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Natera (NTRA) Financials

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$186.86 -1.75 (-0.93%)
As of 10:18 AM Eastern
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Annual Income Statements for Natera

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

Quarterly Income Statements for Natera

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

Annual Cash Flow Statements for Natera

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

Quarterly Cash Flow Statements for Natera

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

Annual Balance Sheets for Natera

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

Quarterly Balance Sheets for Natera

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

Annual Metrics And Ratios for Natera

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%

Quarterly Metrics And Ratios for Natera

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%.



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