BILL Holdings, Inc. (BILL) Stock Price & How to Invest

BILL Holdings, Inc. sells the software that small and midsize businesses use to run money in and money out. The core BILL AP/AR product handles invoice capture, approval routing and payment execution across checks, ACH, cards, real-time payments and cross-border rails, while BILL Spend and Expense (the former Divvy business) issues corporate cards and enforces budgets. A third channel, Embedded Solutions and Other, distributes the same plumbing through accounting firms, financial institutions and software partners. Revenue arrives in three shapes: fixed subscription fees, transaction fees (including interchange on card volume), and interest earned on customer funds sitting in transit. For the March 2026 quarter, subscription fees were ~$74.5 million, transaction fees ~$296.6 million and float revenue ~$35.4 million, adding to total revenue of ~$406.6 million. The platform moved ~$88.7 billion of payment volume across ~34.0 million transactions in that quarter, about 12% and 14% above the prior year respectively.

The investment picture turns on margin expansion rather than headline growth. Total revenue grew ~13% year over year in the March quarter and core (subscription plus transaction) revenue grew ~16%, but the count of businesses using BILL's solutions rose only ~1%, from ~488,600 to ~493,800, meaning growth is coming from more volume per customer rather than more customers. Profitability has moved sharply: the GAAP operating loss narrowed to ~$0.4 million from ~$28.9 million a year earlier, non-GAAP operating income reached ~$79.8 million (up ~50%), and trailing free cash flow ran near ~$383 million. Management guided fiscal 2026 to ~$1.642 billion to ~$1.652 billion of revenue with non-GAAP operating income of ~$303.6 million to ~$308.6 million, and the board authorized a ~$1.0 billion share repurchase in April 2026. GAAP results remain thin, with trailing net income of roughly ~$0.2 million against ~$194 million of stock-based compensation over nine months, which is the gap most of the disagreement about the stock lives in.

Float revenue, which was ~$35.4 million in the March quarter and ~$112.7 million over nine months, fell year over year as interest rates declined, and further cuts would keep pressuring a high-margin revenue line BILL does not control. Customer growth of ~1% year over year is the clearest structural concern, since it leaves the company dependent on take-rate expansion in a market where Intuit, Ramp, Brex, Navan and Corpay all compete aggressively on price. Card lending exposes BILL to small-business credit: the provision for expected credit losses was ~$57.6 million over the first nine months of fiscal 2026. Stock-based compensation of ~$194.3 million over nine months against ~$1.22 billion of revenue keeps GAAP profitability marginal, with trailing net income near ~$0.2 million and an accumulated deficit of about ~$1.77 billion. Convertible notes outstanding include ~$1.24 billion of 2030 notes and ~$119 million of 2027 notes, and May 2026 brought a leadership shake-up in which the chief technology officer and the head of payments and financial services departed while the president moved into a new strategy role.

21 analysts publish price targets on BILL, averaging $54.57 against a $47.99 price as of August 2026, or +13.7%. The published targets run from $42.00 to $77.00, a moderate spread, and the ratings split 14 buy, 8 hold, 0 sell. Over the last six months there have been 4 raises and 7 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full BILL forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on BILL Holdings, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Monetization per customer, not customer count. With the installed base up only ~1% year over year, nearly all of BILL's ~16% core revenue growth came from take rate and volume within existing accounts. The most optimistic published target, $77.00, assumes this works close to its best case.

The case against. Float revenue, which was ~$35.4 million in the March quarter and ~$112.7 million over nine months, fell year over year as interest rates declined, and further cuts would keep pressuring a high-margin revenue line BILL does not control. The most pessimistic target, $42.00, is roughly what BILL is worth if this bites instead.

Read the full bull and bear case on BILL, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see BILL Holdings, Inc.'s investor relations page or your broker.

• Market cap: ~$4.8B (shares near ~$48, ~99.6M outstanding)
• Revenue (TTM): ~$1.60B, up ~12% year over year
• Q3 FY2026 revenue: ~$406.6M total, ~$371.1M core (+16% YoY)
• Profitability: GAAP operating loss ~$61M TTM; non-GAAP operating income ~$79.8M in Q3 FY2026
• Free cash flow (TTM): ~$383M, about a ~24% FCF margin
• Valuation: ~3.0x trailing sales, EV ~$4.5B (~2.8x sales), forward P/E ~15x

Valuation looks very different depending on which earnings number is used. On GAAP net income, which is essentially breakeven on a trailing basis, no meaningful multiple exists; on guided fiscal 2026 non-GAAP earnings of ~$2.61 to ~$2.64 per diluted share, the stock sits around ~18x, and on forward consensus estimates closer to ~15x. Cash and short-term investments of roughly ~$2.2 billion against ~$1.9 billion of largely zero-coupon convertible debt leave enterprise value slightly below market cap, so the ~2.8x EV/sales figure is the cleanest cross-company comparison.

Other names that sit close to BILL: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get BILL exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so BILL sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where BILL fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

BILL is a scaled, cash-generative back-office software and payments platform whose GAAP profit is still barely positive, so the debate sits between improving margins and buybacks on one side and single-digit customer growth plus falling float revenue on the other.

Whether BILL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is BILL a buy or a sell?, and where the stock could go from here in the BILL stock forecast.

For income investors, whether BILL pays a dividend and how the payout looks is covered in does BILL pay a dividend? And to weigh BILL against a peer, read the full side-by-side comparisons: BILL vs INTU and BILL vs SAP.