BILL Holdings: TPV Acceleration And Great Earnings Growth

BILL Holdings remains a buy, with strong Q4 results, accelerating payment volumes, and attractive valuation multiples despite recent gains. BILL's business model is resilient, with only 17% of revenue tied to headcount and the majority driven by rising payment volumes. AI adoption is fueling both customer spend and internal efficiencies, with TPV from AI-native companies doubling sequentially and new AI-powered features forthcoming. Pro forma operating margins surged to 23%, and FY27 guidance implies 9-12% revenue growth and 31% EPS expansion, supporting further upside.

Over the past few weeks as stock markets have pulled back gingerly from all-time highs, one theme is making itself clear: software stocks look poised for a rebound. Victims of the "SaaSpocalypse" narrative this year have shown large gains in recent