Natera (NTRA) Financials

$186.86 -1.75 (-0.93%)

As of 10:18 AM Eastern

Annual Income Statements for Natera

This table shows Natera's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-5.15	-70	-100	-138	-128	-125	-230	-472	-548	-435	-190
Consolidated Net Income / (Loss)	-5.15	-70	-100	-138	-128	-125	-230	-472	-548	-435	-190
Net Income / (Loss) Continuing Operations	-5.15	-70	-100	-138	-128	-125	-230	-472	-548	-435	-190
Total Pre-Tax Income	-5.15	-70	-100	-137	-128	-123	-230	-471	-547	-435	-190
Total Operating Income	0.67	-60	-101	-135	-115	-116	-216	-468	-541	-446	-222
Total Gross Profit	81	78	78	74	92	127	391	625	820	1,083	1,697
Total Revenue	159	190	213	210	258	302	391	625	820	1,083	1,697
Operating Revenue	159	190	213	210	258	302	391	625	820	1,083	1,697
Total Cost of Revenue	78	113	134	136	166	175	0.00	0.00	0.00	0.00	0.00
Operating Cost of Revenue	78	113	134	136	166	175	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	80	137	179	209	206	243	607	1,094	1,361	1,529	1,919
Selling, General & Admin Expense	63	110	136	155	155	206	304	511	589	618	841
Research & Development Expense	17	28	42	50	51	51	100	264	316	321	404
Other Operating Expenses / (Income)	-	-	1.08	4.09	0.00	-14	204	318	456	590	674
Total Other Income / (Expense), net	-5.82	-10	0.87	-1.83	-13	-6.54	-13	-2.92	-5.78	12	33
Interest Expense	4.10	2.54	0.53	4.21	10	11	21	8.31	9.32	13	11
Interest & Investment Income	-1.72	-7.90	1.40	2.38	-2.73	4.15	7.56	5.38	3.54	24	43
Income Tax Expense	-	-	0.14	0.45	0.32	2.00	0.10	0.62	0.98	0.27	0.70
Basic Earnings per Share	($1.07)	($2.68)	($1.95)	($2.58)	($2.22)	($1.79)	($2.84)	($5.21)	($5.57)	($3.78)	($1.53)
Weighted Average Basic Shares Outstanding	4.80M	26.20M	51.58M	53.31M	57.85M	69.56M	81.01M	90.56M	98.41M	115.00M	124.72M
Diluted Earnings per Share	($1.07)	($2.68)	($1.95)	($2.59)	($2.22)	($1.79)	($2.84)	($5.21)	($5.57)	($3.78)	($1.53)
Weighted Average Diluted Shares Outstanding	4.80M	26.20M	51.58M	53.60M	57.85M	69.56M	81.01M	90.56M	98.41M	115.00M	124.72M
Weighted Average Basic & Diluted Shares Outstanding	4.80M	26.20M	51.50M	6.88B	57.85M	69.56M	81.01M	95.47M	113.29M	120.76M	135.19M

This table shows Natera's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-143	-137	-111	-109	-78	-68	-37	-32	-54	-67	-101
Consolidated Net Income / (Loss)	-143	-137	-111	-109	-78	-68	-37	-32	-54	-67	-101
Net Income / (Loss) Continuing Operations	-143	-137	-111	-109	-78	-68	-37	-32	-54	-67	-101
Total Pre-Tax Income	-142	-137	-111	-109	-78	-67	-37	-31	-55	-67	-101
Total Operating Income	-142	-138	-112	-111	-85	-74	-44	-39	-65	-79	-110
Total Gross Profit	217	242	261	268	311	368	413	440	476	502	547
Total Revenue	217	242	261	268	311	368	413	440	476	502	547
Operating Revenue	217	242	261	268	311	368	413	440	476	502	547
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Operating Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	359	380	374	379	396	442	457	479	541	581	657
Selling, General & Admin Expense	144	150	153	155	161	194	198	214	235	267	311
Research & Development Expense	88	82	78	77	83	89	89	97	129	129	146
Other Operating Expenses / (Income)	127	148	143	147	151	159	170	168	176	185	200
Total Other Income / (Expense), net	-0.38	1.52	1.34	2.15	6.70	7.14	7.33	8.48	9.61	12	9.71
Interest Expense	2.75	3.06	3.18	3.25	3.15	3.12	3.13	3.14	1.29	1.01	1.03
Interest & Investment Income	2.37	4.59	4.52	5.41	9.84	10	10	12	11	13	11
Income Tax Expense	0.42	0.16	-0.28	0.20	0.19	0.43	0.89	0.73	-1.36	0.17	0.28
Basic Earnings per Share	($1.37)	($1.23)	($0.97)	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)	($0.50)	($0.74)
Weighted Average Basic Shares Outstanding	98.41M	111.77M	113.69M	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M	134.75M	136.39M
Diluted Earnings per Share	($1.37)	($1.23)	($0.97)	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)	($0.50)	($0.74)
Weighted Average Diluted Shares Outstanding	98.41M	111.77M	113.69M	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M	134.75M	136.39M
Weighted Average Basic & Diluted Shares Outstanding	113.29M	114.30M	114.60M	120.15M	120.76M	122.80M	123.68M	132.02M	135.19M	136.55M	137.25M

This table details how cash moves in and out of Natera's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	57	-58	-14	-3.67	38	11	-13	36	381	176	303
Net Cash From Operating Activities	10	-38	-74	-98	-71	-63	-183	-335	-432	-247	136
Net Cash From Continuing Operating Activities	10	-38	-74	-98	-71	-63	-183	-335	-432	-247	136
Net Income / (Loss) Continuing Operations	-5.15	-70	-100	-138	-128	-125	-230	-472	-548	-435	-190
Consolidated Net Income / (Loss)	-5.15	-70	-100	-138	-128	-125	-230	-472	-548	-435	-190
Depreciation Expense	5.15	5.54	6.18	7.14	7.50	7.73	8.61	11	17	24	31
Amortization Expense	-	0.32	1.45	1.01	0.63	1.40	5.91	9.04	6.10	2.38	0.37
Non-Cash Adjustments To Reconcile Net Income	7.06	17	16	12	22	25	72	162	167	205	276
Changes in Operating Assets and Liabilities, net	3.43	9.35	2.34	20	27	27	-39	-46	-74	-44	19
Net Cash From Investing Activities	-9.94	-211	47	14	-5.16	-266	-331	-205	330	168	138
Net Cash From Continuing Investing Activities	-9.94	-211	47	14	-5.16	-266	-331	-205	330	168	138
Purchase of Property, Plant & Equipment	-9.96	-7.85	-23	-9.87	-3.88	-4.97	-20	-41	-48	-39	-66
Acquisitions	-	-	-	-	-	0.00	0.00	-8.56	0.00	0.00	-10
Purchase of Investments	-	-203	-54	-273	-170	-447	-685	-876	-87	-98	-122
Sale and/or Maturity of Investments	-	-	124	296	169	176	373	720	465	306	339
Other Investing Activities, net	-	-	-	-	-	-	-	-	0.00	0.00	-2.67
Net Cash From Financing Activities	56	190	13	80	114	341	501	576	483	254	30
Net Cash From Continuing Financing Activities	56	190	13	80	114	341	501	576	483	254	30
Repayment of Debt	-2.48	-33	-1.00	-0.29	0.00	0.00	-79	-	0.00	0.00	-0.08
Issuance of Debt	5.11	42	8.00	75	0.00	0.00	278	0.00	30	0.00	0.00
Issuance of Common Equity	0.17	180	2.59	3.34	100	328	278	564	446	251	17
Other Financing Activities, net	-2.08	1.45	3.60	2.32	13	13	24	12	6.41	3.89	13
Cash Interest Paid	2.06	2.06	-	3.57	7.91	12	3.30	7.08	8.06	11	7.90
Cash Income Taxes Paid	-	-	-	0.18	0.33	2.15	0.07	0.28	0.55	0.30	1.31

This table details how cash moves in and out of Natera's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	409	-63	-22	288	-27	172	-17	96	53	28	26
Net Cash From Operating Activities	-81	-81	-79	-30	-58	27	3.99	52	53	44	38
Net Cash From Continuing Operating Activities	-81	-81	-79	-30	-58	27	3.99	52	53	44	38
Net Income / (Loss) Continuing Operations	-143	-137	-111	-109	-78	-68	-37	-32	-54	-67	-101
Consolidated Net Income / (Loss)	-143	-137	-111	-109	-78	-68	-37	-32	-54	-67	-101
Depreciation Expense	3.93	5.08	5.12	6.99	6.91	7.06	7.92	8.20	7.79	9.24	9.86
Amortization Expense	1.18	1.11	0.99	0.80	-0.52	-0.13	0.23	0.26	0.02	0.01	0.01
Non-Cash Adjustments To Reconcile Net Income	40	45	45	58	57	64	67	73	72	74	93
Changes in Operating Assets and Liabilities, net	16	4.55	-19	14	-43	23	-34	1.94	27	28	36
Net Cash From Investing Activities	22	16	47	81	24	138	-32	43	-11	-17	-24
Net Cash From Continuing Investing Activities	22	16	47	81	24	138	-32	43	-11	-17	-24
Purchase of Property, Plant & Equipment	-12	-11	-8.81	-8.96	-10	-20	-12	-16	-18	-22	-26
Sale and/or Maturity of Investments	34	27	56	90	133	169	52	111	7.00	5.00	2.00
Net Cash From Financing Activities	468	2.30	9.31	236	6.85	6.47	11	1.72	11	0.54	13
Net Cash From Continuing Financing Activities	468	2.30	9.31	236	6.85	6.47	11	1.72	11	0.54	13
Other Financing Activities, net	0.44	2.30	0.64	0.56	0.39	6.47	2.18	1.72	2.62	0.54	0.34
Cash Interest Paid	4.05	1.12	4.47	1.31	4.44	1.18	4.41	1.19	1.11	1.01	1.03

This table presents Natera's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	124	265	211	215	268	583	932	1,236	1,394	1,442	1,661
Total Current Assets	106	251	174	181	241	523	863	1,093	1,212	1,259	1,376
Cash & Equivalents	87	29	15	13	46	62	49	84	466	642	946
Short-Term Investments	-	202	131	106	107	379	689	830	432	237	23
Accounts Receivable	5.94	5.86	13	44	62	53	79	122	244	278	314
Inventories, net	12	8.09	6.41	9.00	14	12	20	27	35	41	45
Prepaid Expenses	1.31	5.34	7.10	8.61	6.20	16	27	30	34	61	49
Plant, Property, & Equipment, net	15	13	32	30	24	23	33	66	92	111	162
Total Noncurrent Assets	2.57	1.80	4.28	4.32	3.32	36	36	78	90	72	123
Other Noncurrent Operating Assets	1.76	1.12	3.93	3.98	3.32	36	36	78	90	72	123
Total Liabilities & Shareholders' Equity	124	265	211	215	268	583	932	1,236	1,394	1,442	1,661
Total Liabilities	54	80	104	189	236	304	446	583	689	676	465
Total Current Liabilities	30	80	96	106	114	180	199	219	310	307	344
Short-Term Debt	2.34	42	50	50	50	50	50	50	80	80	80
Accounts Payable	8.87	7.33	11	8.53	15	8.60	8.10	27	31	15	35
Current Deferred Revenue	0.11	0.14	0.57	1.42	4.13	56	50	7.40	11	17	20
Current Employee Benefit Liabilities	5.98	8.55	11	9.60	13	16	30	41	44	46	62
Other Current Liabilities	2.23	3.65	3.79	2.64	-	-	60	93	144	149	147
Total Noncurrent Liabilities	24	0.00	7.79	84	122	124	247	364	378	369	121
Noncurrent Deferred Revenue	-	-	7.79	9.24	49	24	23	21	20	19	25
Other Noncurrent Operating Liabilities	21	-	-	1.33	-	27	22	63	77	67	97
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-171	185	106	25	32	279	486	653	706	765	1,195
Total Preferred & Common Equity	-171	185	106	25	32	279	486	653	706	765	1,195
Total Common Equity	-171	185	106	25	32	279	486	653	706	765	1,195
Common Stock	8.67	436	453	473	607	977	1,411	2,050	2,665	3,146	3,764
Retained Earnings	-180	-250	-346	-446	-575	-699	-929	-1,395	-1,943	-2,377	-2,568
Accumulated Other Comprehensive Income / (Loss)	-	-1.42	-0.73	-0.77	-0.55	0.92	4.26	-2.29	-16	-3.09	-0.34

This table presents Natera's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	1,009	1,319	1,248	1,447	1,468	1,517	1,591	1,732	1,757
Total Current Assets	830	1,129	1,066	1,267	1,261	1,302	1,323	1,416	1,432
Cash & Equivalents	57	403	381	669	814	797	893	974	1,000
Short-Term Investments	464	409	355	268	69	90	29	18	16
Accounts Receivable	236	247	260	255	289	336	307	318	309
Inventories, net	40	41	43	42	43	41	49	50	54
Prepaid Expenses	32	30	27	33	47	38	45	56	52
Plant, Property, & Equipment, net	87	101	103	105	126	133	142	180	189
Total Noncurrent Assets	92	89	79	74	81	82	126	136	136
Other Noncurrent Operating Assets	92	89	79	74	81	82	126	136	136
Total Liabilities & Shareholders' Equity	1,009	1,319	1,248	1,447	1,468	1,517	1,591	1,732	1,757
Total Liabilities	647	668	652	662	674	680	712	493	511
Total Current Liabilities	267	291	277	290	306	315	301	366	385
Short-Term Debt	50	80	80	80	80	80	80	80	80
Accounts Payable	34	36	21	21	26	33	28	39	37
Current Deferred Revenue	7.93	17	16	15	18	18	18	21	22
Current Employee Benefit Liabilities	42	39	34	39	40	41	49	47	55
Other Current Liabilities	133	119	126	134	142	141	126	178	191
Total Noncurrent Liabilities	380	377	375	372	368	366	411	127	126
Noncurrent Deferred Revenue	20	22	22	21	21	21	26	24	23
Other Noncurrent Operating Liabilities	78	74	71	68	64	61	99	103	103
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	362	651	596	785	794	837	879	1,240	1,246
Total Preferred & Common Equity	362	651	596	785	794	837	879	1,240	1,246
Total Common Equity	362	651	596	785	794	837	879	1,240	1,246
Common Stock	2,181	2,742	2,796	3,089	3,241	3,320	3,393	3,875	3,982
Retained Earnings	-1,800	-2,080	-2,190	-2,299	-2,445	-2,482	-2,514	-2,635	-2,736
Accumulated Other Comprehensive Income / (Loss)	-20	-12	-9.20	-5.40	-2.19	-1.36	-0.77	-0.20	-0.29

This table displays calculated financial ratios and metrics derived from Natera's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	188.72%	19.50%	11.64%	-1.36%	22.91%	17.34%	29.33%	59.97%	31.13%	31.99%	56.75%
EBITDA Growth	125.67%	-1,028.73%	-73.06%	-36.13%	16.27%	-0.62%	-88.28%	-121.99%	-15.71%	19.00%	54.51%
EBIT Growth	102.64%	-9,098.20%	-68.87%	-33.93%	15.30%	-1.45%	-85.99%	-116.47%	-15.56%	17.52%	50.19%
NOPAT Growth	102.63%	-9,098.20%	-68.87%	-33.93%	15.30%	-1.45%	-85.99%	-116.47%	-15.56%	17.52%	50.19%
Net Income Growth	86.12%	-1,264.03%	-42.76%	-37.18%	6.88%	2.60%	-84.05%	-105.32%	-16.13%	20.63%	56.20%
EPS Growth	88.92%	-150.47%	27.24%	-32.82%	14.29%	19.37%	-58.66%	-83.45%	-6.91%	32.14%	59.52%
Operating Cash Flow Growth	143.47%	-460.65%	-95.74%	-32.10%	27.85%	10.11%	-187.67%	-83.68%	-28.72%	42.77%	154.93%
Free Cash Flow Firm Growth	0.00%	-461.54%	-69.15%	-36.63%	58.34%	5.16%	-319.11%	-106.85%	-21.03%	17.99%	45.66%
Invested Capital Growth	0.00%	60.61%	262.49%	242.99%	-109.52%	-1,280.45%	103.43%	5,137.52%	144.59%	47.44%	23.15%
Revenue Q/Q Growth	0.00%	0.00%	-3.70%	3.61%	6.14%	5.69%	8.05%	10.74%	5.70%	9.49%	10.77%
EBITDA Q/Q Growth	0.00%	0.00%	-34.74%	-3.73%	13.64%	-4.49%	-22.31%	-17.01%	-0.47%	12.23%	10.00%
EBIT Q/Q Growth	0.00%	0.00%	-32.75%	-3.33%	12.85%	-4.57%	-22.11%	-16.32%	-0.39%	11.37%	8.18%
NOPAT Q/Q Growth	0.00%	0.00%	-32.75%	-3.33%	12.85%	-4.57%	-22.11%	-16.32%	-0.39%	11.37%	8.18%
Net Income Q/Q Growth	0.00%	0.00%	-24.14%	-3.57%	10.71%	-2.75%	-21.87%	-15.74%	-0.37%	12.93%	11.30%
EPS Q/Q Growth	0.00%	0.00%	-195.12%	-1.97%	14.29%	3.24%	-20.34%	-13.02%	2.62%	16.37%	12.57%
Operating Cash Flow Q/Q Growth	0.00%	-64.38%	-50.83%	1.53%	17.83%	-3.66%	-46.87%	-8.21%	3.92%	8.70%	438.95%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-23.76%	49.46%	-20.46%	-46.89%	-6.73%	1.04%	-0.25%	24.19%
Invested Capital Q/Q Growth	0.00%	0.00%	63.86%	326.99%	-127.93%	-28.71%	105.57%	6.16%	-1.46%	18.25%	-4.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.78%	40.72%	36.71%	35.36%	35.55%	41.96%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	3.65%	-28.36%	-43.96%	-60.67%	-41.33%	-35.44%	-51.60%	-71.61%	-63.18%	-38.78%	-11.25%
Operating Margin	0.42%	-31.44%	-47.55%	-64.56%	-44.49%	-38.46%	-55.31%	-74.85%	-65.96%	-41.22%	-13.10%
EBIT Margin	0.42%	-31.44%	-47.55%	-64.56%	-44.49%	-38.46%	-55.31%	-74.85%	-65.96%	-41.22%	-13.10%
Profit (Net Income) Margin	-3.23%	-36.92%	-47.21%	-65.65%	-49.74%	-41.29%	-58.76%	-75.42%	-66.79%	-40.16%	-11.22%
Tax Burden Percent	100.00%	100.00%	100.14%	100.33%	100.25%	101.63%	100.04%	100.13%	100.18%	100.06%	100.37%
Interest Burden Percent	-774.74%	117.44%	99.14%	101.35%	111.52%	105.62%	106.18%	100.62%	101.07%	97.37%	85.35%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-4,302.62%	-500.26%	-604.83%	0.00%	0.00%	-928.89%	-317.47%	-149.08%	-55.85%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-4,282.06%	-409.02%	-296.16%	0.00%	0.00%	-901.95%	-287.29%	-125.81%	-50.89%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	4,233.72%	291.56%	159.69%	0.00%	0.00%	846.10%	236.85%	89.97%	36.43%
Return on Equity (ROE)	-7.44%	-55.33%	-68.90%	-208.70%	-445.14%	-80.31%	-60.07%	-82.79%	-80.62%	-59.11%	-19.42%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-988.85%	-609.96%	0.00%	0.00%	-14,468.37%	-1,121.40%	-401.39%	-187.43%	-76.60%
Operating Return on Assets (OROA)	0.54%	-30.78%	-42.47%	-63.65%	-47.49%	-27.34%	-28.56%	-43.18%	-41.13%	-31.47%	-14.33%
Return on Assets (ROA)	-4.17%	-36.14%	-42.16%	-64.72%	-53.09%	-29.34%	-30.33%	-43.50%	-41.64%	-30.66%	-12.28%
Return on Common Equity (ROCE)	18.39%	-2.92%	-68.90%	-208.70%	-445.14%	-80.31%	-60.07%	-82.79%	-80.62%	-59.11%	-19.42%
Return on Equity Simple (ROE_SIMPLE)	3.01%	-38.03%	-94.23%	-541.48%	-398.46%	-44.79%	-47.25%	-72.20%	-77.62%	-56.81%	-15.93%
Net Operating Profit after Tax (NOPAT)	0.47	-42	-71	-95	-80	-81	-151	-328	-379	-312	-156
NOPAT Margin	0.29%	-22.00%	-33.29%	-45.19%	-31.14%	-26.92%	-38.72%	-52.39%	-46.17%	-28.85%	-9.17%
Net Nonoperating Expense Percent (NNEP)	-13.60%	-20.82%	-20.55%	-91.24%	-308.67%	-24.66%	-19.53%	-26.94%	-30.18%	-23.28%	-4.96%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-35.47%	-27.68%	-12.20%
Cost of Revenue to Revenue	49.22%	59.28%	63.29%	64.64%	64.45%	58.04%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	39.51%	57.60%	64.06%	74.09%	60.11%	68.20%	77.65%	81.70%	71.76%	57.11%	49.58%
R&D to Revenue	10.86%	14.56%	19.70%	23.88%	19.93%	16.99%	25.58%	42.24%	38.58%	29.62%	23.82%
Operating Expenses to Revenue	50.37%	72.15%	84.26%	99.92%	80.04%	80.42%	155.31%	174.85%	165.96%	141.22%	113.10%
Earnings before Interest and Taxes (EBIT)	0.67	-60	-101	-135	-115	-116	-216	-468	-541	-446	-222
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5.81	-54	-93	-127	-106	-107	-202	-448	-518	-420	-191
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.92	5.76	19.02	26.83	9.37	17.47	13.52	5.56	9.83	17.48
Price to Tangible Book Value (P/TBV)	0.00	2.92	5.76	19.02	26.83	9.37	17.47	13.52	5.56	9.83	17.48
Price to Revenue (P/Rev)	0.00	2.84	2.89	2.31	3.35	8.64	21.73	14.12	4.78	6.95	12.32
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	60.33	16.63	0.00	0.00	6,059.83	119.15	19.98	28.08	65.08
Enterprise Value to Revenue (EV/Rev)	0.00	1.84	2.43	2.33	3.21	7.59	20.49	13.19	4.13	6.48	11.79
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	147.50
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.23	0.47	4.85	3.84	0.44	0.52	0.51	0.51	0.47	0.07
Long-Term Debt to Equity	0.05	0.00	0.00	2.87	2.28	0.26	0.42	0.43	0.40	0.37	0.00
Financial Leverage	-1.19	-1.07	-0.99	-0.71	-0.54	-1.13	-1.05	-0.94	-0.82	-0.72	-0.72
Leverage Ratio	1.78	1.53	1.63	3.22	8.38	2.74	1.98	1.90	1.94	1.93	1.58
Compound Leverage Factor	-13.83	1.80	1.62	3.27	9.35	2.89	2.10	1.92	1.96	1.88	1.35
Debt to Total Capital	7.79%	18.55%	31.79%	82.90%	79.34%	30.75%	34.18%	33.59%	33.90%	32.19%	6.30%
Short-Term Debt to Total Capital	3.11%	18.55%	31.79%	33.72%	32.22%	12.45%	6.78%	5.09%	7.53%	7.12%	6.30%
Long-Term Debt to Total Capital	4.67%	0.00%	0.00%	49.17%	47.12%	18.30%	27.41%	28.50%	26.38%	25.07%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	320.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-228.06%	81.45%	68.21%	17.11%	20.66%	69.25%	65.82%	66.41%	66.10%	67.81%	93.70%
Debt to EBITDA	1.01	-0.78	-0.53	-0.97	-1.16	-1.16	-1.25	-0.74	-0.70	-0.87	-0.42
Net Debt to EBITDA	-14.08	3.51	1.04	-0.03	0.33	2.96	2.40	1.30	1.04	1.23	4.65
Long-Term Debt to EBITDA	0.60	0.00	0.00	-0.57	-0.69	-0.69	-1.00	-0.63	-0.54	-0.67	0.00
Debt to NOPAT	12.57	-1.00	-0.70	-1.30	-1.54	-1.52	-1.67	-1.01	-0.96	-1.16	-0.52
Net Debt to NOPAT	-175.79	4.52	1.38	-0.04	0.44	3.90	3.20	1.78	1.42	1.65	5.71
Long-Term Debt to NOPAT	7.54	0.00	0.00	-0.77	-0.91	-0.90	-1.34	-0.86	-0.74	-0.91	0.00
Altman Z-Score	0.00	3.45	1.10	-2.06	-0.69	4.04	10.54	7.61	1.55	4.89	26.11
Noncontrolling Interest Sharing Ratio	347.32%	94.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.56	3.12	1.81	1.71	2.11	2.91	4.33	4.99	3.90	4.10	4.00
Quick Ratio	3.12	2.94	1.65	1.54	1.90	2.75	4.10	4.73	3.68	3.77	3.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	14	-50	-85	-116	-48	-46	-191	-396	-479	-393	-213
Operating Cash Flow to CapEx	105.51%	-512.00%	-320.07%	-991.44%	-1,819.10%	-1,277.05%	-930.99%	-817.05%	-904.67%	-630.00%	204.24%
Free Cash Flow to Firm to Interest Expense	3.37	-19.67	-158.62	-27.42	-4.59	-4.27	-9.14	-47.64	-51.38	-31.07	-19.97
Operating Cash Flow to Interest Expense	2.56	-14.89	-138.93	-23.22	-6.74	-5.93	-8.72	-40.37	-46.30	-19.54	12.70
Operating Cash Flow Less CapEx to Interest Expense	0.13	-17.80	-182.34	-25.56	-7.11	-6.40	-9.66	-45.31	-51.42	-22.64	6.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.29	0.98	0.89	0.99	1.07	0.71	0.52	0.58	0.62	0.76	1.09
Accounts Receivable Turnover	26.81	32.25	22.07	7.29	4.85	5.23	5.93	6.23	4.48	4.14	5.73
Inventory Turnover	6.79	11.49	18.54	17.58	14.68	13.48	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	10.93	13.95	9.45	6.77	9.54	12.70	13.81	12.65	10.38	10.63	12.42
Accounts Payable Turnover	8.84	13.93	14.30	13.55	14.37	15.13	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	13.62	11.32	16.54	50.05	75.30	69.77	61.57	58.54	81.54	88.11	63.72
Days Inventory Outstanding (DIO)	53.74	31.76	19.69	20.76	24.87	27.07	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	41.28	26.20	25.53	26.95	25.41	24.12	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	26.07	16.87	10.70	43.86	74.77	72.72	61.57	58.54	81.54	88.11	63.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-13	-5.26	8.55	29	-2.79	-39	1.32	69	169	250	308
Invested Capital Turnover	-23.85	-20.44	129.27	11.07	19.42	-14.62	-21.00	17.73	6.88	5.17	6.09
Increase / (Decrease) in Invested Capital	-13	8.10	14	21	-32	-36	40	68	100	80	58
Enterprise Value (EV)	0.00	351	516	488	828	2,295	8,011	8,250	3,384	7,011	20,011
Market Capitalization	0.00	540	613	483	863	2,612	8,496	8,834	3,921	7,526	20,899
Book Value per Share	($35.69)	$3.70	$2.03	$0.47	$0.52	$3.59	$5.70	$6.91	$7.23	$6.37	$9.05
Tangible Book Value per Share	($35.69)	$3.70	$2.03	$0.47	$0.52	$3.59	$5.70	$6.91	$7.23	$6.37	$9.05
Total Capital	75	227	156	149	156	402	739	984	1,068	1,129	1,276
Total Debt	5.85	42	50	123	124	124	253	330	362	363	80
Total Long-Term Debt	3.51	0.00	0.00	73	73	74	202	280	282	283	0.00
Net Debt	-82	-189	-98	4.25	-35	-317	-485	-584	-536	-516	-888
Capital Expenditures (CapEx)	9.94	7.39	23	9.87	3.88	4.97	20	41	48	39	66
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8.73	-19	-20	6.25	18	-48	-24	9.72	83	153	144
Debt-free Net Working Capital (DFNWC)	79	212	127	125	177	393	714	924	982	1,032	1,112
Net Working Capital (NWC)	77	170	78	75	127	343	664	874	901	951	1,032
Net Nonoperating Expense (NNE)	5.62	28	30	43	48	43	78	144	169	122	35
Net Nonoperating Obligations (NNO)	-83	-190	-98	3.91	-35	-317	-485	-584	-536	-516	-888
Total Depreciation and Amortization (D&A)	5.15	5.85	7.62	8.15	8.13	9.13	15	20	23	26	31
Debt-free, Cash-free Net Working Capital to Revenue	-5.48%	-10.03%	-9.36%	2.98%	7.07%	-15.75%	-6.09%	1.55%	10.15%	14.11%	8.48%
Debt-free Net Working Capital to Revenue	49.56%	111.55%	59.91%	59.71%	68.58%	130.13%	182.52%	147.76%	119.68%	95.30%	65.54%
Net Working Capital to Revenue	48.09%	89.44%	36.56%	35.81%	49.11%	113.55%	169.72%	139.76%	109.89%	87.87%	60.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.07)	($2.68)	($1.86)	($2.56)	($2.22)	($1.79)	($2.84)	($5.21)	($5.57)	($3.78)	($1.53)
Adjusted Weighted Average Basic Shares Outstanding	4.80M	50.85M	52.77M	53.31M	57.85M	69.56M	86.57M	90.56M	98.41M	115.00M	124.72M
Adjusted Diluted Earnings per Share	($1.07)	($2.68)	($1.86)	($2.56)	($2.22)	($1.79)	($2.84)	($5.21)	($5.57)	($3.78)	($1.53)
Adjusted Weighted Average Diluted Shares Outstanding	4.80M	50.85M	52.77M	53.60M	57.85M	69.56M	86.57M	90.56M	98.41M	115.00M	124.72M
Adjusted Basic & Diluted Earnings per Share	($1.07)	($2.68)	($1.86)	$0.00	$0.00	$0.00	($2.84)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	4.80M	26.20M	51.58M	54.13M	62.79M	78.25M	81.01M	95.47M	113.29M	120.76M	135.19M
Normalized Net Operating Profit after Tax (NOPAT)	0.47	-42	-71	-95	-80	-81	-151	-328	-379	-312	-156
Normalized NOPAT Margin	0.29%	-22.00%	-33.29%	-45.19%	-31.14%	-26.92%	-38.72%	-52.39%	-46.17%	-28.85%	-9.17%
Pre Tax Income Margin	-3.23%	-36.92%	-47.14%	-65.44%	-49.61%	-40.63%	-58.73%	-75.32%	-66.67%	-40.14%	-11.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.16	-23.55	-189.59	-32.12	-10.94	-10.88	-10.33	-56.37	-58.06	-35.31	-20.80
NOPAT to Interest Expense	0.11	-16.48	-132.71	-22.49	-7.66	-7.61	-7.23	-39.46	-40.64	-24.72	-14.56
EBIT Less CapEx to Interest Expense	-2.26	-26.46	-232.99	-34.47	-11.31	-11.34	-11.27	-61.31	-63.18	-38.41	-27.02
NOPAT Less CapEx to Interest Expense	-2.31	-19.39	-176.12	-24.83	-8.03	-8.08	-8.17	-44.40	-45.76	-27.82	-20.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Natera's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.56%	24.53%	31.89%	27.38%	43.20%	52.11%	58.13%	63.90%	53.02%	36.46%	32.24%
EBITDA Growth	-1.79%	-0.18%	22.46%	8.34%	42.82%	49.00%	66.37%	70.07%	27.14%	-3.78%	-181.10%
EBIT Growth	-1.51%	-0.85%	21.43%	6.78%	40.37%	46.27%	60.95%	64.55%	23.42%	-6.54%	-151.41%
NOPAT Growth	-1.51%	-0.85%	21.43%	6.78%	40.37%	46.27%	60.95%	64.55%	23.42%	-6.54%	-151.41%
Net Income Growth	-1.43%	1.20%	23.66%	10.25%	45.27%	50.64%	66.19%	71.02%	31.09%	0.98%	-169.43%
EPS Growth	9.87%	15.17%	35.33%	24.00%	54.01%	54.47%	69.07%	72.63%	34.92%	10.71%	-146.67%
Operating Cash Flow Growth	17.83%	40.92%	29.14%	70.95%	28.99%	133.29%	105.08%	274.37%	191.81%	64.63%	841.70%
Free Cash Flow Firm Growth	-20.32%	-4.84%	12.71%	38.42%	30.02%	28.78%	26.38%	-19.33%	26.08%	13.45%	38.65%
Invested Capital Growth	144.59%	66.18%	62.77%	22.86%	47.44%	36.79%	40.60%	53.07%	23.15%	19.49%	-0.92%
Revenue Q/Q Growth	3.14%	11.28%	8.13%	2.64%	15.95%	18.20%	12.40%	6.39%	8.26%	5.41%	8.92%
EBITDA Q/Q Growth	-21.38%	3.32%	19.53%	2.94%	24.28%	13.77%	46.94%	13.62%	-84.36%	-22.83%	-43.72%
EBIT Q/Q Growth	-19.08%	2.45%	18.71%	1.28%	23.83%	12.09%	40.92%	10.40%	-64.57%	-22.30%	-39.40%
NOPAT Q/Q Growth	-19.08%	2.45%	18.71%	1.28%	23.83%	12.09%	40.92%	10.40%	-64.57%	-22.30%	-39.40%
Net Income Q/Q Growth	-17.36%	3.95%	19.08%	1.60%	28.43%	13.37%	44.58%	15.67%	-70.20%	-24.48%	-50.80%
EPS Q/Q Growth	-9.60%	10.22%	21.14%	2.06%	33.68%	11.11%	46.43%	13.33%	-57.69%	-21.95%	-48.00%
Operating Cash Flow Q/Q Growth	20.66%	0.02%	3.16%	62.19%	-93.96%	146.45%	-85.22%	1,197.89%	2.13%	-15.95%	-15.47%
Free Cash Flow Firm Q/Q Growth	-4.94%	11.30%	6.88%	28.96%	-19.27%	9.74%	3.74%	-15.15%	26.12%	-5.69%	31.77%
Invested Capital Q/Q Growth	-1.46%	18.65%	10.94%	-5.28%	18.25%	10.07%	14.03%	3.12%	-4.86%	6.80%	-5.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-62.90%	-54.65%	-40.67%	-38.46%	-25.12%	-18.32%	-8.65%	-7.02%	-11.96%	-13.94%	-18.39%
Operating Margin	-65.26%	-57.21%	-43.01%	-41.36%	-27.17%	-20.21%	-10.62%	-8.95%	-13.60%	-15.78%	-20.19%
EBIT Margin	-65.26%	-57.21%	-43.01%	-41.36%	-27.17%	-20.21%	-10.62%	-8.95%	-13.60%	-15.78%	-20.19%
Profit (Net Income) Margin	-65.63%	-56.64%	-42.39%	-40.64%	-25.08%	-18.38%	-9.06%	-7.18%	-11.30%	-13.34%	-18.47%
Tax Burden Percent	100.30%	100.12%	99.75%	100.19%	100.25%	100.64%	102.44%	102.37%	97.54%	100.26%	100.27%
Interest Burden Percent	100.27%	98.90%	98.81%	98.06%	92.08%	90.39%	83.30%	78.45%	85.15%	84.32%	91.20%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-314.07%	-215.96%	-155.78%	-149.49%	-98.28%	-71.87%	-37.72%	-35.90%	-57.98%	-67.04%	-89.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-306.34%	-206.75%	-146.35%	-141.27%	-94.69%	-68.65%	-36.22%	-35.18%	-56.78%	-65.43%	-85.75%
Return on Net Nonoperating Assets (RNNOA)	252.56%	150.97%	95.74%	94.07%	67.72%	46.04%	22.66%	23.88%	40.64%	46.02%	60.06%
Return on Equity (ROE)	-61.52%	-64.99%	-60.04%	-55.42%	-30.56%	-25.82%	-15.06%	-12.02%	-17.34%	-21.02%	-28.94%
Cash Return on Invested Capital (CROIC)	-401.39%	-285.59%	-246.79%	-204.55%	-187.43%	-143.55%	-115.64%	-105.37%	-76.60%	-70.48%	-64.96%
Operating Return on Assets (OROA)	-40.69%	-40.31%	-34.60%	-33.31%	-20.74%	-17.53%	-10.45%	-9.02%	-14.88%	-18.05%	-24.23%
Return on Assets (ROA)	-40.92%	-39.91%	-34.10%	-32.72%	-19.15%	-15.94%	-8.92%	-7.25%	-12.36%	-15.26%	-22.16%
Return on Common Equity (ROCE)	-61.52%	-64.99%	-60.04%	-55.42%	-30.56%	-25.82%	-15.06%	-12.02%	-17.34%	-21.02%	-28.94%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-83.95%	-85.85%	-63.64%	0.00%	-46.02%	-34.92%	-24.44%	0.00%	-15.31%	0.00%
Net Operating Profit after Tax (NOPAT)	-99	-97	-79	-78	-59	-52	-31	-28	-45	-55	-77
NOPAT Margin	-45.68%	-40.04%	-30.11%	-28.95%	-19.02%	-14.15%	-7.43%	-6.26%	-9.52%	-11.04%	-14.13%
Net Nonoperating Expense Percent (NNEP)	-7.73%	-9.21%	-9.43%	-8.21%	-3.58%	-3.22%	-1.50%	-0.72%	-1.20%	-1.61%	-3.25%
Return On Investment Capital (ROIC_SIMPLE)	-9.29%	-	-	-	-5.24%	-	-	-	-3.55%	-4.20%	-5.82%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	66.20%	61.89%	58.34%	57.67%	51.89%	52.83%	47.89%	48.70%	49.35%	53.18%	56.81%
R&D to Revenue	40.47%	34.05%	29.91%	28.79%	26.67%	24.10%	21.56%	22.04%	27.19%	25.72%	26.79%
Operating Expenses to Revenue	165.26%	157.21%	143.01%	141.36%	127.17%	120.21%	110.62%	108.95%	113.60%	115.78%	120.19%
Earnings before Interest and Taxes (EBIT)	-142	-138	-112	-111	-85	-74	-44	-39	-65	-79	-110
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-137	-132	-106	-103	-78	-67	-36	-31	-57	-70	-101
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.56	9.67	9.33	6.46	9.83	13.91	15.90	17.87	17.48	15.42	18.51
Price to Tangible Book Value (P/TBV)	5.56	9.67	9.33	6.46	9.83	13.91	15.90	17.87	17.48	15.42	18.51
Price to Revenue (P/Rev)	4.78	7.25	5.97	5.13	6.95	9.14	9.77	10.25	12.32	10.44	11.74
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	19.98	29.06	23.28	21.30	28.08	38.29	40.76	46.86	65.08	55.43	71.27
Enterprise Value to Revenue (EV/Rev)	4.13	6.73	5.57	4.55	6.48	8.71	9.39	9.89	11.79	9.94	11.27
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	601.70	147.50	118.90	118.55
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.51	0.56	0.61	0.46	0.47	0.46	0.44	0.42	0.07	0.06	0.06
Long-Term Debt to Equity	0.40	0.43	0.47	0.36	0.37	0.36	0.34	0.33	0.00	0.00	0.00
Financial Leverage	-0.82	-0.73	-0.65	-0.67	-0.72	-0.67	-0.63	-0.68	-0.72	-0.70	-0.70
Leverage Ratio	1.94	2.07	2.22	2.14	1.93	1.93	1.93	1.83	1.58	1.57	1.57
Compound Leverage Factor	1.94	2.04	2.20	2.10	1.78	1.74	1.61	1.43	1.35	1.33	1.43
Debt to Total Capital	33.90%	35.77%	37.83%	31.63%	32.19%	31.41%	30.32%	29.47%	6.30%	6.09%	6.06%
Short-Term Debt to Total Capital	7.53%	7.94%	8.39%	7.01%	7.12%	6.94%	6.70%	6.46%	6.30%	6.09%	6.06%
Long-Term Debt to Total Capital	26.38%	27.84%	29.44%	24.62%	25.07%	24.47%	23.62%	23.01%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	66.10%	64.23%	62.17%	68.37%	67.81%	68.59%	69.68%	70.53%	93.70%	93.91%	93.94%
Debt to EBITDA	-0.70	-0.70	-0.74	-0.76	-0.87	-1.02	-1.28	-1.73	-0.42	-0.42	-0.31
Net Debt to EBITDA	1.04	0.87	0.77	1.20	1.23	1.46	1.84	2.62	4.65	4.71	3.62
Long-Term Debt to EBITDA	-0.54	-0.54	-0.58	-0.59	-0.67	-0.80	-1.00	-1.35	0.00	0.00	0.00
Debt to NOPAT	-0.96	-0.95	-1.01	-1.03	-1.16	-1.36	-1.66	-2.17	-0.52	-0.51	-0.39
Net Debt to NOPAT	1.42	1.18	1.04	1.63	1.65	1.94	2.38	3.28	5.71	5.73	4.55
Long-Term Debt to NOPAT	-0.74	-0.74	-0.79	-0.80	-0.91	-1.06	-1.29	-1.69	0.00	0.00	0.00
Altman Z-Score	2.49	4.51	3.87	3.61	5.72	8.94	11.02	12.66	26.42	22.79	26.54
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.90	3.88	3.85	4.37	4.10	4.12	4.14	4.39	4.00	3.87	3.72
Quick Ratio	3.68	3.64	3.60	4.11	3.77	3.83	3.89	4.08	3.73	3.58	3.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-199	-177	-165	-117	-140	-126	-121	-140	-103	-109	-74
Operating Cash Flow to CapEx	-685.95%	-712.72%	-891.52%	-331.57%	-573.07%	132.91%	34.17%	317.47%	291.90%	203.77%	145.09%
Free Cash Flow to Firm to Interest Expense	-72.44	-57.77	-51.83	-35.97	-44.32	-40.31	-38.77	-44.43	-79.82	-108.45	-72.27
Operating Cash Flow to Interest Expense	-29.48	-26.50	-24.72	-9.13	-18.30	8.64	1.28	16.48	40.93	44.23	36.52
Operating Cash Flow Less CapEx to Interest Expense	-33.78	-30.22	-27.50	-11.89	-21.49	2.14	-2.46	11.29	26.91	22.52	11.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.70	0.80	0.81	0.76	0.87	0.98	1.01	1.09	1.14	1.20
Accounts Receivable Turnover	4.48	4.19	3.98	4.02	4.14	4.51	4.57	5.45	5.73	6.03	6.09
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	10.38	9.70	10.08	10.28	10.63	10.68	11.52	12.40	12.42	11.96	12.18
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	81.54	87.20	91.81	90.72	88.11	80.87	79.95	66.95	63.72	60.50	59.94
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	81.54	87.20	91.81	90.72	88.11	80.87	79.95	66.95	63.72	60.50	59.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	169	201	223	211	250	275	313	323	308	328	311
Invested Capital Turnover	6.88	5.39	5.17	5.16	5.17	5.08	5.07	5.73	6.09	6.07	6.30
Increase / (Decrease) in Invested Capital	100	80	86	39	80	74	90	112	58	54	-2.89
Enterprise Value (EV)	3,384	5,840	5,189	4,498	7,011	10,525	12,775	15,146	20,011	18,205	22,133
Market Capitalization	3,921	6,290	5,562	5,071	7,526	11,045	13,298	15,701	20,899	19,117	23,068
Book Value per Share	$7.23	$5.74	$5.22	$6.85	$6.37	$6.58	$6.81	$7.10	$9.05	$9.17	$9.13
Tangible Book Value per Share	$7.23	$5.74	$5.22	$6.85	$6.37	$6.58	$6.81	$7.10	$9.05	$9.17	$9.13
Total Capital	1,068	1,013	959	1,148	1,129	1,158	1,201	1,246	1,276	1,320	1,327
Total Debt	362	362	363	363	363	364	364	367	80	80	80
Total Long-Term Debt	282	282	282	283	283	283	284	287	0.00	0.00	0.00
Net Debt	-536	-450	-373	-574	-516	-519	-523	-555	-888	-911	-936
Capital Expenditures (CapEx)	12	11	8.81	8.96	10	20	12	16	18	22	26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	83	107	133	121	153	153	181	179	144	139	111
Debt-free Net Working Capital (DFNWC)	982	919	869	1,058	1,032	1,036	1,068	1,102	1,112	1,131	1,127
Net Working Capital (NWC)	901	838	789	977	951	955	987	1,021	1,032	1,051	1,047
Net Nonoperating Expense (NNE)	43	40	32	31	19	16	6.73	4.06	8.45	12	24
Net Nonoperating Obligations (NNO)	-536	-450	-373	-574	-516	-519	-523	-555	-888	-911	-936
Total Depreciation and Amortization (D&A)	5.11	6.18	6.11	7.79	6.40	6.93	8.15	8.46	7.81	9.25	9.87
Debt-free, Cash-free Net Working Capital to Revenue	10.15%	12.32%	14.30%	12.26%	14.11%	12.66%	13.27%	11.70%	8.48%	7.62%	5.66%
Debt-free Net Working Capital to Revenue	119.68%	105.88%	93.34%	106.99%	95.30%	85.71%	78.47%	71.91%	65.54%	61.77%	57.38%
Net Working Capital to Revenue	109.89%	96.62%	84.71%	98.85%	87.87%	79.06%	72.56%	66.66%	60.80%	57.38%	53.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.37)	($1.23)	($0.97)	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)	($0.50)	($0.74)
Adjusted Weighted Average Basic Shares Outstanding	98.41M	111.77M	113.69M	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M	134.75M	136.39M
Adjusted Diluted Earnings per Share	($1.37)	($1.23)	($0.97)	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)	($0.50)	($0.74)
Adjusted Weighted Average Diluted Shares Outstanding	98.41M	111.77M	113.69M	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M	134.75M	136.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	113.29M	114.30M	114.60M	120.15M	120.76M	122.80M	123.68M	132.02M	135.19M	136.55M	137.25M
Normalized Net Operating Profit after Tax (NOPAT)	-99	-97	-79	-78	-59	-52	-31	-28	-45	-55	-77
Normalized NOPAT Margin	-45.68%	-40.04%	-30.11%	-28.95%	-19.02%	-14.15%	-7.43%	-6.26%	-9.52%	-11.04%	-14.13%
Pre Tax Income Margin	-65.43%	-56.58%	-42.50%	-40.56%	-25.02%	-18.27%	-8.85%	-7.02%	-11.58%	-13.30%	-18.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-51.52	-45.18	-35.39	-34.13	-26.85	-23.79	-14.04	-12.52	-50.11	-78.78	-107.26
NOPAT to Interest Expense	-36.06	-31.63	-24.77	-23.89	-18.80	-16.65	-9.83	-8.76	-35.08	-55.15	-75.08
EBIT Less CapEx to Interest Expense	-55.81	-48.90	-38.16	-36.88	-30.05	-30.29	-17.77	-17.71	-64.13	-100.49	-132.43
NOPAT Less CapEx to Interest Expense	-40.36	-35.34	-27.54	-26.64	-21.99	-23.15	-13.56	-13.96	-49.10	-76.85	-100.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Natera, Inc. (NASDAQ: NTRA) has shown continuous growth in revenue over the last several years with some operational and profitability challenges. Here is a summary of key financial trends and metrics based on the last four years of quarterly data up to Q2 2025:

Revenue Growth: Operating revenue increased from approximately $217 million in Q4 2022 to $547 million in Q2 2025, indicating strong top-line growth.
Increasing Gross Profit: With no cost of revenue reported, gross profit tracks revenue directly, growing substantially to $547 million in Q2 2025 from $217 million in Q4 2022.
Improved Operating Cash Flow: Net cash from operating activities improved from negative in 2022 to positive $37.6 million in Q2 2025, showing better cash conversion from operations.
Strong Cash Position: Cash and equivalents increased significantly, reaching about $1.0 billion in Q2 2025, nearly tripling the ~$381 million in Q2 2023.

Consistent R&D Spending: The company maintains high research and development expenses, roughly $89M in Q2 2024 rising to $146M in Q2 2025, supporting product development and innovation.
Stable SG&A Expenses: Selling, General & Admin expenses hovered around $150M-$310M across the periods, appropriate for supporting growth but requiring control to improve margins.
Depreciation and Amortization: Depreciation expense grew steadily from $3.9 million in Q4 2022 to $9.86 million in Q2 2025, reflecting investment in property and equipment.
Consistent Share Count: Weighted average shares outstanding increased moderately from about 98 million in late 2022 to approximately 136 million by mid-2025, diluting EPS somewhat.

Persistently Negative Net Income: Natera has reported net losses every quarter, with losses deepening from approximately $142 million in Q4 2022 to $101 million in Q2 2025.
Negative Earnings Per Share: Corresponding to net losses, EPS remains negative, worsening from -$1.37 per share in Q4 2022 to -$0.74 in Q2 2025 despite increased revenues.
Operating Expense Growth Outpaces Revenue: Total operating expenses rose faster than revenue in recent quarters, pushing operating income deeper into the red ($110 million loss in Q2 2025).
Increasing Total Liabilities: Total liabilities increased from about $651 million in Q2 2023 to over $510 million in Q2 2025, with some leverage from short-term and long-term debt.

Summary: Natera shows impressive revenue growth and strong cash reserves, driven by ongoing investment in R&D and capital assets. However, the company continues to face profitability challenges with sizable and growing net losses and negative EPS. Operating expenses are increasing significantly, and while operating cash flow turned positive recently, continued focus on cost control and improving margins will be crucial. Investors should carefully weigh the growth potential of Natera's diagnostic and genetic testing innovations against the near-term challenges of achieving profitability.

10/21/25 09:02 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Natera's Financials

When does Natera's financial year end?

According to the most recent income statement we have on file, Natera's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Natera's net income changed over the last 10 years?

Natera's net income appears to be on an upward trend, with a most recent value of -$190.43 million in 2024, rising from -$5.15 million in 2014. The previous period was -$434.80 million in 2023. Check out Natera's forecast to explore projected trends and price targets.

What is Natera's operating income?

Natera's total operating income in 2024 was -$222.29 million, based on the following breakdown:

Total Gross Profit: $1.70 billion
Total Operating Expenses: $1.92 billion

How has Natera's revenue changed over the last 10 years?

Over the last 10 years, Natera's total revenue changed from $159.29 million in 2014 to $1.70 billion in 2024, a change of 965.3%.

How much debt does Natera have?

Natera's total liabilities were at $465.32 million at the end of 2024, a 31.2% decrease from 2023, and a 756.2% increase since 2014.

How much cash does Natera have?

In the past 10 years, Natera's cash and equivalents has ranged from $12.62 million in 2017 to $945.59 million in 2024, and is currently $945.59 million as of their latest financial filing in 2024.

How has Natera's book value per share changed over the last 10 years?

Over the last 10 years, Natera's book value per share changed from -35.69 in 2014 to 9.05 in 2024, a change of -125.4%.

Related Companies

This page (NASDAQ:NTRA) was last updated on 10/21/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Natera (NTRA) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Natera's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Natera (NTRA) Financials

Annual Income Statements for Natera

Quarterly Income Statements for Natera

Annual Cash Flow Statements for Natera

Quarterly Cash Flow Statements for Natera

Annual Balance Sheets for Natera

Quarterly Balance Sheets for Natera

Annual Metrics And Ratios for Natera

Quarterly Metrics And Ratios for Natera

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Natera's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools