Natera, Inc. NTRA
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.) | $136.7M | $124.7M | $115.0M | $98.4M | $90.6M | $81.0M | $69.6M | $57.8M | $53.6M | $51.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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