MeritValue

BILL Holdings, Inc.

BILLdata completeness 100%8 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$238.3M1$642M2$1.06B3$1.29B3$1.46B3
Net income−$98.7M4−$326.4M5−$223.7M6−$28.9M6$23.8M6
Operating cash flow$4.62M7−$18.1M8$187.8M9$278.8M9$350.6M9
Capital expenditure$18.9M10$5.38M11$7.59M12$976,00012$4.34M12
Free cash flow (derived)−$14.3M7−$23.5M8$180.2M9$277.8M9$346.3M9
Total debt$989.4M13$1.77B14$1.84B15$914M16$1.71B16
Cash & equivalents$509.6M17$1.6B18$1.62B19$985.9M19$1.04B19
Diluted shares82.8M101.8M106.0M106.1M103.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000096%
of the whole company
Your share of last year’s profit
$2.29
Your share of its debt
$164.99
Your share of free cash flow
$33.33
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$46.28
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$277.8M
DCF · Growth Exit 5Y
$42.12
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$277.8M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $42.12

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001786352-23-000054 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001786352-24-000035 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001786352-25-000037 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001786352-23-000054 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001786352-24-000035 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001786352-25-000037 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0001786352-23-000054 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001786352-24-000035 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001786352-25-000037 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001786352-23-000054 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0001786352-24-000035 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0001786352-25-000037 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2021-06-30 · accession 0001786352-23-000037 (LongTermDebt)
  14. 10-K · period ending 2022-06-30 · accession 0001786352-23-000054 (LongTermDebt)
  15. 10-K · period ending 2023-06-30 · accession 0001786352-24-000035 (LongTermDebt)
  16. 10-K · period ending 2024-06-30 · accession 0001786352-25-000037 (LongTermDebt)
  17. 10-K · period ending 2021-06-30 · accession 0001786352-23-000054 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-06-30 · accession 0001786352-24-000035 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-06-30 · accession 0001786352-25-000037 (CashAndCashEquivalentsAtCarryingValue)