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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) and NATURAL RESOURCE PARTNERS LP (NRP). Click either name above to swap in a different company.
BillionToOne, Inc. is the larger business by last-quarter revenue ($83.5M vs $51.3M, roughly 1.6× NATURAL RESOURCE PARTNERS LP). NATURAL RESOURCE PARTNERS LP runs the higher net margin — 78.5% vs 6.8%, a 71.7% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs -21.8%).
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.
Natural Resource Partners LP is a U.S.-headquartered master limited partnership that owns, manages and leases mineral reserve interests. Its asset portfolio covers coal, aggregates, industrial minerals and oil & gas, with operations primarily across North America, deriving most revenue from royalties paid by third-party resource extraction operators.
BLLN vs NRP — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2025
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $51.3M |
| Net Profit | $5.7M | $40.3M |
| Gross Margin | 69.9% | — |
| Operating Margin | 11.5% | 83.7% |
| Net Margin | 6.8% | 78.5% |
| Revenue YoY | 117.4% | -21.8% |
| Net Profit YoY | 138.3% | -28.4% |
| EPS (diluted) | $0.10 | — |
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.
| Q3 25 | $83.5M | — | ||
| Q1 25 | — | $51.3M | ||
| Q4 24 | $45.1M | $61.8M | ||
| Q3 24 | $38.4M | $50.4M | ||
| Q2 24 | — | $54.6M | ||
| Q1 24 | — | $65.6M | ||
| Q4 23 | — | $72.9M | ||
| Q3 23 | — | $68.5M |
| Q3 25 | $5.7M | — | ||
| Q1 25 | — | $40.3M | ||
| Q4 24 | $-11.5M | $42.8M | ||
| Q3 24 | $-14.9M | $38.6M | ||
| Q2 24 | — | $46.1M | ||
| Q1 24 | — | $56.2M | ||
| Q4 23 | — | $65.0M | ||
| Q3 23 | — | $63.8M |
| Q3 25 | 69.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 57.1% | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
| Q3 25 | 11.5% | — | ||
| Q1 25 | — | 83.7% | ||
| Q4 24 | 17.0% | 74.9% | ||
| Q3 24 | -32.9% | 84.9% | ||
| Q2 24 | — | 92.3% | ||
| Q1 24 | — | 91.0% | ||
| Q4 23 | — | 94.5% | ||
| Q3 23 | — | 98.8% |
| Q3 25 | 6.8% | — | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | -25.5% | 69.2% | ||
| Q3 24 | -38.8% | 76.6% | ||
| Q2 24 | — | 84.4% | ||
| Q1 24 | — | 85.7% | ||
| Q4 23 | — | 89.1% | ||
| Q3 23 | — | 93.2% |
| Q3 25 | $0.10 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-1.13 | — | ||
| Q3 24 | $-1.47 | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
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 | $30.9M |
| Total DebtLower is stronger | $55.0M | $138.8M |
| Stockholders' EquityBook value | $-239.5M | — |
| Total Assets | $327.5M | $772.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $195.2M | — | ||
| Q1 25 | — | $30.9M | ||
| Q4 24 | $191.5M | $30.4M | ||
| Q3 24 | — | $30.9M | ||
| Q2 24 | — | $32.3M | ||
| Q1 24 | — | $11.0M | ||
| Q4 23 | — | $12.0M | ||
| Q3 23 | — | $18.4M |
| Q3 25 | $55.0M | — | ||
| Q1 25 | — | $138.8M | ||
| Q4 24 | $51.5M | $142.1M | ||
| Q3 24 | — | $197.4M | ||
| Q2 24 | — | $210.3M | ||
| Q1 24 | — | $188.8M | ||
| Q4 23 | — | $155.1M | ||
| Q3 23 | — | $207.5M |
| Q3 25 | $-239.5M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-251.7M | — | ||
| Q3 24 | $-242.9M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
| Q3 25 | $327.5M | — | ||
| Q1 25 | — | $772.5M | ||
| Q4 24 | $302.1M | $772.9M | ||
| Q3 24 | — | $772.9M | ||
| Q2 24 | — | $789.6M | ||
| Q1 24 | — | $772.9M | ||
| Q4 23 | — | $797.9M | ||
| Q3 23 | — | $815.2M |
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 | $34.4M |
| Free Cash FlowOCF − Capex | $6.5M | — |
| FCF MarginFCF / Revenue | 7.7% | — |
| Capex IntensityCapex / Revenue | 8.8% | — |
| Cash ConversionOCF / Net Profit | 2.42× | 0.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $13.8M | — | ||
| Q1 25 | — | $34.4M | ||
| Q4 24 | — | $66.2M | ||
| Q3 24 | — | $54.1M | ||
| Q2 24 | — | $56.6M | ||
| Q1 24 | — | $71.5M | ||
| Q4 23 | — | $77.8M | ||
| Q3 23 | — | $78.9M |
| Q3 25 | $6.5M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
| Q3 25 | 7.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
| Q3 25 | 8.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% | ||
| Q4 23 | — | 0.0% | ||
| Q3 23 | — | 0.0% |
| Q3 25 | 2.42× | — | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 1.55× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.23× | ||
| Q1 24 | — | 1.27× | ||
| Q4 23 | — | 1.20× | ||
| Q3 23 | — | 1.24× |
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% |
NRP
| Coal Royalty Revenues | $35.5M | 69% |
| Soda Ash Segment | $4.6M | 9% |
| Transportation And Processing Services | $4.4M | 9% |
| Production Lease Minimum Revenues | $2.7M | 5% |
| Oil And Gas Royalty Revenues | $2.4M | 5% |
| Other | $1.6M | 3% |
