NTRA

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Natera, Inc.

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Key Metrics

Previous Close: $408.47
52-Week Range: $167.22 – $427.47
Market Cap: $59.15B
P/E (TTM): —
EPS (TTM): -1.35
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 32.35
PEG Ratio: —
Return on Equity: -12.54%
Return on Assets: -8.08%
Gross Margin: 65.23%
Operating Margin: -10.29%
Profit Margin: -7.11%
Current Ratio: 3.00
Debt/Equity: 0.13
Total Debt: $238.49M
Free Cash Flow: $104.03M
Revenue Growth: 37.70%
Earnings Growth: —
Enterprise Value: $58.30B

NTRA Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$820.22M	$1.08B	$1.70B	$2.31B
Cost of Revenue	$456.26M	$589.83M	$673.75M	$812.93M
Gross Profit	$363.97M	$492.74M	$1.02B	$1.49B
Research & Development	$316.42M	$320.68M	$404.14M	$624.11M
Selling, General & Admin	$588.59M	$618.31M	$841.31M	$1.18B
Operating Expenses	$905.01M	$938.99M	$1.25B	$1.80B
Operating Income	-$541.04M	-$446.25M	-$222.29M	-$309.91M
EBITDA	-$520.80M	-$397.80M	-$148.08M	-$220.54M
Pretax Income	-$546.82M	-$434.53M	-$189.73M	-$268.09M
Income Tax	$978.00K	$271.00K	$695.00K	-$59.93M
Net Income	-$547.80M	-$434.80M	-$190.43M	-$208.16M
Diluted EPS	-5.57	-3.78	-1.53	-1.52
Diluted Shares	98.41M	115.00M	124.72M	136.72M

NTRA Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$466.09M	$642.10M	$945.59M	$1.08B
Receivables	$244.38M	$278.29M	$314.17M	$296.53M
Inventory	$35.41M	$40.76M	$44.74M	$68.44M
Current Assets	$1.21B	$1.26B	$1.38B	$1.50B
Total Assets	$1.39B	$1.44B	$1.66B	$2.40B
Current Liabilities	$310.50M	$307.27M	$344.05M	$441.23M
Long-Term Debt	$281.65M	$282.94M	—	—
Total Debt	$446.22M	$441.99M	$187.12M	$214.38M
Total Liabilities	$688.73M	$676.37M	$465.31M	$685.93M
Retained Earnings	-$1.94B	-$2.38B	-$2.57B	-$2.78B
Shareholders' Equity	$705.74M	$765.33M	$1.20B	$1.71B
Working Capital	$901.32M	$951.27M	$1.03B	$1.06B

NTRA Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$431.50M	-$246.96M	$135.66M	$215.30M
Capital Expenditure	-$47.70M	-$39.20M	-$76.92M	-$139.19M
Free Cash Flow	-$479.20M	-$286.15M	$58.75M	$76.11M
Depreciation & Amortisation	$16.70M	$24.10M	$30.97M	$43.48M
Stock-Based Compensation	$152.38M	$191.81M	$274.43M	$354.40M
Investing Cash Flow	$330.34M	$168.50M	$137.62M	-$132.21M
Financing Cash Flow	$482.64M	$254.46M	$30.20M	$47.46M
Net Change in Cash	$381.48M	$176.00M	$303.49M	$130.55M

NTRA Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$501.83M	$546.60M	$592.18M	$665.50M	$696.64M	$752.75M
Cost of Revenue	$185.06M	$200.00M	$207.80M	$220.07M	$245.81M	$267.56M
Gross Profit	$316.76M	$346.60M	$384.38M	$445.43M	$450.83M	$485.19M
Research & Development	$129.08M	$146.43M	$173.41M	$175.19M	$210.70M	$228.07M
Selling, General & Admin	$266.86M	$310.55M	$308.55M	$291.30M	$327.94M	$327.20M
Operating Expenses	$395.94M	$456.98M	$481.96M	$468.21M	$544.35M	$560.98M
Operating Income	-$79.18M	-$110.37M	-$97.58M	-$22.79M	-$93.52M	-$75.79M
EBITDA	-$56.52M	-$89.78M	-$76.00M	$1.76M	-$63.69M	-$45.15M
Pretax Income	-$66.76M	-$100.66M	-$87.34M	-$13.33M	-$84.81M	-$67.23M
Income Tax	$173.00K	$275.00K	$207.00K	-$60.58M	$283.00K	-$261.00K
Net Income	-$66.94M	-$100.94M	-$87.54M	$47.26M	-$85.09M	-$66.97M
Diluted EPS	-0.50	-0.74	-0.64	—	-0.60	-0.47
Diluted Shares	134.75M	136.39M	137.19M	—	141.50M	143.28M

NTRA Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$973.77M	$1.00B	$1.04B	$1.08B	$1.09B	$1.09B
Receivables	$318.23M	$309.22M	$286.38M	$296.53M	$417.60M	$421.97M
Inventory	$50.37M	$54.27M	$64.64M	$68.44M	$70.72M	$80.35M
Current Assets	$1.42B	$1.43B	$1.45B	$1.50B	$1.65B	$1.66B
Total Assets	$1.73B	$1.76B	$1.82B	$2.40B	$2.61B	$2.66B
Current Liabilities	$365.68M	$384.84M	$442.02M	$441.23M	$558.26M	$553.20M
Total Debt	$195.60M	$196.13M	$198.73M	$214.38M	$240.08M	$238.49M
Total Liabilities	$492.69M	$510.88M	$569.29M	$685.93M	$840.38M	$836.00M
Retained Earnings	-$2.63B	-$2.74B	-$2.82B	-$2.78B	-$2.86B	-$2.93B
Shareholders' Equity	$1.24B	$1.25B	$1.25B	$1.71B	$1.77B	$1.82B
Working Capital	$1.05B	$1.05B	$1.01B	$1.06B	$1.09B	$1.11B

NTRA Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$44.45M	$37.57M	$59.39M	$73.89M	$40.17M	$54.79M
Capital Expenditure	-$21.82M	-$25.90M	-$34.91M	-$56.57M	-$22.14M	-$63.43M
Free Cash Flow	$22.64M	$11.68M	$24.48M	$17.32M	$18.03M	-$8.64M
Depreciation & Amortisation	$9.24M	$9.86M	$10.29M	$14.10M	$20.23M	$21.19M
Stock-Based Compensation	$77.83M	$93.36M	$90.64M	$92.58M	$95.11M	$103.10M
Investing Cash Flow	-$16.82M	-$23.90M	-$19.91M	-$71.59M	-$32.14M	-$63.43M
Financing Cash Flow	$544.00K	$12.58M	$1.94M	$32.41M	$3.76M	$12.21M
Net Change in Cash	$28.18M	$26.25M	$41.42M	$34.70M	$11.79M	$3.57M

Market Snapshot

About

Natera is a diagnostics and genetic testing company specializing in cell-free DNA (cfDNA) analysis. The company offers non-invasive prenatal testing (NIPT), oncology testing (Signatera for minimal residual disease detection), organ transplant monitoring (Prospera), and carrier screening, using its proprietary Panorama and SNP-based testing platforms for reproductive health and cancer applications.