Natera (NTRA) Financials

$195.32 -8.89 (-4.35%)

Closing price 05/13/2026 04:00 PM Eastern

Extended Trading

$199.42 +4.10 (+2.10%)

As of 05:09 AM Eastern

Annual Income Statements for Natera

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

Metric	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

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-109	-78	-68	-37	-32	-54	-67	-101	-88	47	-86
Consolidated Net Income / (Loss)	-109	-78	-68	-37	-32	-54	-67	-101	-88	47	-85
Net Income / (Loss) Continuing Operations	-109	-78	-68	-37	-32	-54	-67	-101	-88	47	-86
Total Pre-Tax Income	-109	-78	-67	-37	-31	-55	-67	-101	-87	-13	-85
Total Operating Income	-111	-85	-74	-44	-39	-65	-79	-110	-98	-23	-94
Total Gross Profit	268	311	368	413	272	476	317	547	384	445	451
Total Revenue	268	311	368	413	440	476	502	547	592	666	697
Operating Revenue	268	311	368	413	440	476	502	547	592	666	697
Total Cost of Revenue	0.00	-	0.00	0.00	168	-	185	0.00	208	220	246
Operating Cost of Revenue	0.00	-	0.00	0.00	168	-	185	0.00	208	220	246
Total Operating Expenses	379	396	442	457	311	541	396	657	482	466	546
Selling, General & Admin Expense	155	161	194	198	214	235	267	311	309	291	328
Research & Development Expense	77	83	89	89	97	129	129	146	173	175	211
Amortization Expense	-	-	-	-	-	-	0.30	-	-	-	7.10
Total Other Income / (Expense), net	2.15	6.70	7.14	7.33	8.48	9.61	12	9.71	10	9.46	8.71
Interest Expense	3.25	3.15	3.12	3.13	3.14	1.29	1.01	1.03	1.05	0.99	0.89
Other Income / (Expense), net	-	-	-	-	-	-	13	-	-	-	9.60
Income Tax Expense	0.20	0.19	0.43	0.89	0.73	-1.36	0.17	0.28	0.21	-61	0.28
Basic Earnings per Share	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)	($0.50)	($0.74)	($0.64)	$0.36	($0.60)
Weighted Average Basic Shares Outstanding	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M	134.75M	136.39M	137.19M	136.72M	141.50M
Diluted Earnings per Share	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)	($0.50)	($0.74)	($0.64)	$0.36	($0.60)
Weighted Average Diluted Shares Outstanding	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M	134.75M	136.39M	137.19M	136.72M	141.50M
Weighted Average Basic & Diluted Shares Outstanding	120.15M	120.76M	122.80M	123.68M	132.02M	135.19M	136.55M	137.25M	138.01M	141.73M	143.22M

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

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	288	-27	172	-17	96	53	28	26	41	35	12
Net Cash From Operating Activities	-30	-58	27	3.99	52	53	44	38	59	74	40
Net Cash From Continuing Operating Activities	-30	-58	27	3.99	52	53	45	38	59	74	40
Net Income / (Loss) Continuing Operations	-109	-78	-68	-37	-32	-54	-67	-101	-88	47	-85
Consolidated Net Income / (Loss)	-109	-78	-68	-37	-32	-54	-67	-101	-88	47	-85
Depreciation Expense	6.99	6.91	7.06	7.92	8.20	7.79	9.24	9.86	10	12	15
Amortization Expense	0.80	-0.52	-0.13	0.23	0.26	0.02	0.31	0.01	0.01	1.72	7.10
Non-Cash Adjustments To Reconcile Net Income	58	57	64	67	73	72	74	93	91	96	95
Changes in Operating Assets and Liabilities, net	14	-43	23	-34	1.94	27	28	36	46	-84	8.89
Net Cash From Investing Activities	81	24	138	-32	43	-11	-17	-24	-20	-72	-32
Net Cash From Continuing Investing Activities	81	24	138	-32	43	-11	-17	-24	-20	-72	-32
Purchase of Property, Plant & Equipment	-8.96	-10	-20	-12	-16	-18	-22	-26	-22	-36	-22
Sale and/or Maturity of Investments	90	133	169	52	111	7.00	5.00	2.00	15	1.00	0.00
Other Investing Activities, net	-	-	-	-	-	-	0.00	-	-	-	-10
Net Cash From Financing Activities	236	6.85	6.47	11	1.72	11	0.54	13	1.94	32	3.76
Net Cash From Continuing Financing Activities	236	6.85	6.47	11	1.72	11	0.54	13	1.94	32	3.76
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-0.11
Other Financing Activities, net	0.56	0.39	6.47	2.18	1.72	2.62	0.54	0.34	1.94	20	3.86
Cash Interest Paid	1.31	4.44	1.18	4.41	1.19	1.11	1.01	1.03	1.04	0.99	0.89

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

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	Q3 2025	Q1 2026
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	9/30/2025	3/31/2026
Total Assets	1,009	1,319	1,248	1,447	1,468	1,517	1,591	1,732	1,757	1,821	2,614
Total Current Assets	830	1,129	1,066	1,267	1,261	1,302	1,323	1,416	1,432	1,447	1,652
Cash & Equivalents	57	403	381	669	814	797	893	974	1,000	1,041	1,088
Accounts Receivable	236	247	260	255	289	336	307	318	309	286	418
Inventories, net	40	41	43	42	43	41	49	50	54	65	71
Prepaid Expenses	32	30	27	33	47	38	45	56	52	54	76
Plant, Property, & Equipment, net	87	101	103	105	126	133	142	180	189	206	269
Total Noncurrent Assets	92	89	79	74	81	82	126	136	136	168	693
Goodwill	-	-	-	-	-	-	-	-	-	-	141
Intangible Assets	-	-	-	-	-	-	-	-	-	-	367
Other Noncurrent Operating Assets	92	89	79	74	81	82	126	136	136	168	185
Total Liabilities & Shareholders' Equity	1,009	1,319	1,248	1,447	1,468	1,517	1,591	1,732	1,757	1,821	2,614
Total Liabilities	647	668	652	662	674	680	712	493	511	569	840
Total Current Liabilities	267	291	277	290	306	315	301	366	385	442	558
Short-Term Debt	50	80	80	80	80	80	80	80	80	80	103
Accounts Payable	34	36	21	21	26	33	28	39	37	46	62
Current Deferred Revenue	7.93	17	16	15	18	18	18	21	22	22	37
Current Employee Benefit Liabilities	42	39	34	39	40	41	49	47	55	77	144
Other Current Liabilities	133	119	126	134	142	141	126	178	191	216	213
Total Noncurrent Liabilities	380	377	375	372	368	366	411	127	126	127	282
Noncurrent Deferred Revenue	20	22	22	21	21	21	26	24	23	23	17
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	0.70
Other Noncurrent Operating Liabilities	78	74	71	68	64	61	99	103	103	104	264
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	362	651	596	785	794	837	879	1,240	1,246	1,252	1,774
Total Preferred & Common Equity	362	651	596	785	794	837	879	1,240	1,246	1,252	1,774
Total Common Equity	362	651	596	785	794	837	879	1,240	1,246	1,252	1,774
Common Stock	2,181	2,742	2,796	3,089	3,241	3,320	3,393	3,875	3,982	4,076	4,635
Retained Earnings	-1,800	-2,080	-2,190	-2,299	-2,445	-2,482	-2,514	-2,635	-2,736	-2,823	-2,861
Accumulated Other Comprehensive Income / (Loss)	-20	-12	-9.20	-5.40	-2.19	-1.36	-0.77	-0.20	-0.29	-0.19	-0.20

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	141,731,250.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	141,731,250.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.61
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.38%	43.20%	52.11%	58.13%	63.90%	53.02%	36.46%	32.24%	34.66%	39.79%	38.82%
EBITDA Growth	8.34%	42.82%	49.00%	66.37%	70.07%	27.14%	-3.78%	-181.10%	-182.60%	84.74%	-10.83%
EBIT Growth	6.78%	40.37%	46.27%	60.95%	64.55%	23.42%	-6.54%	-151.41%	-148.05%	64.80%	-27.61%
NOPAT Growth	6.78%	40.37%	46.27%	60.95%	64.55%	23.42%	-6.54%	-151.41%	-148.05%	64.80%	-18.11%
Net Income Growth	10.25%	45.27%	50.64%	66.19%	71.02%	31.09%	0.98%	-169.43%	-177.11%	187.89%	-27.12%
EPS Growth	24.00%	54.01%	54.47%	69.07%	72.63%	34.92%	10.71%	-146.67%	-146.15%	187.80%	-20.00%
Operating Cash Flow Growth	70.95%	28.99%	133.29%	105.08%	274.37%	191.81%	64.63%	841.70%	14.68%	39.71%	-9.63%
Free Cash Flow Firm Growth	38.42%	30.02%	28.78%	26.38%	-19.33%	26.08%	13.45%	38.65%	74.79%	-333.08%	-382.38%
Invested Capital Growth	22.86%	47.44%	36.79%	40.60%	53.07%	23.15%	19.49%	-0.92%	-10.25%	140.05%	140.16%
Revenue Q/Q Growth	2.64%	15.95%	18.20%	12.40%	6.39%	8.26%	5.41%	8.92%	8.34%	12.38%	4.68%
EBITDA Q/Q Growth	2.94%	24.28%	13.77%	46.94%	13.62%	-84.36%	-22.83%	-43.72%	13.17%	90.04%	-616.90%
EBIT Q/Q Growth	1.28%	23.83%	12.09%	40.92%	10.40%	-64.57%	-22.30%	-39.40%	11.59%	76.65%	-268.28%
NOPAT Q/Q Growth	1.28%	23.83%	12.09%	40.92%	10.40%	-64.57%	-22.30%	-39.40%	11.59%	76.65%	-310.41%
Net Income Q/Q Growth	1.60%	28.43%	13.37%	44.58%	15.67%	-70.20%	-24.48%	-50.80%	13.27%	153.98%	-280.06%
EPS Q/Q Growth	2.06%	33.68%	11.11%	46.43%	13.33%	-57.69%	-21.95%	-48.00%	13.51%	156.25%	-266.67%
Operating Cash Flow Q/Q Growth	62.19%	-93.96%	146.45%	-85.22%	1,197.89%	2.13%	-15.95%	-15.47%	58.05%	24.42%	-45.63%
Free Cash Flow Firm Q/Q Growth	28.96%	-19.27%	9.74%	3.74%	-15.15%	26.12%	-5.69%	31.77%	52.69%	-1,169.34%	-17.72%
Invested Capital Q/Q Growth	-5.28%	18.25%	10.07%	14.03%	3.12%	-4.86%	6.80%	-5.45%	-6.58%	154.46%	6.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	64.91%	66.93%	64.72%
EBITDA Margin	-38.46%	-25.12%	-18.32%	-8.65%	-7.02%	-11.96%	-13.94%	-18.39%	-14.74%	-1.31%	-8.94%
Operating Margin	-41.36%	-27.17%	-20.21%	-10.62%	-8.95%	-13.60%	-15.78%	-20.19%	-16.48%	-3.42%	-13.42%
EBIT Margin	-41.36%	-27.17%	-20.21%	-10.62%	-8.95%	-13.60%	-15.78%	-20.19%	-16.48%	-3.42%	-12.05%
Profit (Net Income) Margin	-40.64%	-25.08%	-18.38%	-9.06%	-7.18%	-11.30%	-13.34%	-18.47%	-14.78%	7.10%	-12.21%
Tax Burden Percent	100.19%	100.25%	100.64%	102.44%	102.37%	97.54%	100.26%	100.27%	100.24%	-354.63%	100.33%
Interest Burden Percent	98.06%	92.08%	90.39%	83.30%	78.45%	85.15%	84.32%	91.20%	89.51%	58.48%	101.06%
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)	-149.49%	-98.28%	-71.87%	-37.72%	-35.90%	-57.98%	-67.04%	-89.00%	-79.62%	-10.57%	-42.07%
ROIC Less NNEP Spread (ROIC-NNEP)	-141.27%	-94.69%	-68.65%	-36.22%	-35.18%	-56.78%	-65.43%	-85.75%	-77.08%	-17.36%	-40.00%
Return on Net Nonoperating Assets (RNNOA)	94.07%	67.72%	46.04%	22.66%	23.88%	40.64%	46.02%	60.06%	54.89%	11.12%	25.17%
Return on Equity (ROE)	-55.42%	-30.56%	-25.82%	-15.06%	-12.02%	-17.34%	-21.02%	-28.94%	-24.72%	0.55%	-16.90%
Cash Return on Invested Capital (CROIC)	-204.55%	-187.43%	-143.55%	-115.64%	-105.37%	-76.60%	-70.48%	-64.96%	-69.52%	-123.86%	-123.04%
Operating Return on Assets (OROA)	-33.31%	-20.74%	-17.53%	-10.45%	-9.02%	-14.88%	-18.05%	-24.23%	-20.44%	-3.89%	-13.86%
Return on Assets (ROA)	-32.72%	-19.15%	-15.94%	-8.92%	-7.25%	-12.36%	-15.26%	-22.16%	-18.34%	8.07%	-14.06%
Return on Common Equity (ROCE)	-55.42%	-30.56%	-25.82%	-15.06%	-12.02%	-17.34%	-21.02%	-28.94%	-24.72%	0.55%	-16.90%
Return on Equity Simple (ROE_SIMPLE)	-63.64%	0.00%	-46.02%	-34.92%	-24.44%	0.00%	-15.31%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-78	-59	-52	-31	-28	-45	-55	-77	-68	-16	-65
NOPAT Margin	-28.95%	-19.02%	-14.15%	-7.43%	-6.26%	-9.52%	-11.04%	-14.13%	-11.53%	-2.40%	-9.40%
Net Nonoperating Expense Percent (NNEP)	-8.21%	-3.58%	-3.22%	-1.50%	-0.72%	-1.20%	-1.61%	-3.25%	-2.54%	6.79%	-2.07%
Return On Investment Capital (ROIC_SIMPLE)	-	-5.24%	-	-	-	-3.55%	-4.20%	-5.82%	-5.13%	-0.88%	-3.49%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	35.09%	33.07%	35.29%
SG&A Expenses to Revenue	57.67%	51.89%	52.83%	47.89%	48.70%	49.35%	53.18%	56.81%	52.10%	43.77%	47.07%
R&D to Revenue	28.79%	26.67%	24.10%	21.56%	22.04%	27.19%	25.72%	26.79%	29.28%	26.33%	30.25%
Operating Expenses to Revenue	141.36%	127.17%	120.21%	110.62%	108.95%	113.60%	115.78%	120.19%	81.39%	70.10%	78.34%
Earnings before Interest and Taxes (EBIT)	-111	-85	-74	-44	-39	-65	-79	-110	-98	-23	-84
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-103	-78	-67	-36	-31	-57	-70	-101	-87	-8.69	-62
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.46	9.83	13.91	15.90	17.87	17.48	15.42	18.51	17.64	18.46	15.98
Price to Tangible Book Value (P/TBV)	6.46	9.83	13.91	15.90	17.87	17.48	15.42	18.51	17.64	26.40	22.39
Price to Revenue (P/Rev)	5.13	6.95	9.14	9.77	10.25	12.32	10.44	11.74	10.44	13.71	11.33
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)	21.30	28.08	38.29	40.76	46.86	65.08	55.43	71.27	72.84	41.51	34.69
Enterprise Value to Revenue (EV/Rev)	4.55	6.48	8.71	9.39	9.89	11.79	9.94	11.27	9.98	13.29	10.94
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	601.70	147.50	118.90	118.55	108.75	142.33	129.65
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	0.46	0.47	0.46	0.44	0.42	0.07	0.06	0.06	0.06	0.06	0.06
Long-Term Debt to Equity	0.36	0.37	0.36	0.34	0.33	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.67	-0.72	-0.67	-0.63	-0.68	-0.72	-0.70	-0.70	-0.71	-0.64	-0.63
Leverage Ratio	2.14	1.93	1.93	1.93	1.83	1.58	1.57	1.57	1.60	1.40	1.44
Compound Leverage Factor	2.10	1.78	1.74	1.61	1.43	1.35	1.33	1.43	1.43	0.82	1.46
Debt to Total Capital	31.63%	32.19%	31.41%	30.32%	29.47%	6.30%	6.09%	6.06%	6.03%	5.62%	5.47%
Short-Term Debt to Total Capital	7.01%	7.12%	6.94%	6.70%	6.46%	6.30%	6.09%	6.06%	6.03%	5.62%	5.47%
Long-Term Debt to Total Capital	24.62%	25.07%	24.47%	23.62%	23.01%	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	68.37%	67.81%	68.59%	69.68%	70.53%	93.70%	93.91%	93.94%	93.97%	94.38%	94.53%
Debt to EBITDA	-0.76	-0.87	-1.02	-1.28	-1.73	-0.42	-0.42	-0.31	-0.26	-0.38	-0.38
Net Debt to EBITDA	1.20	1.23	1.46	1.84	2.62	4.65	4.71	3.62	3.06	3.66	3.67
Long-Term Debt to EBITDA	-0.59	-0.67	-0.80	-1.00	-1.35	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-1.03	-1.16	-1.36	-1.66	-2.17	-0.52	-0.51	-0.39	-0.33	-0.47	-0.45
Net Debt to NOPAT	1.63	1.65	1.94	2.38	3.28	5.71	5.73	4.55	3.91	4.49	4.34
Long-Term Debt to NOPAT	-0.80	-0.91	-1.06	-1.29	-1.69	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	3.61	5.72	8.94	11.02	12.66	26.42	22.79	26.54	22.76	27.49	20.06
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	4.37	4.10	4.12	4.14	4.39	4.00	3.87	3.72	3.27	3.39	2.96
Quick Ratio	4.11	3.77	3.83	3.89	4.08	3.73	3.58	3.44	3.01	3.11	2.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-117	-140	-126	-121	-140	-103	-109	-74	-35	-447	-526
Operating Cash Flow to CapEx	-331.57%	-573.07%	132.91%	34.17%	317.47%	291.90%	203.77%	145.09%	265.06%	204.84%	181.47%
Free Cash Flow to Firm to Interest Expense	-35.97	-44.32	-40.31	-38.77	-44.43	-79.82	-108.45	-72.27	-33.67	-451.13	-589.44
Operating Cash Flow to Interest Expense	-9.13	-18.30	8.64	1.28	16.48	40.93	44.23	36.52	56.83	74.63	45.03
Operating Cash Flow Less CapEx to Interest Expense	-11.89	-21.49	2.14	-2.46	11.29	26.91	22.52	11.35	35.39	38.20	20.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.81	0.76	0.87	0.98	1.01	1.09	1.14	1.20	1.24	1.14	1.15
Accounts Receivable Turnover	4.02	4.14	4.51	4.57	5.45	5.73	6.03	6.09	7.14	7.55	6.80
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.57	14.36	14.43
Fixed Asset Turnover	10.28	10.63	10.68	11.52	12.40	12.42	11.96	12.18	12.14	11.44	11.12
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.70	23.88	17.19
Days Sales Outstanding (DSO)	90.72	88.11	80.87	79.95	66.95	63.72	60.50	59.94	51.15	48.33	53.70
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	26.89	25.41	25.29
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.63	15.28	21.23
Cash Conversion Cycle (CCC)	90.72	88.11	80.87	79.95	66.95	63.72	60.50	59.94	60.41	58.46	57.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	211	250	275	313	323	308	328	311	290	738	789
Invested Capital Turnover	5.16	5.17	5.08	5.07	5.73	6.09	6.07	6.30	6.90	4.41	4.48
Increase / (Decrease) in Invested Capital	39	80	74	90	112	58	54	-2.89	-33	431	460
Enterprise Value (EV)	4,498	7,011	10,525	12,775	15,146	20,011	18,205	22,133	21,131	30,643	27,360
Market Capitalization	5,071	7,526	11,045	13,298	15,701	20,899	19,117	23,068	22,093	31,618	28,345
Book Value per Share	$6.85	$6.37	$6.58	$6.81	$7.10	$9.05	$9.17	$9.13	$9.12	$12.41	$12.52
Tangible Book Value per Share	$6.85	$6.37	$6.58	$6.81	$7.10	$9.05	$9.17	$9.13	$9.12	$8.68	$8.93
Total Capital	1,148	1,129	1,158	1,201	1,246	1,276	1,320	1,327	1,333	1,814	1,877
Total Debt	363	363	364	364	367	80	80	80	80	102	103
Total Long-Term Debt	283	283	283	284	287	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-574	-516	-519	-523	-555	-888	-911	-936	-962	-974	-985
Capital Expenditures (CapEx)	8.96	10	20	12	16	18	22	26	22	36	22
Debt-free, Cash-free Net Working Capital (DFCFNWC)	121	153	153	181	179	144	139	111	43	81	108
Debt-free Net Working Capital (DFNWC)	1,058	1,032	1,036	1,068	1,102	1,112	1,131	1,127	1,086	1,158	1,196
Net Working Capital (NWC)	977	951	955	987	1,021	1,032	1,051	1,047	1,005	1,056	1,094
Net Nonoperating Expense (NNE)	31	19	16	6.73	4.06	8.45	12	24	19	-63	20
Net Nonoperating Obligations (NNO)	-574	-516	-519	-523	-555	-888	-911	-936	-962	-974	-985
Total Depreciation and Amortization (D&A)	7.79	6.40	6.93	8.15	8.46	7.81	9.25	9.87	10	14	22
Debt-free, Cash-free Net Working Capital to Revenue	12.26%	14.11%	12.66%	13.27%	11.70%	8.48%	7.62%	5.66%	2.04%	3.53%	4.33%
Debt-free Net Working Capital to Revenue	106.99%	95.30%	85.71%	78.47%	71.91%	65.54%	61.77%	57.38%	51.29%	50.20%	47.83%
Net Working Capital to Revenue	98.85%	87.87%	79.06%	72.56%	66.66%	60.80%	57.38%	53.29%	47.49%	45.78%	43.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)	($0.50)	($0.74)	($0.64)	$0.36	($0.60)
Adjusted Weighted Average Basic Shares Outstanding	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M	134.75M	136.39M	137.19M	136.72M	141.50M
Adjusted Diluted Earnings per Share	($0.95)	($0.63)	($0.56)	($0.30)	($0.26)	($0.41)	($0.50)	($0.74)	($0.64)	$0.36	($0.60)
Adjusted Weighted Average Diluted Shares Outstanding	115.17M	115.00M	120.81M	122.85M	123.78M	124.72M	134.75M	136.39M	137.19M	136.72M	141.50M
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	120.15M	120.76M	122.80M	123.68M	132.02M	135.19M	136.55M	137.25M	138.01M	141.73M	143.22M
Normalized Net Operating Profit after Tax (NOPAT)	-78	-59	-52	-31	-28	-45	-55	-77	-68	-16	-65
Normalized NOPAT Margin	-28.95%	-19.02%	-14.15%	-7.43%	-6.26%	-9.52%	-11.04%	-14.13%	-11.53%	-2.40%	-9.40%
Pre Tax Income Margin	-40.56%	-25.02%	-18.27%	-8.85%	-7.02%	-11.58%	-13.30%	-18.42%	-14.75%	-2.00%	-12.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-34.13	-26.85	-23.79	-14.04	-12.52	-50.11	-78.78	-107.26	-93.37	-23.02	-94.08
NOPAT to Interest Expense	-23.89	-18.80	-16.65	-9.83	-8.76	-35.08	-55.15	-75.08	-65.36	-16.11	-73.39
EBIT Less CapEx to Interest Expense	-36.88	-30.05	-30.29	-17.77	-17.71	-64.13	-100.49	-132.43	-114.81	-59.45	-118.89
NOPAT Less CapEx to Interest Expense	-26.64	-21.99	-23.15	-13.56	-13.96	-49.10	-76.85	-100.25	-86.80	-52.55	-98.20
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%	-0.05%	-0.10%

Financials Breakdown Chart

Key Financial Trends

Natera (NASDAQ:NTRA) has demonstrated a clear top‑line recovery over the past four years, with improving cash flow in 2025 despite continued operating expenses. The latest quarter (Q4 2025) shows a move toward profitability on a bottom‑line basis, supported by stronger operating cash flow and a solid balance sheet. Below are the key takeaways based on the last four years of quarterly results.

Q4 2025 Revenue reached $665.5M, up from $476.1M in Q4 2024 and $311.1M in Q4 2023.
Q4 2025 net income attributable to common shareholders was $47.3M, marking a quarterly profit after prior losses.
Q4 2025 net cash from continuing operating activities was $73.9M, up from $52.9M in Q4 2024, indicating stronger cash generation.
Q4 2025 free cash flow was about $37.8M (approx. 73.9M operating cash flow minus ~36.1M capex), signaling improved liquidity.
Gross margin remained robust in Q4 2025 at roughly 67% (gross profit about $445.4M on $665.5M revenue).
Cash balance remained strong around $1.04B in Q3 2025, providing a solid liquidity cushion.
Q4 2025 Basic and Diluted EPS were both $0.36, with weighted average shares around 136.7M (basic) and 141.7M (diluted), reflecting improved profitability per share.
Debt levels are relatively stable in 2025 (short-term debt ~ $80M; long-term debt ~ $283M), suggesting manageable leverage.
Operating and investing cash flows show volatility across quarters; investing cash outflows remained meaningful in 2025, though offset by stronger operating cash flow.
Operating income remains negative on a quarterly basis (Q4 2025 Total Operating Income around -$22.8M), highlighting ongoing profitability challenges at the operating level despite revenue growth.

05/14/26 05:21 AM ETAI Generated. May Contain Errors.

Natera Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Natera's financial year ends in December. Their financial 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. View Natera's forecast to see where analysts expect Natera to go next.

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 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

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

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

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

Natera (NTRA) Financials

Financials Breakdown Chart

Key Financial Trends

Natera Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Natera (NTRA) Financials

Annual Income Statements for Natera

Quarterly Income Statements for Natera

Annual Cash Flow Statements for Natera

Quarterly Cash Flow Statements for Natera

Annual Balance Sheets for Natera

Quarterly Balance Sheets for Natera

Annual Metrics And Ratios for Natera

Quarterly Metrics And Ratios for Natera

Financials Breakdown Chart

Key Financial Trends

Natera Financials - Frequently Asked Questions

When does Natera's fiscal year end?

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

What is Natera's operating income?

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

How much debt does Natera have?

How much cash does Natera have?

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

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools