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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) and Kennedy-Wilson Holdings, Inc. (KW). Click either name above to swap in a different company.
Kennedy-Wilson Holdings, Inc. is the larger business by last-quarter revenue ($120.6M vs $83.5M, roughly 1.4× BillionToOne, Inc.). Kennedy-Wilson Holdings, Inc. runs the higher net margin — 48.1% vs 6.8%, a 41.3% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs -11.0%). BillionToOne, Inc. produced more free cash flow last quarter ($6.5M vs $-55.2M).
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.
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
BLLN vs KW — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $120.6M |
| Net Profit | $5.7M | $58.0M |
| Gross Margin | 69.9% | — |
| Operating Margin | 11.5% | 57.3% |
| Net Margin | 6.8% | 48.1% |
| Revenue YoY | 117.4% | -11.0% |
| Net Profit YoY | 138.3% | 32.7% |
| EPS (diluted) | $0.10 | $0.22 |
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 | — | $120.6M | ||
| Q3 25 | $83.5M | $116.4M | ||
| Q2 25 | — | $135.7M | ||
| Q1 25 | — | $128.3M | ||
| Q4 24 | $45.1M | $135.5M | ||
| Q3 24 | $38.4M | $127.5M | ||
| Q2 24 | — | $132.0M | ||
| Q1 24 | — | $136.4M |
| Q4 25 | — | $58.0M | ||
| Q3 25 | $5.7M | $-10.2M | ||
| Q2 25 | — | $5.6M | ||
| Q1 25 | — | $-29.6M | ||
| Q4 24 | $-11.5M | $43.7M | ||
| Q3 24 | $-14.9M | $-66.8M | ||
| Q2 24 | — | $-48.3M | ||
| Q1 24 | — | $37.7M |
| Q4 25 | — | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 57.1% | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 57.3% | ||
| Q3 25 | 11.5% | -6.2% | ||
| Q2 25 | — | 7.4% | ||
| Q1 25 | — | -26.9% | ||
| Q4 24 | 17.0% | 36.7% | ||
| Q3 24 | -32.9% | -60.8% | ||
| Q2 24 | — | -45.5% | ||
| Q1 24 | — | 47.2% |
| Q4 25 | — | 48.1% | ||
| Q3 25 | 6.8% | -8.8% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | -23.1% | ||
| Q4 24 | -25.5% | 32.3% | ||
| Q3 24 | -38.8% | -52.4% | ||
| Q2 24 | — | -36.6% | ||
| Q1 24 | — | 27.6% |
| Q4 25 | — | $0.22 | ||
| Q3 25 | $0.10 | $-0.15 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $-0.30 | ||
| Q4 24 | $-1.13 | $0.24 | ||
| Q3 24 | $-1.47 | $-0.56 | ||
| Q2 24 | — | $-0.43 | ||
| Q1 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 | $184.5M |
| Total DebtLower is stronger | $55.0M | — |
| Stockholders' EquityBook value | $-239.5M | $1.5B |
| Total Assets | $327.5M | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $184.5M | ||
| Q3 25 | $195.2M | $382.6M | ||
| Q2 25 | — | $309.1M | ||
| Q1 25 | — | $356.6M | ||
| Q4 24 | $191.5M | $217.5M | ||
| Q3 24 | — | $367.1M | ||
| Q2 24 | — | $366.5M | ||
| Q1 24 | — | $541.9M |
| Q4 25 | — | — | ||
| Q3 25 | $55.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $51.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $-239.5M | $1.5B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $-251.7M | $1.6B | ||
| Q3 24 | $-242.9M | $1.6B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | — | $6.6B | ||
| Q3 25 | $327.5M | $6.7B | ||
| Q2 25 | — | $6.8B | ||
| Q1 25 | — | $7.2B | ||
| Q4 24 | $302.1M | $7.0B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $7.5B | ||
| Q1 24 | — | $7.7B |
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 | $11.4M |
| Free Cash FlowOCF − Capex | $6.5M | $-55.2M |
| FCF MarginFCF / Revenue | 7.7% | -45.8% |
| Capex IntensityCapex / Revenue | 8.8% | 55.2% |
| Cash ConversionOCF / Net Profit | 2.42× | 0.20× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-103.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $11.4M | ||
| Q3 25 | $13.8M | $-7.6M | ||
| Q2 25 | — | $42.0M | ||
| Q1 25 | — | $-51.9M | ||
| Q4 24 | — | $55.1M | ||
| Q3 24 | — | $-5.6M | ||
| Q2 24 | — | $36.7M | ||
| Q1 24 | — | $-5.6M |
| Q4 25 | — | $-55.2M | ||
| Q3 25 | $6.5M | $-18.0M | ||
| Q2 25 | — | $29.4M | ||
| Q1 25 | — | $-59.7M | ||
| Q4 24 | — | $-76.5M | ||
| Q3 24 | — | $-27.7M | ||
| Q2 24 | — | $-500.0K | ||
| Q1 24 | — | $-57.1M |
| Q4 25 | — | -45.8% | ||
| Q3 25 | 7.7% | -15.5% | ||
| Q2 25 | — | 21.7% | ||
| Q1 25 | — | -46.5% | ||
| Q4 24 | — | -56.5% | ||
| Q3 24 | — | -21.7% | ||
| Q2 24 | — | -0.4% | ||
| Q1 24 | — | -41.9% |
| Q4 25 | — | 55.2% | ||
| Q3 25 | 8.8% | 8.9% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 97.1% | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | — | 28.2% | ||
| Q1 24 | — | 37.8% |
| Q4 25 | — | 0.20× | ||
| Q3 25 | 2.42× | — | ||
| Q2 25 | — | 7.50× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.15× |
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% |
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
