BILL Holdings Inc

BILL Holdings, Inc. (NYSE: BILL) provides a financial operations platform for small and midsize businesses (SMBs). The Company offers software-as-a-service, cloud-based payments, and spend and expense management products, which allow users to automate accounts payable and accounts receivable transactions, enable businesses to easily connect with their suppliers and/or customers to do business, eliminate expense reports, manage cash flows, and improve back-office efficiency.

Recent Business and Financial Updates

• Revenue and Profitability Performance: BILL Holdings, Inc. (NYSE: BILL) reported robust financial results for the third quarter of fiscal year 2025, ending March 31, 2025, with total revenue reaching USD 358.2 million, an 11% increase year-over-year, as announced on May 8, 2025. Core revenue, comprising subscription and transaction fees, grew 14% to USD 320.3 million, driven by a 17% rise in transaction fees to USD 252.1 million, though subscription fees grew more modestly at 4% to USD 68.2 million. Non-GAAP gross profit was USD 304.0 million, with an 84.9% non-GAAP gross margin, slightly down from 87.1% in Q3 FY2024. Despite a GAAP operating loss of USD 28.9 million and a net loss of USD 11.6 million (USD 0.11 per share), non-GAAP net income was USD 58.7 million (USD 0.50 per diluted share), reflecting strong profitability, though down 14% from USD 68.6 million in Q3 FY2024.
• Operational Growth and Scale: BILL served 488,600 businesses in Q3 FY2025, processing USD 79 billion in total payment volume, up 11% year-over-year, and 30 million transactions, a 16% increase from the prior year. These metrics highlight BILL’s growing adoption among small and midsize businesses (SMBs) and its ability to handle significant transaction volumes. The company expanded its platform with new mid-market solutions and enhanced payment reconciliation capabilities, strengthening its value proposition for SMBs. Additionally, the appointment of technology industry leader Mike Cieri as Executive Vice President and General Manager of Software Solutions is expected to drive further innovation and operational efficiency, positioning BILL to capture a larger share of the SMB financial operations market.
• Strategic Initiatives and Market Positioning: BILL made significant strides in diversifying its distribution ecosystem and broadening its platform’s capabilities, enhancing its competitive edge in the financial operations space. The company’s focus on addressing back-office pain points for SMBs and their suppliers has bolstered its market presence, as evidenced by the 11% year-over-year growth in payment volume. BILL’s strategic investments in technology and partnerships underscore its commitment to transforming financial operations for millions of SMBs, with a forward-looking approach to integrating new solutions tailored to mid-market needs. These efforts, combined with a durable business model, position BILL to sustain long-term growth in a sizable market opportunity.
• Financial Outlook and Challenges: For Q4 FY2025, BILL projects total revenue of USD 370.5 million to USD 380.5 million (8%–11% year-over-year growth) and core revenue of USD 335.0 million to USD 345.0 million (11%–15% growth), with non-GAAP operating income of USD 43.0 million to USD 48.0 million and non-GAAP net income of USD 46.5 million to USD 50.5 million (USD 0.39–USD 0.43 per diluted share). For the full fiscal year, BILL anticipates total revenue of USD 1,450.0 million to USD 1,460.0 million (12%–13% growth) and non-GAAP net income of USD 236.7 million to USD 240.7 million (USD 2.06–USD 2.09 per share). However, challenges include a slight decline in non-GAAP gross margin to 84.9% from 87.1% and a GAAP net loss, reflecting ongoing investments and potential cost pressures, which investors should monitor alongside BILL’s growth trajectory.

Technical Observation (on the daily chart):

The Relative Strength Index (RSI) over a 14-day period stands at a value of 53.01, currently consolidating near mid-levels, with expectations of a consolidation or a upward momentum if the important support of USD 43.00-USD 45.00 holds. Additionally, the stock's current positioning is between both the 50-period SMA and 200-period SMA, which may serve as dynamic short to medium-term support and resistance levels respectively.

BILL Holdings, Inc. (NYSE: BILL) delivered an impressive performance in Q3 FY2025, ending March 31, 2025, positioning it as a compelling investment opportunity due to its robust growth and strategic advancements. The company reported total revenue of USD 358.2 million, up 11% year-over-year, with core revenue rising 14% to USD 320.3 million, driven by a 17% increase in transaction fees, as announced on May 8, 2025. BILL served 488,600 businesses, processing USD 79 billion in payment volume and 30 million transactions, reflecting 11% and 16% year-over-year growth, respectively, underscoring its strong adoption among SMBs. Strategic initiatives, including new mid-market solutions, enhanced payment reconciliation, and the appointment of Mike Cieri as EVP of Software Solutions, bolster BILL’s ability to capture a significant share of the SMB financial operations market. The company’s Q4 FY2025 guidance projects total revenue of USD 370.5 million to USD 380.5 million and non-GAAP net income of USD 46.5 million to USD 50.5 million, signaling sustained growth, while its durable business model and diversified distribution ecosystem position BILL to deliver long-term value despite a slight decline in non-GAAP gross margin to 84.9%.

As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘BUY’ rating has been given to BILL Holdings, Inc. (NYSE: BILL) at the closing market price of USD 46.54, as of July 23, 2025. 

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is July 23, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.