Natera, Inc. NTRA

Healthcare SIC 8071 - Services-Medical Laboratories NAICS Health Care and Social Assistance › Ambulatory Health Care Services › Medical and Diagnostic Laboratories › Medical Laboratories derived Nasdaq

Note: A glossary of terms used in this Form 10-K appears at the end of this Item 1.

We are a diagnostics company with proprietary molecular and bioinformatics technology that we are applying to change disease management worldwide. Our cell-free DNA, or cfDNA, technology combines our novel molecular assays, which reliably measure many informative regions across the genome from samples as small as a single cell, with our statistical algorithms that incorporate data available from the broader scientific community to identify genetic variations covering a wide range of serious conditions with high accuracy and coverage. We aim to make personalized genetic testing and diagnostics part of the standard of care to protect health and inform earlier and provide more targeted interventions that help lead to longer, healthier lives.

Last close 403.95 2026-10-23
Market cap $58.23B 2026-06-30 share count
52-week range 181.00 - 437.41

Valuation FY2025 figures against the last close

P/S25.2x
P/E—
P/FCF533.6x
EV/EBITDA—
Dividend yield—
Diluted EPS-1.52

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $2.31B$1.70B$1.08B$820.2M$625.5M$391.0M$302.3M$257.7M$209.6M$212.5M
Cost of revenue ———————$158.1M$135.5M$134.5M
Gross profit ———————$99.6M$74.1M$78.0M
R&D $624.1M$404.1M$320.7M$316.4M$264.2M$100.0M$51.4M$51.4M$50.1M$41.9M
SG&A $1.18B$841.3M$618.3M$588.6M$511.0M$303.6M$206.2M$154.9M$155.3M$136.1M
Total operating expenses $2.62B$1.92B$1.53B$1.36B$1.09B$607.3M$418.6M$372.3M$345.0M$313.6M
Operating income -$309.9M-$222.3M-$446.2M-$541.0M-$468.2M-$216.3M-$116.3M-$114.6M-$135.3M-$101.0M
Interest expense $4.1M$10.7M$12.6M$9.3M$8.3M$15.1M$10.7M$10.5M$4.2M$533.0K
Pre-tax income -$268.1M-$189.7M-$434.5M-$546.8M-$471.1M-$229.6M-$122.8M-$127.8M-$137.2M-$100.2M
Income tax $59.9M$695.0K$271.0K$978.0K$618.0K$98.0K$2.0M$321.0K$454.0K$142.0K
Net income -$208.2M-$190.4M-$434.8M-$547.8M-$471.7M-$229.7M-$124.8M-$128.2M-$137.6M-$100.3M
EPS, basic -1.52-1.53-3.78-5.57-5.21-2.84-1.79-2.22-2.58-1.95
EPS, diluted -1.52-1.53-3.78-5.57-5.21-2.84-1.79-2.22-2.59-1.95
Shares, diluted (wtd. avg.) 136.7M124.7M115.0M98.4M90.6M81.0M69.6M57.8M53.6M51.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.08B$945.6M$642.1M$466.1M$84.6M$48.9M$62.0M$51.0M$13.0M$16.7M
Short-term investments —$22.7M$236.9M$432.3M$829.9M$688.6M$379.1M$107.5M——
Receivables $296.5M$314.2M$278.3M$244.4M$122.1M$78.6M$53.4M$62.2M$44.1M$13.4M
Inventory $68.4M$44.7M$40.8M$35.4M$26.9M$20.0M$12.4M$13.6M$9.0M$6.4M
Total current assets $1.50B$1.38B$1.26B$1.21B$1.09B$862.7M$523.2M$240.5M$180.6M$174.1M
Property, plant and equipment $241.2M$162.0M$111.2M$92.5M$65.5M$33.3M$23.3M$24.3M$29.7M$32.3M
Goodwill $141.1M—————————
Other intangibles $373.7M$10.9M————————
Total assets $2.40B$1.66B$1.44B$1.39B$1.24B$932.2M$582.7M$268.2M$214.6M$210.7M
Accounts payable $33.2M$34.9M$15.0M$31.1M$27.2M$8.1M$8.6M$14.6M$8.5M$11.5M
Short-term debt $80.3M$80.4M$80.4M$80.3M$50.1M$50.1M$50.1M$50.2M$50.1M$49.6M
Total current liabilities $441.2M$344.0M$307.3M$310.5M$219.0M$199.1M$179.9M$114.0M$105.6M$96.4M
Long-term debt ——$282.9M$281.7M$280.4M—————
Total liabilities $685.9M$465.3M$676.4M$688.7M$583.2M$445.9M$303.9M$236.0M$189.2M$104.2M
Retained earnings -$2.78B-$2.57B-$2.38B-$1.94B-$1.39B-$929.3M-$699.2M-$574.5M-$446.4M-$345.8M
Total equity $1.71B$1.20B$765.3M$705.7M$653.3M$486.2M$278.7M$32.2M$25.4M$143.6M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $215.3M$135.7M-$247.0M-$431.5M-$335.2M-$182.5M-$63.4M-$70.6M-$97.8M-$74.1M
Depreciation and amortisation $41.8M$31.0M$24.1M$16.7M$11.3M$8.6M$7.7M$7.5M$7.1M$6.2M
Stock-based compensation $354.4M$274.4M$191.8M$152.4M$115.2M$50.2M$28.6M$14.2M$11.4M$10.6M
Capital expenditure $106.2M$66.4M$39.2M$47.7M$41.0M$19.6M$5.0M$3.9M$9.9M$23.1M
Investing cash flow -$132.2M$137.6M$168.5M$330.3M-$205.2M-$331.5M-$266.4M-$5.2M$13.8M$47.0M
Financing cash flow $47.5M$30.2M$254.5M$482.6M$576.2M$500.8M$340.8M$113.7M$80.4M$13.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-047770.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2016: 212.5M Gross profit, FY2016: 78M Net income, FY2016: -100.3M Revenue, FY2017: 209.6M Gross profit, FY2017: 74.1M Net income, FY2017: -137.6M Revenue, FY2018: 257.7M Gross profit, FY2018: 99.6M Net income, FY2018: -128.2M Revenue, FY2019: 302.3M Net income, FY2019: -124.8M Revenue, FY2020: 391M Net income, FY2020: -229.7M Revenue, FY2021: 625.5M Net income, FY2021: -471.7M Revenue, FY2022: 820.2M Net income, FY2022: -547.8M Revenue, FY2023: 1.1B Net income, FY2023: -434.8M Revenue, FY2024: 1.7B Net income, FY2024: -190.4M Revenue, FY2025: 2.3B Net income, FY2025: -208.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $212.5M $209.6M $257.7M $302.3M $391.0M $625.5M $820.2M $1.08B $1.70B $2.31B
Gross profit $78.0M $74.1M $99.6M — — — — — — —
Net income -$100.3M -$137.6M -$128.2M -$124.8M -$229.7M -$471.7M -$547.8M -$434.8M -$190.4M -$208.2M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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