The term business model has gained widespread use. Several papers discussing its origins and value have been published recently. However, most of them are more of a descriptive analysis of past research. We provide a more rigorous investigation with the help of bibliometric methods of citation analysis, bibliographic coupling and co-word analysis to examine 308 articles on business models published in the period 2010- 2015. Bibliometric methods build maps of science fields based on citation information and are able to quantitatively complement literature reviews. We extracted bibliographical data from the Web of Science database. Our algorithm found four clusters of business model research. We also visualized the top 80 keywords in a heat map which presents clear thematic picture of business model conceptual domain.