NTRA Natera, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 7, 2026
$410.35
· of 52w range
· above low
· to high
$167.2252w low
$427.4752w high
Market Cap (MRQ)
$58.93B
P/E (TTM)
-304.0
EPS (TTM)
$-1.35
Revenue (TTM)
$2.71B
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52W Range
$167–$427
Analyst Rating
BUY
Price Target
$353
P/E
-304.0
ROE
-12.5%
Net Profit Margin
-7.1%
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NTRA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$410.35
Market Cap (MRQ)
$58.93B
P/E (TTM)
-304.0
EPS (TTM)
$-1.35
Revenue (TTM)
$2.71B
ROE (TTM)
-12.5%
Debt/Equity (MRQ)
0.0
52W Range
$167–$427
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About Natera, Inc. - Common Stock Company overview from Wikipedia
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women's health, cancer, and organ health. Natera's proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendments (CLIA) in San Carlos, California and Austin, Texas.
History
Natera (previously Gene Security Network) was founded by Matthew Rabinowitz and Jonathan Sheena in 2004. Natera launched its first product, the Spectrum preimplantation genetic test, in 2009.
In 2010, the company introduced the Anora miscarriage (POC) test. Natera's advanced carrier screening test, Horizon, launched in 2012. The following year, 2013, Natera launched the Panorama non-invasive prenatal test (NIPT).
In July 2015, Natera conducted an initial public offering of common stock at a price of $18.00 per share. The shares trade on the Nasdaq Global Select Market under the symbol "NTRA."
In 2017, Natera launched the Vistara single-gene NIPT. That same year, Natera introduced the Signatera molecular residual disease (MRD) test for research use only. The Signatera CLIA test was introduced for clinical use in 2019.
In 2018 Natera paid a $11 million fine to the department over allegations of improper billing and sales of Panorama to federal Healthcare services between the years of 2013 to 2016.
Natera launched the Prospera dd-cfDNA transplant assessment test in 2019, and the Renasight kidney gene panel and the Empower hereditary cancer test in 2020.
As of May 2021, Natera has performed over 3 million cell-free DNA tests. Natera's technology has also been written about in over 200 peer-reviewed journals and publications, including Nature, Science Magazine, and the Journal of Clinical Oncology.
Products and services
Women's health
The Panorama NIPT is the only single-nucleotide polymorphism (SNP)-based NIPT. The test analyzes fetal DNA found in the mother's blood to reveal a baby's risk for genetic disorders such as Down syndrome (trisomy 21) and Edwards syndrome (trisomy 18) as early as nine weeks. Panorama also tests for unique microdeletions and is the only test that can detect zygosity and fetal sex in twins.
Natera also offers Horizon, a carrier-screening test that uses next-generation sequencing to provide carrier status for up to 274 genetic conditions. Additionally, Natera offers the Anora products of conception (POC) miscarriage test, the Spectrum preimplantation genetic screening and diagnosis test, and the Vistara single-gene prenatal screening test. In 2020, Natera launched Empower, a hereditary cancer test that screens for up to 53 genes associated with increased risk for common hereditary cancers.
Oncology
Signatera is the first circulating tumor DNA (ctDNA) assay built for molecular residual disease (MRD) detection and cancer recurrence monitoring. In 2020, Signatera received the CE Mark, as well as final Medicare coverage in stage II-III colorectal cancer and draft coverage in immunotherapy response monitoring. Signatera has been clinically validated to detect colorectal cancer recurrence up to 16.5 months in advance of radiologic imaging and early-stage breast cancer up to two years earlier than imaging.
Organ health
The Prospera test is the first assay with high sensitivity to both T-cell-mediated and antibody-mediated rejection. In December 2019, the test received final Medicare coverage. In 2020, Natera launched Renasight, a test to determine if there is a genetic cause for an individual's kidney disease and if there may be other at-risk relatives.
Constellation
Natera offers a cloud-based bioinformatics platform called Constellation, allowing laboratories to access and use Natera's technology in their own facilities. Constellation is currently only available outside of the United States.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
sectorHealthcare
industryBiotechnology
employees6,135
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$2.31B2016-12-31 → 2025-12-31
EPS$-1.522016-12-31 → 2025-12-31
Free Cash Flow$109M2016-12-31 → 2025-12-31
Net margin-7.1%2016-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | NTRA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -304.05Y avg ≈-59.2 | ≈-59.2 | · | · | |
| P/S (TTM) | 21.85Y avg ≈10.6 | ≈10.6 | 7.3 | Overvalued | |
| P/B (MRQ) | 32.45Y avg ≈13.2 | ≈13.2 | 6.2 | Overvalued | |
| Price / FCF (TTM) | 699.95Y avg ≈107.5 | ≈107.5 | · | · | |
| Price / Cash Flow (TTM) | 258.25Y avg ≈47.2 | ≈47.2 | 18.3 | Overvalued | |
| Price / Tangible Book (MRQ) | 40.35Y avg ≈14.8 | ≈14.8 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | NTRA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -10.7%5Y avg ≈-41.7% | ≈-41.7% | 24.0% | Weak | |
| EBITDA Margin (TTM) | -8.8%5Y avg ≈-39.8% | ≈-39.8% | 17.9% | Weak | |
| Pretax Margin (TTM) | -9.3%5Y avg ≈-41.0% | ≈-41.0% | 13.8% | Weak | |
| Net Profit Margin (TTM) | -7.1%5Y avg ≈-40.5% | ≈-40.5% | 12.7% | Weak | |
| ROA (TTM) | -8.7%5Y avg ≈-27.7% | ≈-27.7% | 11.5% | Weak | |
| ROE (TTM) | -12.5%5Y avg ≈-51.6% | ≈-51.6% | 18.7% | Weak | |
| ROIC | -13.4%5Y avg ≈-43.9% | ≈-43.9% | 17.3% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | NTRA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.05Y avg ≈0.1 | ≈0.1 | 0.1 | Low debt | |
| Current Ratio (MRQ) | 3.05Y avg ≈4.1 | ≈4.1 | 3.2 | Low liquidity | |
| Quick Ratio | 0.75Y avg ≈2.3 | ≈2.3 | 2.5 | Low liquidity | |
| Interest Coverage | -76.25Y avg ≈-49.3 | ≈-49.3 | 8.1 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | NTRA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 35.9%5Y avg ≈43.1% | ≈43.1% | · | · | |
| Revenue CAGR 3Y | 41.1%5Y avg ≈40.3% | ≈40.3% | · | · | |
| Revenue CAGR 5Y | 42.6% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | NTRA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 1.15Y avg ≈0.8 | ≈0.8 | 0.5 | Top tier | |
| Receivables Turnover | 7.65Y avg ≈5.6 | ≈5.6 | 6.4 | Top tier | |
| Revenue / Employee | ≈$375.9K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
17.2%
Next Report
Nov 04, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 5, 2026 | $-0.47 | $-0.50 | 6.7% |
| March 31, 2026 | May 7, 2026 | $-0.60 | $-0.55 | -9.7% |
| Dec. 31, 2025 | $0.36 | $-0.52 | 169.1% | |
| Sept. 30, 2025 | $-0.64 | $-0.38 | -68.2% | |
| June 30, 2025 | $-0.74 | $-0.63 | -17.8% | |
| March 31, 2025 | $-0.50 | $-0.65 | 23.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.31B | $1.70B | $1.08B | $820M | $625M | $391M | $302M | $258M | $210M | $213M | $190M | $159M | |
| Cost of Revenue | · | · | · | · | · | · | · | $158M | $136M | $134M | $113M | $78M | |
| R&D Expense | $624M | $404M | $321M | $316M | $264M | $100M | $51M | $51M | $50M | $42M | $28M | $17M | |
| SG&A Expense | $1.18B | $841M | $618M | $589M | $511M | $304M | $206M | $155M | $155M | $136M | $110M | $63M | |
| Operating Expenses | $2.62B | $1.92B | $1.53B | $1.36B | $1.09B | $607M | $419M | $372M | $345M | $314M | $250M | $159M | |
| Operating Income | $-310M | $-222M | $-446M | $-541M | $-468M | $-216M | $-116M | $-115M | $-135M | $-101M | $-60M | $665.0K | |
| Interest Expense | $4M | $11M | $13M | $9M | $8M | $15M | $11M | $10M | $4M | $533.0K | $4M | $4M | |
| Other Non-op | · | · | · | · | · | · | · | · | · | · | $-8M | $-2M | |
| Pretax Income | $-268M | $-190M | $-435M | $-547M | $-471M | $-230M | $-123M | $-128M | $-137M | $-100M | $-70M | $-5M | |
| Income Tax | $-60M | $695.0K | $271.0K | $978.0K | $618.0K | $98.0K | $2M | $321.0K | $454.0K | $142.0K | · | $15.0K | |
| Net Income | $-208M | $-190M | $-435M | $-548M | $-472M | $-230M | $-125M | $-128M | $-138M | $-100M | $-70M | $-5M | |
| EPS (Basic) | $-1.52 | $-1.53 | $-3.78 | $-5.57 | $-5.21 | $-2.84 | $-1.79 | $-2.22 | $-2.58 | $-1.95 | $-2.68 | · | |
| EPS (Diluted) | $-1.52 | $-1.53 | $-3.78 | $-5.57 | $-5.21 | $-2.84 | $-1.79 | $-2.22 | $-2.59 | $-1.95 | $-2.68 | · | |
| Shares (Basic) | 136,721,000 | 124,718,000 | 114,997,000 | 98,408,000 | 90,558,000 | 81,011,000 | 69,555,000 | 57,848,000 | 53,312,000 | 51,576,000 | 26,204,000 | · | |
| Shares (Diluted) | 136,721,000 | 124,718,000 | 114,997,000 | 98,408,000 | 90,558,000 | 81,011,000 | 69,555,000 | 57,848,000 | 53,604,000 | 51,576,000 | 26,204,000 | · | |
| EBITDA | $-268M | $-191M | $-422M | $-524M | $-457M | $-208M | $-109M | $-107M | $-127M | $-90M | $-54M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | $466M | $84M | $49M | $62M | $46M | $13M | $15M | $29M | $87M | |
| Short-term Investments | · | $23M | $237M | $432M | $830M | $689M | $379M | $107M | $106M | $131M | $202M | · | |
| Receivables | $297M | $314M | $278M | $244M | $122M | $79M | $53M | $62M | $44M | $13M | $6M | $6M | |
| Inventory | $68M | $45M | $41M | $35M | $27M | $20M | $12M | $14M | $9M | $6M | $8M | $12M | |
| Prepaid Expense | $56M | $49M | $61M | $34M | $30M | $27M | $16M | $6M | $9M | $7M | $5M | $1M | |
| Current Assets | $1.50B | $1.38B | $1.26B | $1.21B | $1.09B | $863M | $523M | $241M | $181M | $174M | $251M | $106M | |
| PP&E (Net) | $241M | $162M | $111M | $92M | $66M | $33M | $23M | $24M | $30M | $32M | $13M | $15M | |
| PP&E (Gross) | $352M | $240M | $168M | $128M | $85M | $83M | $65M | $59M | $57M | $52M | $26M | $24M | |
| Accum. Depreciation | $111M | $78M | $56M | $36M | $19M | $50M | $42M | $34M | $27M | $19M | $14M | $10M | |
| Goodwill | $141M | · | · | · | · | · | · | · | · | · | · | · | |
| Intangibles | $374M | $11M | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $37M | $26M | $15M | $18M | $19M | $15M | $12M | $3M | $4M | $4M | $1M | $2M | |
| Total Assets | $2.40B | $1.66B | $1.44B | $1.39B | $1.24B | $932M | $583M | $268M | $215M | $211M | $265M | $124M | |
| Accounts Payable | $33M | $35M | $15M | $31M | $27M | $8M | $9M | $15M | $9M | $11M | $7M | $9M | |
| Accrued Liabilities | · | · | · | · | · | $60M | $49M | $32M | $33M | $20M | $19M | $10M | |
| Short-term Debt | $80M | $80M | $80M | $80M | $50M | $50M | $50M | $50M | $50M | $50M | $42M | · | |
| Current Liabilities | $441M | $344M | $307M | $310M | $219M | $199M | $180M | $114M | $106M | $96M | $80M | $30M | |
| Capital Leases | $118M | $97M | $67M | $77M | $61M | $21M | $26M | · | · | · | · | · | |
| Other Non-current Liabilities | $12M | $8M | · | · | $1M | $320.0K | $310.0K | · | $1M | · | · | · | |
| Total Liabilities | $686M | $465M | $676M | $689M | $583M | $446M | $304M | $236M | $189M | $104M | $80M | $54M | |
| Long-term Debt | · | · | $283M | $282M | $280M | · | · | · | · | · | · | · | |
| Total Debt | $80M | $80M | $80M | $80M | $50M | $50M | $50M | $50M | $50M | $50M | $42M | · | |
| Common Stock | $14.0K | $12.0K | $11.0K | $11.0K | $10.0K | $9.0K | $8.0K | $7.0K | $6.0K | $5.0K | $5.0K | $1.0K | |
| Retained Earnings | $-2.78B | $-2.57B | $-2.38B | $-1.94B | $-1.39B | $-929M | $-699M | $-575M | $-446M | $-346M | $-250M | $-180M | |
| AOCI | $-258.0K | $-344.0K | $-3M | $-16M | $-2M | $4M | $919.0K | $-552.0K | $-766.0K | $-725.0K | $-1M | · | |
| Stockholders' Equity | $1.71B | $1.20B | $765M | $706M | $653M | $486M | $279M | $32M | $25M | $144M | $226M | $-171M | |
| Liabilities + Equity | $2.40B | $1.66B | $1.44B | $1.39B | $1.24B | $932M | $583M | $268M | $215M | $211M | $265M | $124M | |
| Shares Outstanding | 139,693,000 | 132,646,000 | 119,581,000 | 111,255,000 | 95,140,000 | 86,223,000 | 78,005,000 | 62,083,000 | 54,040,000 | 52,665,000 | 50,346,000 | 6,879,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $42M | $31M | $24M | $17M | $11M | $9M | $8M | $8M | $7M | $6M | $6M | $5M | |
| Stock-based Comp | $354M | $274M | $192M | $152M | $115M | $50M | $29M | $14M | $11M | $11M | $7M | $5M | |
| Amort. of Intangibles | $4M | $1M | $0 | · | · | · | $1M | $1M | $1M | $600.0K | $200.0K | $0 | |
| Restructuring | · | · | · | · | $400.0K | $400.0K | · | · | · | · | · | · | |
| Other Non-cash | $27M | $21M | $-28M | $-53M | $10M | $-12M | $25M | $36M | $21M | $5M | $20M | · | |
| Operating Cash Flow | $215M | $136M | $-247M | $-432M | $-335M | $-183M | $-63M | $-71M | $-98M | $-74M | $-38M | $10M | |
| CapEx | $106M | $66M | $39M | $48M | $41M | $20M | $5M | $4M | $10M | $23M | $8M | $10M | |
| Investing Cash Flow | $-132M | $138M | $168M | $330M | $-205M | $-331M | $-266M | $-5M | $14M | $47M | $-211M | · | |
| Debt Issued | · | · | · | · | · | · | · | · | $75M | · | · | · | |
| Net Debt Issued | · | · | · | · | · | · | · | · | $75M | · | · | · | |
| Financing Cash Flow | $47M | $30M | $254M | $483M | $576M | $501M | $341M | $114M | $80M | $13M | $190M | · | |
| Net Change in Cash | · | · | · | · | · | · | · | · | $-3M | $-14M | $-58M | · | |
| Taxes Paid | $499.0K | $1M | $295.0K | $549.0K | $283.0K | $67.0K | $2M | $332.0K | $177.0K | · | · | · | |
| Free Cash Flow | $109M | $69M | $-286M | $-479M | $-376M | $-202M | $-68M | $-74M | $-107M | $-97M | $-46M | · | |
| Levered FCF | $106M | $59M | $-299M | $-489M | $-385M | $-217M | $-79M | $-85M | $-111M | $-98M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -13.4% | -13.1% | -41.2% | -66.0% | -74.9% | -55.3% | -38.5% | -44.5% | -63.5% | -44.5% | -31.4% | · | |
| Net Margin | -9.0% | -11.2% | -40.2% | -66.8% | -75.4% | -58.8% | -41.3% | -49.7% | -64.6% | -44.1% | -36.9% | · | |
| Pretax Margin | -11.6% | -11.2% | -40.1% | -66.7% | -75.3% | -58.7% | -40.6% | -49.6% | -64.4% | -44.0% | · | · | |
| EBITDA Margin | -11.6% | -11.3% | -39.0% | -63.9% | -73.0% | -53.1% | -35.9% | -41.6% | -60.2% | -41.6% | -28.5% | · | |
| ROA | -10.3% | -12.3% | -30.7% | -41.6% | -43.5% | -30.3% | -29.3% | -53.1% | -70.0% | -40.2% | -36.1% | · | |
| ROE | -14.1% | -18.4% | -56.1% | -102.6% | -66.8% | -45.0% | -68.7% | -288.9% | -204.7% | -57.5% | -1046.5% | · | |
| ROIC | -13.4% | -17.5% | -52.8% | -69.0% | -66.6% | -40.4% | -35.9% | -139.6% | -338.4% | -61.9% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.4 | 4.0 | 4.1 | 3.9 | 5.0 | 4.3 | 2.9 | 2.1 | 1.4 | 1.8 | 3.1 | · | |
| Quick Ratio | 0.7 | 1.0 | 1.7 | 3.7 | 4.7 | 4.1 | 2.7 | 1.9 | 1.2 | 1.7 | 2.9 | · | |
| Debt / Equity | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 1.6 | -4.8 | 0.5 | 0.2 | · | |
| Interest Coverage | -76.2 | -20.8 | -35.3 | -58.1 | -56.4 | -14.3 | -10.9 | -10.9 | -31.8 | -181.0 | -17.1 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.1 | 1.1 | 0.8 | 0.6 | 0.6 | 0.5 | 0.7 | 1.1 | 1.1 | 0.9 | 1.0 | · | |
| Inventory Turnover | · | · | · | · | · | · | · | 14.0 | 17.6 | 18.7 | 11.5 | · | |
| Receivables Turnover | 7.6 | 5.7 | 4.1 | 4.5 | 6.2 | 5.9 | 5.2 | 4.8 | 19.5 | 22.5 | 32.3 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $12.26 | $9.01 | $6.40 | $6.34 | $6.87 | $5.64 | $3.57 | $0.52 | $-0.19 | $2.02 | $3.67 | · | |
| Revenue / Share | $16.87 | $13.61 | $9.41 | $8.33 | $6.91 | · | $4.35 | $4.45 | $3.94 | · | · | · | |
| Cash Flow / Share | $1.57 | $1.09 | $-2.15 | $-4.38 | $-3.70 | · | $-0.91 | $-1.22 | $-1.81 | · | · | · | |
| Cash / Share | · | · | · | $4.19 | $0.89 | $0.56 | $0.79 | $0.75 | $0.23 | $0.29 | $0.57 | · | |
| EPS (TTM) | $-1.52 | $-1.53 | $-3.78 | $-5.57 | $-5.21 | $-2.84 | $-1.79 | $-2.22 | $-2.59 | $-1.95 | $-2.68 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 35.9% | 56.8% | 32.0% | 31.1% | 60.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 41.1% | 39.5% | 40.4% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 42.6% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.31B | $1.70B | $1.08B | $820M | $625M | $391M | $302M | $258M | $210M | $213M | $190M | · | |
| Net Income TTM | $-208M | $-190M | $-435M | $-548M | $-472M | $-230M | $-125M | $-128M | $-138M | $-100M | $-70M | · | |
| Market Cap | $32.00B | $21.00B | $7.49B | $4.47B | $8.89B | $8.58B | $2.63B | $867M | $486M | $617M | $544M | · | |
| Enterprise Value | · | · | · | $3.65B | $8.02B | $7.89B | $2.24B | $763M | $417M | $520M | $355M | · | |
| P/E | -150.7 | -103.5 | -16.6 | -7.2 | -17.9 | -35.0 | -18.8 | -6.3 | -3.5 | -6.0 | -4.0 | · | |
| P/S | 13.9 | 12.4 | 6.9 | 5.4 | 14.2 | 21.9 | 8.7 | 3.4 | 2.3 | 2.9 | 2.9 | · | |
| P/B | 18.7 | 17.6 | 9.8 | 6.3 | 13.6 | 17.6 | 9.4 | 26.9 | -46.8 | 5.8 | 2.9 | · | |
| P / Tangible Book | 26.7 | 17.7 | 9.8 | 6.3 | 13.6 | 17.6 | · | · | · | · | · | · | |
| P / Cash Flow | 148.6 | 154.8 | -30.3 | -10.4 | -26.5 | -47.0 | -41.4 | -12.3 | -5.0 | -8.3 | -14.4 | · | |
| P / FCF | 293.3 | 303.3 | -26.2 | -9.3 | -23.6 | -42.5 | -38.4 | -11.6 | -4.6 | -6.4 | -11.9 | · | |
| EV / EBITDA | · | · | · | -7.0 | -17.6 | -38.0 | -20.6 | -7.1 | -3.3 | -5.8 | -6.5 | · | |
| EV / FCF | · | · | · | -7.6 | -21.3 | -39.1 | -32.7 | -10.2 | -3.9 | -5.4 | -7.8 | · | |
| EV / Revenue | · | · | · | 4.5 | 12.8 | 20.2 | 7.4 | 3.0 | 2.0 | 2.4 | 1.9 | · | |
| Earnings Yield | -0.66% | -0.97% | -6.0% | -13.9% | -5.6% | -2.9% | -5.3% | -15.9% | -28.8% | -16.7% | -24.8% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $753M | $697M | $666M | $592M | $547M | $502M | $476M | $440M | $413M | $368M | $311M | $268M | $261M | $242M | $217M | $211M | |
| R&D Expense | $228M | $211M | $175M | $173M | $146M | $129M | $129M | $97M | $89M | $89M | $83M | $77M | $78M | $82M | $88M | $66M | |
| SG&A Expense | $327M | $328M | $291M | $309M | $311M | $267M | $235M | $214M | $198M | $194M | $161M | $155M | $153M | $150M | $144M | $148M | |
| Operating Expenses | $829M | $790M | $688M | $690M | $657M | $581M | $541M | $479M | $457M | $442M | $396M | $379M | $374M | $380M | $359M | $330M | |
| Operating Income | $-76M | $-94M | $-23M | $-98M | $-110M | $-79M | $-65M | $-39M | $-44M | $-74M | $-85M | $-111M | $-112M | $-138M | $-142M | $-119M | |
| Interest Expense | · | · | $990.0K | $1M | $1M | $1M | $1M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | |
| Other Non-op | $9M | $10M | · | · | $11M | $13M | · | · | · | · | · | · | · | · | · | · | |
| Pretax Income | $-67M | $-85M | $-13M | $-87M | $-101M | $-67M | $-55M | $-31M | $-37M | $-67M | $-78M | $-109M | $-111M | $-137M | $-142M | $-121M | |
| Income Tax | $-261.0K | $283.0K | $-61M | $207.0K | $275.0K | $173.0K | $-1M | $730.0K | $892.0K | $428.0K | $191.0K | $202.0K | $-282.0K | $160.0K | $421.0K | $185.0K | |
| Net Income | $-67M | $-85M | $47M | $-88M | $-101M | $-67M | $-54M | $-32M | $-37M | $-68M | $-78M | $-109M | $-111M | $-137M | $-143M | $-121M | |
| EPS (Basic) | $-0.47 | $-0.60 | $0.36 | $-0.64 | $-0.74 | $-0.50 | $-0.41 | $-0.26 | $-0.30 | $-0.56 | $-0.63 | $-0.95 | $-0.97 | $-1.23 | $-1.37 | $-1.25 | |
| EPS (Diluted) | $-0.47 | $-0.60 | $0.36 | $-0.64 | $-0.74 | $-0.50 | $-0.41 | $-0.26 | $-0.30 | $-0.56 | $-0.63 | $-0.95 | $-0.97 | $-1.23 | $-1.37 | $-1.25 | |
| Shares (Basic) | 143,279,000 | 141,502,000 | · | 137,187,000 | 136,388,000 | 134,750,000 | · | 123,775,000 | 122,853,000 | 120,814,000 | · | 115,171,000 | 113,690,000 | 111,767,000 | · | 97,052,000 | |
| Shares (Diluted) | 143,279,000 | 141,502,000 | · | 137,187,000 | 136,388,000 | 134,750,000 | · | 123,775,000 | 122,853,000 | 120,814,000 | · | 115,171,000 | 113,690,000 | 111,767,000 | · | 97,052,000 | |
| EBITDA | $-76M | $-79M | · | $-98M | $-110M | $-70M | · | $-39M | $-44M | $-67M | · | $-111M | $-112M | $-133M | · | $-119M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $57M | |
| Short-term Investments | · | · | · | $1M | $16M | $18M | $23M | $29M | $90M | $69M | · | $268M | $355M | $409M | · | $464M | |
| Receivables | $422M | $418M | $297M | $286M | $309M | $318M | $314M | $307M | $336M | $289M | · | $255M | $260M | $247M | · | $236M | |
| Inventory | $80M | $71M | $68M | $65M | $54M | $50M | $45M | $49M | $41M | $43M | · | $42M | $43M | $41M | · | $40M | |
| Prepaid Expense | $65M | $76M | $56M | $54M | $52M | $56M | $49M | $45M | $38M | $47M | · | $33M | $27M | $30M | · | $32M | |
| Current Assets | $1.66B | $1.65B | $1.50B | $1.45B | $1.43B | $1.42B | $1.38B | $1.32B | $1.30B | $1.26B | · | $1.27B | $1.07B | $1.13B | · | $830M | |
| PP&E (Net) | $318M | $269M | $241M | $206M | $189M | $180M | $162M | $142M | $133M | $126M | · | $105M | $103M | $101M | · | $87M | |
| PP&E (Gross) | $451M | $390M | $352M | $307M | $281M | $267M | $240M | $213M | $198M | $185M | · | $155M | $148M | $141M | · | $119M | |
| Accum. Depreciation | $133M | $120M | $111M | $101M | $92M | $87M | $78M | $71M | $64M | $59M | · | $51M | $45M | $41M | · | $31M | |
| Goodwill | $141M | $141M | $141M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Intangibles | $360M | $367M | $374M | · | · | · | $11M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $50M | $51M | $37M | $71M | $41M | $41M | $26M | $38M | $29M | $26M | · | $16M | $18M | $19M | · | $18M | |
| Total Assets | $2.66B | $2.61B | $2.40B | $1.82B | $1.76B | $1.73B | $1.66B | $1.59B | $1.52B | $1.47B | · | $1.45B | $1.25B | $1.32B | · | $1.01B | |
| Accounts Payable | $75M | $62M | $33M | $46M | $37M | $39M | $35M | $28M | $33M | $26M | · | $21M | $21M | $36M | · | $34M | |
| Short-term Debt | $80M | $80M | $80M | $80M | $80M | $80M | $80M | $80M | $80M | $80M | · | $80M | $80M | $80M | · | $50M | |
| Current Liabilities | $553M | $558M | $441M | $442M | $385M | $366M | $344M | $301M | $315M | $306M | · | $290M | $277M | $291M | · | $267M | |
| Capital Leases | $143M | $145M | $118M | $104M | $103M | $103M | $97M | $99M | $61M | $64M | · | $68M | $71M | $74M | · | $78M | |
| Other Non-current Liabilities | $25M | $16M | $12M | · | · | · | $8M | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $836M | $840M | $686M | $569M | $511M | $493M | $465M | $712M | $680M | $674M | · | $662M | $652M | $668M | · | $647M | |
| Total Debt | $80M | $80M | · | $80M | $80M | $80M | · | $80M | $80M | $80M | · | $80M | $80M | $80M | · | $50M | |
| Common Stock | $14.0K | $14.0K | $14.0K | $14.0K | $14.0K | $14.0K | $12.0K | $12.0K | $12.0K | $12.0K | · | $11.0K | $11.0K | $11.0K | · | $10.0K | |
| Retained Earnings | $-2.93B | $-2.86B | $-2.78B | $-2.82B | $-2.74B | $-2.63B | $-2.57B | $-2.51B | $-2.48B | $-2.45B | · | $-2.30B | $-2.19B | $-2.08B | · | $-1.80B | |
| AOCI | $-108.0K | $-202.0K | $-258.0K | $-187.0K | $-287.0K | $-197.0K | $-344.0K | $-765.0K | $-1M | $-2M | $-3M | $-5M | $-9M | $-12M | $-16M | $-20M | |
| Stockholders' Equity | $1.82B | $1.77B | $1.71B | $1.25B | $1.25B | $1.24B | $1.20B | $879M | $837M | $794M | $765M | $785M | $596M | $651M | $706M | $362M | |
| Liabilities + Equity | $2.66B | $2.61B | $2.40B | $1.82B | $1.76B | $1.73B | $1.66B | $1.59B | $1.52B | $1.47B | · | $1.45B | $1.25B | $1.32B | · | $1.01B | |
| Shares Outstanding | 143,612,000 | 142,734,000 | 139,693,000 | 137,533,000 | 136,757,000 | 135,932,000 | 132,646,000 | 124,137,000 | 123,365,000 | 122,234,000 | · | 118,990,000 | 114,051,000 | 113,359,000 | · | 97,300,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $15M | $15M | $12M | $10M | $10M | $9M | $8M | $8M | $8M | $7M | $7M | $7M | $5M | $5M | $4M | $5M | |
| Stock-based Comp | $103M | $95M | $93M | $91M | $93M | $78M | $72M | $71M | $67M | $64M | $49M | $57M | $44M | $40M | $36M | $40M | |
| Amort. of Intangibles | $6M | $7M | · | · | $0 | $300.0K | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $16M | · | · | · | $24M | · | · | · | $23M | · | · | · | $10M | · | · | |
| Operating Cash Flow | $55M | $40M | $74M | $59M | $38M | $44M | $53M | $52M | $4M | $27M | $-58M | $-30M | $-79M | $-81M | $-81M | $-102M | |
| CapEx | $63M | $22M | $36M | $22M | $26M | $22M | $18M | $16M | $12M | $20M | $10M | $9M | $9M | $11M | $12M | $12M | |
| Investing Cash Flow | $-63M | $-32M | $-72M | $-20M | $-24M | $-17M | $-11M | $43M | $-32M | $138M | $24M | $82M | $47M | $16M | $22M | $67M | |
| Financing Cash Flow | $12M | $4M | $32M | $2M | $13M | $544.0K | $11M | $2M | $11M | $6M | $7M | $236M | $9M | $2M | $468M | $1M | |
| Net Change in Cash | $4M | $12M | · | · | $26M | $28M | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | · | $18M | · | · | · | $23M | · | · | · | $7M | · | · | · | $-92M | · | · | |
| Levered FCF | · | · | · | · | · | $22M | · | · | · | $4M | · | · | · | $-96M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -10.1% | -13.4% | · | -16.5% | -20.2% | -15.8% | · | -8.9% | -10.6% | -20.2% | · | -41.4% | -43.0% | -57.2% | · | -56.5% | |
| Net Margin | -8.9% | -12.2% | · | -14.8% | -18.5% | -13.3% | · | -7.2% | -9.1% | -18.4% | · | -40.6% | -42.4% | -56.6% | · | -57.7% | |
| Pretax Margin | -8.9% | -12.2% | · | -14.8% | -18.4% | -13.3% | · | -7.0% | -8.8% | -18.3% | · | -40.6% | -42.5% | -56.6% | · | -57.6% | |
| EBITDA Margin | -10.1% | -11.3% | · | -16.5% | -20.2% | -13.9% | · | -8.9% | -10.6% | -18.3% | · | -41.4% | -43.0% | -55.1% | · | -56.5% | |
| ROA | -3.0% | -3.9% | · | -5.1% | -6.2% | -4.2% | · | -2.1% | -2.7% | -4.9% | · | -8.9% | -9.6% | -11.1% | · | -10.5% | |
| ROE | -4.4% | -5.7% | · | -8.2% | -9.7% | -6.6% | · | -3.8% | -5.2% | -9.4% | · | -19.0% | -21.3% | -23.0% | · | -21.7% | |
| ROIC | -4.0% | -5.1% | · | -7.3% | -8.3% | -6.0% | · | -4.2% | -4.9% | -8.6% | · | -12.8% | -16.6% | -18.9% | · | -29.0% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.0 | 3.0 | · | 3.3 | 3.7 | 3.9 | · | 4.4 | 4.1 | 4.1 | · | 4.4 | 3.8 | 3.9 | · | 3.1 | |
| Quick Ratio | 0.8 | 0.7 | · | 0.7 | 0.8 | 0.9 | · | 1.1 | 1.4 | 1.2 | · | 1.8 | 2.2 | 2.3 | · | 2.8 | |
| Debt / Equity | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Interest Coverage | · | · | · | -93.4 | -107.3 | -78.8 | · | -12.5 | -14.0 | -23.8 | · | -34.1 | -35.4 | -45.2 | · | -51.1 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 2.1 | 1.9 | · | 2.0 | 1.7 | 1.7 | · | 1.6 | 1.4 | 1.4 | · | 1.1 | 1.1 | 1.2 | · | 1.2 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $12.68 | $12.43 | · | $9.10 | $9.11 | $9.12 | · | $7.08 | $6.78 | $6.50 | · | $6.59 | $5.23 | $5.74 | · | $3.72 | |
| Revenue / Share | $5.25 | $4.92 | · | $4.32 | $4.01 | $3.72 | · | $3.55 | $3.36 | $3.04 | · | $2.33 | $2.30 | $2.16 | · | $2.17 | |
| Cash Flow / Share | · | $0.28 | · | · | · | $0.33 | · | · | · | $0.22 | · | · | · | $-0.72 | · | · | |
| Cash / Share | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0.59 | |
| EPS (TTM) | $-1.35 | $-1.62 | · | $-2.29 | $-1.91 | $-1.47 | · | $-1.75 | $-2.44 | $-3.11 | · | $-4.52 | $-4.82 | $-5.35 | · | $-5.72 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.71B | $2.50B | · | $2.12B | $1.96B | $1.83B | · | $1.53B | $1.36B | $1.21B | · | $989M | $931M | $868M | · | $776M | |
| Net Income TTM | $-192M | $-226M | · | $-309M | $-253M | $-190M | · | $-215M | $-292M | $-365M | · | $-499M | $-512M | $-546M | · | $-546M | |
| Market Cap | $38.98B | $28.55B | · | $22.14B | $23.10B | $19.22B | · | $15.76B | $13.36B | $11.18B | · | $5.27B | $5.55B | $6.29B | · | $4.26B | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $3.79B | |
| P/E | -201.1 | -123.5 | · | -70.3 | -88.5 | -96.2 | · | -72.5 | -44.4 | -29.4 | · | -9.8 | -10.1 | -10.4 | · | -7.7 | |
| P/S | 14.4 | 11.4 | · | 10.5 | 11.8 | 10.5 | · | 10.3 | 9.8 | 9.3 | · | 5.3 | 6.0 | 7.3 | · | 5.5 | |
| P/B | 21.4 | 16.1 | · | 17.7 | 18.5 | 15.5 | · | 17.9 | 16.0 | 14.1 | · | 6.7 | 9.3 | 9.7 | · | 11.8 | |
| P / Tangible Book | 29.5 | 22.6 | · | 17.7 | 18.5 | 15.5 | · | 17.9 | 16.0 | 14.1 | · | 6.7 | 9.3 | 9.7 | · | 11.8 | |
| P / Cash Flow | · | 710.6 | · | · | · | 432.4 | · | · | · | 414.0 | · | · | · | -77.8 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 4.9 | |
| Earnings Yield | -0.50% | -0.81% | · | -1.4% | -1.1% | -1.0% | · | -1.4% | -2.2% | -3.4% | · | -10.2% | -9.9% | -9.6% | · | -13.1% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $2.31B | $1.70B | $1.08B | $820M | $625M |
| Operating Margin % | -13.4% | -13.1% | -41.2% | -66.0% | -74.9% |
| Net Income | $-208M | $-190M | $-435M | $-548M | $-472M |
| Diluted EPS | $-1.52 | $-1.53 | $-3.78 | $-5.57 | $-5.21 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 |
| Current Ratio | 3.4 | 4.0 | 4.1 | 3.9 | 5.0 |
| Quick Ratio | 0.7 | 1.0 | 1.7 | 3.7 | 4.7 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $109M | $69M | $-286M | $-479M | $-376M |
Institutional owners (13F) 928 filers · $36.5B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
928
Value held
$36.5B
New positions
166
Exited positions
63
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 166 (+55 vs prior Q) | 63 (-37 vs prior Q) | 359 (+56 vs prior Q) | 247 (-14 vs prior Q) | +8.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| JPMORGAN CHASE & CO | $3,505,094,525 | 12,865,346 | 9.61% | Shares |
| BlackRock, Inc. | $2,962,770,331 | 10,914,608 | 8.12% | Shares |
| VANGUARD GROUP INC | $2,819,278,675 | 12,306,424 | 7.73% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,690,649,234 | 6,228,216 | 4.63% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1,569,697,628 | 5,782,640 | 4.30% | Shares |
| FMR LLC | $1,479,781,281 | 5,451,396 | 4.06% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,096,858,330 | 4,040,738 | 3.01% | Shares |
| STATE STREET CORP | $992,317,506 | 3,655,618 | 2.72% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $744,565,293 | 2,750,013 | 2.04% | Shares |
| FRANKLIN RESOURCES INC | $739,946,472 | 2,725,903 | 2.03% | Shares |
| Castle Hook Partners LP | $704,759,120 | 2,596,276 | 1.93% | Shares |
| COATUE MANAGEMENT LLC | $680,006,681 | 2,505,090 | 1.86% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $628,086,698 | 2,344,570 | 1.72% | Shares |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | $602,175,451 | 2,218,366 | 1.65% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $535,084,922 | 1,971,391 | 1.47% | Shares |
| NORGES BANK | $496,243,717 | 1,828,122 | 1.36% | Shares |
| FRED ALGER MANAGEMENT, LLC | $482,640,543 | 1,778,009 | 1.32% | Shares |
| GOLDMAN SACHS GROUP INC | $466,935,338 | 1,720,152 | 1.28% | Shares |
| Sofinnova Investments, Inc. | $420,823,506 | 1,550,280 | 1.15% | Shares |
| Capital World Investors | $408,365,851 | 1,504,387 | 1.12% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $408,180,994 | 1,503,706 | 1.12% | Shares |
| MAVERICK CAPITAL LTD | $368,266,171 | 1,356,663 | 1.01% | Shares |
| D. E. Shaw & Co., Inc. | $347,253,770 | 1,279,255 | 0.95% | Shares |
| MORGAN STANLEY | $345,906,057 | 1,274,287 | 0.95% | Shares |
| FEDERATED HERMES, INC. | $309,172,863 | 1,138,968 | 0.85% | Shares |
| Clearbridge Investments, LLC | $276,424,438 | 1,018,325 | 0.76% | Shares |
| RTW INVESTMENTS, LP | $271,450,000 | 1,000,000 | 0.74% | Shares |
| JANE STREET GROUP, LLC | $251,630,350 | 926,986 | 0.69% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $249,356,413 | 918,609 | 0.68% | Shares |
| Invesco Ltd. | $237,065,949 | 873,332 | 0.65% | Shares |
| NORTHERN TRUST CORP | $227,070,096 | 836,508 | 0.62% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $218,934,197 | 806,536 | 0.60% | Shares |
| BANK OF AMERICA CORP /DE/ | $199,960,146 | 736,637 | 0.55% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $197,243,187 | 726,628 | 0.54% | Shares |
| ARK Investment Management LLC | $186,989,592 | 688,855 | 0.51% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $174,716,892 | 643,643 | 0.48% | Shares |
| Chevy Chase Trust Holdings, LLC | $162,830,912 | 599,856 | 0.45% | Shares |
| RAYMOND JAMES FINANCIAL INC | $160,992,382 | 593,083 | 0.44% | Shares |
| WORLDQUANT MILLENNIUM ADVISORS LLC | $160,551,817 | 591,460 | 0.44% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $150,579,670 | 752,936 | 0.41% | Shares |
| UBS Group AG | $150,312,452 | 553,739 | 0.41% | Shares |
| Legal & General Group Plc | $150,142,799 | 553,114 | 0.41% | Shares |
| Bank of New York Mellon Corp | $149,277,609 | 549,927 | 0.41% | Shares |
| FIRST TRUST ADVISORS LP | $138,768,953 | 511,214 | 0.38% | Shares |
| WELLS FARGO & COMPANY/MN | $136,489,991 | 502,818 | 0.37% | Shares |
| Nuveen, LLC | $135,477,536 | 499,089 | 0.37% | Shares |
| GILDER GAGNON HOWE & CO LLC | $135,199,396 | 498,064 | 0.37% | Shares |
| AMERICAN CENTURY COMPANIES INC | $129,951,802 | 478,732 | 0.36% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $125,949,543 | 463,988 | 0.35% | Shares |
| Avala Global LP | $124,867,000 | 460,000 | 0.34% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Sofinnova Venture Partners VIII, L.P. (“SVP VIII”), Sofinnova Management VIII, L.L.C., Sofinnova Venture Partners IX, L.P. (“SVP IX”), Sofinnova Management IX, L.L.C., Dr. Michael F. Powell (“Powell”), Dr. James I. Healy ×3 filings | Feb. 13, 2020 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 21 insiders · 7 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Steven Leonard Chapman | CEO AND PRESIDENT | Oct. 1, 2026 S | 96,926 | 0 | 54 | $-90,749,334 |
| Michael Burkes Brophy | CHIEF FINANCIAL OFFICER | Aug. 4, 2026 S | 51,637 | 0 | 41 | $-21,731,496 |
| Solomon Moshkevich | PRESIDENT, CLINICALDIAGNOSTICS | Oct. 1, 2026 S | 106,914 | 0 | 64 | $-23,640,470 |
| John Fesko | PRESIDENT, CHIEF BUS. OFFICER | Aug. 10, 2026 S | 197,257 | 0 | 18 | $-9,345,666 |
| Robert Alan Schueren | CHIEF OPERATING OFFICER | Jan. 27, 2023 A | 24,091 | 0 | 0 | $0 |
| Matthew Rabinowitz | EXECUTIVE CHAIRMAN | Sept. 15, 2026 S | 0 | 0 | 92 | $-124,045,289 |
| Daniel Rabinowitz | SEC. AND CHIEF LEGAL OFFICER | Aug. 3, 2026 S | 170,073 | 0 | 41 | $-23,609,158 |
| Jonathan Sheena | Director | Sept. 23, 2026 S | 9,000 | 0 | 144 | $-29,839,868 |
| Rowan E Chapman | Director | July 15, 2026 S | 4,663 | 0 | 5 | $-1,764,386 |
| Eric H Rubin | Director | June 26, 2026 A | 2,204 | 0 | 0 | $0 |
| Monica Bertagnolli | Director | June 26, 2026 A | 7,020 | 0 | 0 | $0 |
| Gail Boxer Marcus | Director | June 26, 2026 A | 7,852 | 0 | 5 | $-2,413,550 |
| Roy D. Baynes | Director | June 26, 2026 A | 20,158 | 0 | 8 | $-2,809,687 |
| Thomas J. Lynch Jr. | Director | June 26, 2026 A | 1,905 | 0 | 0 | $0 |
| Herm Rosenman | Director | June 26, 2026 A | 5,927 | 0 | 5 | $-15,143,996 |
| ROELOF BOTHA ("RB") | Director | June 26, 2026 A | 4,585 | 0 | 17 | $-34,892,929 |
| Dr. James I. Healy | Director | April 25, 2025 A | 46,260 | 0 | 0 | $0 |
| Todd C Cozzens | Director | May 25, 2022 M | 15,813 | 0 | 0 | $0 |
| John Steuart | Director | May 16, 2019 M | 7,278 | 0 | 0 | $0 |
| Edward C. Driscoll Jr. | Director | May 16, 2019 M | 52,009 | 0 | 0 | $0 |
| Ruth Williams Brinkley | · | April 24, 2026 A | 5,475 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 75 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PBE · Invesco Exchange-Traded Fund Trust | 6.29% | 63,892 SH | Oct. 2, 2026 | Daily |
| ARKG · ARK ETF Trust | 4.13% | 240,145 NS | July 31, 2026 | N-PORT |
| PTH · Invesco Exchange-Traded Fund Trust | 3.82% | 26,940 SH | Oct. 2, 2026 | Daily |
| IBB · iShares Trust | 3.30% | 1,043,662 SH | Sept. 11, 2026 | Daily |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 2.95% | 85,185 SH | Oct. 2, 2026 | Daily |
| MEDI · Harbor ETF Trust | 2.26% | 3,475 NS | July 31, 2026 | N-PORT |
| FXH · First Trust Exchange-Traded AlphaDE… | 2.23% | 87,424 NS | July 31, 2026 | N-PORT |
| HTEC · EXCHANGE TRADED CONCEPTS TRUST | 2.23% | 5,764 NS | July 31, 2026 | N-PORT |
| HFGO · Hartford Funds Exchange-Traded Trust | 1.74% | 13,080 NS | July 31, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 1.58% | 57,481 SH | Oct. 2, 2026 | Daily |
| GURU · Global X Funds | 1.52% | 3,466 NS | July 31, 2026 | N-PORT |
| IWP · iShares Trust | 1.31% | 769,818 SH | Sept. 11, 2026 | Daily |
| ARKK · ARK ETF Trust | 1.24% | 257,162 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 1.01% | 1,802,288 SH | Aug. 19, 2026 | Daily |
| HQGO · Lattice Strategies Trust | 0.86% | 1,588 NS | July 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.84% | 15,588 NS | July 31, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | 0.80% | 460 NS | July 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.79% | 59,919 NS | July 31, 2026 | N-PORT |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.77% | 37,874 NS | July 31, 2026 | N-PORT |
| TEXN · iShares Trust | 0.74% | 426 SH | Sept. 11, 2026 | Daily |
| IYH · iShares Trust | 0.72% | 79,898 SH | Sept. 11, 2026 | Daily |
| IMCG · iShares Trust | 0.62% | 75,541 SH | Sept. 11, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.54% | 404,713 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.52% | 64,051 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.44% | 1,643,356 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.44% | 3,120,454 SH | Aug. 19, 2026 | Daily |
| LQAI · Exchange Listed Funds Trust | 0.41% | 34 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.38% | 8,233 NS | July 31, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.36% | 20,763 NS | July 31, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 0.35% | 9,234 NS | July 31, 2026 | N-PORT |
| IWR · iShares Trust | 0.33% | 559,634 SH | Sept. 11, 2026 | Daily |
| SIZE · iShares Trust | 0.32% | 4,182 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.31% | 20,376 SH | Oct. 2, 2026 | Daily |
| IMCB · iShares Trust | 0.31% | 15,983 SH | Sept. 11, 2026 | Daily |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.30% | 27,638 NS | July 31, 2026 | N-PORT |
| PWS · Pacer Funds Trust | 0.24% | 213 NS | July 31, 2026 | N-PORT |
| EUSA · iShares, Inc. | 0.20% | 12,005 SH | Sept. 11, 2026 | Daily |
| ILCG · iShares Trust | 0.14% | 13,232 SH | Sept. 11, 2026 | Daily |
| IWF · iShares Trust | 0.14% | 513,245 SH | Sept. 11, 2026 | Daily |
| VEGN · ETF Series Solutions | 0.12% | 801 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.12% | 2,318 SH | Oct. 2, 2026 | Daily |
| HEQQ · J.P. Morgan Exchange-Traded Fund Tr… | 0.12% | 132 NS | July 31, 2026 | N-PORT |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.11% | 216,186 SH | Aug. 19, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.10% | 7,532 SH | Aug. 19, 2026 | Daily |
| HAPI · Harbor ETF Trust | 0.10% | 1,778 NS | July 31, 2026 | N-PORT |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.08% | 23,570 SH | Oct. 2, 2026 | Daily |
| USCL · iShares Trust | 0.08% | 7,220 SH | Sept. 11, 2026 | Daily |
| GARP · iShares Trust | 0.07% | 7,023 SH | Sept. 11, 2026 | Daily |
| ILCB · iShares Trust | 0.07% | 2,633 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.07% | 6,130 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.06% | 187,328 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.06% | 95,076 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.06% | 37,512 SH | Sept. 11, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.06% | 30,869 SH | Aug. 19, 2026 | Daily |
| BKLC · BNY Mellon ETF Trust | 0.06% | 11,523 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.06% | 2,309 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.05% | 42,084 NS | July 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.05% | 11,689 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.05% | 379 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.05% | 4,321,128 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.05% | 22,505 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.05% | 11,503 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.05% | 479 NS | July 31, 2026 | N-PORT |
| URTH · iShares, Inc. | 0.05% | 11,995 SH | Sept. 11, 2026 | Daily |
| CRBN · iShares Trust | 0.05% | 1,666 SH | Sept. 11, 2026 | Daily |
| ACWI · iShares Trust | 0.04% | 42,227 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.04% | 3,402 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.04% | 3,537 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.04% | 18,510 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.03% | 113,866 SH | Aug. 19, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.03% | 3,396 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.02% | 42,957 NS | July 31, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.02% | 132 NS | July 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.01% | 1,514 SH | Oct. 2, 2026 | Daily |
| SMLF · iShares Trust | · | 96,755 SH | Sept. 11, 2026 | Daily |
NTRA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 30 analysts
BUY
Median target
$360.00
-12.3%
12 40.0%
Strong Buy
14 46.7%
Buy
4 13.3%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
23 analysts · 2026-09-28Mean target $352.80 -14.0%
Now
Current price $410.35
Low$280.00
Mean$352.80
High$460.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NTRA | $32.00B | -150.7 | 35.9% | -9.0% | -14.1% | · |
| GILD | $152.32B | 18.1 | 2.4% | 28.9% | 40.5% | · |
| VRTX | $115.15B | 29.6 | 8.9% | 32.9% | 22.1% | · |
| MRNA | $11.62B | -4.1 | -39.9% | -145.2% | -31.3% | · |
| REGN | $106.21B | 18.6 | 0.99% | 31.4% | 14.7% | · |
| RVMD | · | · | · | · | · | · |
| BIIB | $25.84B | 20.0 | 2.2% | 13.1% | 7.2% | · |
| ALNY | $52.64B | 170.7 | 65.2% | 8.5% | 60.4% | · |
| INSM | $37.29B | -27.1 | 66.7% | -210.5% | -128.4% | · |
| INCY | $19.60B | 15.4 | 21.2% | 25.0% | 27.6% | · |
Latest News Recent headlines mentioning this company
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Source: SEC 10-Q filed Aug 7, 2026