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Side-by-side financial comparison of Guardant Health, Inc. (GH) 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 $281.3M, roughly 2.4× Guardant Health, Inc.). Natera, Inc. runs the higher net margin — 7.1% vs -45.7%, a 52.8% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 39.4%). Natera, Inc. produced more free cash flow last quarter ($37.8M vs $-54.2M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% CAGR vs 29.2%).
Guardant Health, Inc. is an American biotechnology company based in Palo Alto, California. Co-founders Helmy Eltoukhy and AmirAli Talasaz serve as co-chief executive officers.
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...
GH vs NTRA — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $281.3M | $665.5M |
| Net Profit | $-128.5M | $47.3M |
| Gross Margin | 64.6% | — |
| Operating Margin | -43.0% | -3.4% |
| Net Margin | -45.7% | 7.1% |
| Revenue YoY | 39.4% | 39.8% |
| Net Profit YoY | -15.8% | 187.9% |
| EPS (diluted) | $-1.01 | $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 | $281.3M | $665.5M | ||
| Q3 25 | $265.2M | $592.2M | ||
| Q2 25 | $232.1M | $546.6M | ||
| Q1 25 | $203.5M | $501.8M | ||
| Q4 24 | $201.8M | $476.1M | ||
| Q3 24 | $191.5M | $439.8M | ||
| Q2 24 | $177.2M | $413.4M | ||
| Q1 24 | $168.5M | $367.7M |
| Q4 25 | $-128.5M | $47.3M | ||
| Q3 25 | $-92.7M | $-87.5M | ||
| Q2 25 | $-99.9M | $-100.9M | ||
| Q1 25 | $-95.2M | $-66.9M | ||
| Q4 24 | $-111.0M | $-53.8M | ||
| Q3 24 | $-107.8M | $-31.6M | ||
| Q2 24 | $-102.6M | $-37.5M | ||
| Q1 24 | $-115.0M | $-67.6M |
| Q4 25 | 64.6% | — | ||
| Q3 25 | 64.7% | — | ||
| Q2 25 | 65.0% | — | ||
| Q1 25 | 63.3% | — | ||
| Q4 24 | 61.6% | — | ||
| Q3 24 | 61.1% | — | ||
| Q2 24 | 59.1% | — | ||
| Q1 24 | 61.2% | — |
| Q4 25 | -43.0% | -3.4% | ||
| Q3 25 | -37.3% | -16.5% | ||
| Q2 25 | -45.9% | -20.2% | ||
| Q1 25 | -54.6% | -15.8% | ||
| Q4 24 | -62.4% | -13.6% | ||
| Q3 24 | -61.3% | -8.9% | ||
| Q2 24 | -56.8% | -10.6% | ||
| Q1 24 | -59.2% | -20.2% |
| Q4 25 | -45.7% | 7.1% | ||
| Q3 25 | -35.0% | -14.8% | ||
| Q2 25 | -43.0% | -18.5% | ||
| Q1 25 | -46.8% | -13.3% | ||
| Q4 24 | -55.0% | -11.3% | ||
| Q3 24 | -56.3% | -7.2% | ||
| Q2 24 | -57.9% | -9.1% | ||
| Q1 24 | -68.2% | -18.4% |
| Q4 25 | $-1.01 | $0.36 | ||
| Q3 25 | $-0.74 | $-0.64 | ||
| Q2 25 | $-0.80 | $-0.74 | ||
| Q1 25 | $-0.77 | $-0.50 | ||
| Q4 24 | $-0.90 | $-0.41 | ||
| Q3 24 | $-0.88 | $-0.26 | ||
| Q2 24 | $-0.84 | $-0.30 | ||
| Q1 24 | $-0.94 | $-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 | $378.2M | — |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $-99.3M | $1.7B |
| Total Assets | $2.0B | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $378.2M | — | ||
| Q3 25 | $580.0M | $1.0M | ||
| Q2 25 | $629.1M | $16.0M | ||
| Q1 25 | $698.6M | $17.8M | ||
| Q4 24 | $525.5M | $22.7M | ||
| Q3 24 | $585.0M | $29.5M | ||
| Q2 24 | $933.7M | $90.3M | ||
| Q1 24 | $1.0B | $69.1M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-99.3M | $1.7B | ||
| Q3 25 | $-354.5M | $1.3B | ||
| Q2 25 | $-305.5M | $1.2B | ||
| Q1 25 | $-250.8M | $1.2B | ||
| Q4 24 | $-139.6M | $1.2B | ||
| Q3 24 | $-60.1M | $878.5M | ||
| Q2 24 | $-1.6M | $836.5M | ||
| Q1 24 | $68.3M | $794.1M |
| Q4 25 | $2.0B | $2.4B | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $1.3B | $1.8B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $1.7B | $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 | $-26.4M | $73.9M |
| Free Cash FlowOCF − Capex | $-54.2M | $37.8M |
| FCF MarginFCF / Revenue | -19.3% | 5.7% |
| Capex IntensityCapex / Revenue | 9.9% | 5.4% |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $-233.1M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-26.4M | $73.9M | ||
| Q3 25 | $-35.4M | $59.4M | ||
| Q2 25 | $-60.3M | $37.6M | ||
| Q1 25 | $-62.7M | $44.5M | ||
| Q4 24 | $-64.5M | $52.9M | ||
| Q3 24 | $-51.1M | $51.8M | ||
| Q2 24 | $-94.0M | $4.0M | ||
| Q1 24 | $-30.3M | $27.0M |
| Q4 25 | $-54.2M | $37.8M | ||
| Q3 25 | $-45.8M | $37.0M | ||
| Q2 25 | $-65.9M | $11.7M | ||
| Q1 25 | $-67.1M | $22.6M | ||
| Q4 24 | $-83.4M | $34.8M | ||
| Q3 24 | $-55.3M | $35.5M | ||
| Q2 24 | $-99.1M | $-7.7M | ||
| Q1 24 | $-37.2M | $6.7M |
| Q4 25 | -19.3% | 5.7% | ||
| Q3 25 | -17.3% | 6.2% | ||
| Q2 25 | -28.4% | 2.1% | ||
| Q1 25 | -33.0% | 4.5% | ||
| Q4 24 | -41.3% | 7.3% | ||
| Q3 24 | -28.9% | 8.1% | ||
| Q2 24 | -55.9% | -1.9% | ||
| Q1 24 | -22.1% | 1.8% |
| Q4 25 | 9.9% | 5.4% | ||
| Q3 25 | 3.9% | 3.8% | ||
| Q2 25 | 2.4% | 4.7% | ||
| Q1 25 | 2.2% | 4.3% | ||
| Q4 24 | 9.4% | 3.8% | ||
| Q3 24 | 2.2% | 3.7% | ||
| Q2 24 | 2.9% | 2.8% | ||
| Q1 24 | 4.1% | 5.5% |
| Q4 25 | — | 1.56× | ||
| Q3 25 | — | — | ||
| 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
GH
| Oncology | $189.9M | 68% |
| Biopharma Data | $54.0M | 19% |
| Screening | $35.1M | 12% |
| Licensing Other | $2.2M | 1% |
NTRA
Segment breakdown not available.
