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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) and Broadstone Net Lease, Inc. (BNL). Click either name above to swap in a different company.
Broadstone Net Lease, Inc. is the larger business by last-quarter revenue ($121.4M vs $83.5M, roughly 1.5× BillionToOne, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs 6.8%, a 31.4% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs 11.7%).
BillionToOne, Inc. is a life sciences and molecular diagnostics firm developing high-precision genetic testing solutions. Its core offerings include non-invasive prenatal tests, oncology diagnostics, and rare disease screening, serving clinical providers and patients mainly in North America.
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
BLLN vs BNL — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $121.4M |
| Net Profit | $5.7M | $46.4M |
| Gross Margin | 69.9% | — |
| Operating Margin | 11.5% | 52.2% |
| Net Margin | 6.8% | 38.2% |
| Revenue YoY | 117.4% | 11.7% |
| Net Profit YoY | 138.3% | — |
| EPS (diluted) | $0.10 | $0.24 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $121.4M | ||
| Q4 25 | — | $118.3M | ||
| Q3 25 | $83.5M | $114.2M | ||
| Q2 25 | — | $113.0M | ||
| Q1 25 | — | $108.7M | ||
| Q4 24 | $45.1M | $112.1M | ||
| Q3 24 | $38.4M | $108.4M | ||
| Q2 24 | — | $105.9M |
| Q1 26 | — | $46.4M | ||
| Q4 25 | — | $33.1M | ||
| Q3 25 | $5.7M | $26.5M | ||
| Q2 25 | — | $20.2M | ||
| Q1 25 | — | $16.7M | ||
| Q4 24 | $-11.5M | $26.4M | ||
| Q3 24 | $-14.9M | $35.6M | ||
| Q2 24 | — | $35.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 57.1% | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 52.2% | ||
| Q4 25 | — | — | ||
| Q3 25 | 11.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 17.0% | — | ||
| Q3 24 | -32.9% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 38.2% | ||
| Q4 25 | — | 28.0% | ||
| Q3 25 | 6.8% | 23.2% | ||
| Q2 25 | — | 17.8% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | -25.5% | 23.5% | ||
| Q3 24 | -38.8% | 32.8% | ||
| Q2 24 | — | 33.4% |
| Q1 26 | — | $0.24 | ||
| Q4 25 | — | $0.17 | ||
| Q3 25 | $0.10 | $0.14 | ||
| Q2 25 | — | $0.10 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | $-1.13 | $0.13 | ||
| Q3 24 | $-1.47 | $0.19 | ||
| Q2 24 | — | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $195.2M | $20.3M |
| Total DebtLower is stronger | $55.0M | — |
| Stockholders' EquityBook value | $-239.5M | $3.0B |
| Total Assets | $327.5M | $5.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $20.3M | ||
| Q4 25 | — | $30.5M | ||
| Q3 25 | $195.2M | $82.0M | ||
| Q2 25 | — | $20.8M | ||
| Q1 25 | — | $9.6M | ||
| Q4 24 | $191.5M | $14.8M | ||
| Q3 24 | — | $9.0M | ||
| Q2 24 | — | $18.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | $55.0M | $2.4B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | $51.5M | $1.9B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $3.0B | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | $-239.5M | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | $-251.7M | $3.0B | ||
| Q3 24 | $-242.9M | $3.0B | ||
| Q2 24 | — | $3.1B |
| Q1 26 | — | $5.8B | ||
| Q4 25 | — | $5.7B | ||
| Q3 25 | $327.5M | $5.5B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.2B | ||
| Q4 24 | $302.1M | $5.2B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.87× | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.68× | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.62× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $13.8M | — |
| Free Cash FlowOCF − Capex | $6.5M | — |
| FCF MarginFCF / Revenue | 7.7% | — |
| Capex IntensityCapex / Revenue | 8.8% | — |
| Cash ConversionOCF / Net Profit | 2.42× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $299.5M | ||
| Q3 25 | $13.8M | $64.2M | ||
| Q2 25 | — | $79.3M | ||
| Q1 25 | — | $71.5M | ||
| Q4 24 | — | $276.3M | ||
| Q3 24 | — | $67.3M | ||
| Q2 24 | — | $74.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $269.8M | ||
| Q3 25 | $6.5M | $58.0M | ||
| Q2 25 | — | $76.7M | ||
| Q1 25 | — | $57.1M | ||
| Q4 24 | — | $259.5M | ||
| Q3 24 | — | $60.3M | ||
| Q2 24 | — | $74.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 228.1% | ||
| Q3 25 | 7.7% | 50.8% | ||
| Q2 25 | — | 67.9% | ||
| Q1 25 | — | 52.5% | ||
| Q4 24 | — | 231.4% | ||
| Q3 24 | — | 55.6% | ||
| Q2 24 | — | 69.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 25.1% | ||
| Q3 25 | 8.8% | 5.4% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 13.2% | ||
| Q4 24 | — | 15.0% | ||
| Q3 24 | — | 6.5% | ||
| Q2 24 | — | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.04× | ||
| Q3 25 | 2.42× | 2.43× | ||
| Q2 25 | — | 3.93× | ||
| Q1 25 | — | 4.27× | ||
| Q4 24 | — | 10.47× | ||
| Q3 24 | — | 1.89× | ||
| Q2 24 | — | 2.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLLN
| Prenatal | $74.1M | 89% |
| Oncology | $8.7M | 10% |
BNL
Segment breakdown not available.
