A Business at a Glance
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Natera, Inc.
NTRA
$35.9B
Mkt Cap
$261.99
-1.02%
Natera, Inc. (NTRA) has a 5-year average return on invested capital (ROIC) of -39.5%. This is below average and may indicate limited pricing power.
Natera, Inc. (NTRA) has a market capitalization of $37.4B. It is classified as a large-cap stock.
Natera, Inc. (NTRA) does not currently pay a regular dividend.
Natera, Inc. (NTRA) operates in the Services-Medical Laboratories industry, within the Healthcare sector.
Natera, Inc. (NTRA) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Natera, Inc. (NTRA) has a net profit margin of -9.0%. The company is currently unprofitable.
Natera, Inc. (NTRA) generated $109 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Note: A glossary of terms used in this Form 10-K appears at the end of this Item 1. We are a diagnostics company with proprietary molecular and bioinformatics technology that we are applying to change disease management worldwide. Our cell-free DNA, or cfDNA, technology combines our novel molecular assays, which reliably measure many informative regions across the genome from samples as small as a single cell, with our statistical algorithms that incorporate data available from the broader scientific community to identify genetic variations covering a wide range of serious conditions with high accuracy and coverage. We aim to make personalized genetic testing and diagnostics part of the standard of care to protect health and inform earlier and provide more targeted interventions that help lead to longer, healthier lives. We focus on applying our technology to three main areas of healthcare – oncology, women’s health, and organ health.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.5B | 2.3B | 1.7B | 1.1B | 820M | 625M |
| Net Income | -226M | -208M | -190M | -435M | -548M | -472M |
| EPS | $-1.63 | $-1.52 | $-1.53 | $-3.78 | $-5.57 | $-5.21 |
| Free Cash Flow | 105M | 109M | 69M | -286M | -479M | -376M |
| ROIC | -9.8% | -14.3% | -17.0% | -42.7% | -57.0% | -66.4% |
| Gross Margin | - | 66.7% | 62.7% | 48.9% | 47.5% | 52.2% |
| Debt/Equity | 0.05 | 0.13 | 0.16 | 0.58 | 0.63 | 0.61 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -324M | -310M | -222M | -446M | -541M | -468M |
| Operating Margin | -13.0% | -13.4% | -13.1% | -41.2% | -66.0% | -74.8% |
| ROE | -12.8% | -14.3% | -19.4% | -59.1% | -80.6% | -82.8% |
| Shares Outstanding | 143M | 137M | 124M | 115M | 98M | 91M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 159M | 190M | 217M | 211M | 258M | 302M | 391M | 625M | 820M | 1.1B | 1.7B | 2.3B | 2.5B |
| Gross Margin | 50.8% | 40.7% | 38.0% | 35.8% | 38.6% | 52.8% | 54.0% | 52.2% | 47.5% | 48.9% | 62.7% | 66.7% | N/A |
| R&D | 17M | 28M | 42M | 50M | 51M | 51M | 100M | 264M | 316M | 321M | 404M | 624M | 706M |
| SG&A | 63M | 110M | 136M | 155M | 155M | 206M | 304M | 511M | 589M | 618M | 841M | 1.2B | 1.2B |
| EBIT | 665K | -60M | -101M | -135M | -115M | -116M | -216M | -468M | -541M | -446M | -222M | -310M | -324M |
| Op. Margin | 0.4% | -31.4% | -46.6% | -64.2% | -44.5% | -38.5% | -55.3% | -74.8% | -66.0% | -41.2% | -13.1% | -13.4% | -13.0% |
| Net Income | -5.2M | -70M | -100M | -138M | -128M | -125M | -230M | -472M | -548M | -435M | -190M | -208M | -226M |
| Net Margin | -3.2% | -36.9% | -46.2% | -65.2% | -49.7% | -41.3% | -58.8% | -75.4% | -66.8% | -40.2% | -11.2% | -9.0% | -9.0% |
| Non-Recurring | -11K | 1.6M | 2.1M | 564K | 1.6M | 16M | 600K | 400K | 240K | 2.2M | 454K | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 1.1% | -124.4% | -54.2% | -112.8% | -193.3% | -80.3% | -60.1% | -66.4% | -57.0% | -42.7% | -17.0% | -14.3% | -9.8% |
| ROE | 3.0% | -255.1% | -54.2% | -162.9% | -445.1% | -80.3% | -60.1% | -82.8% | -80.6% | -59.1% | -19.4% | -14.3% | -12.8% |
| ROA | -8.3% | -36.1% | -42.2% | -64.7% | -53.1% | -29.3% | -30.3% | -43.5% | -41.6% | -30.7% | -12.3% | -10.3% | -8.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 10M | -38M | -74M | -98M | -71M | -63M | -183M | -335M | -432M | -247M | 136M | 215M | 211M |
| Free Cash Flow | 533K | -46M | -97M | -108M | -74M | -68M | -202M | -376M | -479M | -286M | 69M | 109M | 105M |
| Owner Earnings | 185K | -51M | -91M | -116M | -92M | -100M | -241M | -462M | -601M | -463M | -170M | -181M | -208M |
| CapEx | 10.0M | 7.9M | 23M | 9.9M | 3.9M | 5.0M | 20M | 41M | 48M | 39M | 66M | 106M | 107M |
| Maint. CapEx | 5.1M | 5.5M | 6.2M | 7.1M | 7.5M | 7.7M | 8.6M | 11M | 17M | 24M | 31M | 42M | 47M |
| Growth CapEx | 4.8M | 2.3M | 17M | 2.7M | 0 | 0 | 11M | 30M | 31M | 15M | 35M | 64M | 59M |
| D&A | 5.1M | 5.5M | 6.2M | 7.1M | 7.5M | 7.7M | 8.6M | 11M | 17M | 24M | 31M | 42M | 47M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 49.0% | 49.3% | 50.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 5.2M | 7.3M | 11M | 11M | 14M | 29M | 50M | 115M | 152M | 192M | 274M | 354M | 372M |
| Debt Repayment | 0 | 7.3M | 0 | 287K | 0 | 0 | 79M | 79M | 0 | 0 | 82K | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -81M | -188M | -96M | 6.2M | -104M | -359M | -659M | -517M | -452M | -437M | -781M | -862M | -2.1B |
| Cash & Equiv. | 87M | 29M | 15M | 13M | 46M | 62M | 49M | 84M | 466M | 642M | 946M | 1.1B | 2.2B |
| Long-Term Debt | 3.5M | N/A | N/A | 75M | N/A | N/A | N/A | 280M | 282M | 283M | N/A | N/A | 80M |
| Debt/Equity | -0.03 | 0.19 | 0.35 | 4.92 | 1.56 | 0.29 | 0.16 | 0.61 | 0.63 | 0.58 | 0.16 | 0.13 | 0.05 |
| Interest Coverage | 0.2 | -17.1 | -189.6 | -32.1 | -10.9 | -10.9 | -14.3 | -56.4 | -58.1 | -35.3 | -20.8 | -76.2 | -76.2 |
| Equity | -171M | 226M | 144M | 25M | 32M | 279M | 486M | 653M | 706M | 765M | 1.2B | 1.7B | 1.8B |
| Total Assets | 124M | 265M | 211M | 215M | 268M | 583M | 932M | 1.2B | 1.4B | 1.4B | 1.7B | 2.4B | 2.6B |
| Total Liabilities | 54M | 80M | 104M | 189M | 236M | 304M | 446M | 583M | 689M | 676M | 465M | 686M | 840M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11M | 374M | 367M |
| Retained Earnings | -180M | -250M | -346M | -446M | -575M | -699M | -929M | -1.4B | -1.9B | -2.4B | -2.6B | -2.8B | -2.9B |
| Working Capital | 77M | 170M | 78M | 75M | 127M | 343M | 664M | 874M | 901M | 951M | 1.0B | 1.1B | 1.1B |
| Current Assets | 106M | 251M | 174M | 181M | 241M | 523M | 863M | 1.1B | 1.2B | 1.3B | 1.4B | 1.5B | 1.7B |
| Current Liabilities | 30M | 80M | 96M | 106M | 114M | 180M | 199M | 219M | 310M | 307M | 344M | 441M | 558M |
| Per Share Data | |||||||||||||
| EPS | -1.07 | -2.68 | -1.95 | -2.59 | -2.22 | -1.79 | -2.84 | -5.21 | -5.57 | -3.78 | -1.53 | -1.52 | -1.63 |
| Owner EPS | 0.04 | -1.93 | -1.77 | -2.19 | -1.60 | -1.43 | -2.98 | -5.10 | -6.11 | -4.02 | -1.36 | -1.32 | -1.46 |
| Book Value | -35.58 | 8.64 | 2.79 | 0.48 | 0.56 | 4.00 | 6.01 | 7.22 | 7.18 | 6.65 | 9.60 | 12.50 | 12.43 |
| Cash Flow/Share | 2.18 | -1.44 | -1.44 | -1.84 | -1.22 | -0.91 | -2.26 | -3.70 | -4.39 | -2.15 | 1.09 | 1.57 | -1.26 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 4.8M | 26.2M | 51.4M | 53.1M | 57.7M | 69.7M | 80.9M | 90.5M | 98.3M | 115.0M | 124.5M | 136.9M | 142.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -160.5 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 288.1 | 293.4 | 357.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 3.2 | 5.8 | 19.6 | 23.4 | 8.4 | 17.7 | 12.5 | 5.6 | 9.3 | 16.7 | 18.7 | 21.1 |
| Price/Sales | N/A | 3.7 | 2.5 | 2.6 | 3.6 | 6.0 | 11.0 | 15.6 | 5.7 | 5.3 | 8.0 | 10.1 | 15.0 |
| FCF Yield | N/A | -7.6% | -15.7% | -21.6% | -9.9% | -2.9% | -2.4% | -4.6% | -12.2% | -4.0% | 0.3% | 0.3% | 0.3% |
| Market Cap | N/A | 598M | 617M | 498M | 753M | 2.3B | 8.6B | 8.2B | 3.9B | 7.1B | 19.9B | 32.0B | 37.4B |
| Avg. Price | N/A | 13.26 | 10.48 | 10.32 | 16.09 | 26.02 | 53.00 | 107.64 | 47.23 | 49.83 | 109.18 | 170.31 | 261.99 |
| Year-End Price | N/A | 11.34 | 11.99 | 9.37 | 13.04 | 33.65 | 106.26 | 90.34 | 39.84 | 62.04 | 160.26 | 233.74 | 261.99 |
Natera, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 55.6%.
Natera, Inc. (NTRA) has a debt-to-equity ratio of 0.13. This indicates a conservatively financed balance sheet.
Natera, Inc. (NTRA) reported earnings per share (EPS) of $-1.52 in its most recent fiscal year.
Natera, Inc. (NTRA) has a return on equity (ROE) of -14.3%. A negative ROE may indicate losses or negative equity.
Natera, Inc. (NTRA) has a 5-year average gross margin of 55.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 13 years of financial data for Natera, Inc. (NTRA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Natera, Inc. (NTRA) has a book value per share of $12.50, based on its most recent annual SEC filing.