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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Natera, Inc. is the larger business by last-quarter revenue ($665.5M vs $83.5M, roughly 8.0× BillionToOne, Inc.). Natera, Inc. runs the higher net margin — 7.1% vs 6.8%, a 0.3% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs 39.8%). Natera, Inc. produced more free cash flow last quarter ($37.8M vs $6.5M).
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.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
BLLN vs NTRA — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $665.5M |
| Net Profit | $5.7M | $47.3M |
| Gross Margin | 69.9% | — |
| Operating Margin | 11.5% | -3.4% |
| Net Margin | 6.8% | 7.1% |
| Revenue YoY | 117.4% | 39.8% |
| Net Profit YoY | 138.3% | 187.9% |
| EPS (diluted) | $0.10 | $0.36 |
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 | — | $665.5M | ||
| Q3 25 | $83.5M | $592.2M | ||
| Q2 25 | — | $546.6M | ||
| Q1 25 | — | $501.8M | ||
| Q4 24 | — | $476.1M | ||
| Q3 24 | $38.4M | $439.8M | ||
| Q2 24 | — | $413.4M | ||
| Q1 24 | — | $367.7M |
| Q4 25 | — | $47.3M | ||
| Q3 25 | $5.7M | $-87.5M | ||
| Q2 25 | — | $-100.9M | ||
| Q1 25 | — | $-66.9M | ||
| Q4 24 | — | $-53.8M | ||
| Q3 24 | $-14.9M | $-31.6M | ||
| Q2 24 | — | $-37.5M | ||
| Q1 24 | — | $-67.6M |
| Q4 25 | — | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -3.4% | ||
| Q3 25 | 11.5% | -16.5% | ||
| Q2 25 | — | -20.2% | ||
| Q1 25 | — | -15.8% | ||
| Q4 24 | — | -13.6% | ||
| Q3 24 | -32.9% | -8.9% | ||
| Q2 24 | — | -10.6% | ||
| Q1 24 | — | -20.2% |
| Q4 25 | — | 7.1% | ||
| Q3 25 | 6.8% | -14.8% | ||
| Q2 25 | — | -18.5% | ||
| Q1 25 | — | -13.3% | ||
| Q4 24 | — | -11.3% | ||
| Q3 24 | -38.8% | -7.2% | ||
| Q2 24 | — | -9.1% | ||
| Q1 24 | — | -18.4% |
| Q4 25 | — | $0.36 | ||
| Q3 25 | $0.10 | $-0.64 | ||
| Q2 25 | — | $-0.74 | ||
| Q1 25 | — | $-0.50 | ||
| Q4 24 | — | $-0.41 | ||
| Q3 24 | $-1.47 | $-0.26 | ||
| Q2 24 | — | $-0.30 | ||
| Q1 24 | — | $-0.56 |
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 | — |
| Total DebtLower is stronger | $55.0M | — |
| Stockholders' EquityBook value | $-239.5M | $1.7B |
| Total Assets | $327.5M | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $195.2M | $1.0M | ||
| Q2 25 | — | $16.0M | ||
| Q1 25 | — | $17.8M | ||
| Q4 24 | — | $22.7M | ||
| Q3 24 | — | $29.5M | ||
| Q2 24 | — | $90.3M | ||
| Q1 24 | — | $69.1M |
| Q4 25 | — | — | ||
| Q3 25 | $55.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $-239.5M | $1.3B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $-242.9M | $878.5M | ||
| Q2 24 | — | $836.5M | ||
| Q1 24 | — | $794.1M |
| Q4 25 | — | $2.4B | ||
| Q3 25 | $327.5M | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.5B |
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 | $73.9M |
| Free Cash FlowOCF − Capex | $6.5M | $37.8M |
| FCF MarginFCF / Revenue | 7.7% | 5.7% |
| Capex IntensityCapex / Revenue | 8.8% | 5.4% |
| Cash ConversionOCF / Net Profit | 2.42× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | — | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $73.9M | ||
| Q3 25 | $13.8M | $59.4M | ||
| Q2 25 | — | $37.6M | ||
| Q1 25 | — | $44.5M | ||
| Q4 24 | — | $52.9M | ||
| Q3 24 | — | $51.8M | ||
| Q2 24 | — | $4.0M | ||
| Q1 24 | — | $27.0M |
| Q4 25 | — | $37.8M | ||
| Q3 25 | $6.5M | $37.0M | ||
| Q2 25 | — | $11.7M | ||
| Q1 25 | — | $22.6M | ||
| Q4 24 | — | $34.8M | ||
| Q3 24 | — | $35.5M | ||
| Q2 24 | — | $-7.7M | ||
| Q1 24 | — | $6.7M |
| Q4 25 | — | 5.7% | ||
| Q3 25 | 7.7% | 6.2% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 4.5% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | -1.9% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | — | 5.4% | ||
| Q3 25 | 8.8% | 3.8% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 5.5% |
| Q4 25 | — | 1.56× | ||
| Q3 25 | 2.42× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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% |
NTRA
Segment breakdown not available.
