	1.36×	3.03×	2.77×	6×	10.11×	14.72×
P/S	2.19×	3.28×	4.34×	11.7×	17.43×	63.67×	45.58×	23.68×
EV / EBITDA	35.59×	39.19×	58.26×	-113.27×	-48.97×	-157.09×	-249.04×	-709.16×
Gross margin	80.9%	81.4%	81.8%	81.7%	77.4%	74.1%	75.2%	72.4%
Operating margin	1.1%	-5.5%	-13.5%	-27.9%	-49.4%	-47.8%	-21.7%	-9.0%
Net margin	-0.7%	1.6%	-2.2%	-21.1%	-50.8%	-41.4%	-19.7%	-6.8%
Current ratio	1.51×	1.58×	1.55×	1.78×	1.84×	1.55×	1.42×	1.12×
Debt / equity	0.54×	0.45×	0.24×	0.47×	0.46×	0.43×	0×	0×
Interest coverage	0.67×	-4.34×	-9.08×	-19.45×	-33.64×	-4.05×	-149.34×	-11.88×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-0.3%	0.6%	-0.7%	-5.5%	-8.1%	-3.9%	-4.4%	-4.2%
Return on invested capital	0.3%	-1.1%	-3.4%	-4.9%	-5.3%	-2.2%	-4.7%	-5.4%
Return on assets	-0.1%	0.2%	-0.3%	-2.3%	-3.5%	-1.7%	-1.3%	-0.5%
Free cash flow yield	11.7%	6.5%	4.6%	1.3%	-0.3%	-0.1%	-0.2%	-0.3%
Earnings yield	-0.3%	0.5%	-0.5%	-1.8%	-2.9%	-0.7%	-0.4%	-0.3%
Enterprise value	$4.5B	$5.4B	$5.6B	$12.7B	$11.4B	$15.7B	$6.6B	$2.5B
Net debt / EBITDA	6.88×	4.57×	-0.09×	-2.64×	-1.11×	-5.65×	21.52×	25.73×
Cash conversion cycle (days)	179	157	194	6,467	8,045	183	-68	-31