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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) and ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT). Click either name above to swap in a different company.
ESSENTIAL PROPERTIES REALTY TRUST, INC. is the larger business by last-quarter revenue ($158.8M vs $83.5M, roughly 1.9× BillionToOne, Inc.). ESSENTIAL PROPERTIES REALTY TRUST, INC. runs the higher net margin — 37.8% vs 6.8%, a 30.9% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs 22.8%).
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.
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
BLLN vs EPRT — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $158.8M |
| Net Profit | $5.7M | $60.0M |
| Gross Margin | 69.9% | — |
| Operating Margin | 11.5% | 56.5% |
| Net Margin | 6.8% | 37.8% |
| Revenue YoY | 117.4% | 22.8% |
| Net Profit YoY | 138.3% | 6.5% |
| EPS (diluted) | $0.10 | $0.28 |
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 | — | $158.8M | ||
| Q4 25 | — | $149.9M | ||
| Q3 25 | $83.5M | $144.9M | ||
| Q2 25 | — | $137.1M | ||
| Q1 25 | — | $129.4M | ||
| Q4 24 | — | $119.7M | ||
| Q3 24 | $38.4M | $117.1M | ||
| Q2 24 | — | $109.3M |
| Q1 26 | — | $60.0M | ||
| Q4 25 | — | $68.1M | ||
| Q3 25 | $5.7M | $65.6M | ||
| Q2 25 | — | $63.2M | ||
| Q1 25 | — | $56.1M | ||
| Q4 24 | — | $55.4M | ||
| Q3 24 | $-14.9M | $49.1M | ||
| Q2 24 | — | $51.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 56.5% | ||
| Q4 25 | — | 65.9% | ||
| Q3 25 | 11.5% | 64.7% | ||
| Q2 25 | — | 64.1% | ||
| Q1 25 | — | 61.6% | ||
| Q4 24 | — | 66.1% | ||
| Q3 24 | -32.9% | 59.7% | ||
| Q2 24 | — | 61.1% |
| Q1 26 | — | 37.8% | ||
| Q4 25 | — | 45.4% | ||
| Q3 25 | 6.8% | 45.3% | ||
| Q2 25 | — | 46.1% | ||
| Q1 25 | — | 43.4% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | -38.8% | 42.0% | ||
| Q2 24 | — | 47.1% |
| Q1 26 | — | $0.28 | ||
| Q4 25 | — | $0.34 | ||
| Q3 25 | $0.10 | $0.33 | ||
| Q2 25 | — | $0.32 | ||
| Q1 25 | — | $0.29 | ||
| Q4 24 | — | $0.31 | ||
| Q3 24 | $-1.47 | $0.27 | ||
| Q2 24 | — | $0.29 |
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 | $15.2M |
| Total DebtLower is stronger | $55.0M | — |
| Stockholders' EquityBook value | $-239.5M | $4.4B |
| Total Assets | $327.5M | $7.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $15.2M | ||
| Q4 25 | — | $60.2M | ||
| Q3 25 | $195.2M | $23.8M | ||
| Q2 25 | — | $20.8M | ||
| Q1 25 | — | $47.0M | ||
| Q4 24 | — | $40.7M | ||
| Q3 24 | — | $32.7M | ||
| Q2 24 | — | $23.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | $55.0M | $2.6B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | $-239.5M | $3.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | $-242.9M | $3.2B | ||
| Q2 24 | — | $3.2B |
| Q1 26 | — | $7.2B | ||
| Q4 25 | — | $6.9B | ||
| Q3 25 | $327.5M | $6.6B | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | — | $6.1B | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | $5.5B | ||
| Q2 24 | — | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.69× | ||
| Q2 24 | — | 0.59× |
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 | — | $381.1M | ||
| Q3 25 | $13.8M | $99.0M | ||
| Q2 25 | — | $99.8M | ||
| Q1 25 | — | $77.2M | ||
| Q4 24 | — | $308.5M | ||
| Q3 24 | — | $73.5M | ||
| Q2 24 | — | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $6.5M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.60× | ||
| Q3 25 | 2.42× | 1.51× | ||
| Q2 25 | — | 1.58× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 5.57× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.57× |
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% |
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
