BILL Holdings, Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $430M normalized FCF base (close to the $412.5M TTM figure); 8% annual FCF growth for years 1-5; 5% for years 6-10; 11% discount rate reflecting decelerating SaaS growth and competitive risk; 3% terminal growth; approximately $40M net cash ($1.94B cash less $1.90B total debt); 85.28M shares outstanding.

Reasoning: BILL Holdings generates a high (~25%) free-cash-flow margin on its SMB payments/spend-management platform despite decelerating top-line growth from its earlier hyper-growth phase; a staged DCF using moderated but still-positive growth and a discount rate reflecting execution and competitive risk is more appropriate than extrapolating either its historical growth rate or its currently compressed market multiple.