Go Pro
→ ALERT: Drop these 5 stocks before the market opens tomorrow! (From Weiss Ratings) (Ad)tc pixel Free NTRA Stock Alerts

Natera (NTRA) Financials

Natera logo
$318.35 -3.75 (-1.16%)
As of 08/10/2026 04:00 PM Eastern
Compare
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -70 -100 -138 -128 -125 -230 -472 -548 -435 -190 -208
Consolidated Net Income / (Loss)		 -70 -100 -138 -128 -125 -230 -472 -548 -435 -190 -208
Net Income / (Loss) Continuing Operations		 -70 -100 -138 -128 -125 -230 -472 -548 -435 -190 -208
Total Pre-Tax Income 		-70 -100 -137 -128 -123 -230 -471 -547 -435 -190 -268
Total Operating Income		 -60 -101 -135 -115 -116 -216 -468 -541 -446 -222 -310
Total Gross Profit		 78 78 74 92 127 391 625 820 493 1,023 1,493
Total Revenue		 190 213 210 258 302 391 625 820 1,083 1,697 2,306
Operating Revenue		 190 213 210 258 302 391 625 820 1,083 1,697 2,306
Total Cost of Revenue		 113 134 136 166 175 0.00 0.00 0.00 590 674 813
Operating Cost of Revenue		 113 134 136 166 175 0.00 0.00 0.00 590 674 813
Total Operating Expenses		 137 179 209 206 243 607 1,094 1,361 939 1,245 1,801
Selling, General & Admin Expense		 110 136 155 155 206 304 511 589 618 841 1,177
Research & Development Expense		 28 42 50 51 51 100 264 316 321 404 624
Total Other Income / (Expense), net		 -10 0.87 -1.83 -13 -6.54 -13 -2.92 -5.78 12 33 42
Interest Expense		 2.54 0.53 4.21 10 11 21 8.31 9.32 13 11 4.07
Interest & Investment Income		 -7.90 1.40 2.38 -2.73 4.15 7.56 5.38 3.54 24 43 46
Income Tax Expense		 - 0.14 0.45 0.32 2.00 0.10 0.62 0.98 0.27 0.70 -60
Basic Earnings per Share		 ($2.68) ($1.95) ($2.58) ($2.22) ($1.79) ($2.84) ($5.21) ($5.57) ($3.78) ($1.53) ($1.52)
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 136.72M
Diluted Earnings per Share		 ($2.68) ($1.95) ($2.59) ($2.22) ($1.79) ($2.84) ($5.21) ($5.57) ($3.78) ($1.53) ($1.52)
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 136.72M
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 141.73M

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -78 -68 -37 -32 -54 -67 -101 -88 47 -86 -67
Consolidated Net Income / (Loss)		 -78 -68 -37 -32 -54 -67 -101 -88 47 -85 -67
Net Income / (Loss) Continuing Operations		 -78 -68 -37 -32 -54 -67 -101 -88 47 -86 -67
Total Pre-Tax Income 		-78 -67 -37 -31 -55 -67 -101 -87 -13 -85 -67
Total Operating Income		 -85 -74 -44 -39 -65 -79 -110 -98 -23 -94 -76
Total Gross Profit		 311 368 413 272 476 317 347 384 445 451 485
Total Revenue		 311 368 413 440 476 502 547 592 666 697 753
Operating Revenue		 311 368 413 440 476 502 547 592 666 697 753
Total Cost of Revenue		 - 0.00 0.00 168 - 185 200 208 220 246 268
Operating Cost of Revenue		 - 0.00 0.00 168 - 185 200 208 220 246 268
Total Operating Expenses		 396 442 457 311 541 396 457 482 466 546 561
Selling, General & Admin Expense		 161 194 198 214 235 267 311 309 291 328 327
Research & Development Expense		 83 89 89 97 129 129 146 173 175 211 228
Amortization Expense		 - - - - - 0.30 0.00 - - 7.10 5.70
Total Other Income / (Expense), net		 6.70 7.14 7.33 8.48 9.61 12 9.71 10 9.46 8.71 8.56
Interest Expense		 3.15 3.12 3.13 3.14 1.29 1.01 1.03 1.05 0.99 0.89 0.89
Other Income / (Expense), net		 - - - - - 13 11 - - 9.60 9.45
Income Tax Expense		 0.19 0.43 0.89 0.73 -1.36 0.17 0.28 0.21 -61 0.28 -0.26
Basic Earnings per Share		 ($0.63) ($0.56) ($0.30) ($0.26) ($0.41) ($0.50) ($0.74) ($0.64) $0.36 ($0.60) ($0.47)
Weighted Average Basic Shares Outstanding		 115.00M 120.81M 122.85M 123.78M 124.72M 134.75M 136.39M 137.19M 136.72M 141.50M 143.28M
Diluted Earnings per Share		 ($0.63) ($0.56) ($0.30) ($0.26) ($0.41) ($0.50) ($0.74) ($0.64) $0.36 ($0.60) ($0.47)
Weighted Average Diluted Shares Outstanding		 115.00M 120.81M 122.85M 123.78M 124.72M 134.75M 136.39M 137.19M 136.72M 141.50M 143.28M
Weighted Average Basic & Diluted Shares Outstanding		 120.76M 122.80M 123.68M 132.02M 135.19M 136.55M 137.25M 138.01M 141.73M 143.22M 144.14M

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
Net Change in Cash & Equivalents		 -58 -14 -3.67 38 11 -13 36 381 176 303 131
Net Cash From Operating Activities		 -38 -74 -98 -71 -63 -183 -335 -432 -247 136 215
Net Cash From Continuing Operating Activities		 -38 -74 -98 -71 -63 -183 -335 -432 -247 136 215
Net Income / (Loss) Continuing Operations		 -70 -100 -138 -128 -125 -230 -472 -548 -435 -190 -208
Consolidated Net Income / (Loss)		 -70 -100 -138 -128 -125 -230 -472 -548 -435 -190 -208
Depreciation Expense		 5.54 6.18 7.14 7.50 7.73 8.61 11 17 24 31 42
Amortization Expense		 0.32 1.45 1.01 0.63 1.40 5.91 9.04 6.10 2.38 0.37 1.75
Non-Cash Adjustments To Reconcile Net Income		 17 16 12 22 25 72 162 167 205 276 354
Changes in Operating Assets and Liabilities, net		 9.35 2.34 20 27 27 -39 -46 -74 -44 19 26
Net Cash From Investing Activities		 -211 47 14 -5.16 -266 -331 -205 330 168 138 -132
Net Cash From Continuing Investing Activities		 -211 47 14 -5.16 -266 -331 -205 330 168 138 -132
Purchase of Property, Plant & Equipment		 -7.85 -23 -9.87 -3.88 -4.97 -20 -41 -48 -39 -66 -106
Acquisitions		 - - - - 0.00 0.00 -8.56 0.00 0.00 -10 -49
Purchase of Investments		 -203 -54 -273 -170 -447 -685 -876 -87 -98 -122 0.00
Sale and/or Maturity of Investments		 - 124 296 169 176 373 720 465 306 339 23
Other Investing Activities, net		 - - - - - - - 0.00 0.00 -2.67 0.00
Net Cash From Financing Activities		 190 13 80 114 341 501 576 483 254 30 47
Net Cash From Continuing Financing Activities		 190 13 80 114 341 501 576 483 254 30 47
Repayment of Debt		 -33 -1.00 -0.29 0.00 0.00 -79 - 0.00 0.00 -0.08 0.00
Repurchase of Common Equity		 - - - - - - - - 0.00 0.00 -0.11
Issuance of Common Equity		 180 2.59 3.34 100 328 278 564 446 251 17 25
Other Financing Activities, net		 1.45 3.60 2.32 13 13 24 12 6.41 3.89 13 23
Cash Interest Paid		 2.06 - 3.57 7.91 12 3.30 7.08 8.06 11 7.90 4.07
Cash Income Taxes Paid		 - - 0.18 0.33 2.15 0.07 0.28 0.55 0.30 1.31 0.50

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -27 172 -17 96 53 28 26 41 35 12 3.57
Net Cash From Operating Activities		 -58 27 3.99 52 53 44 38 59 74 40 55
Net Cash From Continuing Operating Activities		 -58 27 3.99 52 53 45 38 59 74 40 55
Net Income / (Loss) Continuing Operations		 -78 -68 -37 -32 -54 -67 -101 -88 47 -85 -67
Consolidated Net Income / (Loss)		 -78 -68 -37 -32 -54 -67 -101 -88 47 -85 -67
Depreciation Expense		 6.91 7.06 7.92 8.20 7.79 9.24 9.86 10 12 15 15
Amortization Expense		 -0.52 -0.13 0.23 0.26 0.02 0.31 0.01 0.01 1.72 7.10 4.30
Non-Cash Adjustments To Reconcile Net Income		 57 64 67 73 72 74 93 91 96 95 106
Changes in Operating Assets and Liabilities, net		 -43 23 -34 1.94 27 28 36 46 -84 8.89 -4.43
Net Cash From Investing Activities		 24 138 -32 43 -11 -17 -24 -20 -72 -32 -63
Net Cash From Continuing Investing Activities		 24 138 -32 43 -11 -17 -24 -20 -72 -32 -63
Purchase of Property, Plant & Equipment		 -10 -20 -12 -16 -18 -22 -26 -22 -36 -22 -63
Net Cash From Financing Activities		 6.85 6.47 11 1.72 11 0.54 13 1.94 32 3.76 12
Net Cash From Continuing Financing Activities		 6.85 6.47 11 1.72 11 0.54 13 1.94 32 3.76 12
Other Financing Activities, net		 0.39 6.47 2.18 1.72 2.62 0.54 0.34 1.94 20 3.86 -4.22
Cash Interest Paid		 4.44 1.18 4.41 1.19 1.11 1.01 1.03 1.04 0.99 0.89 0.89

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 12/31/2025
Total Assets		 265 211 215 268 583 932 1,236 1,394 1,442 1,661 2,398
Total Current Assets		 251 174 181 241 523 863 1,093 1,212 1,259 1,376 1,497
Cash & Equivalents		 29 15 13 46 62 49 84 466 642 946 1,076
Accounts Receivable		 5.86 13 44 62 53 79 122 244 278 314 297
Inventories, net		 8.09 6.41 9.00 14 12 20 27 35 41 45 68
Prepaid Expenses		 5.34 7.10 8.61 6.20 16 27 30 34 61 49 56
Plant, Property, & Equipment, net		 13 32 30 24 23 33 66 92 111 162 241
Total Noncurrent Assets		 1.80 4.28 4.32 3.32 36 36 78 90 72 123 660
Goodwill		 - - - - - - - - - 0.00 141
Intangible Assets		 - - - - - - - - - 11 374
Other Noncurrent Operating Assets		 1.12 3.93 3.98 3.32 36 36 78 90 72 112 145
Total Liabilities & Shareholders' Equity		 265 211 215 268 583 932 1,236 1,394 1,442 1,661 2,398
Total Liabilities		 80 104 189 236 304 446 583 689 676 465 686
Total Current Liabilities		 80 96 106 114 180 199 219 310 307 344 441
Short-Term Debt		 42 50 50 50 50 50 50 80 80 80 102
Accounts Payable		 7.33 11 8.53 15 8.60 8.10 27 31 15 35 33
Current Deferred Revenue		 0.14 0.57 1.42 4.13 56 50 7.40 11 17 20 25
Current Employee Benefit Liabilities		 8.55 11 9.60 13 16 30 41 44 46 62 93
Other Current Liabilities		 3.65 3.79 2.64 - - 60 93 144 149 147 189
Total Noncurrent Liabilities		 0.00 7.79 84 122 124 247 364 378 369 121 245
Noncurrent Deferred Revenue		 - 7.79 9.24 49 24 23 21 20 19 17 17
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - - 0.00 0.70
Other Noncurrent Operating Liabilities		 - - 1.33 - 27 22 63 77 67 104 227
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		 185 106 25 32 279 486 653 706 765 1,195 1,712
Total Preferred & Common Equity		 185 106 25 32 279 486 653 706 765 1,195 1,712
Total Common Equity		 185 106 25 32 279 486 653 706 765 1,195 1,712
Common Stock		 436 453 473 607 977 1,411 2,050 2,665 3,146 3,764 4,489
Retained Earnings		 -250 -346 -446 -575 -699 -929 -1,395 -1,943 -2,377 -2,568 -2,776
Accumulated Other Comprehensive Income / (Loss)		 -1.42 -0.73 -0.77 -0.55 0.92 4.26 -2.29 -16 -3.09 -0.34 -0.26

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 1,319 1,248 1,447 1,468 1,517 1,591 1,732 1,757 1,821 2,614 2,657
Total Current Assets		 1,129 1,066 1,267 1,261 1,302 1,323 1,416 1,432 1,447 1,652 1,659
Cash & Equivalents		 403 381 669 814 797 893 974 1,000 1,041 1,088 1,092
Accounts Receivable		 247 260 255 289 336 307 318 309 286 418 422
Inventories, net		 41 43 42 43 41 49 50 54 65 71 80
Prepaid Expenses		 30 27 33 47 38 45 56 52 54 76 65
Plant, Property, & Equipment, net		 101 103 105 126 133 142 180 189 206 269 318
Total Noncurrent Assets		 89 79 74 81 82 126 136 136 168 693 681
Goodwill		 - - - - - - - - - 141 141
Intangible Assets		 - - - - - - - - - 367 360
Other Noncurrent Operating Assets		 89 79 74 81 82 126 136 136 168 185 180
Total Liabilities & Shareholders' Equity		 1,319 1,248 1,447 1,468 1,517 1,591 1,732 1,757 1,821 2,614 2,657
Total Liabilities		 668 652 662 674 680 712 493 511 569 840 836
Total Current Liabilities		 291 277 290 306 315 301 366 385 442 558 553
Short-Term Debt		 80 80 80 80 80 80 80 80 80 103 103
Accounts Payable		 36 21 21 26 33 28 39 37 46 62 75
Current Deferred Revenue		 17 16 15 18 18 18 21 22 22 37 41
Current Employee Benefit Liabilities		 39 34 39 40 41 49 47 55 77 144 106
Other Current Liabilities		 119 126 134 142 141 126 178 191 216 213 228
Total Noncurrent Liabilities		 377 375 372 368 366 411 127 126 127 282 283
Noncurrent Deferred Revenue		 22 22 21 21 21 26 24 23 23 17 16
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - - 0.70 0.70
Other Noncurrent Operating Liabilities		 74 71 68 64 61 99 103 103 104 264 266
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		 651 596 785 794 837 879 1,240 1,246 1,252 1,774 1,821
Total Preferred & Common Equity		 651 596 785 794 837 879 1,240 1,246 1,252 1,774 1,821
Total Common Equity		 651 596 785 794 837 879 1,240 1,246 1,252 1,774 1,821
Common Stock		 2,742 2,796 3,089 3,241 3,320 3,393 3,875 3,982 4,076 4,635 4,750
Retained Earnings		 -2,080 -2,190 -2,299 -2,445 -2,482 -2,514 -2,635 -2,736 -2,823 -2,861 -2,928
Accumulated Other Comprehensive Income / (Loss)		 -12 -9.20 -5.40 -2.19 -1.36 -0.77 -0.20 -0.29 -0.19 -0.20 -0.11

Annual Metrics And Ratios for Natera

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 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 19.50% 11.64% -1.36% 22.91% 17.34% 29.33% 59.97% 31.13% 31.99% 56.75% 35.90%
EBITDA Growth		 -1,028.73% -73.06% -36.13% 16.27% -0.62% -88.28% -121.99% -15.71% 19.00% 54.51% -39.51%
EBIT Growth		 -9,098.20% -68.87% -33.93% 15.30% -1.45% -85.99% -116.47% -15.56% 17.52% 50.19% -39.41%
NOPAT Growth		 -9,098.20% -68.87% -33.93% 15.30% -1.45% -85.99% -116.47% -15.56% 17.52% 50.19% -39.41%
Net Income Growth		 -1,264.03% -42.76% -37.18% 6.88% 2.60% -84.05% -105.32% -16.13% 20.63% 56.20% -9.31%
EPS Growth		 -150.47% 27.24% -32.82% 14.29% 19.37% -58.66% -83.45% -6.91% 32.14% 59.52% 0.65%
Operating Cash Flow Growth		 -460.65% -95.74% -32.10% 27.85% 10.11% -187.67% -83.68% -28.72% 42.77% 154.93% 58.70%
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% -203.45%
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% 140.05%
Revenue Q/Q Growth		 0.00% -3.70% 3.61% 6.14% 5.69% 8.05% 10.74% 5.70% 9.49% 10.77% 8.95%
EBITDA Q/Q Growth		 0.00% -34.74% -3.73% 13.64% -4.49% -22.31% -17.01% -0.47% 12.23% 10.00% 15.33%
EBIT Q/Q Growth		 0.00% -32.75% -3.33% 12.85% -4.57% -22.11% -16.32% -0.39% 11.37% 8.18% 11.92%
NOPAT Q/Q Growth		 0.00% -32.75% -3.33% 12.85% -4.57% -22.11% -16.32% -0.39% 11.37% 8.18% 11.92%
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% 32.68%
EPS Q/Q Growth		 0.00% -195.12% -1.97% 14.29% 3.24% -20.34% -13.02% 2.62% 16.37% 12.57% 33.62%
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% 10.81%
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% -203.77%
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% 154.46%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 40.72% 36.71% 35.36% 35.55% 41.96% 100.00% 100.00% 100.00% 100.00% 100.00% 64.75%
EBITDA Margin		 -28.36% -43.96% -60.67% -41.33% -35.44% -51.60% -71.61% -63.18% -38.78% -11.25% -11.55%
Operating Margin		 -31.44% -47.55% -64.56% -44.49% -38.46% -55.31% -74.85% -65.96% -41.22% -13.10% -13.44%
EBIT Margin		 -31.44% -47.55% -64.56% -44.49% -38.46% -55.31% -74.85% -65.96% -41.22% -13.10% -13.44%
Profit (Net Income) Margin		 -36.92% -47.21% -65.65% -49.74% -41.29% -58.76% -75.42% -66.79% -40.16% -11.22% -9.03%
Tax Burden Percent		 100.00% 100.14% 100.33% 100.25% 101.63% 100.04% 100.13% 100.18% 100.06% 100.37% 77.65%
Interest Burden Percent		 117.44% 99.14% 101.35% 111.52% 105.62% 106.18% 100.62% 101.07% 97.37% 85.35% 86.51%
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% -4,302.62% -500.26% -604.83% 0.00% 0.00% -928.89% -317.47% -149.08% -55.85% -41.49%
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% -42.43%
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% 27.17%
Return on Equity (ROE)		 -55.33% -68.90% -208.70% -445.14% -80.31% -60.07% -82.79% -80.62% -59.11% -19.42% -14.32%
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% -123.86%
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% -15.27%
Return on Assets (ROA)		 -36.14% -42.16% -64.72% -53.09% -29.34% -30.33% -43.50% -41.64% -30.66% -12.28% -10.26%
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% -14.32%
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% 0.00%
Net Operating Profit after Tax (NOPAT)		 -42 -71 -95 -80 -81 -151 -328 -379 -312 -156 -217
NOPAT Margin		 -22.00% -33.29% -45.19% -31.14% -26.92% -38.72% -52.39% -46.17% -28.85% -9.17% -9.41%
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% 0.94%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -35.47% -27.68% -12.20% -11.96%
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% 35.25%
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% 51.05%
R&D to Revenue		 14.56% 19.70% 23.88% 19.93% 16.99% 25.58% 42.24% 38.58% 29.62% 23.82% 27.06%
Operating Expenses to Revenue		 72.15% 84.26% 99.92% 80.04% 80.42% 155.31% 174.85% 165.96% 141.22% 113.10% 78.11%
Earnings before Interest and Taxes (EBIT)		 -60 -101 -135 -115 -116 -216 -468 -541 -446 -222 -310
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -54 -93 -127 -106 -107 -202 -448 -518 -420 -191 -266
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 18.46
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 26.40
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 13.71
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 60.33 16.63 0.00 0.00 6,059.83 119.15 19.98 28.08 65.08 41.51
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 13.29
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 0.00 147.50 142.33
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		 0.23 0.47 4.85 3.84 0.44 0.52 0.51 0.51 0.47 0.07 0.06
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 0.00
Financial Leverage		 -1.07 -0.99 -0.71 -0.54 -1.13 -1.05 -0.94 -0.82 -0.72 -0.72 -0.64
Leverage Ratio		 1.53 1.63 3.22 8.38 2.74 1.98 1.90 1.94 1.93 1.58 1.40
Compound Leverage Factor		 1.80 1.62 3.27 9.35 2.89 2.10 1.92 1.96 1.88 1.35 1.21
Debt to Total Capital		 18.55% 31.79% 82.90% 79.34% 30.75% 34.18% 33.59% 33.90% 32.19% 6.30% 5.62%
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% 5.62%
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% 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		 81.45% 68.21% 17.11% 20.66% 69.25% 65.82% 66.41% 66.10% 67.81% 93.70% 94.38%
Debt to EBITDA		 -0.78 -0.53 -0.97 -1.16 -1.16 -1.25 -0.74 -0.70 -0.87 -0.42 -0.38
Net Debt to EBITDA		 3.51 1.04 -0.03 0.33 2.96 2.40 1.30 1.04 1.23 4.65 3.66
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 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 -0.47
Net Debt to NOPAT		 4.52 1.38 -0.04 0.44 3.90 3.20 1.78 1.42 1.65 5.71 4.49
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 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 27.10
Noncontrolling Interest Sharing Ratio		 94.71% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.12 1.81 1.71 2.11 2.91 4.33 4.99 3.90 4.10 4.00 3.39
Quick Ratio		 2.94 1.65 1.54 1.90 2.75 4.10 4.73 3.68 3.77 3.73 3.11
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -50 -85 -116 -48 -46 -191 -396 -479 -393 -213 -648
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% 202.75%
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 -159.16
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 52.91
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 26.82
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.98 0.89 0.99 1.07 0.71 0.52 0.58 0.62 0.76 1.09 1.14
Accounts Receivable Turnover		 32.25 22.07 7.29 4.85 5.23 5.93 6.23 4.48 4.14 5.73 7.55
Inventory Turnover		 11.49 18.54 17.58 14.68 13.48 0.00 0.00 0.00 0.00 0.00 14.36
Fixed Asset Turnover		 13.95 9.45 6.77 9.54 12.70 13.81 12.65 10.38 10.63 12.42 11.44
Accounts Payable Turnover		 13.93 14.30 13.55 14.37 15.13 0.00 0.00 0.00 0.00 0.00 23.88
Days Sales Outstanding (DSO)		 11.32 16.54 50.05 75.30 69.77 61.57 58.54 81.54 88.11 63.72 48.33
Days Inventory Outstanding (DIO)		 31.76 19.69 20.76 24.87 27.07 0.00 0.00 0.00 0.00 0.00 25.41
Days Payable Outstanding (DPO)		 26.20 25.53 26.95 25.41 24.12 0.00 0.00 0.00 0.00 0.00 15.28
Cash Conversion Cycle (CCC)		 16.87 10.70 43.86 74.77 72.72 61.57 58.54 81.54 88.11 63.72 58.46
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -5.26 8.55 29 -2.79 -39 1.32 69 169 250 308 738
Invested Capital Turnover		 -20.44 129.27 11.07 19.42 -14.62 -21.00 17.73 6.88 5.17 6.09 4.41
Increase / (Decrease) in Invested Capital		 8.10 14 21 -32 -36 40 68 100 80 58 431
Enterprise Value (EV)		 351 516 488 828 2,295 8,011 8,250 3,384 7,011 20,011 30,643
Market Capitalization		 540 613 483 863 2,612 8,496 8,834 3,921 7,526 20,899 31,618
Book Value per Share		 $3.70 $2.03 $0.47 $0.52 $3.59 $5.70 $6.91 $7.23 $6.37 $9.05 $12.41
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 $8.68
Total Capital		 227 156 149 156 402 739 984 1,068 1,129 1,276 1,814
Total Debt		 42 50 123 124 124 253 330 362 363 80 102
Total Long-Term Debt		 0.00 0.00 73 73 74 202 280 282 283 0.00 0.00
Net Debt		 -189 -98 4.25 -35 -317 -485 -584 -536 -516 -888 -974
Capital Expenditures (CapEx)		 7.39 23 9.87 3.88 4.97 20 41 48 39 66 106
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -19 -20 6.25 18 -48 -24 9.72 83 153 144 81
Debt-free Net Working Capital (DFNWC)		 212 127 125 177 393 714 924 982 1,032 1,112 1,158
Net Working Capital (NWC)		 170 78 75 127 343 664 874 901 951 1,032 1,056
Net Nonoperating Expense (NNE)		 28 30 43 48 43 78 144 169 122 35 -8.78
Net Nonoperating Obligations (NNO)		 -190 -98 3.91 -35 -317 -485 -584 -536 -516 -888 -974
Total Depreciation and Amortization (D&A)		 5.85 7.62 8.15 8.13 9.13 15 20 23 26 31 44
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% 3.53%
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% 50.20%
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% 45.78%
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) ($1.52)
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 136.72M
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) ($1.52)
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 136.72M
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 $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 141.73M
Normalized Net Operating Profit after Tax (NOPAT)		 -42 -71 -95 -80 -81 -151 -328 -379 -312 -156 -217
Normalized NOPAT Margin		 -22.00% -33.29% -45.19% -31.14% -26.92% -38.72% -52.39% -46.17% -28.85% -9.17% -9.41%
Pre Tax Income Margin		 -36.92% -47.14% -65.44% -49.61% -40.63% -58.73% -75.32% -66.67% -40.14% -11.18% -11.63%
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 -76.16
NOPAT to Interest Expense		 -16.48 -132.71 -22.49 -7.66 -7.61 -7.23 -39.46 -40.64 -24.72 -14.56 -53.31
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 -102.26
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 -79.41
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% -0.05%

Quarterly Metrics And Ratios for Natera

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 141,731,250.00 143,215,382.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 141,731,250.00 143,215,382.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.61 -0.47
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 43.20% 52.11% 58.13% 63.90% 53.02% 36.46% 32.24% 34.66% 39.79% 38.82% 37.72%
EBITDA Growth		 42.82% 49.00% 66.37% 70.07% 27.14% -3.78% -181.10% -182.60% 84.74% -10.83% 48.31%
EBIT Growth		 40.37% 46.27% 60.95% 64.55% 23.42% -6.54% -151.41% -148.05% 64.80% -27.61% 33.42%
NOPAT Growth		 40.37% 46.27% 60.95% 64.55% 23.42% -6.54% -151.41% -148.05% 64.80% -18.11% 31.33%
Net Income Growth		 45.27% 50.64% 66.19% 71.02% 31.09% 0.98% -169.43% -177.11% 187.89% -27.12% 33.65%
EPS Growth		 54.01% 54.47% 69.07% 72.63% 34.92% 10.71% -146.67% -146.15% 187.80% -20.00% 36.49%
Operating Cash Flow Growth		 28.99% 133.29% 105.08% 274.37% 191.81% 64.63% 841.70% 14.68% 39.71% -9.63% 45.83%
Free Cash Flow Firm Growth		 30.02% 28.78% 26.38% -19.33% 26.08% 13.45% 38.65% 74.79% -333.08% -382.38% -674.03%
Invested Capital Growth		 47.44% 36.79% 40.60% 53.07% 23.15% 19.49% -0.92% -10.25% 140.05% 140.16% 168.29%
Revenue Q/Q Growth		 15.95% 18.20% 12.40% 6.39% 8.26% 5.41% 8.92% 8.34% 12.38% 4.68% 8.05%
EBITDA Q/Q Growth		 24.28% 13.77% 46.94% 13.62% -84.36% -22.83% -43.72% 13.17% 90.04% -616.90% 25.27%
EBIT Q/Q Growth		 23.83% 12.09% 40.92% 10.40% -64.57% -22.30% -39.40% 11.59% 76.65% -268.28% 20.94%
NOPAT Q/Q Growth		 23.83% 12.09% 40.92% 10.40% -64.57% -22.30% -39.40% 11.59% 76.65% -310.41% 18.95%
Net Income Q/Q Growth		 28.43% 13.37% 44.58% 15.67% -70.20% -24.48% -50.80% 13.27% 153.98% -280.06% 21.30%
EPS Q/Q Growth		 33.68% 11.11% 46.43% 13.33% -57.69% -21.95% -48.00% 13.51% 156.25% -266.67% 21.67%
Operating Cash Flow Q/Q Growth		 -93.96% 146.45% -85.22% 1,197.89% 2.13% -15.95% -15.47% 58.05% 24.42% -45.63% 36.40%
Free Cash Flow Firm Q/Q Growth		 -19.27% 9.74% 3.74% -15.15% 26.12% -5.69% 31.77% 52.69% -1,169.34% -17.72% -9.48%
Invested Capital Q/Q Growth		 18.25% 10.07% 14.03% 3.12% -4.86% 6.80% -5.45% -6.58% 154.46% 6.85% 5.62%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 64.91% 66.93% 64.72% 64.46%
EBITDA Margin		 -25.12% -18.32% -8.65% -7.02% -11.96% -13.94% -18.39% -14.74% -1.31% -8.94% -6.19%
Operating Margin		 -27.17% -20.21% -10.62% -8.95% -13.60% -15.78% -20.19% -16.48% -3.42% -13.42% -10.07%
EBIT Margin		 -27.17% -20.21% -10.62% -8.95% -13.60% -15.78% -20.19% -16.48% -3.42% -12.05% -8.81%
Profit (Net Income) Margin		 -25.08% -18.38% -9.06% -7.18% -11.30% -13.34% -18.47% -14.78% 7.10% -12.21% -8.90%
Tax Burden Percent		 100.25% 100.64% 102.44% 102.37% 97.54% 100.26% 100.27% 100.24% -354.63% 100.33% 99.61%
Interest Burden Percent		 92.08% 90.39% 83.30% 78.45% 85.15% 84.32% 91.20% 89.51% 58.48% 101.06% 101.34%
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)		 -98.28% -71.87% -37.72% -35.90% -57.98% -67.04% -89.00% -79.62% -10.57% -42.07% -33.37%
ROIC Less NNEP Spread (ROIC-NNEP)		 -94.69% -68.65% -36.22% -35.18% -56.78% -65.43% -85.75% -77.08% -17.36% -40.00% -31.92%
Return on Net Nonoperating Assets (RNNOA)		 67.72% 46.04% 22.66% 23.88% 40.64% 46.02% 60.06% 54.89% 11.12% 25.17% 20.02%
Return on Equity (ROE)		 -30.56% -25.82% -15.06% -12.02% -17.34% -21.02% -28.94% -24.72% 0.55% -16.90% -13.35%
Cash Return on Invested Capital (CROIC)		 -187.43% -143.55% -115.64% -105.37% -76.60% -70.48% -64.96% -69.52% -123.86% -123.04% -126.85%
Operating Return on Assets (OROA)		 -20.74% -17.53% -10.45% -9.02% -14.88% -18.05% -24.23% -20.44% -3.89% -13.86% -10.81%
Return on Assets (ROA)		 -19.15% -15.94% -8.92% -7.25% -12.36% -15.26% -22.16% -18.34% 8.07% -14.06% -10.91%
Return on Common Equity (ROCE)		 -30.56% -25.82% -15.06% -12.02% -17.34% -21.02% -28.94% -24.72% 0.55% -16.90% -13.35%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -46.02% -34.92% -24.44% 0.00% -15.31% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -59 -52 -31 -28 -45 -55 -77 -68 -16 -65 -53
NOPAT Margin		 -19.02% -14.15% -7.43% -6.26% -9.52% -11.04% -14.13% -11.53% -2.40% -9.40% -7.05%
Net Nonoperating Expense Percent (NNEP)		 -3.58% -3.22% -1.50% -0.72% -1.20% -1.61% -3.25% -2.54% 6.79% -2.07% -1.45%
Return On Investment Capital (ROIC_SIMPLE)		 -5.24% - - - -3.55% -4.20% -5.82% -5.13% -0.88% -3.49% -2.76%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 35.09% 33.07% 35.29% 35.54%
SG&A Expenses to Revenue		 51.89% 52.83% 47.89% 48.70% 49.35% 53.18% 56.81% 52.10% 43.77% 47.07% 43.47%
R&D to Revenue		 26.67% 24.10% 21.56% 22.04% 27.19% 25.72% 26.79% 29.28% 26.33% 30.25% 30.30%
Operating Expenses to Revenue		 127.17% 120.21% 110.62% 108.95% 113.60% 115.78% 120.19% 81.39% 70.10% 78.34% 74.52%
Earnings before Interest and Taxes (EBIT)		 -85 -74 -44 -39 -65 -79 -110 -98 -23 -84 -66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -78 -67 -36 -31 -57 -70 -101 -87 -8.69 -62 -47
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 9.83 13.91 15.90 17.87 17.48 15.42 18.51 17.64 18.46 15.98 21.34
Price to Tangible Book Value (P/TBV)		 9.83 13.91 15.90 17.87 17.48 15.42 18.51 17.64 26.40 22.39 29.45
Price to Revenue (P/Rev)		 6.95 9.14 9.77 10.25 12.32 10.44 11.74 10.44 13.71 11.33 14.36
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)		 28.08 38.29 40.76 46.86 65.08 55.43 71.27 72.84 41.51 34.69 45.48
Enterprise Value to Revenue (EV/Rev)		 6.48 8.71 9.39 9.89 11.79 9.94 11.27 9.98 13.29 10.94 14.00
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 0.00 601.70 147.50 118.90 118.55 108.75 142.33 129.65 166.00
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		 0.47 0.46 0.44 0.42 0.07 0.06 0.06 0.06 0.06 0.06 0.06
Long-Term Debt to Equity		 0.37 0.36 0.34 0.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.72 -0.67 -0.63 -0.68 -0.72 -0.70 -0.70 -0.71 -0.64 -0.63 -0.63
Leverage Ratio		 1.93 1.93 1.93 1.83 1.58 1.57 1.57 1.60 1.40 1.44 1.44
Compound Leverage Factor		 1.78 1.74 1.61 1.43 1.35 1.33 1.43 1.43 0.82 1.46 1.46
Debt to Total Capital		 32.19% 31.41% 30.32% 29.47% 6.30% 6.09% 6.06% 6.03% 5.62% 5.47% 5.36%
Short-Term Debt to Total Capital		 7.12% 6.94% 6.70% 6.46% 6.30% 6.09% 6.06% 6.03% 5.62% 5.47% 5.36%
Long-Term Debt to Total Capital		 25.07% 24.47% 23.62% 23.01% 0.00% 0.00% 0.00% 0.00% 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		 67.81% 68.59% 69.68% 70.53% 93.70% 93.91% 93.94% 93.97% 94.38% 94.53% 94.64%
Debt to EBITDA		 -0.87 -1.02 -1.28 -1.73 -0.42 -0.42 -0.31 -0.26 -0.38 -0.38 -0.46
Net Debt to EBITDA		 1.23 1.46 1.84 2.62 4.65 4.71 3.62 3.06 3.66 3.67 4.42
Long-Term Debt to EBITDA		 -0.67 -0.80 -1.00 -1.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -1.16 -1.36 -1.66 -2.17 -0.52 -0.51 -0.39 -0.33 -0.47 -0.45 -0.51
Net Debt to NOPAT		 1.65 1.94 2.38 3.28 5.71 5.73 4.55 3.91 4.49 4.34 4.87
Long-Term Debt to NOPAT		 -0.91 -1.06 -1.29 -1.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 5.72 8.94 11.02 12.66 26.42 22.79 26.54 22.76 27.49 20.06 27.79
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		 4.10 4.12 4.14 4.39 4.00 3.87 3.72 3.27 3.39 2.96 3.00
Quick Ratio		 3.77 3.83 3.89 4.08 3.73 3.58 3.44 3.01 3.11 2.70 2.74
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -140 -126 -121 -140 -103 -109 -74 -35 -447 -526 -576
Operating Cash Flow to CapEx		 -573.07% 132.91% 34.17% 317.47% 291.90% 203.77% 145.09% 265.06% 204.84% 181.47% 86.38%
Free Cash Flow to Firm to Interest Expense		 -44.32 -40.31 -38.77 -44.43 -79.82 -108.45 -72.27 -33.67 -451.13 -589.44 -646.78
Operating Cash Flow to Interest Expense		 -18.30 8.64 1.28 16.48 40.93 44.23 36.52 56.83 74.63 45.03 61.57
Operating Cash Flow Less CapEx to Interest Expense		 -21.49 2.14 -2.46 11.29 26.91 22.52 11.35 35.39 38.20 20.22 -9.70
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.76 0.87 0.98 1.01 1.09 1.14 1.20 1.24 1.14 1.15 1.23
Accounts Receivable Turnover		 4.14 4.51 4.57 5.45 5.73 6.03 6.09 7.14 7.55 6.80 7.40
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13.57 14.36 14.43 13.98
Fixed Asset Turnover		 10.63 10.68 11.52 12.40 12.42 11.96 12.18 12.14 11.44 11.12 10.68
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20.70 23.88 17.19 16.80
Days Sales Outstanding (DSO)		 88.11 80.87 79.95 66.95 63.72 60.50 59.94 51.15 48.33 53.70 49.29
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.89 25.41 25.29 26.10
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17.63 15.28 21.23 21.72
Cash Conversion Cycle (CCC)		 88.11 80.87 79.95 66.95 63.72 60.50 59.94 60.41 58.46 57.76 53.67
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 250 275 313 323 308 328 311 290 738 789 833
Invested Capital Turnover		 5.17 5.08 5.07 5.73 6.09 6.07 6.30 6.90 4.41 4.48 4.73
Increase / (Decrease) in Invested Capital		 80 74 90 112 58 54 -2.89 -33 431 460 523
Enterprise Value (EV)		 7,011 10,525 12,775 15,146 20,011 18,205 22,133 21,131 30,643 27,360 37,887
Market Capitalization		 7,526 11,045 13,298 15,701 20,899 19,117 23,068 22,093 31,618 28,345 38,876
Book Value per Share		 $6.37 $6.58 $6.81 $7.10 $9.05 $9.17 $9.13 $9.12 $12.41 $12.52 $12.72
Tangible Book Value per Share		 $6.37 $6.58 $6.81 $7.10 $9.05 $9.17 $9.13 $9.12 $8.68 $8.93 $9.22
Total Capital		 1,129 1,158 1,201 1,246 1,276 1,320 1,327 1,333 1,814 1,877 1,925
Total Debt		 363 364 364 367 80 80 80 80 102 103 103
Total Long-Term Debt		 283 283 284 287 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -516 -519 -523 -555 -888 -911 -936 -962 -974 -985 -988
Capital Expenditures (CapEx)		 10 20 12 16 18 22 26 22 36 22 63
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 153 153 181 179 144 139 111 43 81 108 117
Debt-free Net Working Capital (DFNWC)		 1,032 1,036 1,068 1,102 1,112 1,131 1,127 1,086 1,158 1,196 1,209
Net Working Capital (NWC)		 951 955 987 1,021 1,032 1,051 1,047 1,005 1,056 1,094 1,106
Net Nonoperating Expense (NNE)		 19 16 6.73 4.06 8.45 12 24 19 -63 20 14
Net Nonoperating Obligations (NNO)		 -516 -519 -523 -555 -888 -911 -936 -962 -974 -985 -988
Total Depreciation and Amortization (D&A)		 6.40 6.93 8.15 8.46 7.81 9.25 9.87 10 14 22 20
Debt-free, Cash-free Net Working Capital to Revenue		 14.11% 12.66% 13.27% 11.70% 8.48% 7.62% 5.66% 2.04% 3.53% 4.33% 4.34%
Debt-free Net Working Capital to Revenue		 95.30% 85.71% 78.47% 71.91% 65.54% 61.77% 57.38% 51.29% 50.20% 47.83% 44.66%
Net Working Capital to Revenue		 87.87% 79.06% 72.56% 66.66% 60.80% 57.38% 53.29% 47.49% 45.78% 43.73% 40.85%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.63) ($0.56) ($0.30) ($0.26) ($0.41) ($0.50) ($0.74) ($0.64) $0.36 ($0.60) ($0.47)
Adjusted Weighted Average Basic Shares Outstanding		 115.00M 120.81M 122.85M 123.78M 124.72M 134.75M 136.39M 137.19M 136.72M 141.50M 143.28M
Adjusted Diluted Earnings per Share		 ($0.63) ($0.56) ($0.30) ($0.26) ($0.41) ($0.50) ($0.74) ($0.64) $0.36 ($0.60) ($0.47)
Adjusted Weighted Average Diluted Shares Outstanding		 115.00M 120.81M 122.85M 123.78M 124.72M 134.75M 136.39M 137.19M 136.72M 141.50M 143.28M
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		 120.76M 122.80M 123.68M 132.02M 135.19M 136.55M 137.25M 138.01M 141.73M 143.22M 144.14M
Normalized Net Operating Profit after Tax (NOPAT)		 -59 -52 -31 -28 -45 -55 -77 -68 -16 -65 -53
Normalized NOPAT Margin		 -19.02% -14.15% -7.43% -6.26% -9.52% -11.04% -14.13% -11.53% -2.40% -9.40% -7.05%
Pre Tax Income Margin		 -25.02% -18.27% -8.85% -7.02% -11.58% -13.30% -18.42% -14.75% -2.00% -12.17% -8.93%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -26.85 -23.79 -14.04 -12.52 -50.11 -78.78 -107.26 -93.37 -23.02 -94.08 -74.54
NOPAT to Interest Expense		 -18.80 -16.65 -9.83 -8.76 -35.08 -55.15 -75.08 -65.36 -16.11 -73.39 -59.61
EBIT Less CapEx to Interest Expense		 -30.05 -30.29 -17.77 -17.71 -64.13 -100.49 -132.43 -114.81 -59.45 -118.89 -145.81
NOPAT Less CapEx to Interest Expense		 -21.99 -23.15 -13.56 -13.96 -49.10 -76.85 -100.25 -86.80 -52.55 -98.20 -130.88
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% -0.05% -0.10% -0.11%

Financials Breakdown Chart

Key Financial Trends

Natera’s latest quarter shows strong revenue growth and improving cash generation, but the company is still not profitable and is carrying a meaningful cost structure.

  • Q1 2026 revenue rose to $696.6 million, up from $665.5 million in Q4 2025 and $501.8 million in Q1 2025, showing continued top-line momentum.
  • Gross profit in Q1 2026 was $450.8 million, producing a gross margin of about 64.7%, which remains strong for a diagnostics business.
  • Operating cash flow was positive at $40.2 million in Q1 2026, extending the company’s ability to generate cash from operations despite accounting losses.
  • Cash and equivalents increased to $1.09 billion at March 31, 2026, giving Natera a sizable liquidity cushion.
  • Total current assets of $1.65 billion far exceed total current liabilities of $558.3 million, indicating a solid short-term balance sheet position.
  • The company continues to invest heavily in R&D, which supports future product development and market expansion.
  • Revenue growth has been steady over the past year, with quarterly sales moving from $501.8 million in Q1 2025 to $696.6 million in Q1 2026.
  • Share count has risen over time, with weighted average diluted shares at 141.5 million in Q1 2026 versus 134.8 million in Q1 2025, which can dilute per-share gains.
  • The balance sheet includes sizable goodwill and intangible assets, totaling about $508 million, which may warrant monitoring for future impairment risk.
  • Natera still reported a net loss of $85.1 million in Q1 2026, or -$0.60 per share.
  • Operating income was negative $93.5 million in Q1 2026, showing that core operations remain unprofitable.
  • Operating expenses were $545.7 million in Q1 2026, which is very high relative to revenue and continues to pressure margins.
  • The company carries $102.7 million of short-term debt and $840.4 million of total liabilities, so leverage is still a factor investors should watch.
  • Despite cash generation, Natera has not yet shown consistent bottom-line profitability across the last several quarters.

Bottom line: Natera looks like a fast-growing company with a strong cash position and improving operating cash flow, but profitability remains elusive. Investors may view the stock as a growth story with promising fundamentals, but execution on cost control and earnings improvement will be critical from here.

08/10/26 11:36 PM ETAI Generated. May Contain Errors.

Natera Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Natera's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Natera's net income appears to be on an upward trend, with a most recent value of -$208.16 million in 2025, rising from -$70.28 million in 2015. The previous period was -$190.43 million in 2024. Find out what analysts predict for Natera in the coming months.

Natera's total operating income in 2025 was -$309.91 million, based on the following breakdown:
  • Total Gross Profit: $1.49 billion
  • Total Operating Expenses: $1.80 billion

Over the last 10 years, Natera's total revenue changed from $190.36 million in 2015 to $2.31 billion in 2025, a change of 1,111.5%.

Natera's total liabilities were at $685.93 million at the end of 2025, a 47.4% increase from 2024, and a 752.4% increase since 2015.

In the past 10 years, Natera's cash and equivalents has ranged from $12.62 million in 2017 to $1.08 billion in 2025, and is currently $1.08 billion as of their latest financial filing in 2025.

Over the last 10 years, Natera's book value per share changed from 3.70 in 2015 to 12.41 in 2025, a change of 235.7%.


Related Companies

Financial statements for NASDAQ:NTRA last updated on 3/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
ALERT: Drop these 5 stocks before the market opens tomorrow!
The Wall Street Journal is already raising the alarm about a potential market crash, and Weiss Ratings researc...
Weiss Ratings | Sponsoredtc pixel
Louis Navellier: My #1 AI stock for 2026 (name & ticker inside)
Louis Navellier's Stock Grader system helped him flag Nvidia before its 82,000% run and has identified the top...
InvestorPlace | Sponsoredtc pixel
Trump Takes Emergency Action - Plus Elon Musk's New Venture
Elon Musk has quietly launched a new venture - one that has nothing to do with rockets, EVs, or Neuralink. Tru...
Altimetry | Sponsoredtc pixel
Ready to give options a try? Your first trade (Ticker included) -INSIDE
Tired of trying tactic after tactic when it comes to options trades... only to be met with market noise and st...
Base Camp Trading | Sponsoredtc pixel
The $15 Gold Fund That Pays Up to $1,152/Month
Gold is hitting record highs, but most investors are leaving income on the table. A $15 fund is quietly paying...
Investors Alley | Sponsoredtc pixel
Buy this stock today
Marc Chaikin, founder of Chaikin Analytics, is sharing a strategy he calls 'Sell This, Buy That' - a way to mo...
Chaikin Analytics | Sponsoredtc pixel
My top 3 AI picks for the next decade
Alexander Green bought Apple in 1996, recommended Nvidia at a split-adjusted 66 cents in 2004, and picked up A...
The Oxford Club | Sponsoredtc pixel
Here’s the stock symbol I’ve promised
Whitney Tilson of Stansberry Research has long recommended Berkshire Hathaway as a core retirement holding - b...
Stansberry Research | Sponsoredtc pixel