Natera (NTRA) Financials

$170.38 +3.03 (+1.81%)

Closing price 04:00 PM Eastern

Extended Trading

$166.34 -4.04 (-2.37%)

As of 07:56 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	-70	-100	-138	-128	-125	-230	-472	-548	-435	-190
Consolidated Net Income / (Loss)	-70	-100	-138	-128	-125	-230	-472	-548	-435	-190
Net Income / (Loss) Continuing Operations	-70	-100	-138	-128	-125	-230	-472	-548	-435	-190
Total Pre-Tax Income	-70	-100	-137	-128	-123	-230	-471	-547	-435	-190
Total Operating Income	-60	-101	-135	-115	-116	-216	-468	-541	-446	-222
Total Gross Profit	78	78	74	92	127	391	625	820	1,083	1,697
Total Revenue	190	213	210	258	302	391	625	820	1,083	1,697
Operating Revenue	190	213	210	258	302	391	625	820	1,083	1,697
Total Cost of Revenue	113	134	136	166	175	0.00	0.00	0.00	0.00	0.00
Operating Cost of Revenue	113	134	136	166	175	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	137	179	209	206	243	607	1,094	1,361	1,529	1,919
Selling, General & Admin Expense	110	136	155	155	206	304	511	589	618	841
Research & Development Expense	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	-10	0.87	-1.83	-13	-6.54	-13	-2.92	-5.78	12	33
Interest Expense	2.54	0.53	4.21	10	11	21	8.31	9.32	13	11
Interest & Investment Income	-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	($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	26.20M	51.58M	53.31M	57.85M	69.56M	81.01M	90.56M	98.41M	115.00M	124.72M
Diluted Earnings per Share	($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	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	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	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
Net Income / (Loss) Attributable to Common Shareholders	-121	-143	-137	-111	-109	-78	-68	-37	-32	-54
Consolidated Net Income / (Loss)	-121	-143	-137	-111	-109	-78	-68	-37	-32	-54
Net Income / (Loss) Continuing Operations	-121	-143	-137	-111	-109	-78	-68	-37	-32	-54
Total Pre-Tax Income	-121	-142	-137	-111	-109	-78	-67	-37	-31	-55
Total Operating Income	-119	-142	-138	-112	-111	-85	-74	-44	-39	-65
Total Gross Profit	211	217	242	261	268	311	368	413	440	476
Total Revenue	211	217	242	261	268	311	368	413	440	476
Operating Revenue	211	217	242	261	268	311	368	413	440	476
Total Operating Expenses	330	359	380	374	379	396	442	457	479	541
Selling, General & Admin Expense	148	144	150	153	155	161	194	198	214	235
Research & Development Expense	66	88	82	78	77	83	89	89	97	129
Other Operating Expenses / (Income)	117	127	148	143	147	151	159	170	168	176
Total Other Income / (Expense), net	-2.24	-0.38	1.52	1.34	2.15	6.70	7.14	7.33	8.48	9.61
Interest Expense	2.33	2.75	3.06	3.18	3.25	3.15	3.12	3.13	3.14	1.29
Interest & Investment Income	0.09	2.37	4.59	4.52	5.41	9.84	10	10	12	11
Income Tax Expense	0.19	0.42	0.16	-0.28	0.20	0.19	0.43	0.89	0.73	-1.36
Basic Earnings per Share	($1.25)	($1.37)	($1.23)	($0.97)	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)
Weighted Average Basic Shares Outstanding	97.05M	98.41M	111.77M	113.69M	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M
Diluted Earnings per Share	($1.25)	($1.37)	($1.23)	($0.97)	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)
Weighted Average Diluted Shares Outstanding	97.05M	98.41M	111.77M	113.69M	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M
Weighted Average Basic & Diluted Shares Outstanding	97.60M	113.29M	114.30M	114.60M	120.15M	120.76M	122.80M	123.68M	132.02M	135.19M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	-58	-14	-3.67	38	11	-13	36	381	176	303
Net Cash From Operating Activities	-38	-74	-98	-71	-63	-183	-335	-432	-247	136
Net Cash From Continuing Operating Activities	-38	-74	-98	-71	-63	-183	-335	-432	-247	136
Net Income / (Loss) Continuing Operations	-70	-100	-138	-128	-125	-230	-472	-548	-435	-190
Consolidated Net Income / (Loss)	-70	-100	-138	-128	-125	-230	-472	-548	-435	-190
Depreciation Expense	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	17	16	12	22	25	72	162	167	205	276
Changes in Operating Assets and Liabilities, net	9.35	2.34	20	27	27	-39	-46	-74	-44	19
Net Cash From Investing Activities	-211	47	14	-5.16	-266	-331	-205	330	168	138
Net Cash From Continuing Investing Activities	-211	47	14	-5.16	-266	-331	-205	330	168	138
Purchase of Property, Plant & Equipment	-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	190	13	80	114	341	501	576	483	254	30
Net Cash From Continuing Financing Activities	190	13	80	114	341	501	576	483	254	30
Repayment of Debt	-33	-1.00	-0.29	0.00	0.00	-79	-	0.00	0.00	-0.08
Issuance of Debt	42	8.00	75	0.00	0.00	278	0.00	30	0.00	0.00
Issuance of Common Equity	180	2.59	3.34	100	328	278	564	446	251	17
Other Financing Activities, net	1.45	3.60	2.32	13	13	24	12	6.41	3.89	13
Cash Interest Paid	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	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
Net Change in Cash & Equivalents	-34	409	-63	-22	288	-27	172	-17	96	53
Net Cash From Operating Activities	-102	-81	-81	-79	-30	-58	27	3.99	52	53
Net Cash From Continuing Operating Activities	-102	-81	-81	-79	-30	-58	27	3.99	52	53
Net Income / (Loss) Continuing Operations	-121	-143	-137	-111	-109	-78	-68	-37	-32	-54
Consolidated Net Income / (Loss)	-121	-143	-137	-111	-109	-78	-68	-37	-32	-54
Depreciation Expense	5.14	3.93	5.08	5.12	6.99	6.91	7.06	7.92	8.20	7.79
Amortization Expense	1.33	1.18	1.11	0.99	0.80	-0.52	-0.13	0.23	0.26	0.02
Non-Cash Adjustments To Reconcile Net Income	50	40	45	45	58	57	64	67	73	72
Changes in Operating Assets and Liabilities, net	-37	16	4.55	-19	14	-43	23	-34	1.94	27
Net Cash From Investing Activities	67	22	16	47	81	24	138	-32	43	-11
Net Cash From Continuing Investing Activities	67	22	16	47	81	24	138	-32	43	-11
Purchase of Property, Plant & Equipment	-12	-12	-11	-8.81	-8.96	-10	-20	-12	-16	-18
Sale and/or Maturity of Investments	86	34	27	56	90	133	169	52	111	7.00
Net Cash From Financing Activities	1.39	468	2.30	9.31	236	6.85	6.47	11	1.72	11
Net Cash From Continuing Financing Activities	1.39	468	2.30	9.31	236	6.85	6.47	11	1.72	11
Issuance of Common Equity	-	438	-	-	235	6.45	-	-	-	8.44
Other Financing Activities, net	1.39	0.44	2.30	0.64	0.56	0.39	6.47	2.18	1.72	2.62
Cash Interest Paid	0.40	4.05	1.12	4.47	1.31	4.44	1.18	4.41	1.19	1.11

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	265	211	215	268	583	932	1,236	1,394	1,442	1,661
Total Current Assets	251	174	181	241	523	863	1,093	1,212	1,259	1,376
Cash & Equivalents	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	5.86	13	44	62	53	79	122	244	278	314
Inventories, net	8.09	6.41	9.00	14	12	20	27	35	41	45
Prepaid Expenses	5.34	7.10	8.61	6.20	16	27	30	34	61	49
Plant, Property, & Equipment, net	13	32	30	24	23	33	66	92	111	162
Total Noncurrent Assets	1.80	4.28	4.32	3.32	36	36	78	90	72	123
Other Noncurrent Operating Assets	1.12	3.93	3.98	3.32	36	36	78	90	72	123
Total Liabilities & Shareholders' Equity	265	211	215	268	583	932	1,236	1,394	1,442	1,661
Total Liabilities	80	104	189	236	304	446	583	689	676	465
Total Current Liabilities	80	96	106	114	180	199	219	310	307	344
Short-Term Debt	42	50	50	50	50	50	50	80	80	80
Accounts Payable	7.33	11	8.53	15	8.60	8.10	27	31	15	35
Current Deferred Revenue	0.14	0.57	1.42	4.13	56	50	7.40	11	17	20
Current Employee Benefit Liabilities	8.55	11	9.60	13	16	30	41	44	46	62
Other Current Liabilities	3.65	3.79	2.64	-	-	60	93	144	149	147
Total Noncurrent Liabilities	0.00	7.79	84	122	124	247	364	378	369	121
Long-Term Debt	-	-	73	73	74	202	280	282	283	0.00
Noncurrent Deferred Revenue	-	7.79	9.24	49	24	23	21	20	19	25
Other Noncurrent Operating Liabilities	-	-	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
Total Equity & Noncontrolling Interests	185	106	25	32	279	486	653	706	765	1,195
Total Preferred & Common Equity	185	106	25	32	279	486	653	706	765	1,195
Total Common Equity	185	106	25	32	279	486	653	706	765	1,195
Common Stock	436	453	473	607	977	1,411	2,050	2,665	3,146	3,764
Retained Earnings	-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
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	1,009	1,319	1,248	1,447	1,468	1,517	1,591
Total Current Assets	830	1,129	1,066	1,267	1,261	1,302	1,323
Cash & Equivalents	57	403	381	669	814	797	893
Short-Term Investments	464	409	355	268	69	90	29
Accounts Receivable	236	247	260	255	289	336	307
Inventories, net	40	41	43	42	43	41	49
Prepaid Expenses	32	30	27	33	47	38	45
Plant, Property, & Equipment, net	87	101	103	105	126	133	142
Total Noncurrent Assets	92	89	79	74	81	82	126
Other Noncurrent Operating Assets	92	89	79	74	81	82	126
Total Liabilities & Shareholders' Equity	1,009	1,319	1,248	1,447	1,468	1,517	1,591
Total Liabilities	647	668	652	662	674	680	712
Total Current Liabilities	267	291	277	290	306	315	301
Short-Term Debt	50	80	80	80	80	80	80
Accounts Payable	34	36	21	21	26	33	28
Current Deferred Revenue	7.93	17	16	15	18	18	18
Current Employee Benefit Liabilities	42	39	34	39	40	41	49
Other Current Liabilities	133	119	126	134	142	141	126
Total Noncurrent Liabilities	380	377	375	372	368	366	411
Long-Term Debt	281	282	282	283	283	284	287
Noncurrent Deferred Revenue	20	22	22	21	21	21	26
Other Noncurrent Operating Liabilities	78	74	71	68	64	61	99
Commitments & Contingencies	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
Total Preferred & Common Equity	362	651	596	785	794	837	879
Total Common Equity	362	651	596	785	794	837	879
Common Stock	2,181	2,742	2,796	3,089	3,241	3,320	3,393
Retained Earnings	-1,800	-2,080	-2,190	-2,299	-2,445	-2,482	-2,514
Accumulated Other Comprehensive Income / (Loss)	-20	-12	-9.20	-5.40	-2.19	-1.36	-0.77

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	19.50%	11.64%	-1.36%	22.91%	17.34%	29.33%	59.97%	31.13%	31.99%	56.75%
EBITDA Growth	-1,028.73%	-73.06%	-36.13%	16.27%	-0.62%	-88.28%	-121.99%	-15.71%	19.00%	54.51%
EBIT Growth	-9,098.20%	-68.87%	-33.93%	15.30%	-1.45%	-85.99%	-116.47%	-15.56%	17.52%	50.19%
NOPAT Growth	-9,098.20%	-68.87%	-33.93%	15.30%	-1.45%	-85.99%	-116.47%	-15.56%	17.52%	50.19%
Net Income Growth	-1,264.03%	-42.76%	-37.18%	6.88%	2.60%	-84.05%	-105.32%	-16.13%	20.63%	56.20%
EPS Growth	-150.47%	27.24%	-32.82%	14.29%	19.37%	-58.66%	-83.45%	-6.91%	32.14%	59.52%
Operating Cash Flow Growth	-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	-461.54%	-69.15%	-36.63%	58.34%	5.16%	-319.11%	-106.85%	-21.03%	17.99%	45.66%
Invested Capital Growth	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%	-3.70%	3.61%	6.14%	5.69%	8.05%	10.74%	5.70%	9.49%	10.77%
EBITDA Q/Q Growth	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%	-32.75%	-3.33%	12.85%	-4.57%	-22.11%	-16.32%	-0.39%	11.37%	8.18%
NOPAT Q/Q Growth	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%	-24.14%	-3.57%	10.71%	-2.75%	-21.87%	-15.74%	-0.37%	12.93%	11.30%
EPS Q/Q Growth	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	-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%	-23.76%	49.46%	-20.46%	-46.89%	-6.73%	1.04%	-0.25%	24.19%
Invested Capital Q/Q Growth	0.00%	63.86%	326.99%	-127.93%	-28.71%	105.57%	6.16%	-1.46%	18.25%	-4.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.72%	36.71%	35.36%	35.55%	41.96%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-28.36%	-43.96%	-60.67%	-41.33%	-35.44%	-51.60%	-71.61%	-63.18%	-38.78%	-11.25%
Operating Margin	-31.44%	-47.55%	-64.56%	-44.49%	-38.46%	-55.31%	-74.85%	-65.96%	-41.22%	-13.10%
EBIT Margin	-31.44%	-47.55%	-64.56%	-44.49%	-38.46%	-55.31%	-74.85%	-65.96%	-41.22%	-13.10%
Profit (Net Income) Margin	-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%	100.14%	100.33%	100.25%	101.63%	100.04%	100.13%	100.18%	100.06%	100.37%
Interest Burden Percent	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%
Return on Invested Capital (ROIC)	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%	-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%	4,233.72%	291.56%	159.69%	0.00%	0.00%	846.10%	236.85%	89.97%	36.43%
Return on Equity (ROE)	-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%	-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)	-30.78%	-42.47%	-63.65%	-47.49%	-27.34%	-28.56%	-43.18%	-41.13%	-31.47%	-14.33%
Return on Assets (ROA)	-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)	-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)	-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)	-42	-71	-95	-80	-81	-151	-328	-379	-312	-156
NOPAT Margin	-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)	-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	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	57.60%	64.06%	74.09%	60.11%	68.20%	77.65%	81.70%	71.76%	57.11%	49.58%
R&D to Revenue	14.56%	19.70%	23.88%	19.93%	16.99%	25.58%	42.24%	38.58%	29.62%	23.82%
Operating Expenses to Revenue	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)	-60	-101	-135	-115	-116	-216	-468	-541	-446	-222
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-54	-93	-127	-106	-107	-202	-448	-518	-420	-191
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	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)	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)	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
Dividend Yield	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%
Enterprise Value to Invested Capital (EV/IC)	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)	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
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
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
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	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
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	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	0.00	0.00	2.87	2.28	0.26	0.42	0.43	0.40	0.37	0.00
Financial Leverage	-1.07	-0.99	-0.71	-0.54	-1.13	-1.05	-0.94	-0.82	-0.72	-0.72
Leverage Ratio	1.53	1.63	3.22	8.38	2.74	1.98	1.90	1.94	1.93	1.58
Compound Leverage Factor	1.80	1.62	3.27	9.35	2.89	2.10	1.92	1.96	1.88	1.35
Debt to Total Capital	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	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	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%
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%
Common Equity to Total Capital	81.45%	68.21%	17.11%	20.66%	69.25%	65.82%	66.41%	66.10%	67.81%	93.70%
Debt to EBITDA	-0.78	-0.53	-0.97	-1.16	-1.16	-1.25	-0.74	-0.70	-0.87	-0.42
Net Debt to EBITDA	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	0.00	0.00	-0.57	-0.69	-0.69	-1.00	-0.63	-0.54	-0.67	0.00
Debt to NOPAT	-1.00	-0.70	-1.30	-1.54	-1.52	-1.67	-1.01	-0.96	-1.16	-0.52
Net Debt to NOPAT	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	0.00	0.00	-0.77	-0.91	-0.90	-1.34	-0.86	-0.74	-0.91	0.00
Altman Z-Score	3.45	1.10	-2.06	-0.69	4.04	10.54	7.61	1.55	4.89	26.11
Noncontrolling Interest Sharing Ratio	94.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.12	1.81	1.71	2.11	2.91	4.33	4.99	3.90	4.10	4.00
Quick Ratio	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)	-50	-85	-116	-48	-46	-191	-396	-479	-393	-213
Operating Cash Flow to CapEx	-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	-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	-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	-17.80	-182.34	-25.56	-7.11	-6.40	-9.66	-45.31	-51.42	-22.64	6.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.98	0.89	0.99	1.07	0.71	0.52	0.58	0.62	0.76	1.09
Accounts Receivable Turnover	32.25	22.07	7.29	4.85	5.23	5.93	6.23	4.48	4.14	5.73
Inventory Turnover	11.49	18.54	17.58	14.68	13.48	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	13.95	9.45	6.77	9.54	12.70	13.81	12.65	10.38	10.63	12.42
Accounts Payable Turnover	13.93	14.30	13.55	14.37	15.13	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	11.32	16.54	50.05	75.30	69.77	61.57	58.54	81.54	88.11	63.72
Days Inventory Outstanding (DIO)	31.76	19.69	20.76	24.87	27.07	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.20	25.53	26.95	25.41	24.12	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	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	-5.26	8.55	29	-2.79	-39	1.32	69	169	250	308
Invested Capital Turnover	-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	8.10	14	21	-32	-36	40	68	100	80	58
Enterprise Value (EV)	351	516	488	828	2,295	8,011	8,250	3,384	7,011	20,011
Market Capitalization	540	613	483	863	2,612	8,496	8,834	3,921	7,526	20,899
Book Value per Share	$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	$3.70	$2.03	$0.47	$0.52	$3.59	$5.70	$6.91	$7.23	$6.37	$9.05
Total Capital	227	156	149	156	402	739	984	1,068	1,129	1,276
Total Debt	42	50	123	124	124	253	330	362	363	80
Total Long-Term Debt	0.00	0.00	73	73	74	202	280	282	283	0.00
Net Debt	-189	-98	4.25	-35	-317	-485	-584	-536	-516	-888
Capital Expenditures (CapEx)	7.39	23	9.87	3.88	4.97	20	41	48	39	66
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-19	-20	6.25	18	-48	-24	9.72	83	153	144
Debt-free Net Working Capital (DFNWC)	212	127	125	177	393	714	924	982	1,032	1,112
Net Working Capital (NWC)	170	78	75	127	343	664	874	901	951	1,032
Net Nonoperating Expense (NNE)	28	30	43	48	43	78	144	169	122	35
Net Nonoperating Obligations (NNO)	-190	-98	3.91	-35	-317	-485	-584	-536	-516	-888
Total Depreciation and Amortization (D&A)	5.85	7.62	8.15	8.13	9.13	15	20	23	26	31
Debt-free, Cash-free Net Working Capital to Revenue	-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	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	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	($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	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	($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	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	($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	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)	-42	-71	-95	-80	-81	-151	-328	-379	-312	-156
Normalized NOPAT Margin	-22.00%	-33.29%	-45.19%	-31.14%	-26.92%	-38.72%	-52.39%	-46.17%	-28.85%	-9.17%
Pre Tax Income Margin	-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	-23.55	-189.59	-32.12	-10.94	-10.88	-10.33	-56.37	-58.06	-35.31	-20.80
NOPAT to Interest Expense	-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	-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	-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%
Augmented Payout Ratio	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	33.22%	25.56%	24.53%	31.89%	27.38%	43.20%	52.11%	58.13%	63.90%	53.02%
EBITDA Growth	22.34%	-1.79%	-0.18%	22.46%	8.34%	42.82%	49.00%	66.37%	70.07%	27.14%
EBIT Growth	20.74%	-1.51%	-0.85%	21.43%	6.78%	40.37%	46.27%	60.95%	64.55%	23.42%
NOPAT Growth	20.74%	-1.51%	-0.85%	21.43%	6.78%	40.37%	46.27%	60.95%	64.55%	23.42%
Net Income Growth	19.69%	-1.43%	1.20%	23.66%	10.25%	45.27%	50.64%	66.19%	71.02%	31.09%
EPS Growth	23.31%	9.87%	15.17%	35.33%	24.00%	54.01%	54.47%	69.07%	72.63%	34.92%
Operating Cash Flow Growth	-12.29%	17.83%	40.92%	29.14%	70.95%	28.99%	133.29%	105.08%	274.37%	191.81%
Free Cash Flow Firm Growth	2.12%	-20.32%	-4.84%	12.71%	38.42%	30.02%	28.78%	26.38%	-19.33%	26.08%
Invested Capital Growth	163.50%	144.59%	66.18%	62.77%	22.86%	47.44%	36.79%	40.60%	53.07%	23.15%
Revenue Q/Q Growth	6.28%	3.14%	11.28%	8.13%	2.64%	15.95%	18.20%	12.40%	6.39%	8.26%
EBITDA Q/Q Growth	17.89%	-21.38%	3.32%	19.53%	2.94%	24.28%	13.77%	46.94%	13.62%	-84.36%
EBIT Q/Q Growth	16.80%	-19.08%	2.45%	18.71%	1.28%	23.83%	12.09%	40.92%	10.40%	-64.57%
NOPAT Q/Q Growth	16.80%	-19.08%	2.45%	18.71%	1.28%	23.83%	12.09%	40.92%	10.40%	-64.57%
Net Income Q/Q Growth	16.31%	-17.36%	3.95%	19.08%	1.60%	28.43%	13.37%	44.58%	15.67%	-70.20%
EPS Q/Q Growth	16.67%	-9.60%	10.22%	21.14%	2.06%	33.68%	11.11%	46.43%	13.33%	-57.69%
Operating Cash Flow Q/Q Growth	7.76%	20.66%	0.02%	3.16%	62.19%	-93.96%	146.45%	-85.22%	1,197.89%	2.13%
Free Cash Flow Firm Q/Q Growth	-0.71%	-4.94%	11.30%	6.88%	28.96%	-19.27%	9.74%	3.74%	-15.15%	26.12%
Invested Capital Q/Q Growth	25.49%	-1.46%	18.65%	10.94%	-5.28%	18.25%	10.07%	14.03%	3.12%	-4.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-53.45%	-62.90%	-54.65%	-40.67%	-38.46%	-25.12%	-18.32%	-8.65%	-7.02%	-11.96%
Operating Margin	-56.52%	-65.26%	-57.21%	-43.01%	-41.36%	-27.17%	-20.21%	-10.62%	-8.95%	-13.60%
EBIT Margin	-56.52%	-65.26%	-57.21%	-43.01%	-41.36%	-27.17%	-20.21%	-10.62%	-8.95%	-13.60%
Profit (Net Income) Margin	-57.67%	-65.63%	-56.64%	-42.39%	-40.64%	-25.08%	-18.38%	-9.06%	-7.18%	-11.30%
Tax Burden Percent	100.15%	100.30%	100.12%	99.75%	100.19%	100.25%	100.64%	102.44%	102.37%	97.54%
Interest Burden Percent	101.88%	100.27%	98.90%	98.81%	98.06%	92.08%	90.39%	83.30%	78.45%	85.15%
Effective Tax Rate	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)	-258.99%	-314.07%	-215.96%	-155.78%	-149.49%	-98.28%	-71.87%	-37.72%	-35.90%	-57.98%
ROIC Less NNEP Spread (ROIC-NNEP)	-250.35%	-306.34%	-206.75%	-146.35%	-141.27%	-94.69%	-68.65%	-36.22%	-35.18%	-56.78%
Return on Net Nonoperating Assets (RNNOA)	197.39%	252.56%	150.97%	95.74%	94.07%	67.72%	46.04%	22.66%	23.88%	40.64%
Return on Equity (ROE)	-61.60%	-61.52%	-64.99%	-60.04%	-55.42%	-30.56%	-25.82%	-15.06%	-12.02%	-17.34%
Cash Return on Invested Capital (CROIC)	-408.20%	-401.39%	-285.59%	-246.79%	-204.55%	-187.43%	-143.55%	-115.64%	-105.37%	-76.60%
Operating Return on Assets (OROA)	-37.80%	-40.69%	-40.31%	-34.60%	-33.31%	-20.74%	-17.53%	-10.45%	-9.02%	-14.88%
Return on Assets (ROA)	-38.57%	-40.92%	-39.91%	-34.10%	-32.72%	-19.15%	-15.94%	-8.92%	-7.25%	-12.36%
Return on Common Equity (ROCE)	-61.60%	-61.52%	-64.99%	-60.04%	-55.42%	-30.56%	-25.82%	-15.06%	-12.02%	-17.34%
Return on Equity Simple (ROE_SIMPLE)	-150.93%	0.00%	-83.95%	-85.85%	-63.64%	0.00%	-46.02%	-34.92%	-24.44%	0.00%
Net Operating Profit after Tax (NOPAT)	-83	-99	-97	-79	-78	-59	-52	-31	-28	-45
NOPAT Margin	-39.56%	-45.68%	-40.04%	-30.11%	-28.95%	-19.02%	-14.15%	-7.43%	-6.26%	-9.52%
Net Nonoperating Expense Percent (NNEP)	-8.63%	-7.73%	-9.21%	-9.43%	-8.21%	-3.58%	-3.22%	-1.50%	-0.72%	-1.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-9.29%	-	-	-	-5.24%	-	-	-	-3.55%
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%
SG&A Expenses to Revenue	70.11%	66.20%	61.89%	58.34%	57.67%	51.89%	52.83%	47.89%	48.70%	49.35%
R&D to Revenue	31.10%	40.47%	34.05%	29.91%	28.79%	26.67%	24.10%	21.56%	22.04%	27.19%
Operating Expenses to Revenue	156.52%	165.26%	157.21%	143.01%	141.36%	127.17%	120.21%	110.62%	108.95%	113.60%
Earnings before Interest and Taxes (EBIT)	-119	-142	-138	-112	-111	-85	-74	-44	-39	-65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-113	-137	-132	-106	-103	-78	-67	-36	-31	-57
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.75	5.56	9.67	9.33	6.46	9.83	13.91	15.90	17.87	17.48
Price to Tangible Book Value (P/TBV)	11.75	5.56	9.67	9.33	6.46	9.83	13.91	15.90	17.87	17.48
Price to Revenue (P/Rev)	5.48	4.78	7.25	5.97	5.13	6.95	9.14	9.77	10.25	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
Dividend Yield	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%
Enterprise Value to Invested Capital (EV/IC)	23.62	19.98	29.06	23.28	21.30	28.08	38.29	40.76	46.86	65.08
Enterprise Value to Revenue (EV/Rev)	5.23	4.13	6.73	5.57	4.55	6.48	8.71	9.39	9.89	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
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
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
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	601.70	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
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.92	0.51	0.56	0.61	0.46	0.47	0.46	0.44	0.42	0.07
Long-Term Debt to Equity	0.78	0.40	0.43	0.47	0.36	0.37	0.36	0.34	0.33	0.00
Financial Leverage	-0.79	-0.82	-0.73	-0.65	-0.67	-0.72	-0.67	-0.63	-0.68	-0.72
Leverage Ratio	2.07	1.94	2.07	2.22	2.14	1.93	1.93	1.93	1.83	1.58
Compound Leverage Factor	2.11	1.94	2.04	2.20	2.10	1.78	1.74	1.61	1.43	1.35
Debt to Total Capital	47.83%	33.90%	35.77%	37.83%	31.63%	32.19%	31.41%	30.32%	29.47%	6.30%
Short-Term Debt to Total Capital	7.24%	7.53%	7.94%	8.39%	7.01%	7.12%	6.94%	6.70%	6.46%	6.30%
Long-Term Debt to Total Capital	40.59%	26.38%	27.84%	29.44%	24.62%	25.07%	24.47%	23.62%	23.01%	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%
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%
Common Equity to Total Capital	52.17%	66.10%	64.23%	62.17%	68.37%	67.81%	68.59%	69.68%	70.53%	93.70%
Debt to EBITDA	-0.64	-0.70	-0.70	-0.74	-0.76	-0.87	-1.02	-1.28	-1.73	-0.42
Net Debt to EBITDA	0.37	1.04	0.87	0.77	1.20	1.23	1.46	1.84	2.62	4.65
Long-Term Debt to EBITDA	-0.55	-0.54	-0.54	-0.58	-0.59	-0.67	-0.80	-1.00	-1.35	0.00
Debt to NOPAT	-0.88	-0.96	-0.95	-1.01	-1.03	-1.16	-1.36	-1.66	-2.17	-0.52
Net Debt to NOPAT	0.50	1.42	1.18	1.04	1.63	1.65	1.94	2.38	3.28	5.71
Long-Term Debt to NOPAT	-0.75	-0.74	-0.74	-0.79	-0.80	-0.91	-1.06	-1.29	-1.69	0.00
Altman Z-Score	2.49	2.49	4.51	3.87	3.61	5.72	8.94	11.02	12.66	26.42
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.10	3.90	3.88	3.85	4.37	4.10	4.12	4.14	4.39	4.00
Quick Ratio	2.83	3.68	3.64	3.60	4.11	3.77	3.83	3.89	4.08	3.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-190	-199	-177	-165	-117	-140	-126	-121	-140	-103
Operating Cash Flow to CapEx	-837.48%	-685.95%	-712.72%	-891.52%	-331.57%	-573.07%	132.91%	34.17%	317.47%	291.90%
Free Cash Flow to Firm to Interest Expense	-81.53	-72.44	-57.77	-51.83	-35.97	-44.32	-40.31	-38.77	-44.43	-79.82
Operating Cash Flow to Interest Expense	-43.88	-29.48	-26.50	-24.72	-9.13	-18.30	8.64	1.28	16.48	40.93
Operating Cash Flow Less CapEx to Interest Expense	-49.12	-33.78	-30.22	-27.50	-11.89	-21.49	2.14	-2.46	11.29	26.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.62	0.70	0.80	0.81	0.76	0.87	0.98	1.01	1.09
Accounts Receivable Turnover	4.48	4.48	4.19	3.98	4.02	4.14	4.51	4.57	5.45	5.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	10.57	10.38	9.70	10.08	10.28	10.63	10.68	11.52	12.40	12.42
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	81.56	81.54	87.20	91.81	90.72	88.11	80.87	79.95	66.95	63.72
Days Inventory Outstanding (DIO)	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
Cash Conversion Cycle (CCC)	81.56	81.54	87.20	91.81	90.72	88.11	80.87	79.95	66.95	63.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	172	169	201	223	211	250	275	313	323	308
Invested Capital Turnover	6.55	6.88	5.39	5.17	5.16	5.17	5.08	5.07	5.73	6.09
Increase / (Decrease) in Invested Capital	107	100	80	86	39	80	74	90	112	58
Enterprise Value (EV)	4,059	3,384	5,840	5,189	4,498	7,011	10,525	12,775	15,146	20,011
Market Capitalization	4,249	3,921	6,290	5,562	5,071	7,526	11,045	13,298	15,701	20,899
Book Value per Share	$3.73	$7.23	$5.74	$5.22	$6.85	$6.37	$6.58	$6.81	$7.10	$9.05
Tangible Book Value per Share	$3.73	$7.23	$5.74	$5.22	$6.85	$6.37	$6.58	$6.81	$7.10	$9.05
Total Capital	693	1,068	1,013	959	1,148	1,129	1,158	1,201	1,246	1,276
Total Debt	331	362	362	363	363	363	364	364	367	80
Total Long-Term Debt	281	282	282	282	283	283	283	284	287	0.00
Net Debt	-190	-536	-450	-373	-574	-516	-519	-523	-555	-888
Capital Expenditures (CapEx)	12	12	11	8.81	8.96	10	20	12	16	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	91	83	107	133	121	153	153	181	179	144
Debt-free Net Working Capital (DFNWC)	612	982	919	869	1,058	1,032	1,036	1,068	1,102	1,112
Net Working Capital (NWC)	562	901	838	789	977	951	955	987	1,021	1,032
Net Nonoperating Expense (NNE)	38	43	40	32	31	19	16	6.73	4.06	8.45
Net Nonoperating Obligations (NNO)	-190	-536	-450	-373	-574	-516	-519	-523	-555	-888
Total Depreciation and Amortization (D&A)	6.47	5.11	6.18	6.11	7.79	6.40	6.93	8.15	8.46	7.81
Debt-free, Cash-free Net Working Capital to Revenue	11.76%	10.15%	12.32%	14.30%	12.26%	14.11%	12.66%	13.27%	11.70%	8.48%
Debt-free Net Working Capital to Revenue	78.93%	119.68%	105.88%	93.34%	106.99%	95.30%	85.71%	78.47%	71.91%	65.54%
Net Working Capital to Revenue	72.47%	109.89%	96.62%	84.71%	98.85%	87.87%	79.06%	72.56%	66.66%	60.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.25)	($1.37)	($1.23)	($0.97)	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)
Adjusted Weighted Average Basic Shares Outstanding	97.05M	98.41M	111.77M	113.69M	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M
Adjusted Diluted Earnings per Share	($1.25)	($1.37)	($1.23)	($0.97)	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)
Adjusted Weighted Average Diluted Shares Outstanding	97.05M	98.41M	111.77M	113.69M	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	97.60M	113.29M	114.30M	114.60M	120.15M	120.76M	122.80M	123.68M	132.02M	135.19M
Normalized Net Operating Profit after Tax (NOPAT)	-83	-99	-97	-79	-78	-59	-52	-31	-28	-45
Normalized NOPAT Margin	-39.56%	-45.68%	-40.04%	-30.11%	-28.95%	-19.02%	-14.15%	-7.43%	-6.26%	-9.52%
Pre Tax Income Margin	-57.58%	-65.43%	-56.58%	-42.50%	-40.56%	-25.02%	-18.27%	-8.85%	-7.02%	-11.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-51.10	-51.52	-45.18	-35.39	-34.13	-26.85	-23.79	-14.04	-12.52	-50.11
NOPAT to Interest Expense	-35.77	-36.06	-31.63	-24.77	-23.89	-18.80	-16.65	-9.83	-8.76	-35.08
EBIT Less CapEx to Interest Expense	-56.34	-55.81	-48.90	-38.16	-36.88	-30.05	-30.29	-17.77	-17.71	-64.13
NOPAT Less CapEx to Interest Expense	-41.01	-40.36	-35.34	-27.54	-26.64	-21.99	-23.15	-13.56	-13.96	-49.10
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%
Augmented Payout Ratio	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

Over the past two years, Natera (NASDAQ: NTRA) has shown a consistent trend of revenue growth coupled with persistent net losses across all quarters. Below is an analysis summarizing key financial trends and notable figures from Q3 2022 through Q4 2024.

Steady increase in total operating revenue from $210.6 million in Q3 2022 to $476.1 million in Q4 2024, indicating growing business scale.
Gross profit consistently matches total revenue, suggesting minimal or no cost of revenue reported, which may reflect the company's accounting practices or operating model.
Net cash from operating activities improved significantly, reaching $52.9 million in Q4 2024 compared to negative cash flow in Q4 2023, indicating better cash flow management.
Substantial sale/maturity of investments in most quarters, providing crucial liquidity to support operations and capital expenditures.
Cash & equivalents steadily increased from approximately $57 million in Q3 2022 to $893 million by Q3 2024, demonstrating strengthened liquidity position.
Operating expenses have risen in line with revenues, with selling, general & admin expenses and R&D expenses increasing significantly, reflecting investment in growth.
Interest & investment income generally surpasses interest expense, improving net other income and partially offsetting operating losses.
Free cash flow is occasionally negative due to heavy investments in property, plant, and equipment.
Total liabilities rose from $647 million in Q2 2023 to $712 million in Q3 2024, reflecting increased debt and operational liabilities.
Weighted average shares outstanding have gradually increased, resulting in some dilution for shareholders.
Despite revenue growth, Natera has not achieved profitability, reporting net losses each quarter, with Q4 2024 net loss at approximately $53.8 million.
Diluted earnings per share remained negative throughout, reaching -$0.41 in Q4 2024, indicating ongoing losses per share.
Total operating expenses have consistently exceeded total gross profit, causing negative operating income.
Cash interest paid remains notable, with interest expenses around $1-3 million per quarter, increasing financing costs.
Fluctuations in changes of operating assets and liabilities occasionally lead to volatility in cash from operations.

Summary: Natera is experiencing strong revenue growth and improving cash flow from operations, supported by active management of investments and financing activities. However, the company remains unprofitable, with persistent net losses and negative earnings per share. Investors should watch for continued top-line growth balanced against operating expenses and progress towards profitability.

10/06/25 08:05 PM 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 9 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 -$70.28 million in 2015. 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 9 years?

Over the last 9 years, Natera's total revenue changed from $190.36 million in 2015 to $1.70 billion in 2024, a change of 791.4%.

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 478.2% increase since 2015.

How much cash does Natera have?

In the past 9 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 9 years?

Over the last 9 years, Natera's book value per share changed from 3.70 in 2015 to 9.05 in 2024, a change of 145.0%.

Related Companies

This page (NASDAQ:NTRA) was last updated on 10/6/2025 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