vs
Side-by-side financial comparison of BillionToOne, Inc. (BLLN) and GRAHAM CORP (GHM). Click either name above to swap in a different company.
BillionToOne, Inc. is the larger business by last-quarter revenue ($83.5M vs $56.7M, roughly 1.5× GRAHAM CORP). BillionToOne, Inc. runs the higher net margin — 6.8% vs 5.0%, a 1.8% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs 20.5%). BillionToOne, Inc. produced more free cash flow last quarter ($6.5M vs $2.4M).
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.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
BLLN vs GHM — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $56.7M |
| Net Profit | $5.7M | $2.8M |
| Gross Margin | 69.9% | 23.8% |
| Operating Margin | 11.5% | 5.5% |
| Net Margin | 6.8% | 5.0% |
| Revenue YoY | 117.4% | 20.5% |
| Net Profit YoY | 138.3% | 79.2% |
| EPS (diluted) | $0.10 | $0.25 |
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.
| Q4 25 | — | $56.7M | ||
| Q3 25 | $83.5M | $66.0M | ||
| Q2 25 | — | $55.5M | ||
| Q1 25 | — | $59.3M | ||
| Q4 24 | $45.1M | $47.0M | ||
| Q3 24 | $38.4M | $53.6M | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | $49.1M |
| Q4 25 | — | $2.8M | ||
| Q3 25 | $5.7M | $3.1M | ||
| Q2 25 | — | $4.6M | ||
| Q1 25 | — | $4.4M | ||
| Q4 24 | $-11.5M | $1.6M | ||
| Q3 24 | $-14.9M | $3.3M | ||
| Q2 24 | — | $3.0M | ||
| Q1 24 | — | $1.3M |
| Q4 25 | — | 23.8% | ||
| Q3 25 | 69.9% | 21.7% | ||
| Q2 25 | — | 26.5% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | 57.1% | 24.8% | ||
| Q3 24 | 52.6% | 23.9% | ||
| Q2 24 | — | 24.8% | ||
| Q1 24 | — | 25.9% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | 11.5% | 6.5% | ||
| Q2 25 | — | 8.9% | ||
| Q1 25 | — | 9.3% | ||
| Q4 24 | 17.0% | 4.7% | ||
| Q3 24 | -32.9% | 7.9% | ||
| Q2 24 | — | 6.5% | ||
| Q1 24 | — | 3.1% |
| Q4 25 | — | 5.0% | ||
| Q3 25 | 6.8% | 4.7% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 7.4% | ||
| Q4 24 | -25.5% | 3.4% | ||
| Q3 24 | -38.8% | 6.1% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | $0.25 | ||
| Q3 25 | $0.10 | $0.28 | ||
| Q2 25 | — | $0.42 | ||
| Q1 25 | — | $0.40 | ||
| Q4 24 | $-1.13 | $0.14 | ||
| Q3 24 | $-1.47 | $0.30 | ||
| Q2 24 | — | $0.27 | ||
| Q1 24 | — | $0.11 |
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 | $22.3M |
| Total DebtLower is stronger | $55.0M | — |
| Stockholders' EquityBook value | $-239.5M | $131.3M |
| Total Assets | $327.5M | $292.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.3M | ||
| Q3 25 | $195.2M | $20.6M | ||
| Q2 25 | — | $10.8M | ||
| Q1 25 | — | $21.6M | ||
| Q4 24 | $191.5M | $30.0M | ||
| Q3 24 | — | $32.3M | ||
| Q2 24 | — | $21.6M | ||
| Q1 24 | — | $16.9M |
| Q4 25 | — | — | ||
| Q3 25 | $55.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $51.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $131.3M | ||
| Q3 25 | $-239.5M | $127.6M | ||
| Q2 25 | — | $123.4M | ||
| Q1 25 | — | $119.6M | ||
| Q4 24 | $-251.7M | $114.4M | ||
| Q3 24 | $-242.9M | $112.5M | ||
| Q2 24 | — | $108.2M | ||
| Q1 24 | — | $105.6M |
| Q4 25 | — | $292.9M | ||
| Q3 25 | $327.5M | $287.0M | ||
| Q2 25 | — | $252.3M | ||
| Q1 25 | — | $264.1M | ||
| Q4 24 | $302.1M | $264.3M | ||
| Q3 24 | — | $249.5M | ||
| Q2 24 | — | $244.2M | ||
| Q1 24 | — | $233.9M |
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 | $4.8M |
| Free Cash FlowOCF − Capex | $6.5M | $2.4M |
| FCF MarginFCF / Revenue | 7.7% | 4.3% |
| Capex IntensityCapex / Revenue | 8.8% | 4.1% |
| Cash ConversionOCF / Net Profit | 2.42× | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-6.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.8M | ||
| Q3 25 | $13.8M | $13.6M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-3.6M | ||
| Q4 24 | — | $5.2M | ||
| Q3 24 | — | $13.9M | ||
| Q2 24 | — | $8.7M | ||
| Q1 24 | — | $8.6M |
| Q4 25 | — | $2.4M | ||
| Q3 25 | $6.5M | $9.4M | ||
| Q2 25 | — | $-9.3M | ||
| Q1 25 | — | $-8.7M | ||
| Q4 24 | — | $-2.1M | ||
| Q3 24 | — | $10.4M | ||
| Q2 24 | — | $5.7M | ||
| Q1 24 | — | $4.6M |
| Q4 25 | — | 4.3% | ||
| Q3 25 | 7.7% | 14.3% | ||
| Q2 25 | — | -16.7% | ||
| Q1 25 | — | -14.7% | ||
| Q4 24 | — | -4.5% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 11.5% | ||
| Q1 24 | — | 9.4% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | 8.8% | 6.3% | ||
| Q2 25 | — | 12.6% | ||
| Q1 25 | — | 8.7% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | — | 6.5% | ||
| Q2 24 | — | 6.0% | ||
| Q1 24 | — | 8.2% |
| Q4 25 | — | 1.67× | ||
| Q3 25 | 2.42× | 4.40× | ||
| Q2 25 | — | -0.49× | ||
| Q1 25 | — | -0.81× | ||
| Q4 24 | — | 3.29× | ||
| Q3 24 | — | 4.25× | ||
| Q2 24 | — | 2.94× | ||
| Q1 24 | — | 6.45× |
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% |
GHM
| Defense | $35.3M | 62% |
| Energy And Process | $18.3M | 32% |
| Space | $3.1M | 6% |
