Latest Ratios: P/E Ratio -417.5x · EV/EBITDA 29.8x · ROE -0.3%. (2018–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $3.6B | $4.8B | $5.6B | $12.4B | $11.2B | $15.2B | $7.2B | — | — |
| Enterprise Value | $5.1B | $4.1B | $5.4B | $5.6B | $12.7B | $11.4B | $15.7B | $6.6B | — | — |
| P/E Ratio → | -417.45 | — | 201.13 | — | — | — | — | — | — | — |
| P/S Ratio | 2.77 | 2.19 | 3.29 | 4.33 | 11.70 | 17.43 | 63.67 | 45.58 | — | — |
| P/B Ratio | 1.30 | 1.02 | 1.23 | 1.35 | 3.03 | 2.77 | 6.00 | 10.11 | — | — |
| P/FCF | 1342.38 | 1060.47 | 15.52 | 21.65 | 79.09 | — | — | — | — | — |
| P/OCF | — | — | 13.71 | 20.03 | 65.95 | — | 3281.35 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.50 | 3.72 | 4.32 | 11.98 | 17.83 | 66.04 | 41.96 | — | — |
| EV / EBITDA | 29.78 | 24.17 | 615.30 | — | — | — | — | — | — | — |
| EV / EBIT | 41.89 | — | 111.08 | — | — | — | — | — | — | — |
| EV / FCF | — | 1214.14 | 17.57 | 21.61 | 80.98 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.9% | 80.9% | 81.4% | 81.8% | 81.7% | 77.4% | 74.1% | 75.2% | 72.4% | 70.1% |
| Operating Margin | 7.4% | 7.4% | -5.5% | -13.5% | -27.9% | -49.4% | -47.8% | -21.7% | -9.0% | -12.1% |
| Net Profit Margin | -0.7% | -0.7% | 1.6% | -2.2% | -21.1% | -50.8% | -41.4% | -19.7% | -6.8% | -11.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.3% | -0.3% | 0.6% | -0.7% | -5.5% | -9.9% | -6.1% | -10.2% | — | — |
| ROA | -0.1% | -0.1% | 0.2% | -0.3% | -2.4% | -4.3% | -2.4% | -1.6% | -0.6% | -0.7% |
| ROIC | 2.1% | 2.1% | -1.4% | -3.1% | -5.1% | -6.4% | -5.3% | -18.4% | — | — |
| ROCE | 2.3% | 2.3% | -1.5% | -3.2% | -5.0% | -6.7% | -5.2% | -7.6% | -7.1% | -7.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.45 | 0.24 | 0.47 | 0.46 | 0.43 | 0.00 | — | — |
| Debt / EBITDA | 9.08 | 9.08 | 200.53 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.15 | 0.16 | -0.00 | 0.07 | 0.06 | 0.22 | -0.80 | — | — |
| Net Debt / EBITDA | 3.06 | 3.06 | 71.58 | — | — | — | — | — | — | — |
| Debt / FCF | — | 153.67 | 2.04 | -0.04 | 1.89 | — | — | — | — | — |
| Interest Coverage | — | — | 2.64 | -0.37 | -13.66 | -34.11 | -3.95 | -134.54 | -8.05 | -15.83 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.51 | 1.51 | 1.58 | 1.55 | 1.78 | 1.84 | 1.55 | 1.42 | 1.12 | 1.09 |
| Quick Ratio | 1.51 | 1.51 | 1.58 | 1.55 | 0.88 | 0.92 | 1.55 | 1.42 | 1.12 | 1.09 |
| Cash Ratio | 0.39 | 0.39 | 0.51 | 0.39 | 0.71 | 0.79 | 0.50 | 0.42 | 0.12 | 0.10 |
| Asset Turnover | — | 0.16 | 0.15 | 0.14 | 0.11 | 0.07 | 0.04 | 0.07 | 0.07 | 0.06 |
| Inventory Turnover | — | — | — | — | 0.06 | 0.05 | — | — | — | — |
| Days Sales Outstanding | — | 6.84 | 179.05 | 205.18 | 167.90 | 159.45 | 253.25 | 25.02 | 30.97 | 30.09 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.5% | — | — | — | — | — | — | — |
| FCF Yield | 0.1% | 0.1% | 6.4% | 4.6% | 1.3% | — | — | — | — | — |
| Buyback Yield | 12.3% | 15.5% | 8.9% | 3.8% | 0.7% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 12.3% | 15.5% | 8.9% | 3.8% | 0.7% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $100M | $104M | $106M | $106M | $102M | $83M | $80M | $72M | $82M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying BILL stock.
Bill.com Holdings, Inc.'s current P/E ratio is -417.5x. This places it at the 50th percentile of its historical range.
Bill.com Holdings, Inc.'s current EV/EBITDA is 29.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.2x.
Bill.com Holdings, Inc.'s return on equity (ROE) is -0.3%. The historical average is -4.6%.
Based on historical data, Bill.com Holdings, Inc. is trading at a P/E of -417.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bill.com Holdings, Inc. has 80.9% gross margin and 7.4% operating margin.
Bill.com Holdings, Inc.'s Debt/EBITDA ratio is 9.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
SMB spending cycle sensitivity
Metrics are mathematically derived from official filings.
Market Pricing Reflects Growth Uncertainty
As reported in recent financial filings, BILL trades at a forward P/E of 13.42, which appears to discount the company's historical growth premiums and suggests that investors are increasingly skeptical of the firm's ability to sustain its previous double-digit expansion rates in a cooling SMB environment.
The current P/S multiple of 2.42 indicates a significant contraction from historical highs, signaling that the market is re-rating the stock from a high-growth software play to a more mature, transaction-dependent utility. This valuation shift warrants caution, as it implies that any further deceleration in TPV could lead to additional multiple compression despite the company's recent pivot toward positive net margins.
Capital Efficiency Remains Under Pressure
Based on the provided quarterly data, BILL's ROIC has struggled to remain positive, hovering near 0.1% in 2026Q3, which indicates that the company's heavy investment in acquisitions and product development has yet to generate a meaningful return on the capital deployed into the business.
The persistent gap between invested capital and returns suggests that the company is still in a phase of capital absorption rather than compounding. Investors should monitor whether the shift toward profitable growth can improve these returns, or if the high level of goodwill on the balance sheet will continue to dilute the efficiency of the capital base.
Working Capital Dynamics Reveal Friction
According to the latest financial statements, BILL's DSO has trended upward to 182 days in 2026Q3, suggesting that the company is facing increased friction in collecting on its transaction-based revenue streams compared to its historical performance and broader industry benchmarks for software-as-a-service providers.
This lengthening of the collection cycle may indicate that the company's SMB customer base is experiencing liquidity constraints, which could pose a risk to future cash flow stability. While the DPO remains relatively low at 7 days, the disparity between receivables and payables highlights a potential mismatch that warrants further investigation into the company's credit risk management.
Debt Service Capacity Remains Volatile
As indicated by the 2026Q3 financial statements, BILL's interest coverage ratio of 4.21 shows a recovery from previous periods of negative coverage, yet the company's debt-to-equity ratio of 0.50 suggests that leverage remains a structural factor in its current capital allocation strategy.
While the company is currently able to service its debt obligations, the high volatility in interest coverage over the last ten quarters suggests that the balance sheet is sensitive to fluctuations in operating income. Investors should monitor whether the company can maintain this coverage as it navigates a potentially more challenging macroeconomic environment for SMB credit.
Misapplication of Traditional SaaS Metrics
The most commonly misapplied metric for BILL is the standard P/E ratio, which fails to account for the significant distortion caused by interest income on customer float and stock-based compensation, both of which obscure the underlying operational profitability of the core payment platform.
Analysts should instead focus on adjusted EBITDA or free cash flow margins, which better reflect the company's ability to generate cash from its transaction-based business model. Relying on GAAP earnings in this context may lead to an inaccurate assessment of the company's true earning power and its sensitivity to interest rate cycles.